ScotiaLife has been around for around 120 years providing customers with flexible, affordable, and personalized policies to meet different customer needs.
An Overview of ScotiaLife Financial
ScotiaLife Financial is the life insurance subsidiary of Scotia Bank, the third-largest bank in the country. They entered the insurance market in 2009 since banks are not allowed to offer insurance products directly. All policies sold through ScotiaLife Financial are underwritten by Scotia Life Insurance Company.
They sell products via their captive agents (i.e., an insurance agent who only works for one of life insurance companies in Canada) and provide numerous types of financial protection as well as life, home and auto insurance for customers.
| Founded | 1959 |
| Headquarters | 40 King St W, Toronto, Ontario, M5H 1H1, Canada |
| AM Best Rating | A |
| Better Business Bureau (BBB) Accreditation and Rating | N/A |
| Assets | $1 trillion |
| Employees | 51-200 |
| Insurance Products | Life, Auto, Travel, Health and Creditor Insurance. |
| Website | https://www.scotiainsurance.com/en.html |
ScotiaLife Financial has developed life insurance packages that will be appropriate and appealing to the majority of policyholders. This means there is a lot of room for coverage personalization.
The only drawback is that their products are solely accessible by Scotia Bank customers.
Products and Features of ScotiaLife Financial
ScotiaLife Financial offers a range of individual and group life insurance policies, including term, permanent, and guaranteed-issue coverage.
ScotiaLife Term Life Insurance
ScotiaLife’s primary life insurance offering is term life coverage, which provides temporary protection for a set period of time or “term.”
ScotiaLife term life is available in 10, 15, 20, 25 and 30 year policy terms. Maximum coverage goes up to $10 million, depending on age. Simplified issue plans are also offered without medical underwriting up to $1 million.
Key Term Life Features:
- Renewability: Can renew until ages 55-75, depending on the policy
- Convertibility: Can convert to permanent insurance later on
- Living benefits: Early payout if diagnosed terminal
ScotiaLife Term Life Options include:
| Policy Name | Details |
| Scotia Term Life | 10-30 year terms, up to $10 million coverage |
| Scotia Simplified Issue Term Life | No medical exam, up to $1 million coverage |
Scotia Term One Life Insurance
- Coverage amount available for $50,000 to $1 million (in increments of $25,000)
- Renewable up to age 70 without medical underwriting
- Guaranteed level premium.
- Possibility of not having to undergo medical examinations if you are less than 50 years old and require coverage for a maximum of $250,000.
- Living benefit equaling 50% of your coverage or $50,000, whichever is less, if you come down with a terminal illness and are expected to live fewer than 12 months
- A 30-day money-back guarantee: Get a full refund if you cancel the policy within the first month of the policy.
- No death benefit to the beneficiary in the case of suicide within the first two years of the policy being issued.
Scotia Term Ten Insurance
- Coverage amount available is $25,000 to $250,000
- The available term is 10 years
- Guaranteed level premiums.
- Renewable up to age 75 without proof of good health
- No medical exam needed
- Living benefits, 30-day free-look period, and death benefit exclusions are the same as Term One.
Scotia Term Twenty Insurance
- Available for people from 18 to 55 years old.
- Coverage amount available between $25,000 and $250,000
- Guaranteed level premium.
- Policy renewable at an increased rate without evidence of insurability.
- Living benefits, 30-day free-look period, and death benefit exclusions are the same as Term One and Ten.
Sample ScotiaLife Term Life Rates
| Age | 10 Year Term | 20 Year Term |
| 25 year old male | $18.06 | $21.24 |
| 25 year old female | $14.82 | $16.56 |
| 40 year old male | $38.76 | $50.14 |
| 40 year old female | $30.87 | $36.35 |
ScotiaLife Permanent Life Insurance
In addition to term life insurance, ScotiaLife offers some permanent life insurance and guaranteed life insurance options:
| Policy Name | Details |
| Guaranteed Life Insurance | For ages 50-75, no medical underwriting |
| Term to 100 Insurance | Lifetime protection to age 100 |
These provide lifelong insurance protection without cash value savings. ScotiaLife term policies can also convert to permanent coverage.
Scotia Term 100 Life Insurance
- The maximum coverage available is $250,000
- Premiums stop after the age of 100
- Guaranteed level premium
- No death benefit payouts if you commit suicide within the first two years of the policy.
Scotia Life Guaranteed Life Insurance
- Lifetime coverage
- Guaranteed level premium
- Premium payments stop after the age of 90
- Terminal illness benefits: a part of the coverage amount is paid to customers in advance if you contract a terminal illness and are expected to live less than a year.
- Accidental death benefits: An additional cash benefit is paid to the named beneficiaries, on top of the policy amount, if you pass away because of injuries in a covered accident.
- 30-day review period: A full refund if you cancel the policy during this period.
- Acceptance guaranteed for applicants ages 50 to 75
- No medical exam or health questionnaire.
- Two-year waiting period: if you die within the first two policy years, you will not receive the death benefit, only the premiums paid with interest.
Sample Guaranteed Life Insurance Rates:
| Age | $25,000 Coverage |
| 50 | $160.00 |
| 60 | $266.00 |
| 70 | $491.50 |
ScotiaLife Critical Illness Insurance
ScotiaLife also provides individual and group critical illness insurance on a standard and enhanced basis.
- Standard Plan: Covers heart attack, cancer, and stroke. Up to $100,000 coverage.
- Enhanced Plan: Covers 22 conditions. Up to $25,000 coverage.
Both plans offer guaranteed acceptance without medical underwriting.
Sample ScotiaLife Critical Illness Insurance Rates
| Plan | Coverage | Sample Monthly Rate |
| Standard Plan | $100,000 | $27.00 (age 35 male) |
| $100,000 | $22.00 (age 35 female) | |
| Enhanced Plan | $25,000 | $13.50 (age 35 male) |
| $25,000 | $11.00 (age 35 female) |
The Standard Plan covers 3 major illnesses and provides up to $100,000 in coverage. Sample rates are shown for a 35-year-old male and female.
The Enhanced Plan covers 22 conditions and provides up to $25,000 in coverage. Sample rates are shown for a 35-year-old male and female.
Accidental Death & Dismemberment (AD&D) Insurance
Pays beneficiaries in the event of an accidental death or dismemberment:
- Coverage Amounts: Up to $500,000
- Additional Benefits: Coverage for hospitalization, repatriation costs, family transportation expenses
- Guaranteed Acceptance: No underwriting for existing Scotiabank clients
ScotiaLife offers strong maximum AD&D coverage compared to some competitors in the market.
Health and Dental Insurance
ScotiaLife provides supplemental health insurance and dental plans:
Health Insurance
- Prescription drugs, paramedical services, medical devices/supplies
- Out-of-country emergency medical coverage
- Lifetime maximums up to $3 million per person
Dental Insurance
- Covers checkups, fillings, crowns, bridges, implants, orthodontics
- 80% reimbursement for essential services; 50% for major
- Annual maximums ranging from $750 to $1,500 per person
ScotiaLife’s health and dental plans help fill Canadian government healthcare coverage gaps. Multiple tiers of plans are offered to customize protection.
Creditor and Mortgage Insurance
Helps cover loan, mortgage, and credit payments if unable to work due to illness, injury, or involuntary job loss. ScotiaLife offers:
- Mortgage Protection Insurance
- Credit Card Protection Insurance
- Loan Protection Insurance
- Line of Credit Protection Insurance
Lenders often require this coverage for mortgages and loans. Be sure to shop around for the best rates.
Travel Insurance
Emergency medical and trip cancellation/interruption coverage for travel mishaps. ScotiaLife provides plans tailored for:
- Canadians under 55 travelling up to 60 days
- Canadians over 55 travelling up to 17 days
- Visitors coming to Canada
- International students in Canada
To find the optimal value, it’s wise to compare ScotiaLife’s offerings against those of other travel insurance providers.
Home and Auto Insurance
Bundling home and car policies through ScotiaLife provides convenience and potential cost savings:
Home Insurance
- Property, belongings, and liability coverage
- Options like water damage, earthquake, flood
Auto Insurance
- Collision, comprehensive, third-party liability
- Rental car coverage, new car replacement
However, shopping standalone insurers like Sonnet and Belair Direct may offer cheaper rates and more customization options.
How ScotiaLife’s Costs Compare to Competitors
ScotiaLife’s premiums tend to run 10-20% higher than top competitors for comparable coverage. Here are sample monthly costs for key insurance products:
$500,000 Term Life Insurance Premiums
| Insurer | 25-Year Term |
| ScotiaLife | $38 |
| SunLife | $34 |
| Manulife | $31 |
| RBC Life | $29 |
$50,000 Critical Illness Insurance Premiums
| Insurer | 25-Year Term |
| ScotiaLife | $27 |
| SunLife | $24 |
| Manulife | $22 |
| RBC Life | $20 |
Dental Insurance Premiums (2 Adults)
| Insurer | Basic Plan |
| ScotiaLife | $160 |
| SunLife | $140 |
| Greenshield | $130 |
| Manulife | $120 |
$500,000 Home Insurance Premiums
| Insurer | Premium |
| ScotiaLife | $185 |
| Intact | $150 |
| Belairdirect | $140 |
| Sonnet | $130 |
Bundling discounts for existing Scotiabank clients can help offset ScotiaLife’s pricing gap versus competitors.
When Might ScotiaLife Be a Good Fit?
ScotiaLife products can make sense for certain customers:
- Existing Scotiabank clients wanting integrated banking and insurance
- Individuals who value the stability of a large Canadian bank behind their policies
- Those seeking the convenience of accessing multiple insurance solutions through one provider
- Applicants wanting a simplified purchase process with some guaranteed acceptance products
- People needing coverage primarily within Canada (international availability is limited)
ScotiaLife may not be the best choice for:
- Clients whose top priority is finding the lowest insurance premium prices
- Those requiring specialized insurance products or maximum customization
- Individuals interested in permanent cash-value life insurance
- Anyone needing substantial international insurance coverage
Ultimately, ScotiaLife delivers convenience and potential discounts for Scotiabank account holders. But it comes at the cost of higher premiums than some competitors.
How Do Customers Rate ScotiaLife’s Insurance Products?
Here is an overview of ScotiaLife’s reputation based on third-party ratings and customer reviews:
Industry Ratings
- A+ (Superior) Rating from A.M. Best
- B+ Rating and Accredited Business Status from BBB
Customer Review Ratings
- 2.5 out of 5 stars on Google based on 150+ reviews
- 6.5 out of 10 rating on policyadvisor.com based on 70+ reviews
Common Positive Feedback
- Strong financial backing of a major Canadian bank
- Simplified purchasing and account management
- Good service from local Scotiabank branch advisors
Common Complaints
- Premium pricing is expensive compared to some competitors
- Bundled policies lack customization options
- Poor customer service and slow claims processing times
Overall, ScotiaLife receives mixed reviews. Customers like the trusted Scotiabank brand but are underwhelmed by high costs and poor service quality compared to rivals.
How to Get Insurance Coverage from ScotiaLife
If you’re interested in purchasing life insurance in Canada from ScotiaLife, here are the steps to get covered:
Step 1: Determine Which Products You Need
Think about which types of insurance coverage are most important for your situation. This may include:
- Life insurance (term, permanent, critical illness)
- Health insurance (drug, dental, travel)
- Home Insurance
- Auto insurance
- Creditor insurance (mortgage, loans)
Prioritize the crucial coverage types that best fit your needs and budget.
Step 2: Get a Quote
You can get a quote for ScotiaLife’s insurance products:
- Online for simplified issue life and critical illness plans
- Through a Scotiabank branch
Getting a quote lets you compare pricing and options across different coverage types.
Step 3: Apply for Coverage
To formally apply for coverage, you’ll need to:
- Complete an application form
- Answer questions about your health history
- Provide personal details like age, occupation, lifestyle
For simplified issue plans, the application process is streamlined. Full underwriting is required for more comprehensive coverage.
Read more: Applying for Life Insurance in Canada
Step 4: Complete Any Medical Requirements
For fully underwritten plans, you may need to:
- Get a medical exam
- Provide blood/fluid samples
- Complete certain screenings
This helps the insurer accurately evaluate your health risks.
Step 5: Get Approved
It typically takes 2-4 weeks to get approved once you’ve applied and completed any medical requirements.
You’ll get notification from ScotiaLife once you’re approved and your coverage goes into effect.
Then, you can pay your first premium to activate your policy.
Is ScotiaLife Right for You?
When choosing an insurance provider, there are a few key factors to consider when determining if ScotiaLife is the right fit:
Benefits of Choosing ScotiaLife
There are some advantages to choosing ScotiaLife for insurance:
- Existing Relationship – If you already bank with Scotiabank, bundling insurance through ScotiaLife can provide convenience and simplicity. You may even get discounts for combining multiple policies.
- Trusted Brand – ScotiaLife has the brand recognition and financial stability of Scotiabank, one of Canada’s major banks. Knowing a reputable company is backing your policy provides peace of mind.
- Range of Products – ScotiaLife offers a wide variety of insurance products including life, health, home, auto, travel, and creditor insurance. You can get all your coverage needs through one provider.
Drawbacks to Consider
However, there are some potential drawbacks with ScotiaLife to be aware of:
- Higher Premiums – ScotiaLife’s insurance rates are frequently higher than those of other leading insurance companies. You can find cheaper alternatives.
- Limited Flexibility – Some ScotiaLife insurance offerings, like life insurance, need more customizability and options you can get elsewhere.
- Customer Service Issues – There are some complaints about long response times and poor customer service with ScotiaLife Insurance.
- Not a Direct Insurer – ScotiaLife is a brokerage selling insurance from Empire Life. They are not a direct carrier themselves.
The Bottom Line
ScotiaLife insurance can be a sensible option for Scotiabank clients seeking the simplicity of integrated banking and insurance policies. The ability to bundle coverage and get potential discounts provides appeal.
However, independent advisors note that ScotiaLife’s offerings beyond banking are limited compared to more specialized insurers. For most Canadians, shopping around can lead to better pricing and service quality.
That said, ScotiaLife delivers adequate protection backed by a trusted national brand. Just be sure to compare costs against competitors. An experienced independent broker can evaluate your specific needs and make impartial recommendations to help determine if ScotiaLife is a good fit.
Check out our home page Best Insurance Online for more Insurance articles, we also have Manulife review, Sun Life review, Canada Protection Plan review, iA Financial life insurance review, Wawanesa Life Insurance, Empire Life, etc. for your further reference.
FAQs related to a company review of ScotiaLife Financial
How long has ScotiaLife Financial been in business?
ScotiaLife Financial was founded in 1959 and has over 60 years of experience providing insurance products to Canadians.
What types of insurance does ScotiaLife Financial offer?
ScotiaLife Financial offers a range of insurance products including life, health, home, auto, travel, and creditor insurance. Their main offerings are term life and critical illness insurance.
Where is ScotiaLife Financial located?
ScotiaLife Financial is based in Toronto, Ontario. They are a subsidiary of Scotiabank.
Why choose ScotiaLife Financial for insurance?
Some reasons to choose ScotiaLife include convenience if you already bank with Scotiabank, the trusted Scotiabank brand name, and the ability to bundle multiple insurance policies together.
When should I avoid ScotiaLife Financial?
You may want to avoid ScotiaLife if you can find cheaper insurance rates elsewhere. Their premiums are sometimes higher than competitors.
Do I need to be a Scotiabank customer to get ScotiaLife insurance?
You do not need to be a Scotiabank customer to get insurance from ScotiaLife. However, existing Scotiabank clients may get preferred rates or bundling discounts.
Can ScotiaLife insurance be purchased directly?
ScotiaLife insurance cannot be purchased directly. Their policies are underwritten by the Empire Life Insurance Company. ScotiaLife acts as a brokerage.
Is ScotiaLife a good option for life insurance?
ScotiaLife provides term life insurance, but lacks some permanent life products. Their term life rates are also generally higher than competitors, so it may not be the most affordable option.
What is ScotiaLife's financial strength rating?
ScotiaLife itself does not have a financial strength rating, since they are not a direct insurer. However, the company is backed by Scotiabank, one of Canada's major banks.
How do I get a quote for ScotiaLife insurance?
You can get a ScotiaLife insurance quote online, by calling 1-855-753-4272, or by visiting a Scotiabank branch. Getting a quote allows you to compare pricing.
