ScotiaLife® Term 20 Insurance

Right for you if:

  • You want automatic renewal with guaranteed rates

  • You are looking for long-term coverage 

  • Protect your family for the next 20 years

    ScotiaLife® Term 20 Insurance provides a simple and convenient process to apply for up to $250,000 in insurance coverage to protect your loved ones. 

    ScotiaLife® Term 20 Insurance may be right for you if: 
    • you are looking for an affordable solution to protect your family's needs for at least 20 years
    • you are a Canadian resident 18 to 55 years of age
    • you want the peace of mind of a locked-in rate 


    Get 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.

    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 to 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 20 plan offers

    • Choice of coverage amounts - From $25,000 to $250,000
    • No medical examination needed to apply - Just 6 short health/lifestyle questions to answer
    • Guaranteed premiums - The rate is fixed for the full 20 year term of coverage. Your "locked in" rate is based on your age, gender, smoking status, and the benefit amount chosen
    • Automatic renewal with guaranteed rates - Coverage will automatically renew at the end of each 20 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 - If you continue to pay your premiums, your coverage will automatically renew at the end of each 20 year term without you having to re-qualify. Your coverage can continue to age 75. Your renewal rates are guaranteed at the time you are approved. 

    For more information

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