ScotiaLife Insurance is the insurance subsidiary of Scotiabank, one of Canada’s major banks and financial institutions. Founded in 2009, the company offers a range of insurance products tailored primarily for Scotiabank’s existing customer base.
In this review, we’ll examine their offerings in detail, including term life insurance, accidental death insurance, critical illness coverage and more. We’ll take a deep dive into policy options, examine sample pricing, and see how they stacks up to competitors.
With Canada’s highly competitive life insurance market, it’s important to compare all your options to find the best fit. Read on for a complete overview of ScotiaLife insurance and how it could meet your coverage needs.
ScotiaLife Insurance Company Overview
ScotiaLife Financial is the insurance subsidiary of Scotiabank – Canada’s third-largest bank.
The company sells various insurance products, including:
- Term life insurance
- Accidental death insurance
- Critical illness insurance
- Travel Insurance
- Home and auto insurance
- Creditor insurance
Some key facts about ScotiaLife Insurance Company:
Headquarters: Toronto, Ontario
Parent Company: Scotiabank
Year Founded: 2009
Insurance Offerings: Life, health, home, auto, travel, creditor
AM Best Rating: A (Excellent)
With the financial stability and longevity of Scotiabank backing it, ScotiaLife policies offer the security of a long-standing Canadian financial institution. All their insurance products are underwritten by the Scotia Life Insurance Company.
(Source: Wikipedia)
What types of life insurance does Scotia Insurance offer?
ScotiaLife offers a range of life insurance products focused on term life coverage as well as supplemental accidental death and critical illness policies.
ScotiaLife Term Life Insurance
ScotiaLife offers comprehensive renewable & convertible term life insurance options to provide financial protection for your loved ones over various policy lengths.
Scotia Term 10 life insurance
The Scotia Term 10 plan is ideal for those seeking budget-friendly life insurance coverage over a 10-year term. This affordable option offers protection for mortgages, debts, and final expenses over the medium term.
- 10 years of renewable term life insurance
- Available for ages 18-75
- Coverage amounts from $10,000 up to $10 million
- No medical exam is required for simplified issue plans up to $500,000
Scotia Term 15 life insurance
For short-term coverage needs, the Scotia Term 15 policy provides cost-effective life insurance to help protect your family with income replacement and final expenses over a 15 year term length.
- 15 years of renewable term life insurance
- Available for ages 18-75
- Coverage amounts from $10,000 up to $10 million
- No medical exam is required for simplified issue plans up to $500,000
Scotia Term 20 life insurance
The Scotia Term 20 plan is a popular choice to help protect your loved ones over a 20 year term. It’s ideal for income replacement, mortgage coverage, debts, and final expenses.
- 20 years of renewable term life insurance
- Available for ages 18-75
- Coverage amounts from $10,000 up to $10 million
- No medical exam is required for simplified issue plans up to $500,000
Scotia Term 25
For longer-term coverage aligned with a mortgage, the Scotia Term 25 policy provides 25 years of renewable term life insurance.
- 25 years of renewable term life insurance
- Available for ages 18-65
- Coverage amounts from $10,000 up to $10 million
- Requires full medical underwriting
Scotia Term 30
As the longest term length, the Scotia Term 30 plan provides 30 years of renewable coverage for maximum protection.
- 30 years of renewable term life insurance
- Available for ages 18-60
- Coverage amounts from $10,000 up to $10 million
- Requires full medical underwriting
Term policies are underwritten by Empire Life Insurance Company. Simplified issue plans up to $500,000 allow fast enrollment without medical exams.
Underwritten term policies require medical exams but provide higher coverage amounts:
Policy | Ages | Maximum Coverage | Convertibility |
---|---|---|---|
10 Year Term | 18 – 75 | $10 million | To age 75 |
20 Year Term | 18 – 65 | $10 million | To age 65 |
25 Year Term | 18 – 60 | $10 million | To age 60 |
30 Year Term | 18 – 55 | $10 million | To age 55 |
Simplified issue term policies skip medical exams but have lower coverage limits:
Policy | Ages | Maximum Coverage |
---|---|---|
10 Year Term | 18 – 60 | $500,000 |
20 Year Term | 18 – 55 | $500,000 |
Full review: Simplified Issue Life Insurance in Canada
ScotiaLife Accidental Death Insurance
ScotiaLife offers Accidental Death Insurance exclusively to Scotiabank customers, providing affordable supplemental coverage in case of death due to a covered accidental injury.
This policy provides added peace of mind by paying out a benefit in the event of an accidental death. It supplements existing life insurance at an accessible price point.
- Available for ages 18-74
- Coverage amounts from $10,000 to $350,000
- Underwritten by Chubb Life Insurance
- Payout if death is due to a covered accident
- Excludes high-risk activities and intoxication
ScotiaLife Critical Illness Insurance
ScotiaLife’s Critical Illness plans provide financial protection by paying out a lump sum benefit if diagnosed with a major covered illness.
This can help offset the costs of medical treatment, recovery, and lost wages from serious health conditions. ScotiaLife offers both basic and enhanced options.
Scotia Enhanced Critical Illness Insurance
The Scotia Enhanced Critical Illness Insurance plan provides financial protection against 22 critical illnesses and conditions. It is ideal for those seeking comprehensive critical illness coverage.
Key Features:
- Coverage for 22 critical illnesses
- Payout of up to $500,000 for 4 major conditions
- Guaranteed acceptance, no medical underwriting
- Lump sum payout to use as needed
With guaranteed acceptance and no medical exams required, this plan makes gaining coverage for a breadth of health conditions simple. The lump sum payout can assist with medical bills, lost income, and other costs associated with a critical illness.
Scotia Critical Illness Insurance
The Scotia Critical Illness Insurance plan covers the three most common critical illnesses: heart attack, stroke, and cancer. This budget-friendly option provides financial protection tailored to these illnesses.
Key Features:
- Coverage for heart attack, stroke, and cancer
- Choices of $25,000 to $100,000 in coverage
- Special group rates for Scotiabank clients
- 30-day money-back guarantee
- With streamlined coverage for the most prevalent critical conditions, this plan balances affordability and protection. Ideal for those seeking coverage just for the major illnesses, it can provide significant financial assistance if faced with one of the “big 3.”
In summary, ScotiaLife specializes in term life insurance with supplemental accident and critical illness options. Their policies offer simplified issues and fully underwritten coverage to meet diverse needs.
Breaking Down ScotiaLife Term Life Insurance Rates
Premiums for ScotiaLife term life insurance policies vary based on personal factors like:
- Age
- Gender
- Smoking status
- Health history
- Coverage amount
Rates are quite competitive for younger, healthier individuals first applying for coverage. However, their premiums tend to be higher than some competitors for older age groups or applicants with existing health conditions.
Those seeking permanent life insurance policies or ones with cash value accumulation may find ScotiaLife’s offerings more expensive. However, for simple renewable term life insurance, their rates can be reasonable for the right individual.
To get a personalized quote based on your age, health status and desired coverage amount, you can use their online quoting tool for simplified issue policies. For larger coverage amounts, speaking with an advisor is recommended.
Comparing quotes from multiple providers is the best way to find competitive pricing tailored to your situation. Independent quoting services can help you easily compare rates across top insurers.
Full review: Life Insurance Rates By Age Chart in Canada
Potential Drawbacks of ScotiaLife Insurance
There are six limitations to weigh when it comes to ScotiaLife insurance:
Limited Products
No universal life, whole life, or other permanent policies with cash value.
Only for Scotiabank Clients
Must have an existing Scotiabank account to qualify for coverage.
Maximum Age of Coverage
Term life coverage ends at age 75 or 85, depending on the specific policy.
No Conversion Options
Simplified term life plans cannot convert to permanent insurance.
Price
Premium costs for seniors or higher-risk individuals often exceed competitors.
Not Available in Quebec
The companydoes not offer coverage for residents of Quebec.
Depending on your needs and circumstances, these restrictions could make ScotiaLife less ideal than other providers.
Objective Ratings of ScotiaLife Insurance
Third-party industry ratings for ScotiaLife include:
- Google Reviews – 2.6 out of 5 stars based on 83 reviews
- Insureye Reviews – 2.0 out of 5 stars rating
- Protect Your Wealth – 1.5 out of 5 stars rating
Positive feedback cites the company’s fast and easy application process, competitive rates for younger applicants, and excellent customer service.
Common downsides mentioned include limited products and availability only to Scotiabank customers.
These objective ratings provide an impartial overview of ScotiaLife’s strengths and weaknesses.
ScotiaLife Insurance Customer Review Examples
Here are some examples of actual customer feedback on the company:
“Always pleasant to deal with on the phone, they explain everything in detail and don’t leave you in the dark about any of the processes.” – Gavin B., Google Review.
“The application process was seamless, and the rate was very competitive. ScotiaLife made getting life insurance coverage simple and straightforward.” – Daniel S., Insureye.
“Constantly hounding me to increase my coverage. Almost enough to cancel the small policy I have!!” – Sam T., Insureye
“For a simple term life policy, ScotiaLife was great. But limited options compared to other companies I researched when looking for permanent life insurance.” – Jen L., Google Review
These testimonials reinforce that the company provides a quality experience for term life insurance, but some customers desiring more comprehensive permanent coverage or policy add-ons may need to keep searching.
Unique Aspects of ScotiaLife Guaranteed Life Insurance
One unique product in ScotiaLife’s portfolio is their Guaranteed Life Insurance, designed for ages 50-75. Here are some key details:
- Lifelong coverage, regardless of health
- No medical exam or health questions
- Premiums remain level and guaranteed
- Limited underwriting upfront but more scrutiny when a claim is made
- Typically, a 2-year waiting period before full coverage starts
- The suicide exclusion period applies
This product provides a way for older individuals with health issues to obtain permanent life insurance when they struggle to qualify elsewhere.
The trade-off is higher premiums and limited payout if death occurs in the early years. But for high-risk applicants, it can offer valuable peace of mind.
Full review: Guaranteed Issue Life Insurance in Canada
How ScotiaLife Compares to Top Life Insurance Competitors
How does ScotiaLife stack up against leading Canadian life insurers? Here’s an overview:
Sun Life
- A wider range of permanent and term life insurance options
- Often cheaper rates for seniors
- More flexibility in policy customization
Full review: Sun Life Insurance Canada
RBC Life
- Also lacks permanent life insurance products
- Similar pricing but added discounts available
- Additional riders and features
Full review: RBC Life Insurance
Manulife
- Lower premium costs in many cases
- Vitality program rewards healthy habits
- Whole life and universal life options
Full review: Manulife Life Insurance
Canada Life
- Highly rated for customer service
- Specialized policies for diabetics, seniors
- Lower rates for higher-risk clients
Full review: Canada Life Insurance
While the provider holds its own for basic term insurance, competitors frequently come out ahead in terms of flexibility, customization, and affordability.
Getting Life Insurance Quotes from ScotiaLife
To get a quote for ScotiaLife term life insurance, you have 2 options:
Online Quote
Get an instant quote online for Simplified 10 or 20 policies up to $500,000. Just enter basic details like age, gender, smoking status, coverage amount, and province.
Third-Party Tools
Comparison sites like Lifebuzz allow you to get ScotiaLife quotes alongside other top insurers to find your best option.
Be sure to get quotes from multiple providers before deciding on coverage.
Is ScotiaLife Insurance a Good Value?
Whether ScotiaLife insurance represents a good value depends primarily on your individual situation:
For simple term life coverage, ScotiaLife prices are very competitive for young, healthy applicants. Their simplified issue plans make getting insured fast and convenient.
However, those seeking permanent cash value life insurance will need to look elsewhere. The Insurer also cannot match some competitors’ rates for older age groups or higher-risk individuals.
There are limitations around being an existing Scotiabank customer. So, if you don’t currently bank with Scotia, coverage is unavailable.
Ultimately, comparing plans and quotes across multiple insurers is the best way to determine what represents a high-value policy for your specific needs. ScotiaLife is a great choice for some policyholders, while others may find better options.
Bottom Line: Who is ScotiaLife Best For?
ScotiaLife insurance provides quality coverage for the right individual. If you fit the below profile, it’s an excellent choice:
✓ Already bank with Scotiabank
✓ Seek term life rather than permanent insurance
✓ Are young and healthy
✓ Want easy online application process
✓ Require coverage up to $500,000 without medical exams
However, if you desire whole life insurance, maximum customization, or the lowest rates, expanding your search to other leading insurers is wise. Ultimately, comparing plans across providers is the best approach to finding your ideal match. ScotiaLife caters well to a certain demographic, but it pays to explore all of your options.
Frequently Asked Questions (FAQs)
How do I file a claim with ScotiaLife Insurance?
To file a life insurance claim, call 1-844-383-2020. For other policies, call 1-800-387-9844. Provide all required documentation, and a ScotiaLife agent will assist you.
Can I bundle multiple policies with ScotiaLife insurance?
Yes, existing Scotiabank customers can bundle ScotiaLife policies like home, auto, and creditor insurance for potential multi-line discounts.
Is ScotiaLife insurance renewable?
Yes, ScotiaLife term life policies are guaranteed renewable until expiry age without having to re-qualify or undergo new medical underwriting.
What benefits come with ScotiaLife accidental death insurance?
The policy pays out up to $350,000 if you die due to a covered accident. It's an affordable add-on but excludes high-risk activities and intoxication.
Does ScotiaLife offer mortgage insurance?
ScotiaLife does not directly offer mortgage insurance. However, Scotiabank does have mortgage default insurance available that covers banks and lenders.
How do I cancel my ScotiaLife insurance policy?
To cancel your policy, call 1-844-383-2020 and speak with a ScotiaLife representative. They will guide you through the cancellation process and any alternatives that are available.
Can I get ScotiaLife if I'm not a Scotiabank customer?
No, you must have an existing Scotiabank account to be eligible for ScotiaLife insurance products. Non-customers cannot purchase coverage.
Is ScotiaLife cheaper than other banks' insurance?
Not necessarily. While competitive for some demographics, ScotiaLife premiums are often higher than competitors for older age groups or health risks.
What provinces is ScotiaLife insurance available in?
ScotiaLife is available nationwide except for Quebec. Any Canadian resident outside of Quebec who banks with Scotiabank qualifies.
Does ScotiaLife offer disability insurance?
No, ScotiaLife does not currently provide disability insurance. Their offerings are limited to life, accidental death, and critical illness coverage.
What is the ScotiaLife insurance application process?
You can apply for simplified policies online instantly. For full underwriting, you provide details by phone to an agent who will evaluate your eligibility.
How long does it take to get ScotiaLife insurance?
Simplified policies can be issued within minutes. Underwritten plans require a medical exam, which typically takes 2-3 weeks before you receive your policy.
Article Sources:
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- Scotialife Insurance Review [2024] – https://www.policyadvisor.com/
- ScotiaLife Insurance Review – https://protectyourwealth.ca/
- Scotiabank Life Insurance Review Canada – https://www.policyme.com/
- Life insurance – https://www.scotiainsurance.com/
- Scotia Life Insurance Review 2024 – https://www.dundaslife.com/