ScotiaLife Insurance Review

Scotiabank offers some life insurance products under the name of ScotiaLife that may be suitable for Scotiabank customers who are looking for term life insurance. However, there are many things to keep an eye out for when considering ScotiaLife. Namely, it does not provide whole life and universal life insurance, term plans only have a maximum coverage of $250,000, and it is only available for Scotiabank customers. As such, Scotiabank insurance receives a 1.5 stars rating out of 5 from Protect Your Wealth.

In this article:

• Company Overview
• Pros and Cons
• ScotiaLife Insurance Products
  • ScotiaLifeTerm Life Insurance
  • ScotiaLife Permanent Life Insurance
  • Other ScotiaLife Insurance Products
•  ScotiaLife Customer Reviews

Company Overview

Scotiabank has a long and distinguished history. It was founded in 1832 in Halifax, Nova Scotia, and transferred to Toronto in 1900. It is now Canada’s third-largest bank. Scotiabank’s subsidiary ScotiaLife Financial began selling insurance products in 2009.

There are term life products, permanent life products, and critical illness products in Scotia’s lineup of offerings. They do not provide whole life or universal life insurance, both of which serve as investment tools in addition to providing financial protection.

Term life insurance is available in three different lengths: ten years, twenty years, and lifetime. The 10-year and 20-year terms are renewable until you reach 75 years old, and they cover you for up to $250,000. The ScotiaLife Guaranteed Life insurance does not require a medical exam and provides coverage for policyholders aged 50 to 75 for the rest of their lives. It also includes a terminal illness and accidental death benefit to safeguard you and your family from the unexpected.

ScotiaLife Insurance Pros

ScotiaLife Insurance Cons

ScotiaLife Insurance Products

ScotiaLife Term Life Insurance

Term insurance policies are available for one, ten, or twenty years. The term plans have a maximum coverage of $250,000 and a minimum coverage of $25,000. The increments are $25,000 each. The exception is the 1-year term plan, which can cover you for up to $1 million. Even if he or she combines multiple plans, a single person cannot be insured for more than $500,000 at ScotiaLife.

The following term life insurance products are available from Scotia Life Insurance:

ScotiaLife Permanent Life Insurance

Permanent life insurance provides coverage for life and will usually build cash value if it’s a whole life or universal life policy. However, neither of the two permanent life plans offered by Scotia Life Insurance includes an investment component to build cash value. Instead, all of your premiums go toward covering the cost of insurance. That being said, permanent life from Scotiabank may be something you might be interested in.

Scotiabank offers term to 100 permanent insurance, and guaranteed insurance.

Other Life Insurance Products

ScotiaLife offers Accidental Death Insurance and critical illness insurance as standalone products.

Critical Illness Insurance (Children360)

Critical illness insurance guarantees a lump-sum payment if you are diagnosed with one of the covered illnesses. The payout can help you cover costs not included in your health, disability or life insurance.

Scotia Life Insurance offers one critical illness plan: Children360.

This plan includes:

• Coverage amounts from $25,000 to $100,000
• Your policy renews automatically without any medical underwriting every year until age 70
• If you cancel the policy within 30 days of its issue, you will get a full refund.

Accidental Death Insurance

Accidental death insurance from ScotiaLife provides coverage up to $350,000 and is available for both individuals and couples. If the client’s spouse signs a contract in addition to the primary one, he or she may be eligible for halved rates.

Applicants should be aware that at the age of 75, ScotiaLife reduces the benefit amount and at the age of 80, coverage is revoked. ScotiaLife, as usual, excludes any types of accidental deaths caused by drugs or alcohol and will refuse to pay out if the death occurred during a conflict or during an “aerial activity” other than a commercial aircraft. If you are harmed while committing a crime, neither of you will be covered.

Scotia Critical Illness Insurance

This is their basic critical illness insurance package which provides coverage for 3 common illnesses (heart attack, cancer or stroke).

Key highlights:

• Coverage amounts of $25,000, $50,000, $75,000, $100,000
• Group rates for Scotiabank customers and their spouse’s
• Lump-sum benefit is received by the beneficiary
• 30 day time-period to cancel policy
• Available for those ages 18-64, and Canadian residents who are existing Scotiabank customers

Scotia Enhanced Critical Illness Insurance

This is their enhanced version of  critical illness insurance package which provides coverage for 22 different illnesses.

Key highlights:

• Coverage amounts of $10,000 to $25,000
• Guaranteed acceptance
• Benefit of $200,000 to $500,000 is paid out in the event of paralysis, blindness, dismemberment, or loss of independence
• 30 day time-period to cancel policy
• Available for those ages 20-74, and Canadian residents who are existing Scotiabank customers (not available to Quebec and Nunavut customers)

ScotiaLife Customer Reviews

Many Scotialife clients are satisfied with their experience with the company:

However, some customers dislike the fact that:

Get In Touch With Us Today

If you’re not sure of what’s the best insurance plan for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including for no medical life insurance, term life, critical illness insurance, or permanent life insurance, since 2007. As your Life Insurance broker and financial planner, we work with you to create a personalized plan for you and your family, or business that covers and meets your needs.

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based in Dundas, and service clients anywhere in Ontario, Alberta, and British Columbia including areas such as London, Burnaby. and Ottawa.