ScotiaLife Insurance Review

Learn more about Scotiabank’s ScotiaLife insurance in Canada. Talk to one of our experienced advisors, today!

6 minute read

Originally published: June 8, 2022

Scotialife Scotiabank Life Insurance Company Review

Learn more about Scotiabank’s ScotiaLife insurance in Canada. Talk to one of our experienced advisors, today!

6 minute read

Originally published: June 8, 2022

Scotialife Scotiabank Life Insurance Company 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.

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

  • Lifetime term coverage available, with no medical exam necessary

  • Accidental death insurance up to $300,000

  • Scotiabank’s online application process is excellent

  • Scotiabank Is Financially Stable

ScotiaLife Insurance Cons

  • Term Coverage is only up to $250,000

  • Products expire at 75, and no permanent life insurance products to convert to

  • Only available to Scotiabank clients, and must use Scotiabank agents

ScotiaLife Insurance Products

Scotiabank scotialife life insurance term 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:

This product is a yearly renewable term product that is ideal if you’re looking for a low-cost term life insurance plan up to a million dollars in coverage. 

Key Highlights:

  • Affordable options for your short-term needs
  • Renewable up to age 70 without having to show that you are in good health
  • Up to $1 million available coverage
  • Premiums are guaranteed: during the policy term, your premium rate will not change
  • 30-day money-back guarantee
  • If you commit suicide before the policy’s second anniversary, you won’t receive any benefits

This product is a 10-year term product that requires no medical exam for up to $250,000 in coverage.

Key Highlights:

  • Renewable up to age 70 without having to show that you are in good health
  • Up to $250,000 available coverage
  • No medical examination
  • 30-day money-back guarantee
  • If you commit suicide before the policy’s second anniversary, you won’t receive any benefits

Scotia Term Twenty Insurance is their 20-year term offering, which is suitable option for young families and/or homeowners with a mortgage. Businesses owners looking to cover start-up costs may also want to consider this product.

Key Highlights:

  • 20 years of coverage
  • Renewable up to age 75
  • Up to $250,000
  • Ages 18–55 are eligible to apply
  • 30-day money-back guarantee
  • Premiums are guaranteed. During the policy term, your premium rate will not change
  • If you commit suicide before the policy’s second anniversary, you won’t receive any benefits
Scotialife Scotiabank permanent life insurance products

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.

Although this product has the word “term” in it, this product is as much a permanent policy as any other. Since this plan offers lifetime protection, it could make sense for those who have lifelong dependents, wish to leave an inheritance to their heirs, or want to preserve the full value of their estates from taxes.

Key Highlights:

  • Best for long-term needs
  • Lifetime coverage
  • Up to $250,000 available coverage
  • Premiums are guaranteed. During the policy term, your premium rate will not change
  • If you commit suicide before the policy’s second anniversary, you won’t receive any benefits

Most financial organizations offer their own Guaranteed Issue life insurance.  This is a type of permanent life insurance with a low face amount (typically $25,000) that customers purchase to cover their final expenses. A product like this is Scotialife guaranteed life insurance.

In most circumstances, no questions are asked throughout the application process, and you are eligible regardless of any health conditions that you may have. For example, if you have cardiovascular disease or an autoimmune disease such as arthritis, you can apply without any problems. 

It is important to mention that these kinds of products invariably come with a waiting period, typically two years and little to no upfront underwriting. This means that only after a claim is filed, will the underwriting be completed.

If you are in good health or have little to moderate health problems, you will almost certainly qualify for a more affordable option with stronger guarantees. Not to mention the fact that you won’t have to wait two years.

Talk to an advisor today.

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Other Life Insurance Products

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

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 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.

ScotiaLife Customer Reviews

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

  • Scotiabank has an easy and fast online application process

  • As a financially stable bank, customers are assured that their money is in good hands

However, some customers dislike the fact that:

  • There are limited products and there are no plans for universal or whole life insurance

  • Customers cannot convert a term life plan into a permanent plan

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.

Talk to an advisor today.

Best Life Insurance Quotes Canada