Our 2024 Review on ScotiaBank's Critical Illness Insurance

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Alexandre Desoutter updated on 9 January 2024

Critical illness insurance in Canada provides a crucial financial safety net, offering a lump-sum payment should you be diagnosed with serious illnesses. It makes sure your medical costs, income loss, and the lifestyle of you and your family are supported during difficult times.

If you don't have a critical illness insurance policy yet or are looking to change your existing plan, Scotiabank critical illness insurance could be an option to consider. But what does it cover? What are its pros, cons, and costs? Most importantly, is it right for you? Read on to find out!

You can also use our free comparator to compare the best critical illness insurance plans in Canada and get free personalized quotes so you can truly decide if Scotiabank critical illness insurance is the best for you, or if there's another provider that fits you better.

Scotiabank critical illness insurance: Key takeaways

  1. Reputable Provider: Backed by Scotiabank, a trusted financial services company.
  2. Online Application: Convenient application process with an online option.
  3. Simplified Coverage: Easy-to-understand critical illness insurance with affordable rates.
  4. Coverage until 70: Extended coverage age limit for added protection.
  5. No Medical Exam: Streamlined application process without the need for a medical exam.

Our 2024 review of Scotiabank critical illness insurance

Scotiabank's critical illness insurance called ScotiaLife® Critical Illness Insurance stands out for its association with a top financial services company. The online application process, simplicity of coverage, and affordable rates make it an attractive option. However, it's exclusively available to Scotiabank customers and their spouses, limiting accessibility.

With a maximum coverage of $100,000, it may be more suitable for those seeking basic coverage. While details are somewhat limited online, Scotiabank's offering caters to accessibility, making it suitable for those prioritizing ease of application and coverage until the age of 70.

If you're a Scotiabank customer or someone looking for good critical illness insurance and want to explore critical illness insurance plans in Canada, you can do right here using our free comparator below. Compare multiple plans and get free personalized quotes in no time.

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Pros of Scotialife critical illness insurance

  • Reputation - one of Canada's top financial services companies
  • Online application
  • Offer is simple and easy-to-understand
  • Affordable rates
  • Coverage until 70
  • No medical exam

Cons of Scotialife critical illness insurance

  • Only for Scotiabank customers and their spouses
  • Coverage maximum of $100,000, lower than many competitors
  • Limited offers
  • Sparse details available online

Who offers ScotiaLife critical illness insurance?

ScotiaLife Financial is a subsidiary of one of Canada’s top banks, Scotiabank (the Bank of Nova Scotia). The bank is two centuries old having been founded in 1832. They provide insurance products to individuals including auto insurance, home insurance, life insurance, health insurance, travel insurance, and mortgage protection insurance.

Scotia Life Insurance Company underwrites the group’s insurance offers. This article takes a look at Scotiabank's policy called ScotiaLife critical illness insurance.

Why sign up for ScotiaLife critical illness insurance?

Is critical illness insurance worth it? Critical illness insurance from Scotialife or another provider gives you a powerful financial safety net should you contract a critical illness or condition. A serious diagnosis is likely to affect your ability to work while engendering serious expenses. These include:

  • Medical costs and specialists not covered under a different policy
  • Transportation to see specialists
  • Chair lifts or ramps at home
  • Therapy and counseling
  • Retrofitting vehicles for accessibility

Besides these additional costs, you still need a plan for continuing to pay your rent or mortgage, child care, groceries, and other day-to-day living expenses. The flexibility of the large lump-sum benefit from critical illness insurance means that you'll have the ability to cover these bills as you see fit. You can take care of yourself and your family while focusing on recovery.

What does Scotiabank critical illness insurance offer?

ScotiaLife Financial offers a single critical illness insurance plan for Scotiabank customers. Coverage is available for up to $100,000 and no medical exam is required. Customers ages 18-64 are eligible. It covers heart attack, cancer, and stroke.

Note that Scotiabank offers Scotia Mortgage Protection Insurance. While this is a different product it is noteworthy to include here. Borrowers and guarantors of Scotiabank mortgages can apply for the products, which can offer up to $500,000 towards your mortgage balance. Besides critical illness coverage, it also includes life, disability, and job loss protection.

For more on Scotialife 's critical illness insurance offer see the pdf below.

You must compare multiple critical illness providers before zeroing in on a policy. While it may seem like a daunting process, you can do it right here using our free comparator below. Compare the best plans and get free personalized quotes in seconds by clicking the button below.

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What illnesses and conditions qualify for Scotialife critical illness insurance?

The following illnesses and conditions may qualify a Scotialife policyholder for critical illness benefits.

  • Heart attack
  • Stroke (Cerebrovascular accident)
  • Cancer (Life-threatening)

If you're looking for more expansive coverage, you can consider other options like BMO Critical Illness Insurance or Manulife Critical Illness Insurance.

Good to know

Different insurers have different criteria for determining the severity of an illness or condition and whether it qualifies. If you have questions, it's best to refer to the policy documents and speak with your insurance broker or Scotialife advisor.

How much does ScotiaLife critical illness insurance cost?

Unfortunately, it is difficult to provide an accurate price for Scotialife critical illness Insurance as these policies are highly dependent on individual situations. Pricing varies widely based on the following factors:

  • Age
  • Pre-existing conditions
  • General Health
  • Smoking status
  • The amount of coverage desired

For general information, the table below summarizes the average price of critical illness insurance for various ages with a $ 25,000 benefit for the average provider. This is meant solely to provide a rough indication. Speak with an advisor for an exact Scotialife critical illness insurance quote.

AgePrice per month
Under 25
51 to 55
56 to 60
61 to 65
Example critical illness quotes by age

Good to know

Need help to decide how much coverage to buy from ScotiaLife? Our critical illness insurance calculator can help you make an informed decision.

We recommend that you get personalized quotes to plan your finances better. You can do that using our free comparator in the next section.

How do I apply for Scotialife critical illness insurance?

To apply for the ScotiaLife critical illness apply online on their website to apply online. Alternatively, you may reach them at 1-866-292-3512.

Before settling on an offer with ScotiaLife, it's smart to compare critical illness insurance quotes from other providers. You can do this right here using our free comparator. Compare the best plans in Canada, get free quotes, and be put in contact with an expert.

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Compare prices then speak with an expert

How do I contact Scotialife critical illness insurance?

You can reach ScotiaLife at 1-866-292-3512 from 8:30 am to 7:00 pm ET Mondays through Fridays.

If you wish to mail in a paper ScotiaLife Critical Illness Insurance Application (available on ScotiaLife's website, you may do so to PO Box 215, Stn Waterloo, Waterloo ON, N2J 3Z9.

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Alexandre Desoutter Redactor in chief

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a contributor to several publications. In this sense, his role leads him to carry out steering and support work with all HelloSafe editors and contributors so that the editorial line defined by the company is fully respected and declined through the texts published daily on our platforms. As such, Alexandre is responsible for implementing and maintaining the strictest journalistic standards within the HelloSafe editorial staff, in order to guarantee the most accurate, up-to-date information on our platforms and expert as possible. Alexandre has in particular undertaken for two years now the implementation of a system of systematic double-checking of all the articles published within the HelloSafe ecosystem, able to guarantee the highest quality of information.

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