ScotiaLife® Term 1 Insurance

Right for you if:

  • You want affordable coverage

  • You need coverage that suits your immediate circumstances

  • Get a Quote

    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
    Eligibility 18-64
    Current Scotiabank customers and their spouses
    18-65 18-55 18-65

    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.

    Age Female Male
    Non-smoker** Smoker Non-smoker** Smoker
    Under 30 $1.42 $2.23 $1.98 $2.84
    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
    65 -69*** $14.24 $24.66 $20.27 $35.62
    70 Coverage ends

    Ready to apply


    Convenient application process 

    Apply Online
    By Phone

    Call us toll-free
    Mon-Fri (8:30am-7pm ET)

    By Mail

    Send to the address provided on the form

     Application form