Scotiabank will now offer its ScotiaLine and VISA customers added protection in the event of death, a covered health crisis or terminal illness.

The bank will pay the outstanding balance up to a maximum of $150,000 on eligible ScotiaLine products and up to $20,000 on eligible Scotia Visa products.

“At Scotiabank, we are providing customers with the peace of mind in knowing that their assets are protected in the event of a crisis, allowing them to focus on the most important thing of all — their health and recovery. Insurance is an important and valuable part of every customer’s financial plan,” says Oscar Zimmerman, senior vice president, Scotia Insurance.

The bank will now offer coverage up to $150,000 for each eligible ScotiaLine, ScotiaLine VISA or ScotiaLine VISA card for business (unincorporated) account to a maximum of two accounts in the event of death, a covered health crisis or terminal illness.

It will also coverage up to $20,000 per VISA account and a new health crisis protection option for all eligible Scotiabank Classic VISA, Scotiabank Value VISA and ScotiaGold VISA products.

Premiums charged will depend on the outstanding balance. A customer who does not carry a balance during the billing period will not pay a premium.