About ScotiaLife Financial Insurance Products

ScotiaLife Financial is a subsidiary of Scotia Bank specializing in insurance products. ScotiaLife is the outlet for Scotia Life Insurance Company, the underwriter of ScotiaLife's policies.

The portfolio of ScotiaLife includes life insurance, health insurance, home and auto insurance, travel insurance and even creditor insurance.  There are two life insurance products, namely ScotiaLife Term Insurance and ScotiaLife Accidental Death Insurance.

Term Insurance

The term insurance plans can be taken out for one, ten or twenty years. 

The maximum coverage for the term plans is $250,000 and the minimum is $25,000. There are $25,000 increments.  The 1-year term plan is an exception here; it can cover you for up to $1 million. One person cannot be insured for more than $500,000 at ScotiaLife, even if he or she combines multiple plans.

Accidental Death Insurance

ScotiaLife's accidental death policies offers coverage up to $350,000 and is available for couples as well. Client's spouse may be eligible for halved rates if he or she signs a contract in addition to the primary one.

Applicants should keep in mind that ScotiaLife decreases the benefit amount at age 75 and revokes coverage at the age of 80. As usual, ScotiaLife excludes all kinds of accidental deaths happening under the influence of drugs or alcohol (unless prescribed) and will refuse to pay out if death occurred at war or during an "aerial activity" other than a commercial flight. Neither will one be covered if hurt while committing a crime.

ScotiaLife Financial Insurance News