Scotia Life Insurance Review 2025

You'll learn:

Online reviews of life insurance companies are not as straightforward as you may think. That is because:

• Statistically speaking, people are more likely to leave a review when things are bad, then when they are good.
• Often, these reviews are not for life insurance products. You must keep in mind that many life insurers sell other financial products as well as life insurance, such as home or auto insurance. And usually, these divisions are completely separate. So, ensure you consider only those reviews that pertain to the product you wish to buy, instead of home and auto insurance.
• Finally, online businesses need to put up with trolls. It is almost impossible to say for sure if a particular review is genuine or motivated by malice or something else.

Coming back to Scotia Life, what kind of reputation do they have online?

Well, they are doing quite well. They have a score of 2.5 stars out of 5, which is better than some of the bigger insurers — RBC Insurance and Manulife for instance — can maintain. Scotia Life’s performance on Insureye is marginally poorer, 1.9 stars out of 5.

"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 Bergeron on Google review

Products and Features

Scotia Life Insurance does not have a wide range of life insurance products like some other big insurers, such as Sun Life. But that is not necessarily a bad thing. It just means they specialize in specific types of life insurance products and as such are able to offer an attractive deal to customers.

Scotia’s product line includes term life, permanent life, and critical illness products. They do not offer whole life or universal life insurance, both of which also act as an investment tool.

Term Life Insurance

Term life is the best kind of life insurance for most people due to its simplicity and low pricing. The coverage lasts for a specific period, and if you pass away within the policy’s term, your family receives the death benefit. If you are looking for a plan that will give you the best coverage at the best price, term life insurance is right for you.

Scotia Life Insurance offers the following term life insurance plans:

Scotia Term Ten Insurance

Features

• Coverage amount available is $10,000 - $20,000,000 depending on age
• For ages 18-75
• Available term is 10 years
• Guaranteed level premiums. That is, the insurer cannot change your premium rate during a policy term, regardless of any change in your health
• No medical exam needed
• Convertible to whole-life insurance
• 10-day money-back guarantee. You will get a full refund if you cancel the policy within 10 days of the issue date
• Scotia will not pay the death benefit amount if you commit suicide within the first two policy years

Scotia Insurance also has a simplified version of their Term Ten Insurance, with the following features:

• No medical exam needed
• Coverage from $50,000 to $1,000,000 depending on age
• For ages 18-60
• 10-day money-back guarantee. You will get a full refund if you cancel the policy within 10 days of the issue date
• Online and instant application

Scotia Term Fifteen Insurance

Scotia Insurance's newest form of term life insurance is for individuals looking for coverage for short term debt, those preparing for retirement, and business owners protecting their companies short-term. If any of these apply to you, it might be worth checking out.

Features

• Coverage from $10,000 to $20,000,000 depending on your age
• Available for ages 18-70
• Convertible to permanent life insurance
• 10-day money-back guarantee. You will get a full refund if you cancel the policy within 10 days of the issue date
• Not available in a simplified issue. Must wait 5 days for your policy to get approved by an advisor
• Premiums remain the same cost throughout term
• Renewable after 15 years

Scotia Term Twenty Insurance

A 20-year term is a suitable option for young families and homeowners with a mortgage. Businesses owners looking to cover start-up costs may also want to consider it.

• Available for people ages 18–65 years
• Coverage amount available is from $25,000 to $20,000,000
• Guaranteed level premium. Your premium rate will remain the same during a policy term
• You can renew the policy at an increased rate without evidence of insurability
• 10-day money-back guarantee. The insurer will issue a full refund if you cancel the policy within the first 10 days
• Scotia Life Insurance will not pay the death benefit amount if you commit suicide within the first two policy years

Scotia Insurance also provides a simplified issue of this insurance, called Scotia Simplified Term 20 Life Insurance.

• Coverage from $50,000 to $1,000,000
• For ages 18-55, coverage depends on age
• 10-day money-back guarantee. The insurer will issue a full refund if you cancel the policy within the first 10 days
• No medical exam necessary, policy is approved immediately online

Scotia Term Twenty-Five Insurance

• Available for people ages 18–60 years
• Coverage amount available is from $25,000 to $20,000,000
• Guaranteed level premium. Your premium rate will remain the same during a policy term
• You can renew the policy at an increased rate without evidence of insurability, until age 85
• 10-day money-back guarantee. The insurer will issue a full refund if you cancel the policy within the first 10 days
• Scotia Life Insurance will not pay the death benefit amount if you commit suicide within the first two policy years
• Not available in a simplified issue. Must wait 5 days for your policy to get approved by an advisor

Scotia Term Thirty Insurance

• Available for people ages 18–55 years
• Coverage amount available is from $25,000 to $20,000,000
• Guaranteed level premium. Your premium rate will remain the same during a policy term
• You can renew the policy at an increased rate without evidence of insurability, until age 85
• 10-day money-back guarantee. The insurer will issue a full refund if you cancel the policy within the first 10 days
• Scotia Life Insurance will not pay the death benefit amount if you commit suicide within the first two policy years
• Not available in a simplified issue. Must wait 5 days for your policy to get approved by an advisor

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Scotia Accidental Death Insurance

Scotia Insurance does not sell permanent life insurance as a product, focusing solely on term life insurance. However, another type of life insurance they provide is accidental death insurance.

Under their Scotia Accidental Death Insurance, they provide the following features:

• Up to $10,000 for you and your spouse from Scotiabank
  • Up to $5,000 per individual complimentary from Scotiabank
• For ages 18-74 if you are a Scotiabank customer
• Guaranteed acceptance - you can enroll no matter what
• Up to $350,000 coverage for your beneficiary
• A living benefit if you are in the hospital for 365 days after your incident
• Your spouse does not need to be a Scotiabank customer to have access to the plan, just you
• 30 days to cancel the plan if you are unhappy and wish for a refund

Critical Illness Insurance

Critical illness insurance guarantees a lump-sum payment should you fall ill. The payout can help you cover costs not included in your health, disability or life insurance.

Scotia Life Insurance offers two critical illness plans — Scotia Critical Illness Plan and Scotia Enhanced Critical Illness Plan

Scotia Critical Illness Plan

Features

• $25,000, $50,000, $75,000 or $100,000 to receive as a lump sum in case of illness
• For Scotiabank customers and their spouses
• 30 day review period. You can cancel the plan and get a full refund if you are unhappy within the first 30 days
• Ages 18-64

Scotia Enhaced Critical Illness Plan

Features

• Choose from $10,000, $25,000, $35,000, $50,000 for protection within a lump sum
• $200,000 or $500,000 will be paid out to you in the four following circumstances:
  • Paralysis
  • Blindness
  • Dismemberment
  • Loss of Independance
• 30 day review period. You can cancel the plan and get a full refund if you are unhappy within the first 30 days
• Ages 20-74
• For Scotiabank customers and their spouse
• Not available for residents of Nunuvat and Quebec
• Has women's health and child cancer riders available

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Why We Like Scotia Life Insurance

Easy and Fast Online Application Process

Scotiabank customers can apply for term life or critical illness insurance online. The process is straightforward and simple. All the same, remember, you will need to speak to a captive agent to sign up.

Financially Stable

Scotia Life Financial is a subsidiary of Scotiabank — the third largest bank in Canada. That alone is proof enough that your investment will be in good hands. But if you need more convincing, here is additional proof. AM Best — an independent credit rating agency with a strong focus on the insurance industry — gives it an A (Excellent) rating. That just goes to show this company is on a solid financial footing.

What We Did Not Like About Scotia Life Insurance

Available Only to Scotiabank Customers

Not a Scotiabank customer? Then we are afraid you cannot buy any of its life insurance products (even if you happen to like one).

Limited Offerings

For one thing, there are no whole life or universal life insurance plans. Secondly, it offers only three term life products. Thirdly, it has only two critical illness plans, and not a very comprehensive one at that.  

No Information Regarding Conversion Option

You can convert your term life plan into a permanent one, however there are no specifications regarding how to do that or what permanent life insurance plans are available.

Is Scotia Life Right for You?

Scotia Life is financially strong and offers affordably priced term life insurance. If you are a Scotiabank customer and looking for term life insurance to protect your family from the unexpected, check out its term life offerings.

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