ScotiaLife Term 1 Insurance FAQs

We've compiled a list of commonly asked questions about ScotiaLife® Term 1 Insurance. For more details, call us toll free at 1-866-292-3512 between 8:30 a.m. and 5:00 p.m. (Eastern Time) Monday to Friday.

Questions

1. Who can apply for ScotiaLife Term 1 Insurance?
2. What is the definition of spouse?
3. Will I have to complete any tests or medical underwriting before being approved?
4. What is a non-smoker?
5. Can I apply for $25,000 worth of coverage?
6. Does my ScotiaLife Term 1 Insurance accumulate a cash value?
7. What if I'm approved for coverage but then decide to cancel?
8. Can I cancel my coverage at any time?
9. When does my ScotiaLife Term 1 Insurance coverage become effective?
10. When does my coverage end?
11. Will my premiums always stay the same?
12. Will my coverage amount always stay the same?

Answers

1. Who can apply for ScotiaLife Term 1 Insurance?
   You are eligible to apply for ScotiaLife Term 1 Insurance if:
   1. You are at least 18 years of age and under age 65 and;
   2. You are a Scotiabank Group customer or the spouse of a Scotiabank Group customer and;
   3. You live in Canada.
2. What is the definition of spouse?
   Spouse means a legally married spouse or person of the same or opposite sex with whom you have been cohabiting for at least one year.
3. Will I have to complete any tests or medical underwriting before being approved?
   If you are under the age of 50 and are applying for coverage of $250,000 or less, we will normally not require any extra information other than the medical questionnaire you will fill out as part of the application. In other cases, we may contact you to obtain further information.
4. Who is a non-smoker?
   A non-smoker is a person who has not used any tobacco or tobacco cessation product within the 12 consecutive months prior to the date of his or her application.
5. Can I apply for $25,000 worth of coverage?
   The minimum amount of coverage available is $50,000. However, you can apply in increments of $25,000 for amounts over $50,000. For example, you can apply for $75,000 of coverage.
6. Does my ScotiaLife Term 1 Insurance accumulate a cash value?
   No, term insurance policies do not accumulate a cash value.
7. What if I'm approved for coverage but then decide to cancel?
   You can review your new coverage for 30 days with a money-back guarantee. If you're not completely satisfied with your coverage, for any reason, simply return your Certificate of Insurance or send us a written request to cancel within 30 days of receiving your Certificate of Insurance. Any premiums already paid will be refunded - no questions asked.
8. Can I cancel my coverage at any time?
   Yes, coverage can be terminated by submitting a request in writing to Scotia Life Insurance Company. Your coverage will be cancelled effective the first of the month after we receive your request, unless we receive your request on the 1st of the month in which case it will be cancelled effective that date.
9. When does my ScotiaLife Term 1 Insurance coverage become effective?
   Your coverage becomes effective on the date your application is approved.
10. When does my coverage end?
    Your coverage remains in force as long as you pay your premiums, regardless of changes to your health, until the 1st day of the month following your 70th birthday, unless your birthday is the 1st of the month in which case coverage terminates on the day you turn 70. Your coverage will terminate 31 days after your premium due date if you fail to pay your premiums.
11. Will my premiums always stay the same?
    The rates for ScotiaLife Term 1 Insurance are 5 year age-banded. Your rates will increase as you move into the next age band on the group policy's annual anniversary date (January 1). Rates are reviewed annually and may increase on the group policy's annual anniversary date (January 1).
12. Will my coverage amount always stay the same?
    Your coverage amount remains the same until the group policy anniversary date* coincident with or next following your sixty-fifth (65th) birthday. At this time your coverage amount will reduce by 10% of the coverage amount in force immediately prior to the Group Policy Anniversary Date next following your sixty-fifth (65th) birthday until the first (1st) day of the month coincident with or next following your seventieth (70th) birthday.