Get a Scotiabank Life Insurance Quote

Scotiabank life insurance is offered through the ScotiaLife Financial brand, but it does not operate like a traditional life insurance company. Scotiabank life insurance is a group policy offered to Scotiabank customers and their spouses, underwritten by Chubb, a global risk management firm. It’s similar to a group policy you might be offered by your employer, union, or other community group. Because the underwriter spreads out the risk over a large group, and administration fees are lower, premiums tend to be fairly cheap. However, that lower cost makes the policy less flexible.

Scotia Term 1 Insurance is the primary product Scotiabank offers. It’s a simple, one year term life insurance policy. Term 1 has a maximum insurable age of 70, which is significantly lower than mainstream term life insurance policies. Term 1 premiums are primarily age-based until age 50, after which a medical may be required. A 50% living benefit, up to $50,000, is available is you were to contract a terminal illness while covered. Being a group policy, there’s little flexibility on the terms of the contract. Despite its negatives, the premiums are relatively inexpensive, and an easy, simple option for Scotiabank customers.

Scotia Term 10/20/100 Insurance are products written about online, but the home pages for them on the Scotiabank website no longer exist. Term 10 and term 20 were standard term life insurance products, available until age 75 for coverage of up to $250,000. Scotiabank’s Term 100 product was identical to Term 10 and 20, but as a term-100 product, providing lifetime coverage.

Scotiabank Guaranteed life insurance. ScotiaLife Financial also offer a guaranteed product, for people between age 50 and 75. Like most guaranteed life insurance policies, this plan only covers up to $25,000, with a series of restrictions on the policy that make it harder to claim. Learn more at our page on guaranteed life insurance.

Other Scotiabank life insurance products include mortgage insurance, as part of their lending department, as well as accidental death insurance. While normally purchased as a rider, or added benefit to an existing policy, Scotia’s accidental death policy is available as a standalone product for Scotiabank customers. In fact, Scotiabank customers aged 17-74 can receive $5,000 complimentary accidental death insurance. As ScotiaLife Financial only offers a group policy for Scotiabank customers, rather than a full suite of life insurance products, there are no permanent life insurance policies available.

Scotiabank has strong ratings across all ratings agencies and categories, with a stable outlook from each of the major credit rating agencies:

• Standard and Poor’s: A+ (Very strong)
• Moody’s: AA2 (High quality)
• DBRS: AA (Excellent)