The Bank of Nova Scotia, more commonly known as Scotiabank, offers Canadians insurance through its subsidiary company ScotiaLife Financial. The bank was founded in Halifax, Nova Scotia.
The Scotia Life Insurance Company is the underwriter for all insurance policies sold by ScotiaLife Financial. Although Scotiabank is the parent company, you can’t buy an insurance policy at one of their banks – you must purchase policies through ScotiaLife Financial instead. Some of the insurance products available through ScotiaLife Financial include health insurance, auto insurance, creditor insurance, travel insurance and life insurance.
One category of life insurance offered by ScotiaLife Financial is term life insurance. There are four different kinds of term life insurance: Term 1, Term 10, Term 20 and Term to 100. If you are a Canadian resident between the ages of 18 and 65 looking for short term coverage anywhere from $25,000 to $250,000, check out Term 1 Insurance. Under Term 1 Insurance, your policy will be renewed every year. There is no need to provide additional medical information upon renewal as long as you have been paying your premiums without interruption. If you also happen to be a customer of Scotiabank Group, you may request to increase your coverage to up to $1 million.
With Term 10 Insurance, you’ll be insured for a period of 10 years. At the end of the 10 years, your policy will automatically renew without you needing to reapply or provide new medical information. The rate you pay at the beginning of a 10 year term is the rate you’ll pay throughout the entire term – rates are calculated and “locked in” based on a variety of factors including gender, smoking status, age and amount of coverage. Potential applicants do not need to undergo a medical examination to qualify for Term 10 Insurance – they just need to answer a few medical questions. Any Canadian residents between the ages of 18 and 65 can apply for Term 10 Insurance.
Term 20 Insurance is for Canadians between the ages of 18 and 55. This policy provides 20 years of coverage, and when the coverage ends, it will automatically renew. You won’t need to pass any medical tests to qualify for Term 20 Insurance – just answer six short questions about your health and you’re done. Term 100 Insurance differs from the previous three types of term life insurance in that it is similar to permanent life insurance – it’s designed to cover you for your entire life. If you are lucky enough to reach the age of 100, ScotiaLife Financial will stop charging you premiums for this policy.
A second category of life insurance offered by ScotiaLife Financial is accidental death insurance. Under this policy, you can apply for up to $350,000 in coverage. If you pass away due to an accident that is covered under the policy, your beneficiaries will receive the entire lump sum of coverage tax-free. If you die because you committed suicide or got into an accident while under the influence of drugs or alcohol, you will not be covered under the policy. If you die while performing as a professional athlete, during a war or a civil commotion, or in the middle of committing a crime, you will also not be covered under the policy.