Scotiabank Life Insurance Review: What You Need to Know
Scotiabank life insurance review (2025 update)
Scotiabank, also known as The Bank of Nova Scotia, is a Toronto-based multinational financial institution and Canada's third-largest bank. Founded in 1832, the bank has expanded its operations globally, operating in more than 40 countries worldwide with approximately $1.41 trillion in assets.
Scotiabank offers life insurance products sold under the bank’s subsidiary, ScotiaLife Financial. ScotiaLife also underwrites policies for auto insurance, home insurance, health insurance, and travel insurance.
Scotiabank life insurance: Our verdict
Scotiabank life insurance: Our verdict ★★★☆☆ (3.1/5.0)
After assessing 30 life insurance companies across multiple categories, we found that Scotiabank ranks above most providers in terms of industry reputation. Its high industry reputation score is strongly supported by its influential position in the Canadian banking arena, backed by high financial stability ratings—but due to its high life insurance rates, limited product offerings, and poor customer service reviews, the bank scores below average overall.
When it comes to pricing, Scotiabank scores just above average, with the most affordable rates for its term life policies. Still, many competitors offer much cheaper premiums—especially for non-smoking policyholders.
Additionally, ScotiaLife only offers one type of permanent life insurance, whereas major competitors like Sun Life, Canada Life, and Manulife offer up to three types of permanent policies. Their term life plans are also limited to a maximum period of 30 years, while other insurers provide term lengths of up to 50 years.
Overall, Scotiabank gets mixed reviews for customer service, with more negative comments than positive ones. Customers often recount communication issues with insurance representatives, delays in the claims process, and concerns about denied death benefit payouts.
Scotiabank life insurance may be a worthwhile option if you’re currently a Scotiabank customer. Banking clients may receive a 10% discount on premiums through Scotiabank’s Affinity Rate program, which can bring down high premiums. Scotiabank also offers term and permanent life insurance coverage to applicants up to age 75, including guaranteed coverage. Its high age limit may make it potentially easier for seniors to purchase, but premiums are typically higher for older applicants.
Scotiabank life insurance: Key features
When you buy a life insurance policy from Scotiabank, you can expect some of these features:
- Wide coverage range: Policyholders have access to coverage between $10,000 and $20 million, depending on the type of policy and their age. Its high coverage limit may be ideal for those seeking a larger tax-free lump sum payout for their loved ones.
- Online application: Individuals interested in term life policies can apply for coverage online.
- Online quote: Customers can get an online quote within minutes for term life insurance.
- Life insurance calculator: Scotiabank’s online life insurance calculator can help customers explore their coverage needs.
- Easy payment option: After the first premium payment, policyholders can set up automatic payments.
- High issue age: Scotiabank’s maximum issue age is 75 for both term life and whole life insurance, making these products accessible to seniors. Guaranteed life insurance is also available up to age 75.
- Simplified and guaranteed coverage: Eligible applicants can purchase simplified term life or guaranteed whole life policies, which don’t require a medical exam.
Scotiabank life insurance pros and cons
Every insurance provider has benefits and drawbacks. To help you decide if Scotiabank is the right insurer for your needs, we’ve compiled the pros and cons of its life insurance branch.
Scotiabank life insurance cost and value
Scotiabank’s term life insurance prices are generally higher than the industry’s average.
To assess Scotiabank's affordability, we gathered rates from multiple life insurance providers for 20-year term policies with $500,000 in coverage for non-smoking individuals. See below for a comparison between Scotiabank, PolicyMe, and the industry’s average rates.
Scotiabank’s rates for the policy profile outlined above are higher than PolicyMe’s rates across the board, and generally higher than the industry’s averages.
Scotiabank may not be the best option if you’re seeking budget-friendly term life insurance. To find more affordable rates, we recommend comparing life insurance quotes from providers like PolicyMe, Wawanesa, Canada Life, or Manulife.
Scotiabank life insurance reviews and customer service
Our Score: 2.2/5
Customer service reviews from current and past policyholders can help you understand where an insurance provider succeeds in supporting customers (and where they fall short).
We reviewed customer feedback from Google Reviews and InsurEye to give you a brief overview of Scotiabank’s client experience. Take a look at what customers had to say:
"Always pleasant to deal with on the phone, they explain everything in detail and don't leave you in the dark about any of the processes." —Google review
"Talking about ways you might die isn't the most pleasant but all three reps over the phone were very friendly and professional, and honored agreement to cancel a plan with full refund in 30 days without a hard time. Will definitely go back to them next time I'm looking for a plan." —Google review
"My father and his partner had life insurance policies naming each other as beneficiary - paperwork was filed when his partner died 18 months ago and he never received the money that was due to him. He passed away without receiving any satisfaction from Scotia Life Insurance and now they are giving me the same runaround and excuses they gave my dad" —InsurEye review
"Constantly hounding me to increase my coverage. Almost enough to cancel the small policy I have!!" —InsurEye review
Scotiabank life insurance products at a glance
Scotiabank offers two main types of life insurance: term life insurance and permanent life insurance.
Here’s a breakdown of Scotia’s term life products:
Scotiabank also offers Term to 100 Whole Life insurance and Guaranteed Permanent Life insurance. Here’s an overview of these products:
- Term to 100 Whole Life Insurance: Permanent whole life policies with coverage from $25,000 to $20 million, or from $10,000 for those between ages 66 and 75. Coverage is available to applicants between the ages of 18 and 75, and premiums are guaranteed level to age 100.
- Guaranteed Life Insurance: No-medical permanent policies with coverage up to age 100. Scotiabank guaranteed policies also provide an accelerated death benefit for terminal illness and an accidental death benefit.
Scotiabank offers critical illness insurance as a standalone product under its ScotiaLife health insurance branch. While disability insurance can be added as a rider for Scotia Mortgage Protection insurance or Scotia Line of Credit insurance, it isn’t sold individually.
How Scotiabank compares to other insurers
Scotiabank is one of Canada’s largest banks, making it a familiar and financially strong choice for many life insurance shoppers. But when compared to other major insurance companies, there are a few factors that set Scotiabank behind industry leaders.
- Affordability: Scotiabank’s life insurance plans are typically more expensive than the industry average, especially for smokers. Providers like PolicyMe, Canada Life, and Sun Life typically offer more affordable insurance premiums for term coverage, as well as permanent policies.
- Coverage options: ScotiaLife only offers term life and whole life insurance. Competitors like Manulife and Canada Life offer a wider range of permanent policies, including cash value or investment options.
- Customer experience: Reviews are mixed when it comes to customer service, and Scotiabank’s online experience is limited compared to competitors with dedicated digital platforms or mobile apps.
Here’s a closer look at how Scotiabank compares to some of the biggest names in Canada’s life insurance space:
Scotiabank life insurance vs. PolicyMe life insurance
PolicyMe scores higher than Scotiabank across all three key categories: affordability, customer experience, and industry reputation. It also exceeds the industry’s averages, making PolicyMe a better overall option for those seeking budget-conscious life insurance coverage and positive customer service experiences from a respected company.
Scotiabank’s online experience is fairly limited, whereas PolicyMe is a fully digital solution for securing affordable term life insurance. You can request a quote, review your coverage options, and purchase a fully underwritten term life insurance policy online.
Final takeaway: Opt for PolicyMe if you’re seeking affordable term life insurance coverage, a streamlined and hassle-free online application process, and digital policy management.
The bottom line: Who should consider Scotiabank?
Scotia term life insurance may be worth considering if you want high coverage with a term length of up to 30 years, or if you’re seeking life insurance in your senior years. Its term life product offers up to $2 million in coverage, which is higher than some competitors, and policies are available to individuals up to age 75.
Current Scotiabank customers may also benefit from purchasing life insurance through ScotiaLife as it offers an Affinity Rate premium discount of 10%.
With that said, Scotiabank isn’t the best fit for all life insurance needs. Its policy rates are typically higher than those of other insurance providers, and permanent coverage options are limited.
PolicyMe does not receive compensation for any life insurance reviews.
FAQs: Scotiabank life insurance
Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.
Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.