Scotialife Insurance Review [2024]


Scotia Insurance is the insurance business side of Scotiabank, a “Big 5” Canadian bank. They offer term life insurance through Empire Life, a leading insurance company. You can get terms from 10 to 30 years, with some options for no medical plans. Scotia term life insurance can be renewed or converted into permanent life insurance coverage later on. But, they lack add-on options like riders or other benefits that many other companies can offer.


Disclaimer:’s ratings and reviews are the subjective opinion of our editorial team, based on our experience, industry knowledge, and customer reviews. We do not sell Scotiabank products. Readers should speak with a professional before making insurance-based decisions.

The name Scotiabank is well-known around the world as a trusted provider of financial products and services. They may be more known for their mortgage insurance, but they also sell life insurance products.

Read our full review below to find out more about Scotia Insurance, which features they offer, and what we rate their life insurance products.

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Our Scotia Life Insurance Review and Rating

Scotialife Financial is an insurance subsidiary of Scotiabank that offers term life insurance underwritten by the Empire Life Insurance Company.

Scotia’s term policies offer up to $10 million in coverage and terms ranging from 10 to 30 years. Policies can be renewed or converted into permanent insurance. But there are restrictions on age, depending on the kind of policy you choose.

Scotia’s 10-year and 20-year term policies are also available as simplified issue life insurance products that don’t ask you to take a medical examination. But these policies come with more restrictions. For example, you can only get covered for up to $1 million with simplified life coverage.

In our editorial opinion, life insurance plans through Scotia Life have limited flexibility and coverage options. As of right now, they don’t have life insurance riders that could help you get more coverage for other things like critical illness or disability. And, they don’t include added features at no charge like some other companies do.

ScotiaLife Financial Term Insurance — Product Details

  • Available Policy Term Lengths: 10, 15, 20, 25, 30
  • Available Term Types: Guaranteed level premiums
  • Maximum Amount of Coverage: Up to $10 million, depending on age
  • Claims Contact: Scotiabank
  • Renewability: Yes, up to age 55-75, depending on policy type
  • Convertibility: Yes (fully-underwritten plans only)
  • Other types of insurance: Critical illness insurance, health insurance, travel insurance, lender’s mortgage insurance, home insurance, auto insurance, accidental death insurance, and creditor insurance

Scotiabank Term Life Insurance pros and cons

Here is what our team ranks as the most and least advantageous features of Scotiabanks’s term life insurance products for most Canadians.

Scotialife Insurance pros

  • Strong brand name & financial strength
  • High death benefit coverage amounts — up to $10 million
  • Range of term lengths available
  • No medical insurance options offered (simplified)
  • Preferred rates may be available
  • Limited premium discounts may be available for Scotia bank clients or employees, or Scene+ members
  • 10-day money-back guarantee

Scotialife Insurance cons

  • Only available to Canadian citizens and permanent residents

Scotia Insurance Customer Reviews

At the time of this writing, Scotia Insurance has been rated 2.5/5 stars over the span of 83 reviews on Google Reviews.

*Source: Google Reviews. The views expressed in these reviews are from the respective posters and NOT the opinion of

Who is Scotiabank Financial?

The Bank of Nova Scotia, more commonly known as Scotiabank, is nothing short of a financial giant. They’re Canada’s third-largest bank and have been around since 1832. They offer banking and also financial services like credit and mortgage protection.

Over the course of a few decades, the company spread across Canada and into the United States and many other countries. In 1975 they took on their now-iconic Scotiabank name. And, by 1995, they opened its insurance business — Scotia Life Financial.

Scotia Life Financial sells insurance through partnerships with companies like Manulife, Empire Life, Chubb Life Insurance, Securian Canada (formerly Canadian Premier), and Belair Direct.

Blue bulb

Scotiabank Financial: Quick Facts

  • Founded: 1832
  • Headquarters: Toronto, ON
  • AM Best Rating: N/A
  • Better Business Bureau Accreditation and Rating: F / Not accredited
  • Assets: $1.4 billion
  • Annual Premiums: $200 million

Check out more facts about Canada’s biggest life insurance companies

What other insurance policies does Scotialife Financial offer?

Aside from the Scotia Term suite of products, Scotia Life Insurance Company also has the following insurance plans.

Critical Illness Insurance

Critical illness coverage pays out a lump sum if you are diagnosed with a covered critical illness. Scotia gives you two options for CI coverage:

1 Enhanced

  • Covers up to 22 health conditions
  • Up to $25k in coverage
  • $200k or $500k paid out for paralysis, blindness, dismemberment, or loss of independence
  • Guaranteed acceptance— no medical exam or health questions asked
  • Monthly payments only
  • Only available for Scotia clients or their spouses
  • Not available in Quebec or Nunavut

2 Standard

  • Covers the 3 most common health conditions — heart attack, cancer, and stroke
  • Coverage of $25k, $50k, $75k, or $100k
  • Available in all provinces
  • Monthly payments only
  • Only available for Scotia clients or their spouses
  • Exclusive group rates available for Scotia clients or their spouses

Read our guide to Critical Illness Insurance

Private health insurance in Canada helps to pay for health costs that aren’t included in your provincial health plan. This can include things like medical equipment (wheelchairs, crutches, etc.), prescription drugs, and more.

Scotia’s health and dental insurance plans offer comprehensive protection. They include vision care and you can get them as lifelong coverage.

Read our guide to Private Medical Insurance

Travel insurance can cover unexpected costs that arise related to a trip, including medical or non-medical costs. Scotiabank offers travel insurance for:

Scotia’s coverage amounts and features vary based on the plan. But, coverage generally does not go past age 85.

There are many different types of Travel Insurance for students, foreign workers, snowbirds, super visa holders, and others travellers to/from/within Canada.

Scotia mortgage protection is probably one of the products they’re best known for. This is a type of insurance that is meant to protect the bank or lender who gave you your mortgage. It will help cover your mortgage payments if something unexpectedly happens to you.

Our experts always recommend that you get term life insurance for your mortgage. It’s a better option than mortgage insurance from a lender or bank because it protects your family first.

Why is term life insurance better than lender's mortgage insurance?

Scotia bank offers home, condo, and tenant insurance. They also offer a lot of online services along with this type of coverage.

Scotia’s car insurance options range from basic to enhanced. They also have options to cover rental vehicles, and advertise perks for clients who are “smarter drivers.”

Accidental death coverage is similar to life coverage, but it only covers specific accidents. Scotia offers this coverage with guaranteed acceptance — no medical questions are asked for you to apply.

They also advertise bonus coverage for you and your spouse for a limited time. And, discounted group rates may be available.

Scotia creditor insurance, like their mortgage insurance product, is meant to protect a lender by helping to cover part of your credit costs if something unexpected happens to you. It will help cover loan payments for outstanding debt like credit cards and more.

More choice. Lower price.
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Is life insurance from Scotiabank right for you?

A Scotia term life insurance policy might be convenient if you already bank with Scotiabank Financial. It can be useful to have just one provider for all of your financial needs.

In our opinion, though, their insurance offerings are basic. Empire Life usually has great life insurance plans. But Scotia’s policies don’t really have features that make them a better choice than other Canadian life insurance companies.

The fact that Scotia doesn’t have optional insurance riders is a major downside in our view. Riders are an affordable option to get a policy with coverage for a lot of different risks at once. But Scotia doesn’t offer any right now.

Many of Canada’s top life insurance companies can give you a better deal. They’re more flexible and can give you more options at lower prices. Some also give you complimentary benefits for things like disability.

If you’re not sure what your best life insurance options are, book a consultation call with us. We do not sell Scotia life insurance, but we have years of experience working with some of Canada’s leading providers. Our agents are happy to assess your needs and help you make the most informed decision.

Where to buy Scotialife insurance?

You can buy Scotialife insurance products from Scotiabank Financial directly. You have to call them directly if you want to apply for any of their fully-underwritten life insurance plans. But, you can apply online for their Simplified Issue Life Insurance products.

PolicyAdvisor does not sell Scotialife Insurance products. But we do sell Empire Life products. Click the button below to compare instant online quotes for term life insurance from Empire Life and other major providers.

Speak with a professional insurance advisor

As Canada’s best online life insurance advisor, we can help you compare and choose the company that matches your needs. Don’t hesitate to speak with our licensed advisors if you need help. We offer no-obligation advice to help you find your best match for financial protection!

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
By Jessica Clarke
Insurance Advisor, LLQP

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