Life Insurance

Frequently Asked Questions

ScotiaLife Term 1 Insurance

You are eligible to apply for ScotiaLife Term 1 Insurance if:

  • You are at least 18 years of age and under age 65 and
  • You are a Scotiabank customer or the spouse of a Scotiabank customer and
  • You live in Canada.

Spouse means a legally married spouse or person of the same or opposite sex with whom you have been cohabiting for at least one continuous year.

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.

A non-smoker is a person who has not used any tobacco or tobacco cessation products within the 12 consecutive months immediately prior to the date of his or her application.

No, term insurance policies do not accumulate a cash value.

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.

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.

Your coverage becomes effective on the date your application is approved.

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.

The rates for ScotiaLife Term 1 Insurance are in 5 year age-bands. 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 anniversary date (January 1).

Your coverage amount remains the same until the group policy anniversary date (January 1) coinciding with or immediately following your 65th birthday. Beginning on that January 1st and on January 1st every year thereafter, your coverage will reduce by 10% of the original coverage amount, until your 70th birthday when your coverage will terminate.

ScotiaLife  Guaranteed Life Insurance

You are eligible to apply for ScotiaLife Guaranteed Life Insurance if:

  • You are between 50-75 years of age and
  • You live in Canada

No medical exam or health information is required to apply. Acceptance is guaranteed; your rates are based on your age, gender and smoking status.

A non-smoker is a person who has not used any tobacco products, nicotine substitutes or marijuana within the 24 consecutive months immediately prior to the date of application.

No, this policy does not accumulate a cash value.

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 Policy or send us a written request to cancel within 30 days of receiving your Policy. Any premiums already paid will be refunded - no questions asked.

Your coverage becomes effective on the date your application is approved.

Your coverage remains in force as long as you pay your premiums, regardless of changes to your health. Your coverage will terminate 31 days after your premium due date if you fail to pay your premiums.

Yes - you can choose from a range of benefit amounts and secure a fixed amount of coverage. Premiums are due until age 90 when premiums cease but coverage continues.

Your coverage amount remains the same, however, the accidental death benefit (5 times your coverage amount) will be reduced to 50% on your 75th birthday and terminate at age 80.

Premiums are due until age 90, at which time premium payments will end. Coverage continues for the rest of your life.

No , ScotiaLife Guaranteed Life Insurance is available by calling 1-800-387-9844

ScotiaLife Accidental Death Insurance

Scotiabank customers and their spouses who are 18 to 74 years of age and Canadian residents.

Accidental death results from accidental bodily injury caused solely and directly by an accidental, external, violent and visible means. It does not include death from sickness, disease or any naturally occurring conditions.

Any accidental death benefit due to your death will be paid to your beneficiary. Insurance benefits will be paid to your estate if there is no named beneficiary who is living at the time of your accidental death.

No Beneficiary designation is allowed for any spouse or dependent child benefits. These benefits will be paid to you if living; otherwise, they will be paid to the your estate.

Provided your first premium has been paid, your coverage begins on the date stated on your Certificate Schedule. We give you 30 days to review your plan. Should you decide, for any reason, to cancel your coverage within 30 days of receiving your Certificate of Insurance, we will refund any premiums you have paid.

Your insurance is effective until the certificate anniversary immediately following your 80th birthday. However, your coverage is reduced by 50% at age 75.
Your coverage will also end automatically on any of the following:

  • the date the group policy is terminated or no longer covers an insured;
  • the date the 30-day grace period for an unpaid premium expires;
  • the date we receive a written request from you to terminate coverage;
  • for Complimentary coverage, 5 years from the certificate date;
  • for an insured spouse, the date the insured spouse ceases to be your spouse;
  • for an insured spouse or dependent child, the date your coverage terminates;
  • for a dependent child, the date he or she no longer qualifies as your dependent child;
  • the date the insured dies;
  • for Critical Injury only, the date that an insured ceases to reside in Canada.

Total maximum paid coverage is $350,000 per insured. The benefit amount is reduced by 50% at age 75.

The Critical Injury coverage amount is $100,000 (and $25,000 for dependent children).

The benefit amount is reduced by 50% at age 75.

No, once you are approved, your rate is guaranteed never to increase for as long as you have coverage.

To ensure you're 100% satisfied, we give you 30 days after receiving your certificate to review the plan details. If you decide to cancel within this review period, simply tell us in writing, indicating your name and Certificate of Insurance number. We'll refund any premiums you've paid - with no hassle and no questions asked.

No, ScotiaLife Accidental Death Insurance is available by calling 1-800-387-9844.

To be an insured spouse, you must be either legally married to the insured Scotiabank customer, or residing together in a conjugal relationship with the insured Scotiabank customer for at least one continuous year.

Dependent child means any natural child, stepchild or legally adopted child residing with you in Canada, between 30 days and 19 years of age, or up to 24 years of age if in full-time attendance at an accredited educational institute, college or university in Canada.