How Scotiabank Life Insurance works
Scotiabank provides life insurance coverage options through their subsidiary ScotiaLife Financial. Learn more about whether or not a ScotiaLife policy is right for you.
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How Scotiabank life insurance works
Matt Hands, VP, Insurance
Scotiabank is one of Canada’s ‘big five’ banks, alongside RBC, BMO, TD Bank, and CIBC. Scotiabank is the third largest based on both deposits and market capitalization. While it was founded in Halifax and primarily serviced the Maritimes, it is now run from Toronto, and has an international presence.
Scotiabank does not sell life insurance like traditional life insurance company, or like bank-owned life insurance companies. Instead they offer life insurance through their subsidiary, ScotiaLife Financial, to Scotiabank customers. Life insurance policies sold via ScotiaLife Financial are underwritten by Scotia Life Insurance Company and is part of a group insurance offering. This offering is similar to a group policy you might be available through 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.
In order to purchase you have to contact ScotiaLife directly either online or over the phone to purchase through an agent - they do not offer ScotiaLife insurance products in branches. Overall their life insurance options are limited to a few term life insurance offerings, which can be purchased for 10, 15, 20, 25, 30 year terms.
Scotiabank life insurance products
ScotiaLife offers a variety of term life insurance products that are underwritten and issued by The Empire Life Insurance Company and distributed by BNS Insurance Agency Inc. Here are the available term options that customers can purchase:
| Product | Coverage | Age limits | Convertible | Medical | Underwriting |
| Scotia Term 10 Insurance | $10,000 to $20,000,000 (depends on age) | 18-75 | Convertible to permanent life insurance up to age 75 | Medical check required | Full underwriting |
|---|---|---|---|---|---|
| Scotia Simplified Term 10 Life Insurance | $50,000 to $1,000,000 (depends on age) | 18-60 | Not convertible to whole life insurance | No medical required | Simplified underwriting |
| Scotia Term 15 Insurance | $10,000 to $20,000,000 (depends on age) | 18-70 | Convertible to permanent life insurance up to age 75 | Medical check required | Full underwriting |
| Scotia Term 20 Insurance | $10,000 to $20,000,000 | 18-65 | Convertible to permanent life insurance up to age 75 | Medical check required | Full underwriting |
| Scotia Simplified Term 20 Life Insurance | $50,000 to $1,000,000 (depends on age) | 18-55 | Not convertible to whole Iife insurance | No medical required | Simplified underwriting |
| Scotia Term 25 Insurance | $10,000 to $20,000,000 | 18-60 | Convertible to permanent life insurance up to age 75 | Medical check required | Full underwriting |
| Scotia Term 30 Insurance | $10,000 to $20,000,000 | 18-55 | Convertible to permanent life insurance up to age 75 | Medical check required | Full underwriting |
Each Scotia policy comes must be purchased through an advisor and is generally issued within 5 days once it has been approved. Simplified policies can be issued immediately as they don't require medical exams. Scotia also offers a 10-day money back guarantee.
Suicide is not covered during the first 2 years of the policy (or within 2 years after coverage reinstatement). These policies are also not available to residents in Nunavut.
At this time Scotiabank doe not offer any traditional permanent life insurance options, only term based insurance, but their term products can be converted into a whole life insurance product with Empire Life.
Other ScotiaLife product offerings:
Scotia Accidental Death Insurance is available to Scotia customers aged 18-74. This product has a guaranteed acceptance and does not require a medical exam to enrol. It also has a tax benefit of up to $350,000 paid as a lump sum to your named beneficiary, should you pass away due to a covered accident. The product is designed to pay out if you accidentally pass away, assuming it isn't a result of one of their defined exclusions. The premiums are quite affordable and currently have a bonus offer of $5,000 in complimentary accidental death insurance.
Critical Injury Benefit is an optional add on to a accident death insurance policy. The extra coverage is available when you enrol for at least $25,000 of Accidental Death Insurance. This optional coverage provides a benefit for Loss of Limb(s), Paralysis of Limb(s), Loss of Sight, Loss of Hearing, or Loss of Speech due to an accident.
Critical Illness Insurance provides financial protection against 22 serious critical illnesses and conditions for customers aged 20-74. This product comes with guaranteed acceptance and no medical exam. You can secure coverage amounts of $10,000, $25,000, $35,000 or $50,000, with $200,000 or $500,000 paid in the event of four life altering conditions (paralysis, blindness, dismemberment, or loss of independence).
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Pros and cons of Scotiabank life insurance
Scotiabank life insurance pros
- As a large group policy, Scotia life insurance offers affordable term coverage to Scotiabank customers
- Simple coverage without complexity
- $5,000 accidental death coverage is free to all Scotiabank customers
Scotiabank life insurance cons
- Coverage only available for Scotiabank customers, or their spouse
- Life insurance by Scotiabank is not a traditional policy, it’s a group insurance policy underwritten by Empire Life. This means less flexibility in the terms of the contract
- Limited coverage options and can be further limited depending on your age and coverage requirements.
- ScotiaLife Financial has gotten into legal trouble selling life insurance policies in the past. In 2015 they were fined $500,000 for selling life insurance through unlicensed telemarketers, which had been happening for 18 years
Who is Scotiabank?
The Bank of Nova Scotia was founded in Halifax in 1832, originally established by to facilitate increased trans-Atlantic trade. While initially keep to the Maritimes, the bank eventually expanded westward, opening a branch in Winnipeg, Manitoba in 1882. While the branch would soon close, it began the Bank of Nova Scotia’s expansion to the American Midwest, opening branches in Minneapolis in 1885 and Chicago in 1892. The bank eventually continued its Canadian expansion in 1894, opening a branch in Newfoundland. By 1900, the bank had operations in all of the Maritimes, Quebec, Ontario, and Manitoba, as well as Boston, Massachusetts and Kingston, Jamaica.
The Bank’s headquarters moved from Halifax to Toronto in 1900, and grew through expansion and acquisition throughout the 20th century. It expanded in the Caribbean (although lost its branches in Cuba with the nationalisation of Cuban banks in 1960) and eventually into Asia. On September 11th 1961, the Bank of Nova Scotia became the first Canadian bank to appoint a female bank manager. The bank rebranded as Scotiabank worldwide in 1975. Since 2000 the bank continued to expand through acquisition, purchasing ING Direct Canada in 2012, rebranding it to Tangerine in 2013.
Scotiabank credit rating
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)