ScotiaLife Financial

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ScotiaLife Financial is a Canadian insurance subsidiary of Scotiabank (also known as Bank of Nova Scotia)[citation needed]. 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 creditor insurance.[2][3]

Overview of 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 currently 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.

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]


  1. ^ a b Scotia Life Financial homepage, accessed on July 13, 2011.
  2. ^ a b c ScotiaLife Financial Insurance by Lorne S. Marr, accessed on July 13, 2011.
  3. ^ ScotiaLife Financial profile, accessed on July 14, 2011.
  4. ^ Scotia Life Insurance Company profile, accessed on July 14, 2011.
  5. ^ a b c ScotiaLife Accidental Death Insurance, accessed on July 14, 2011.
  6. ^ What Are Your Chances of Dying By Accident? by Lorne S. Marr, accessed July 14, 2011.
  7. ^ Understanding Accidental Death Insurance by Lorne S. Marr, accessed on July 14, 2011.