ScotiaLife® Term 1 Insurance
Right for you if:
You want affordable coverage
You need coverage that suits your immediate circumstances
Take one of the most important steps to protect your family's future
With ScotiaLife® Term 1 Insurance, you choose the amount of coverage you need and keep it in place for as long as necessary
(up to age 70)1.
Reasons to consider Term 1 insurance:
- Affordable group rates
- Flexible coverage
- Easy payment options
If you're a Scotiabank customer or the spouse of a Scotiabank customer, 18 to 64 years of age and a Canadian resident, you are eligible to apply for up to $1 million in coverage.
Deciding which coverage is best for you is surprisingly simple
Each term life product addresses different needs. The comparison chart below will help you decide which product best fits your needs, budget and financial goals:
|Term 1||Term 10||Term 20||Term to 100|
|Length of Need||Short Term||Medium Term||Long Term||Entire Life|
|Cost||Low for short term needs||Low for medium term needs
||Better for long term needs||Best for lifetime needs|
|Length of Coverage||Renewable to age 70||10 years renewable to age 75||20 years renewable to age 75||Lifetime|
|Coverage Available||Up to $1 Million||Up to $250,000||Up to $250,000||Up to $250,000|
Current Scotiabank customers and their spouses
The Term 1 plan Offers
- Affordable group rates - Benefit from low group rates exclusively for Scotiabank customers and their spouses
- Flexible coverage amounts - Choose from $50,000 up to $1 million of affordable protection in increments of $25,000
- Reliable protection - Upon approval, your coverage automatically renews every year until age 70 without additional medical evidence. Coverage terminates automatically at age 70
- Medical exam may not be required - If you are under age 50 and applying for coverage of $250,000 or less, you may only need to answer a few health questions. You may be contacted for additional information
- Living benefit - Up to 50% of your coverage amount (to a maximum of $50,000) may be paid to you if you are diagnosed with a terminal illness and your life expectancy is 12 months or less. At time of death, the amount paid to your beneficiary will be your coverage amount less the amount you received as a Living Benefit and any interest due2
- Easy payment options - Pay your monthly premium by credit card or automatic withdrawal from your bank account
- 30-day money-back guarantee - If for any reason you are not completely satisfied with your ScotiaLife® Term 1 Insurance coverage, simply return your Certificate of Insurance within 30 days. Any premiums paid will be refunded – no questions asked
What's not covered
No insurance benefit is payable for a death that occurs before coverage has been in effect continuously for 2 years prior to the date of death, if the death results directly or indirectly from suicide or self-destruction while sane or insane.
Affordable group rates
Monthly premiums* per $25,000 of coverage.
Coverage amounts are available from $50,000 to $1 million.
|30 - 34||$1.62||$2.63||$2.07||$3.53|
|35 - 39||$1.94||$3.33||$2.63||$4.82|
|40 - 44||$3.08||$5.51||$3.96||$7.90|
|45 - 49||$4.41||$7.99||$6.08||$11.95|
|50 - 54||$6.48||$11.41||$9.11||$17.62|
|55 - 59||$10.53||$18.23||$14.99||$26.35|
|60 - 64||$14.24||$24.66||$20.27||$35.62|
Registered trademark of The Bank of Nova Scotia, used under license. ScotiaLife Financial is the brand name for the Canadian insurance business of The Bank of Nova Scotia and certain of its Canadian subsidiaries such as Scotia Life Insurance Company.
Rates are reviewed annually, subject to change without notice, and will increase when you move into the next age band on the Group Policy Anniversary Date (January 1 of each year). Rates are subject to provincial sales tax where applicable.
Non-smoker rates apply to applicants who have not used any tobacco or tobacco cessation products within 12 consecutive months immediately prior to the application date.
Coverage decreases by 10% of the original amount each year beginning at age 65. These are renewal rates only.
Coverage renews automatically every year until you reach age 70 as long as you continue to pay your premium.
Interest rate to be determined by Scotia Life Insurance Company.
ScotiaLife® Term 1 Insurance is underwritten by Scotia Life Insurance Company and administered by Sun Life Assurance Company of Canada. ScotiaLife® Term 1 Insurance coverage is subject to certain limitations, restrictions and exclusions. A description of the principal provisions of the coverage is provided in the Certificate of Insurance, which will be mailed to you if you are approved for coverage. Coverage is subject to all the provisions contained in the applicable Group Policy. In the event of any conflict between any documents, including this website and the Certificate of Insurance, the Group Policy shall govern.
ScotiaLife® Term 1 Insurance cannot be purchased in Scotiabank branches.