Scotia Life Insurance Company Review

Policies underwritten by Scotia Life Insurance Company are available through ScotiaLife Financial, one of the leading providers of financial services and solutions in Canada. If you’re a Canadian resident who’s interested in obtaining coverage for yourself or a spouse, keep reading to learn what policies are available and why a plan through Scotia Life Insurance Company may be right for you.

About Scotia General Insurance Company

Scotia Life Insurance Company operates under the umbrella of The Bank of Nova Scotia, which is more commonly known as Scotiabank, underwriting many of its insurance policies. Plans are sold directly through Scotiabank’s subsidiary, ScotiaLife Financial, a company that provides a broad range of financial solutions to Canadians.

The Scotiabank family of companies takes a customer-first approach to almost everything it does and provides financial advice and services to individuals and companies. As a leading Canadian financial institution, it values diversity and aims to present bias-free practices, promoting inclusion across both its employee and customer base.

What Life Insurance Products Does Scotia Life Insurance Company Offer?

In addition to life insurance, the Scotiabank family of companies collectively offers several main categories of insurance solutions:

Home and rental: Scotiabank’s home, condo and tenant insurance plans protect your residence, property and possessions. Plans offer flexible premium options, around-the-clock claims service and discounts for mortgage-free homeowners. Condo policies may be customized to accommodate a community’s policies and regulations.
Auto: Auto insurance plans range from basic to comprehensive. Mandatory Canadian coverage is provided in all policies, and purchasers have the option of adding on other benefits, such as rental vehicle coverage. Policyholders may also take advantage of flexible premium payment options and multi-vehicle discounts.
Health and dental: The company’s supplemental health plans are designed to cover expenses that may not be approved through standard medical plans, including emergency travel and medical assistance. These plans, which may include dental coverage, are available to Canadians between the ages of 18 and 64, and policies can be expanded to cover spouses and dependent children. Critical illness plans are also available.
Creditor: Scotiabank’s creditor insurance was created to help individuals and families stay on track in times of unexpected financial difficulties, such as a critical illness diagnosis, job loss or the death of a breadwinner. Consumers may choose from several plans, including mortgage, credit card and business loan protection, and policies may offer varying levels of coverage.
Travel: Travel insurance provides financial protection for travelers, reimbursing policyholders for lost or damaged baggage, trip cancellations and on-the-road medical emergencies. Some policies may pay a death benefit to a named beneficiary if the insured individual passes away as a result of a travel-related accident. Single trip, multi-trip and student plans are available.

ScotiaLife Financial Term Life Insurance

Term life insurance plans underwritten by Scotia Life Insurance Company are available through ScotiaLife Financial. To accommodate customers’ varying coverage needs, the company offers four primary types of term policies:

Term 1: The company’s affordable Term 1 plans are designed to meet an individual’s short-term needs, providing up to 1 million Canadian dollars in coverage. These plans are renewable until the insured turns 70.
Term 10: With 10 years of coverage and a death benefit of up to CA$250,000, ScotiaLife Financial's Term 10 plans may be ideal for families with minor children. Coverage is renewable until the insured turns 75.
Term 20: Term 20 plans offer 20 years of financial protection with a death benefit of up to CA$250,000. Coverage is renewable until the insured turns 75.
Term to 100: Individuals who need longer-term coverage may prefer the company’s Term to 100 plan, which offers up to CA$250,000. Plans, which have locked-in rates, are available to Canadian residents between the ages of 18 and 65, and applicants aren’t required to undergo a medical examination during the underwriting process.

ScotiaLife Financial Guaranteed Life Insurance

ScotiaLife’s guaranteed life insurance plans provide lifelong coverage with a lump-sum payout as long as premiums are paid as contracted. Policies include an accidental death benefit, which multiplies the payout amount if the insured dies as a result of an accident, as well as terminal illness coverage, which lets the insured access up to 50% of the benefit if they’re diagnosed with a life-shortening illness. Policies are available to Canadians between 50 and 75 years old with no required health questionnaire or medical exam.

ScotiaLife Financial Accidental Death Coverage

Canadians between the ages of 18 and 74 may also be eligible to receive accidental death coverage. Scotiabank customers may receive complimentary coverage up to $10,000 with additional coverage available at affordable group rates. These plans include a living benefit, which pays out if the insured is injured in an accident and hospitalized for 365 consecutive days.

The Pros and Cons of Scotia Insurance

As one of the leading providers of financial services in Canada, Scotiabank and its subsidiaries offer customers several big advantages, including a wide selection of products and the ability to tailor plans to customers’ needs and budget. And, because this family of companies offers more than just life insurance, customers who purchase multiple policies may benefit from bundling discounts. This financial giant also has trained financial advisors who can provide financial advice to help customers and their families stay on track to meet their goals.

As for the disadvantages of Scotia Life Insurance Company, many potential purchasers aren’t eligible for coverage because its policies are typically only available to Canadian citizens and their families. Additionally, many of the company’s term plans are only renewable until age 70 or 75, depending on the individual policy.