ScotiaLife® Term 10 Insurance

Right for you if:

  • You prefer a fixed rate

  • You are looking for medium-term coverage 

  • An affordable and convenient option for securing up to $250,000 of insurance coverage

    Canadian residents 18 to 65 years of age are eligible to apply. If you are approved, you will have peace of mind knowing that your rate is guaranteed and your family is protected for the next 10 years.

    There's no time like today

    Apply now. In as little as one year, you could be paying more for the same amount of coverage. A change in your health could make it difficult to get coverage later.


    Benefits at the time they are needed most 

    The death benefit is paid as a lump sum directly to the person you designate as your beneficiary. The Terminal Illness Benefit, if applicable, is paid directly to you.

    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 10 plan offers

    • Choice of coverage amounts - From $25,000 to $250,000
    • A rate you can afford today and down the road - There are cost savings on higher benefit amounts so twice the coverage doesn't cost twice as much
    • Fixed rate for each full 10 year term of coverage - Your locked-in rate is based on age, gender, smoking status, and the benefit amount chosen
    • No medical examination needed to apply - Just 6 short health/lifestyle questions to answer
    • Automatic renewal with guaranteed rates - Coverage will automatically renew at the end of each 10 year term with no medical questions or exams. Coverage can continue to age 75. Renewal rates are guaranteed at the time you are approved
    • Special Terminal Illness Benefit - Provides you up to 50% of your coverage amount while you are alive, if after 2 years of coverage you are diagnosed with a Terminal Illness by a Medical Specialist and given 12 months or less to live
    • 30-day money-back guarantee - If you're not completely satisfied with your Policy, return it to us within 30 days, and any premiums paid will be promptly refunded 

    What's not covered

    Suicide is not covered during the first 2 years coverage is in force (or within 2 years after coverage reinstatement).

    Automatic renewal with guaranteed rates - Coverage will automatically renew at the end of each 10 year term with no medical questions or exams. 

    For more information

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