Scotialife Critical Illness Insurance Review (2023)
Great critical illness insurance is an incredible asset if the worst happens. Not only can a heart attack, stroke or cancer diagnosis sideline you from working, but the financial aspect can be a difficult weight to bear alone.
Have you ever thought about how you would provide for yourself and your dependents if you were to get ill? Whereas disability insurance can provide you with a monthly income when you are stopped from working, critical illness insurance can provide a large lump sum payment to defray the immediate costs of medical care and lifestyle changes.
Critical illness insurance comes in a wide range of coverage types and benefit amounts, so it is not always easy to pick the best one for you.
Are you wondering if Scotialife ’s critical illness insurance is right for you? This page explores their offer in detail. Get our Scotialife review, a breakdown of available coverage options and much more.
Who is Scotialife ?
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 ScotiaLife’s critical illness insurance offer.
Why sign up for Scotialife critical illness insurance?
Critical illness insurance from Scotialife or another provider give 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
Beside 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.
Our review of Scotialife :
Scotialife is a major critical illness insurance provider in Canada, but not all clients have the same needs or situation. Here is what we like about Scotialife ’s critical illness insurance offer and some considerations to weigh as you shop for coverage options.
Pros of Scotialife critical illness insurance:
- Reputation - insurance 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
Find a critical illness insurance policy that's right for you
What critical illness insurance plans does Scotialife offer?
ScotiaLife Financial offers 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 a 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.
What illnesses and conditions qualify for Scotialife critical illness insurance?
The following illnesses and conditions may qualify a Scotialife policyholder for critical illness benefits.
-Stroke (Cerebrovascular accident)
Be aware that plans may cover fewer conditions than those listed below.
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 do I apply for Scotialife 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 below to be put in contact with an expert.
Shop critical illness policies now
How much does Scotialife critical illness insurance cost?
Unfortunately, it is difficult to provide an accurate price range for Scotialife critical illness Insurance. Pricing varies widely based on the following factors
- 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.
|Age||Price per month|
|51 to 55||$27|
|56 to 60||$44|
|61 to 65||$56|
Good to know
Need help deciding how much coverage to buy from Scotialife ? Our critical illness insurance calculator can help you make an informed decision.
How do I contact Scotialife ?
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 webiste, you may do so to PO Box 215, Stn Waterloo, Waterloo ON, N2J 3Z9.