ScotiaLife Financial

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]

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]

ScotiaLife has three categories of health insurance in its portfolio. There is hospitalization insurance, critical illness insurance, and health & dental insurance.