Key takeaways:
- Scotiabank's main product, Scotia Term Life Insurance, doesn't really offer anything unique compared to other insurers.
- Scotiabank's life insurance is actually provided by Empire Life.
- Scotiabank customers get a discount on their annual premiums in the first year of their policy but for the average customer, Scotiabank's life insurance is not the best choice.
Scotia Insurance life insurance rating
To help you determine whether life insurance from Scotiabank is for you, here are reviews based on products, prices, features and feedback.
Google rating for Scotia Insurance life insurance: 2.6 / 5 stars ★★☆☆☆
Who is Scotiabank?
- Scotiabank, also known as The Bank of Nova Scotia, is a Toronto-based multinational financial institution and Canada's third-largest bank.
- Their insurance business is called Scotia Insurance.
- Founded in 1832, the bank has expanded its operations globally, operating in more than 40 countries worldwide.
- Scotiabank has won numerous awards for its customer service, including being named the Best Retail Bank in Canada by Global Finance magazine.
Scotiabank quick facts for 2023
- Headquarters: Toronto, Ontario
- A+ AM Rating
- Founded: 1900
- Employees: 88,000
Scotiabank life insurance rates for 2023
Based on Scotiabank's insurance quote a policy for a 30 year old non-smoker looking for a 20-year $500,000 term life policy are
- $20.48 for a man
- $15.08 for a woman
Scotiabank life insurance: pros and cons
Pros of Scotiabank life insurance
- Flexible Payment Options: Scotiabank offers monthly, quarterly, semi-annual or annual payments.
- Financial strength: One of the biggest strengths about getting bank-owned life insurance is that you know you're back by a strong financial source. Scotia offers just that, being Canada's third-largest bank.
- Guaranteed Premiums: The premium rates will not increase during the policy term, providing customers with peace of mind and predictable costs.
- Scotiabank Insurance quote: Customers can get a free online quote for life insurance. This makes it easy for customers to compare pricing and coverage options and make an informed decision about their life insurance needs.
Cons of Scotiabank life insurance
- Limited Options: Scotiabank insurance plans have limited options. They only offer simple term coverage, critical illness, and mortgage life insurance. They do not have permanent insurance policies.
- High rates: Scotiabank's life insurance rates are not the cheapest of the bunch. Unless you already bank with Scotia, you can find cheaper options with other life insurance companies.
- Mixed Customer Reviews: There are complaints about unresponsiveness and poor customer service with Scotiabank's life insurance
Scotiabank life insurance reviews
- "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." - Customer on Google Reviews
- "Talking about ways you might die isn't the most pleasant but all three reps over the phone were very friendly and professional, and honored agreement to cancel a plan with full refund in 30 days without a hard time. Will definitely go back to them next time I'm looking for a plan." - Customer on Google Reviews
- "My father and his partner had life insurance policies naming each other as beneficiary - paperwork was filed when his partner died 18 months ago and he never received the money that was due to him. He passed away without receiving any satisfaction from Scotia Life Insurance and now they are giving me the same runaround and excuses they gave my dad" - Customer on InsurEye
- "Constantly hounding me to increase my coverage. Almost enough to cancel the small policy I have!!" - Customer on InsurEye
ScotiaLife insurance products
1. Scotia Term Life Insurance
- Get coverage up to $1 million in increments of $25,000 (great for those who are looking for a super specific amount!)
- Term lengths from 10 to 30 years
- Pay the same premium the entire term
- Convertible to permanent up to 75, no conversion for simplified term policies
- Renewal rate guaranteed after every term, not guaranteed until declared for simplified policies
- 30-day refund benefit: If you return you policy within 30 days of issue, you will get your money back guaranteed.
- 10 per cent off premiums in the first year (Scotiabank customers only).
2. Scotiabank Critical Illness Insurance
- Scotiabank payouts are up to $100,000 for critical illness insurance policies
- Lump-sum benefit that can be used as pleased
- Guaranteed without any medical examinations
- Applicable for existing Scotiabank customers aged 20-70
- Covers four illnesses (paralysis, blindness, dismemberment or loss of independence)
- Offers life insurance for children called, Child360, with coverage amounts up to $100,000
3. Guaranteed Life Insurance
- No medical underwriting necessary (but beware, this comes at a higher premium cost)
- Your premium level stays the same throughout your entire policy
- Offers an Accidental Death Benefit plan (read below for more about that!)
Other Scotia Life Benefits
Accidental Death Benefit
- Scotiabank payouts are up to $350,000
- Paid out, tax-free at time of death, provided it is accidental
- Only offered to Scotiabank customers
- No medical exams required
- Scotiabank and Chubb life insurance have partnered to provide this coverage
Scotiabank Mortgage Insurance
- Scotiabank mortgage protection offers coverage in the event that the primary earner passes away
- There is a discount for mortgages exceeding $350,000 in terms of premiums for any amount that exceeds that threshold
- Scotia mortgage insurance is only available to those who are Canadian residents. are a borrower or co-borrower with interest on a property, and those who are a Scotiabank customer
Bottom Line
Scotiabank term life insurance is not ideal for those looking for cheap life insurance. Their policies are average but the premium rates are pretty high for what you're paying for. If you're looking for similar policies with a cheaper price tag, look at PolicyMe!
The lack of insurance products can be off putting, however, the term insurance they do offer is ideal for those looking for a policy. Since products like Scotiabank Critical Illness Insurance and Scotiabank Mortgage Protection are exclusive to existing customers, newcomers may want to look elsewhere for coverage.
FAQ: Scotiabank life insurance
What types of life insurance plans does Scotia life Financial offer?
Scotiabank offers a range of life insurance plans to meet the diverse needs of its customers, including Scotiabank term life insurance and personal accident insurance. They also offer Scotiabank's Critical illness insurance, ideal for those battling a fatal illness. Scotiabank mortgage life insurance is ideal for those who want their mortgage covered in the event that the breadwinner of the home unexpectedly passes away.
How much life insurance coverage can I get from Scotia life insurance?
Scotiabank offers up to 10 million for its life insurance plans.
What are the premium payment options for Scotiabank insurance?
Scotiabank's life insurance plans offer flexible payment options, including monthly, quarterly, semi-annual or annual payments. Get a Scotialife insurance quote on their website. Use our life insurance premium calculator to find out how much you should pay for your policy.
What is Chubb life insurance at Scotiabank?
Chubb Life Insurance is a global insurance company that provides commercial and personal property and casualty insurance, as well as life insurance products. Scotiabank is a Canadian multinational bank that offers a variety of financial products and services. In collaboration with Chubb Life Insurance, Scotiabank offers life insurance products to its customers, including term life insurance and accidental death insurance. It is important to see Chubb life insurance reviews prior to committing to this policy.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
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