Is Scotia Life Insurance Good? Review 2024
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Discover the methodologyLife insurance is a critical investment to ensure your dear ones are cared for even in the most unfortunate circumstances. However, choosing the right policy is quite a hassle.
Among the options in the market is Scotia Life Insurance, offered by Scotiabank, a household name and one of the top banks in Canada. But is its insurance policy right for you?
In this review, we detail the coverage options, pros, cons, costs, and more about Scotia Life Insurance policies to help you decide if it's best for you. You can also use our free tool to compare plans from other providers and get free personalized quotes so you can pick the perfect plan.
Scotia Life Insurance: 5 Key Points
- Scotia Insurance offers term life coverage up to $10 million.
- You can get no medical term insurance with up to $1,000,000 coverage.
- Accidental Death policies are available exclusively to Scotiabank customers.
- Scotia Insurance does not offer whole-life and universal life insurance policies.
- It offers an online life insurance calculator to find out how much coverage you need.
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Our Scotia Life Insurance Review: A great choice for term life benefits
Scotia Insurance, formerly Scotia Life Financial, is part of Scotiabank, one of Canada’s biggest banks. It operates through the BNS Insurance Agency and has been offering insurance products since 2009. Backed by Scotiabank’s strong reputation, it provides reliable insurance options for Canadians.
Scotia Insurance offers two primary life insurance products tailored to meet different needs: Term Life Insurance and Accidental Death Insurance.
Term life insurance coverage ranges from $10,000 to $20 million, depending on the term length and age eligibility. Options include terms of 10, 15, 20, 25, and 30 years, with affordable premiums starting at $10.58 per month for $250,000 of coverage. These policies are renewable and convertible up to age 75, offering flexibility and guaranteed rates for each term.
Scotia Life Insurance company also offers simplified Term 10 and Term 20 policies where you can get coverage up to $1,000,000 without any medical exams, and easy online approval.
Scotia's Accidental Death Insurance provides additional financial protection in case of unexpected fatal accidents. This plan is an excellent supplement to traditional life insurance, especially for those who may not qualify for standard coverage. It includes a complimentary $5,000 accidental death benefit for Scotiabank customers, with the option to purchase additional coverage up to $350,000 for as little as $2.92 per month.
Spouses can also benefit from guaranteed acceptance and discounted rates. For extra security, optional critical injury coverage for losses like paralysis or limb loss is available.
However, Scotia Insurance does not offer whole or universal life insurance products, unlike other top providers like Sun Life Insurance or Manulife which offer a whole range of options. Another notable drawback is the lack of customization in Scotia Insurance policies making it not very suitable for those who prefer tailoring their coverage. Overall, Scotia Insurance’s offerings are straightforward, affordable, and well-suited for Canadian families seeking substantial coverage options.
Expert advice
Scotiabank Life Insurance is best for Canadians seeking affordable, flexible coverage for short-term needs, like mortgages or financial protection against accidents. It’s a good fit for individuals who want simplicity, including no-medical-exam options like accidental death insurance. However, it’s not ideal for those needing permanent life insurance or more extensive, customized coverage. If you’re after straightforward protection for your loved ones, it’s worth exploring.
Pros of BNS Scotia Life Insurance
- Up to $20 million in coverage
- No medical exam life insurance available up to $1,000,000 with easy online approval
- Easy online application
- Competitive rates
- 10-day money-back guarantee
- Accidental Death Insurance at very affordable rates
- Financial strength of Scotia Life Insurance Company ensures reliability and security
Cons of BNS Scotia Life Insurance
- Accidental Death policies are only available for Scotiabank customers
- No universal life or whole life policies
- Not available in Nunavut
- Expensive for older buyers
How much does Scotia Life Insurance cost?
Here are the monthly insurance premiums for non-smoking and smoking men and women living in Ontario for a $250,000 coverage for Simplified 20 Term Life Insurance.
| Age | Male (non-smoker) | Female (non-smoker) | Male (smoker) | Female (smoker) |
|---|---|---|---|---|
| 30 | $20.48 | $15.08 | $33.08 | $24.08 |
| 40 | $32.85 | $33.53 | $80.33 | $58.50 |
| 50 | $91.58 | $60.75 | $222.98 | $135.68 |
| 55 | $164.03 | $107.55 | $355.50 | $216.00 |
Life insurance rates for the Simplified Term policies are based on your age, location, sex and smoking status. Underwritten Solution Term policies will take a look at more details including your medical history.
We recommend that you compare coverage and rates of other providers before deciding to buy a policy. You could use our comparator below to compare plans from Canada's best life insurance and also get free, personalized quotes in seconds.
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What types of life insurance does Scotia Insurance offer in 2024?
Scotia Insurance offers a range of term life insurance with amounts of up to $10 million in coverage, and simplified term life insurance options that don't require medical exams. It also has an accidental death available only to Scotiabank customers underwritten by Chubb Life Insurance Company of Canada (Scotia Chubb Life Insurance). Here are the details:
| Policy | Length of Coverage | Coverage Amount | Age Eligibility | Convertibility to whole life insurance |
|---|---|---|---|---|
| Scotia Term 10 | 10 years, renewable to age 75 | $10,000 - $20 million | 18-75 | |
| Simplified Term 10 | 10 years, renewable to age 75 | $50,000 - $1 million | 18-60 | |
| Scotia Term 15 | 15 years, renewable to age 70 | $10,000 - $20 million | 18-70 | |
| Scotia Term 20 | 20 years, renewable to age 65 | $10,000 - $20 million | 18-65 | |
| Simplified Term 20 | 20 years, renewable to age 75 | $50,000 - $1 million | 18-55 | |
| Scotia Term 25 | 25 years, renewable to age 60, then annually to age 85 | $25,000 - $20 million | 18-60 | |
| Scotia Term 30 | 30 years, renewable to age 55, then annually to age 85 | $25,000 - $20 million | 18-55 |
- Coverage amounts and eligibility depend on the applicant's age and health.
- Renewable terms and conversion options provide flexibility for changing needs.
- Simplified options eliminate medical exams but limit coverage amounts and flexibility.
- Scotia Term Life insurance is underwritten and issued by The Empire Life Insurance Company and distributed by BNS Insurance Agency Inc
Here are the coverage details of the different BNS Scotia Insurance policies:
Scotia Term 10 Life Insurance
- Coverage Amount: $10,000 to $20,000,000 (depends on age).
- Eligibility: Age 18-75.
- Convertible: To permanent life insurance up to age 75.
- Features: Fixed rates for 10 years, renewable to age 75.
- Process: Advisor-assisted application, full underwriting, most policies issued within 5 days.
- Guarantee: 10-day money-back guarantee.
Simplified Term 10 Life Insurance
- Coverage Amount: $50,000 to $1,000,000.
- Eligibility: Age 18-60.
- Features: No medical exams, simplified underwriting, instant online policy issuance.
Scotia Term 15 Life Insurance
- Coverage Amount: $10,000 to $20,000,000 (depends on age).
- Eligibility: Age 18-70.
- Convertible: To permanent life insurance up to age 75.
- Features: Fixed rates for 15 years, renewable to age 70.
- Process: Advisor-assisted application, full underwriting, most policies issued within 5 days.
- Guarantee: 10-day money-back guarantee.
Scotia Term 20 Life Insurance
- Coverage Amount: $25,000 to $20,000,000.
- Eligibility: Age 18-65.
- Convertible: To permanent life insurance up to age 75.
- Features: Fixed rates for 20 years, renewable to age 65.
- Process: Advisor-assisted application, full underwriting, most policies issued within 5 days.
- Guarantee: 10-day money-back guarantee.
Simplified Term 20 Life Insurance
- Coverage Amount: $50,000 to $1,000,000.
- Eligibility: Age 18-55.
- Features: No medical exams, simplified underwriting, instant online policy issuance.
Scotia Term 25 Life Insurance
- Coverage Amount: $25,000 to $20,000,000.
- Eligibility: Age 18-60.
- Convertible: To permanent life insurance up to age 75.
- Features: Fixed rates for 25 years, renewable to age 60, then annually to age 85.
- Process: Advisor-assisted application, full underwriting, most policies issued within 5 days.
- Guarantee: 10-day money-back guarantee.
Scotia Term 30 Life Insurance
- Guarantee: 10-day money-back guarantee.
- Coverage Amount: $25,000 to $20,000,000.
- Eligibility: Age 18-55.
- Convertible: To permanent life insurance up to age 75.
- Features: Fixed rates for 30 years, renewable to age 55, then annually to age 85.
- Process: Advisor-assisted application, full underwriting, most policies issued within 5 days.
Good to know
Scotia Insurance does not offer permanent life insurance options. If you're looking for life-long coverage, explore our guides on the best universal life insurance and whole life insurance in Canada. You can also use our free tool below and compare free quotes online.
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What is Scotiabank Chubb Life Insurance?
Scotiabank, in partnership with Chubb Life Insurance Company of Canada, offers Scotia Accidental Death Insurance, designed to provide financial protection for you and your loved ones in case of unforeseen accidents. Whether you're looking for basic complimentary coverage or more extensive paid options, this insurance offers flexibility and affordability to meet your needs.
Key Features of Scotia Accidental Death Insurance or Scotiabank Chubb Life Insurance
- Complimentary Coverage for Scotiabank Customers
- Zero-Cost Insurance: Scotiabank customers and their spouses receive $5,000 in complimentary coverage for up to 5 years.
- Eligibility: Available to customers aged 18 to 74 who reside in Canada (excluding Nunavut).
- Spousal Coverage: Your spouse is eligible for the same $5,000 coverage at no cost, even if they are not a Scotiabank customer.
- Paid Coverage Options
- Customers can upgrade their plan to receive up to $350,000 in coverage for a small monthly premium.
- Guaranteed Enrolment: No medical exams or health questionnaires are required.
- Living Benefit: If hospitalized for 365 consecutive days due to a covered accident, you receive a payout while still alive.
- Affordable Rates: Premiums start as low as $2.92 per month, with a 50% discount for spousal coverage.
- Tax-Free Benefits
- Lump Sum Payout: In the event of accidental death, the policy pays a tax-free benefit directly to your named beneficiary.
- The payout can be used to cover funeral costs, outstanding debts, or ongoing family needs.
- Worldwide Coverage
- Accidental death benefits apply anywhere in the world, whether at work, at home, or while travelling.
- 30-Day Free Review Period
- You can cancel your plan within 30 days of enrollment with no penalties if you are not satisfied.
What’s Included and What’s Not
Covered under Chubb Life Insurance Scotiabank plan
- Death caused by covered accidents, such as slips, falls, or transportation-related incidents.
- A living benefit if you are hospitalized for 365 consecutive days due to a covered accident.
Not Covered
- Death due to natural causes (e.g., illness or aging).
- Death resulting from non-covered accidents, such as reckless behaviour or illegal activities.
Cost of Chubb Life Insurance Scotiabank coverage
For those seeking additional coverage, here’s a breakdown of monthly premiums based on the benefit amount:
| Benefit Amount | Monthly Premium | Spousal Premium (50% Discount) |
|---|---|---|
| $25,000 | $2.92 | $1.46 |
| $50,000 | $5.84 | $2.92 |
| $100,000 | $11.68 | $5.84 |
| $250,000 | $29.20 | $14.60 |
| $350,000 | $40.88 | $20.44 |
Who should consider Scotiabank Chubb Accidental Death Insurance?
This plan is ideal for individuals who don’t qualify for or cannot afford traditional life insurance, offering an affordable alternative for essential coverage. It’s also a great option for those seeking supplemental protection to enhance their existing life insurance. With premiums starting as low as the price of a coffee, it’s a cost-effective way for budget-conscious individuals to secure their family’s financial future. Chubb Life Insurance Scotiabank reviews have been positive for its affordability and wide coverage, especially for Scotiabank customers.
How do I get a Scotia life insurance quote?
You can quickly request quotes for Simplified Term 10 and Simplified Term 20 insurance on the Scotia Insurance website. Quotes for Scotia Accidental Death Insurance are also available through the website.
The site will reroute you to forms on the Empire Life Insurance and Chubb Life Insurance of Canada websites. Alternatively, you may call 1-844-383-2020 (Term) or 1-877-336-2899 (Accidental Death) for assistance.
Watch out!
They do not provide an online quote for the Solution Term Life insurance line, which requires calling the 1-844-383-2020 number.
Before settling on Scotia, or any life insurance provider, it pays to compare the competition. Canada has a wealth of life insurance providers, which you can compare and get quotes from. While this may seem daunting, all you have to do is use our comparator below and get free personalized quotes from the best providers, and in a few seconds.
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How do I contact Scotia Insurance?
Need to reach Scotia Insurance? Look no further. Here is what you need to know:
| Communication category | Contact details |
|---|---|
| Scotia life insurance contact number | 1-844-383-2020 (8:00 am to 8:00 pm ET Monday to Friday) |
| Chubb Life Insurance Scotiabank Phone number | 1-800-387-9844 (8:30 am to 7:00 pm EST Monday to Friday) |
| Mailing address | 100 Yonge St, Toronto, ON M5C 2W1, Canada |
| For complaints | 1. Use the phone numbers above 2. If you're still unable to resolve it you may email [email protected] |
There is no Scotia life insurance fax number.
How to cancel my Scotiabank Chubb life insurance?
To cancel your Scotiabank Chubb Life Insurance policy, follow one of the methods mentioned in the table below.
| Method | Details |
|---|---|
| Phone | 1-855-753-4272 (8:00 a.m. to 8:00 p.m. ET, Monday to Friday) |
| Scotiabank – Insurance Canada Processing CentreP.O. Box 1045Stratford, ON N5A 6W4 | |
| [email protected] |
How much life insurance do I need?
Are you unsure just how much life insurance coverage you need? HelloSafe's life insurance calculator can help you sort out the right amount of you in no time.
A premiums calculator for Scotia's Simplified Term insurance policies is available through Empire Life Insurance. Just input your province/territory, date of birth, sex and smoking status. Then select the 10 or 20-year policy to get quotes for monthly and annual premiums. The Scotiabank life insurance calculator is online and free to use.
What do Scotiabank life insurance reviews from customers say?
Scotiabank life insurance reviews are a mixed bag when it comes to feedback from customers. Some clients appreciate the convenience of obtaining insurance through a trusted banking institution, noting the ease of the application process and flexible payment options.
However, others have expressed concerns regarding customer service responsiveness and the limited range of insurance products available. For instance, Scotiabank primarily offers term life insurance and does not provide permanent life insurance options, which some customers find restrictive. Additionally, there have been reports of higher premium rates compared to other insurers.
FAQs on Scotia Life Insurance
The cost of Scotia Life Insurance varies based on factors such as the type of coverage, the insured amount, the term length, and the applicant's age, health, and lifestyle. For example, premiums for a 20-year term life policy with a $500,000 benefit can start as low as $15.08 per month for a healthy 30-year-old female non-smoker. Accidental death insurance premiums are generally lower, with options starting at $2.92 per month for $25,000 in coverage.
BNS (Bank of Nova Scotia) Scotia Life Insurance encompasses the life insurance products offered by Scotiabank. These products are designed to provide financial security to policyholders and their families in the event of death or accidental injury. Scotiabank collaborates with insurers like The Empire Life Insurance Company and Chubb Life Insurance Company of Canada to underwrite these policies.
To cancel your Scotiabank Chubb Life Insurance policy, contact the insurance service center by phone at 1-855-753-4272 (available Monday to Friday, 8:00 a.m. to 8:00 p.m. ET). You can also send a written request to the Scotiabank Insurance Canada Processing Centre at P.O. Box 1045, Stratford, ON, N5A 6W4. For further assistance or complaints, email [email protected]. Ensure you have your policy number and personal details ready when initiating the cancellation process.
To obtain a Scotia Life Insurance quote, you can visit the Scotia Insurance website and use their online quote request form. Alternatively, you can call their toll-free number (1-844-383-2020) during business hours or visit a local Scotiabank branch to discuss your needs with a representative.
Scotiabank Chubb Life Insurance is Scotiabank’s Accidental Death Insurance, underwritten by Chubb Life Insurance Company of Canada. It provides financial protection for unexpected accidents available exclusively to Scotiabank customers. Typically, customers aged 18-74 can receive up to $350,000 in coverage with guaranteed acceptance and no medical exams required. It offers affordable premiums, with a complimentary $5,000 coverage option for Scotiabank customers and their spouses.
