Scotialife Insurance Review [2024] (2024)

The name Scotiabank is well-known around the world as a trusted provider of financial products and services. They may be more known for their mortgage insurance, but they also sell life insurance products.

Read our full review below to find out more about Scotia Insurance, which features they offer, and what we rate their life insurance products.

Our Scotia Life Insurance Review and Rating

Scotialife Financial is an insurance subsidiary of Scotiabank that offers term life insurance underwritten by the Empire Life Insurance Company.

Scotia’s term policies offer up to $10 million in coverage and terms ranging from 10 to 30 years. Policies can be renewed or converted into permanent insurance. But there are restrictions on age, depending on the kind of policy you choose.

Scotia’s 10-year and 20-year term policies are also available as simplified issue life insurance products that don’t ask you to take a medical examination. But these policies come with more restrictions. For example, you can only get covered for up to $1 million with simplified life coverage.

In our editorial opinion, life insurance plans through Scotia Life have limited flexibility and coverage options. As of right now, they don’t have life insurance riders that could help you get more coverage for other things like critical illness or disability. And, they don’t include added features at no charge like some other companies do.

Scotiabank Term Life Insurance pros and cons

Here is what our team ranks as the most and least advantageous features of Scotiabanks’s term life insurance products for most Canadians.

Scotialife Insurance pros

• Strong brand name & financial strength
• High death benefit coverage amounts — up to $10 million
• Range of term lengths available
• No medical insurance options offered (simplified)
• Preferred rates may be available
• Limited premium discounts may be available for Scotia bank clients or employees, or Scene+ members
• 10-day money-back guarantee

Scotialife Insurance cons

• Premium rates can be higher than market average
• Does not offer permanent life insurance products on their own — you can only get it by converting a term policy
• Term coverage ends at age 85
• No options for disability insurance coverage
• No options for insurance for children (child’s rider or full policy)
• No optional riders to help maximize coverage
• No special complimentary benefits
• Online application process only available for simplified products
• No online access to account or e-policy offered
• Not available in Nunavut

• Only available to Canadian citizens and permanent residents

Scotia Insurance Customer Reviews

At the time of this writing, Scotia Insurance has been rated 2.5/5 stars over the span of 83 reviews on Google Reviews.

Who is Scotiabank Financial?

The Bank of Nova Scotia, more commonly known as Scotiabank, is nothing short of a financial giant. They’re Canada’s third-largest bank and have been around since 1832. They offer banking and also financial services like credit and mortgage protection.

Over the course of a few decades, the company spread across Canada and into the United States and many other countries. In 1975 they took on their now-iconic Scotiabank name. And, by 1995, they opened its insurance business — Scotia Life Financial.

Scotia Life Financial sells insurance through partnerships with companies like Manulife, Empire Life, Chubb Life Insurance, Securian Canada (formerly Canadian Premier), and Belair Direct.

What other insurance policies does Scotialife Financial offer?

Aside from the Scotia Term suite of products, Scotia Life Insurance Company also has the following insurance plans.

Is life insurance from Scotiabank right for you?

A Scotia term life insurance policy might be convenient if you already bank with Scotiabank Financial. It can be useful to have just one provider for all of your financial needs.

In our opinion, though, their insurance offerings are basic. Empire Life usually has great life insurance plans. But Scotia’s policies don’t really have features that make them a better choice than other Canadian life insurance companies.

The fact that Scotia doesn’t have optional insurance riders is a major downside in our view. Riders are an affordable option to get a policy with coverage for a lot of different risks at once. But Scotia doesn’t offer any right now.

Many of Canada’s top life insurance companies can give you a better deal. They’re more flexible and can give you more options at lower prices. Some also give you complimentary benefits for things like disability.

If you’re not sure what your best life insurance options are, book a consultation call with us. We do not sell Scotia life insurance, but we have years of experience working with some of Canada’s leading providers. Our agents are happy to assess your needs and help you make the most informed decision.

Where to buy Scotialife insurance?

You can buy Scotialife insurance products from Scotiabank Financial directly. You have to call them directly if you want to apply for any of their fully-underwritten life insurance plans. But, you can apply online for their Simplified Issue Life Insurance products.

PolicyAdvisor does not sell Scotialife Insurance products. But we do sell Empire Life products. Click the button below to compare instant online quotes for term life insurance from Empire Life and other major providers.

Speak with a professional insurance advisor

As Canada’s best online life insurance advisor, we can help you compare and choose the company that matches your needs. Don’t hesitate to speak with our licensed advisors if you need help. We offer no-obligation advice to help you find your best match for financial protection!