Life Insurance in Nova Scotia: Best Quotes from 20+ Life Insurers

LSM Insurance has been helping people in Nova Scotia with all their life insurance and living benefits needs for over 25 years. Our experienced brokers serve customers in Truro, Yarmouth, Halifax, Amherst – wherever you are in Nova Scotia, a LSM broker is available for you.

Get a free, tailored life insurance quote in Nova Scotia

    Life Insurance in Nova Scotia: Background

    Truro, NS, Canada

    Halifax, NS, Canada

    Amherst, NS, Canada

    Insurance products we offer in Nova Scotia:

    • Medical Life Insurance
    • No Medical Life Insurance
    • Mortgage Insurance
    • Funeral Insurance
    • Disability Insurance and Income Replacement Insurance
    • Critical Illness Insurance
    • Health Insurance
    • Group Insurance for Organizations

    As a province on the coast, Nova Scotia has strong ties to the fishing, marine defense, and ocean transportation industries. New partnerships are also being forged through the Nova Scotia Business Diversity Program. The increased level of higher risk jobs (fishing, military, transportation) can mean ratings or exclusions on some forms of life insurance in this province. This is why it’s important for everyone in Nova Scotia to learn the ins and outs of life insurance and which policy is ideal to defray risk while keeping premiums as low as possible. Our brokers have decades of experience and access to the best life insurance policies in Nova Scotia to ensure you get the robust coverage you deserve – even if you work a high-risk job. Read on to learn more about life insurance in Nova Scotia, and how to get the best rates.

    Our Life Insurance Brokers in Nova Scotia

    Broker
    Years of Experience
    Specialties
    Languages spoken

    Richard Parkinson

    Years of Experience:
    Over 20 years
    Specialties:
    • Life Insurance
    • Disability Insurance
    • Critical Illness Insurance
    • Long-Term Care Insurance
    • Annuities
    Languages:
    • English

    Tim Burns

    Years of Experience:
    Over 10 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Gabriele Gentile

    Years of Experience:
    Over 25 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English
    The Insurance Consultants listed above are independent brokers and not employees of LSM insurance or representing LSM Insurance.

    Life Insurance Licensing in Nova Scotia

    The Office of the Superintendent of Insurance, under the Insurance Act, regulates and licenses agents, brokers, and adjusters in Nova Scotia.

    Interested to find out Life Insurance or Living Benefits rates in Nova Scotia?

    Key life insurance types in Nova Scotia

    Term Life Insurance Quote

    Term life insurance in Nova Scotia is the cheapest of all the policy types. It is ideally suited for anyone with a risk factor that has a start and end date. This is a great policy to cover the years of a mortgage, or the years the children are dependents at home. It is known as “pure insurance,” meaning, unlike some forms of permanent insurance, there is no cash savings component or other perks. A 30-year old male, non-smoker, in excellent health can get a Term 20 policy for as little as $29.70/month for $500,000 of coverage.

    Term 100 Insurance Quote

    Term life insurance expires and the costs increase (sometimes very sharply) with each renewal. The best way to defray this expense is to lock in as long of a term as possible. While Term 100 is considered permanent insurance, it does not come with a cash savings account or tax advantaged savings. It does, however, lock in your rates. They remain level until you turn 100. Term 100 life insurance in Nova Scotia is an excellent way to get permanent insurance while saving money. A 30-year old female, non-smoker, in excellent health, can get a Term 100 policy starting around $77.67/month for $200,000 of coverage.

    Whole Life Insurance Quote

    Whole life insurance is a policy ideal for anyone in Nova Scotia interested in long-term financial planning. It never expires and the premiums remain level, so you are not faced with rising rates as seen with expiring term policies, and you don’t have to worry about exclusions or ratings if you have this policy in place and later accept a high-risk job. Whole life has a tax advantaged cash savings component which you can leverage for a policy loan. Growth rates are guaranteed. It’s a more expensive policy than term – a healthy 30-year old male, non-smoker, can expect to pay at least $115.56/month for $200,000 in coverage. Whole life should always be structured with the assistance of an insurance professional as this policy type must be set up correctly to remain compliant with CRA.

    Universal Life Insurance Quote

    Those looking for a cheaper form of permanent life insurance that has a cash savings account can turn to universal life insurance in Nova Scotia. The investment is not guaranteed, and the savings and contributions are more flexible. With these factors, the premium range varies quite a bit. Contact a broker to see how a universal life insurance policy in Nova Scotia could be your ideal insurance plus a savings tool.

    Simplified Life Insurance Quote

    Not everyone is blessed with great health – which is the driver of low life insurance rates in Nova Scotia. But that doesn’t mean you can’t get insurance. Simplified issue is a policy that only has a medical questionnaire to clear. There is no medical exam. It is deigned for Nova Scotians with health conditions to still be able to get affordable life insurance. Anyone with cancer in remediation, that has recovered from a stroke, or has a family history of heart disease, for example, should contact a broker to see if simplified issue is right for them. A 30-year old female non-smoker can get $250,000 of term simplified coverage for approximately $35.33/month.

    Guaranteed Life Insurance Quote

    What if your health condition is more severe? Such as cancer not in remediation? In these cases, guaranteed issue life insurance could be the answer. There is no medical exam and no health questions. The applicant must survive for two years from the activation of the policy (accidents are excluded from this rule) for the benefit to pay out. If the life insured passed during the first two years, the premium is returned to the beneficiaries. Those in Nova Scotia leveraging guaranteed issue life insurance typically do so to protect their families from final expenses and possible debts. Seniors that would pay very high rates for a term policy also leverage guaranteed issue. This is the most expensive type of policy.

    Other Life Insurance types

    Living benefits policies, such as health, disability, and critical illness, are available life insurance options in Nova Scotia. They are called living benefits because the benefit is paid to the life insured while they are alive. These benefits help with costs associated with sickness and accidents.

    Life Insurance rates in Nova Scotia: Sample

    Following are samples of life insurance quotes in Nova Scotia. Remember, however, that rates are affected by a variety of factors, and there are products designed to cover everyone, from those in great health to those with serious conditions. Not sure which product is right for you? Contact one of our experienced brokers today.

    Term 10 life insurance for a 35-year old male, non-smoker, with no serious health conditions, for coverage of $200,000.
    $25.56/month
    Term 20 life insurance for a 35-year old female, non-smoker, with no serious health conditions, for coverage of $200,000.
    $22.86/month
    Whole life insurance for a 30-year old male, non-smoker, with no serious health conditions, for coverage of $100,000.
    $106.29/month
    Simplified issue life insurance for a 35-year old female, non-smoker, choosing this policy because she has a health condition.
    $11.79/month for a term policy

    Disclaimer: Nova Scotia insurance rates are highly dependent of a variety of factors including but not limited to your age, health, family health history, lifestyle, financial goals, and even the length of your commute. A broker shops the market on your behalf, for free, and pairs you with the best policy for your needs and budget.

    Other Living benefits products in Nova Scotia

    Disability Insurance Quote

    Disability insurance in Nova Scotia is very important for everyone, but even more so for those in high-risk jobs. Disability insurance rates are tied to occupation. You cannot stack policies to have more than approximately 85% of your total income covered, so speak with a broker to ensure you are adequately covered without overages.

    Critical Illness Insurance Quote

    Your critical illness risk in Nova Scotia is higher than your chance of premature death. This living benefit provides a tax free lump sum so you can take time off to recover, do your bucket list items, pay off debt, hire a private nurse, and more. The money is yours to use in any way you wish. A 30-year old female can get a Term 20 critical illness policy with coverage for $100,000 for $37.98/month.

    Health & Dental Insurance Quote

    Canadians enjoy a great health care system, but not everything is covered. Co-pays on medication, dental care, chiropractors, aids for daily living – these things add up. Health benefits cover a variety of health and dental needs. Packages are flexible and structured around your needs. A broker will help you identify which insurer provides the best package, or most flexible options, for you.

    Other Living benefits

    Insurance is very nuanced! In addition to the policies mentioned above, you can add riders to enhance existing coverage. For example, a return of premium rider returns what you paid into the policy if you do not pass away by a certain number of years. Speak with a broker to learn about all your options for living benefits.
    Interested to find out Life Insurance or Living Benefits rates in Nova Scotia?

    Frequently Asked Questions about Nova Scotia Life Insurance

    Life insurance rates in Nova Scotia vary depending on your age and risk factors. Term is always the cheapest type of policy. A Term 10 policy for a healthy 40-year old non-smoker male starts around $18.54/month for $200,000 of coverage.

    Insurance in Nova Scotia is available through agents, brokers, through group (employee or association) benefit plans, over the phone, online, and even through some banks. A broker shops the market for free on your behalf and shows you all your options. For a truly customized quote, contact a broker.

    The Office of the Superintendent of Insurance, under the Insurance Act, regulates and licenses agents, brokers, and adjusters in Nova Scotia.

    Disability insurance in Nova Scotia is available through brokers, agents, as part of employee or association coverage, and even through some banks. Note, however, that a bank’s disability insurance coverage (may be called mortgage or debt insurance) typically has the bank, not your family, as the beneficiary.

    Interested to find out Life Insurance or Living Benefits rates in Nova Scotia?