ScotiaLife Financial
| Type | Subsidiary |
|---|---|
| Industry | Insurance |
| Founded | 2009 |
| Founder | Scotiabank |
| Headquarters | , |
Area served | Canada |
| Products | Life insurance |
| Parent | Scotiabank |
| Website | www |
ScotiaLife Financial is a Canadian insurance company that is a subsidiary of Scotiabank (also known as Bank of Nova Scotia.
Through this brand, Scotiabank Group markets commercial insurance products to the general public, predominantly individuals and families.[1] The company offers insurance products ranging from life insurance, health insurance, auto insurance, travel insurance, and general insurance.[2][3]
Policies
[edit]Life insurance policies sold via ScotiaLife Financial are underwritten by Scotia Life Insurance Company.[2] In fact, Scotia Life Insurance Company is a subsidiary of Scotiabank and is the underwriter for all insurance policies sold by the Bank.[4]
ScotiaLife insurance policies cannot be purchased in Scotiabank branches.
Life insurance
[edit]ScotiaLife does not offer permanent life insurance policies, only term life insurance plans. The term plans can be taken out for one, 10 or 20 years. There is a quasi-permanent term life insurance policy that will stop collecting premiums after the client turns 100 years old.[2] The maximum total insurance coverage allowed per client is $500,000 for any combination of the long-term life insurance plans.[1]
Accidental death insurance
[edit]Available insurance benefits range from $2,000 to $350,000 and come in $25,000 intervals. The benefit amounts of ScotiaLife clients are halved at age 75 and the Insurer will cease to offer insurance protection to 80-year-old clients and older.[5] While ScotiaLife states that accidents are the 5th most common cause of death in Canada,[5] they in fact only amount to 4.23% of deaths in the country.[6]
As is common with accidental death policies,[7] ScotiaLife's policy does not cover accidents occurring while the client is under the influence of drugs not prescribed by a doctor, illegal drugs, or alcohol. Also exempt are suicide, overdose with toxic or poisonous substances, injury of an athlete during a professional sporting event, and war-related injuries and accidents. Natural death or death due to illness are not covered either.[5] Due to these limitations, the process of claiming the policy benefit may be relatively difficult and will likely require post-mortem medical assessment of the deceased and official investigation of the accident.[8]
Health insurance
[edit]ScotiaLife has three categories of health insurance in its portfolio. There is hospitalization insurance, critical illness insurance, and health & dental insurance.
See also
[edit]References
[edit]- 1 2 "Scotiabank Global Site". www.scotiabank.com. Retrieved February 24, 2026.
- 1 2 3 "ScotiaLife Financial: Scotia Life Insurance Company Policies". LSM Insurance. Archived from the original on August 12, 2025. Retrieved February 24, 2026.
- ↑ "CanEquity Insurance Canada - ScotiaLife Financial". insurance.canequity.com. Archived from the original on May 5, 2012. Retrieved February 24, 2026.
- ↑ Scotia Life Insurance Company profile, accessed on July 14, 2011.
- 1 2 3 "Scotiabank Global Site". www.scotiabank.com. Retrieved February 24, 2026.
- ↑ LSM Insurance Services Ltd. © 2008. "What Are Your Chances of Dying By Accident? | Life Insurance Canada". lsminsurance.ca. Archived from the original on September 29, 2018. Retrieved February 24, 2026.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ↑ aaronb (June 21, 2011). "Understanding Accidental Death Insurance | Life Insurance Canada". LSM Insurance. Retrieved February 24, 2026.
- ↑ "Shem Jackson | Final Expense Insurance Specialist". over80lifeinsurance.com. Retrieved February 24, 2026.