Is Scotia Life Insurance Good For You? Review (2024)
verified information
Information verified by Alexandre Desoutter
Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.
Discover the methodology
Life insurance is a critical investment to make sure your dear ones are taken care of even in the most unfortunate circumstances. However, choosing the right policy might be quite the 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 take you through the coverage, pros, cons, and more about Scotia Life Insurance policies to help you decide if it's best for you. You could also use our comparator tool to compare plans from other providers and get free personalised quotes so you can pick the perfect plan.
Scotia Life Insurance: 5 Key takeaways
- Scotia Insurance offers term life insurance with coverage up to $10 million.
- Accidental Death policies are available exclusively to Scotiabank customers.
- Does not offer whole and permanent policies limiting choices for those seeking more comprehensive coverage.
- Online resources, including a premiums calculator lets users explore their coverage needs, options.
- Compare plans with other providers and get free quotes using HelloSafe comparator.
Our review of Scotia life insurance: A great choice for term life benefits
Scotia Insurance, formerly Scotia Life Financial, is a brand name for the BNS Insurance Agency. It is a subsidiary of Scotiabank, one of Canada's largest banks. The financial giant began selling insurance in 2009.
It offers several types of insurance policies including life insurance, Scotia life auto insurance and home insurance. It has a variety of term lengths available for its term life insurance product lines.
Unfortunately does not offer whole or universal life insurance products. Most competitors offer a wider range of insurance options, as also mentioned in many Scotia life insurance reviews from customers online. Fortunately, for those interested in a sizeable term life policy, coverage of up to $10 million is available.
Similarly, simplified term life policies offer up to a hefty $500,000 without a medical exam. So while it caters well to individuals seeking substantial coverage without the hassle of extensive medical exams, its absence in Quebec and relatively higher costs for older buyers may leave some segments seeking alternatives.
For those looking for straightforward term life coverage backed by a trusted name, Scotia Life Insurance stands as a solid choice, but those desiring more comprehensive options might need to explore additional providers.
Now, let's take a look at some of Scotia's pros and cons.
Pros
- Easy online application
- Competitive rates
- Financial strength of the company
- No medical test term insurance with up to $500,000 coverage
- 10-day money-back guarantee
Cons
- Accidental Death policies only available for Scotiabank customers
- No universal life or whole life policies
- Not available in Quebec
- Expensive for older buyers
How much does Scotiabank life insurance cost?
Here are the monthly insurance premiums for both 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 insurances and also get free, personalised quotes in seconds.
Compare the best life insurance companies
What does Scotia life insurance cover?
Because life insurance pays out a lump sum benefit, it can be used to cover anything. Smaller policies may go to pay for funeral expenses and settling debt, while large policies can leave a serious financial resource for your beneficiaries. Families commonly use life insurance benefits to pay for:
- Mortgage or Rent
- Tuition fees
- Living expenses
- Health care
- Utilities
- And much, much more
What types of life insurance does Scotia bank life insurance offer?
| Policy | Age | Renewable | Amount of Coverage Available | Convertible |
|---|---|---|---|---|
| Simplified 10 | 18-60 | To age 75 | $50,000 to $500,000 | |
| Simplified 20 | 18-55 | To age 75 | $50,000 to $500,000 | |
| Solution 10 | 18-75 | To age 75 | $10,000 to $10 million | |
| Solution 20 | 18-65 | To age 65 | $25,000 to $10 million | |
| Solution 25 | 18-60 | To age 60 | $25,000 to $10 million | |
| Solution 30 | 18-55 | To age 55 | $25,000 to $10 million |
Scotia insurance offers a range of term life insurance with amounts up to $10 million with policies underwritten by the Empire Life Insurance company. It also has an accidental death available only to Scotiabank customers underwritten by Chubb Life Insurance Company of Canada (Scotia Chubb life insurance).
Unfortunately, the company does not have universal life insurance or whole life insurance. This is uncommon as the majority of competing life insurance companies in Canada do. Let’s take a look at their plans.
Term Life Insurance
Term life insurance is the simplest and easiest-to-understand type of life insurance. It has coverage for a specific term and if a policyholder passes away during that time, the beneficiaries receive a death benefit.
Scotia bank life insurance has multiple term insurance plans for you to choose from including its classic solution line and a simplified line. The former offers coverage up to $10 million but may include medical underwriting. The latter can go up to $500,000 and is available to buy online.
Scotia Term 10 Insurance
Scotia Insurance's 10-year Solutions Life Insurance policy starts coverage at $10,000 and reaches $10 million. Guaranteed level premiums ensure your premium won't increase during the term, even with changes in health. The policy is renewable until age 75 with no additional medical underwriting.
For a no-medical-test life insurance option, Simplified 10 life insurance offers coverage from $50,000 to $500,000 for ages 18 to 60.
Scotia Term 20 Insurance
This insurance plan comes with a 20-year term and is a good choice for families with young children. It is available for people aged between 18 years to 75 years and the coverage amount ranges from $25,000 to $10 million. The plan is convertible to permanent life insurance up to the age of 75 years.
Good to know
Want a similar term policy without medical exams? Simplified 20 Term Insurance offers coverage ranging from $50,000 to $500,000 for those aged 18 to 55 years.
Scotia Term 25 Insurance
Scotia's Solution 25 Term Life Insurance offers coverage ranging from $25,000 to $10 million. The policy is convertible to permanent life insurance up to the age of 75 years. It also comes with a 10-day money-back guarantee. Individuals aged between 18 years to 60 years are eligible to apply. It requires full underwriting and speaking with an advisor.
Scotia Term Thirty Insurance
Scotia Solution 30 Term Life Insurance is a 30-year policy with coverage from $25,000 to $10 million. The policy can be converted to permanent life insurance up to age 75. Eligible individuals, aged 18 to 55, must go through full underwriting and speak with an advisor.
Scotia Accidental Death Insurance
Scotiabank customers have another option with guaranteed enrolment acceptance: Scotia Accidental Death Insurance. It is underwritten by Chubb, with coverage of up to $350,000 available. While more limited in what it covers, the insurance policies are comparatively inexpensive and don't require a medical exam.
It is a good option when traditional plans are too expensive, but you still want coverage for specific accidents. It is open to residents of Canada between the ages of 18-74.
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 personalised quotes from the best providers, and in a few seconds.
Compare the best life insurance companies
How do I contact Scotia Insurance about my life insurance policy?
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) |
| Contact number for Scotia Accidental Death Insurance | 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] |
Scotia Life insurance calculator
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.
