Bns Scotia Life Insurance: What You Need To Know

BNS Scotia life insurance is a subsidiary of Scotiabank, also known as the Bank of Nova Scotia. Scotiabank offers a range of insurance products to the general public, including life insurance, health insurance, auto insurance, travel insurance, and general insurance. Scotiabank's life insurance policies are underwritten by Scotia Life Insurance Company, a subsidiary of the bank. Scotia life insurance products are not available for purchase in Scotiabank branches. The company offers term life insurance plans of varying lengths, including one, ten, and twenty-year plans. Additionally, there is a quasi-permanent term life insurance policy that waives premiums after the client turns 100 years old. The maximum total insurance coverage allowed per client across these long-term plans is $500,000.

Scotia Term Life Insurance

The application process for Scotia Term Life Insurance is straightforward. You can choose to apply with or without the assistance of an advisor, depending on the specific product. If approved, policies are typically issued within five days, and some products offer instant electronic policy issuance. Scotia Insurance also provides a 10-day review period, allowing you to cancel the policy and receive a refund if it doesn't meet your needs.

Overall, Scotia Term Life Insurance offers a comprehensive solution for individuals seeking financial protection for their loved ones. With its flexible coverage options, competitive rates, and renewable and convertible features, it provides a sense of security and peace of mind for individuals and families alike.

Scotia Women's XtraProtect

Scotia Insurance, offered by BNS Insurance Agency Inc. ("BNSIA"), provides a range of insurance products to Canadians, including Scotia Women's XtraProtect. This additional coverage is designed to support women's unique health needs and offers enhanced financial protection in the event of a critical illness diagnosis or surgery for covered cancers.

This additional coverage is available at a low additional cost to eligible individuals who enrol in Scotia Enhanced Critical Illness Insurance. Acceptance is guaranteed, and no medical check is required. Scotia Women's XtraProtect is subject to the terms and conditions outlined in the rider and the Scotia Enhanced Critical Illness Insurance Certificate, which includes the definition of covered cancers.

Scotia Insurance understands the importance of tailored protection for women and has designed Scotia Women's XtraProtect to address their specific health concerns. By choosing this additional coverage, women can have peace of mind knowing that they have enhanced financial support to focus on their health and recovery if faced with a critical illness.

To learn more about Scotia Women's XtraProtect, individuals can refer to the sample Certificate of Insurance and the Scotia Women's XtraProtect rider, available on the Scotia Insurance website. They can also contact Scotia Insurance directly to request a quote and discuss their specific needs with dedicated insurance advisors.

Scotia Accidental Death Insurance

Scotia Insurance offers a range of insurance products, including Scotia Accidental Death Insurance, to provide financial protection and security for individuals and their families. Scotia Accidental Death Insurance is designed to give peace of mind and financial preparedness in the event of an unexpected accident.

The key features of Scotia Accidental Death Insurance include guaranteed acceptance, affordable group rates, and convenient payment options through Scotiabank accounts. Additionally, it offers a complimentary $5,000 coverage for both the customer and their spouse for up to five years. Enrolment is simple, with no medical questions asked, and the option to add critical injury benefits for extra coverage.

Scotia Insurance understands that accidents are unpredictable, and this insurance plan ensures that individuals and their loved ones are financially secure in case of unforeseen circumstances. By choosing Scotia Accidental Death Insurance, individuals can safeguard their family's future, maintain their loved ones' standard of living, and cover any unexpected expenses that may arise due to an accident.

It is important to note that Scotia Accidental Death Insurance does not cover all types of accidents and has specific exclusions, such as naturally occurring conditions, illnesses, or injuries caused by drug use or aerial activities. Interested individuals can review the sample Certificate of Insurance and reach out to Scotia Insurance Customer Care for more information and to obtain a quote.

Scotia Term 10 Life Insurance

The coverage amount ranges from $10,000 to $20,000,000, depending on age, with age eligibility to apply between 18 and 75. It is renewable and convertible to permanent life insurance up to age 75. The application process involves working with an advisor, and if approved, most policies are issued within 5 days. Additionally, it offers a 10-day money-back guarantee.

Scotia Insurance also offers Scotia Simplified Term 10 Life Insurance, which provides coverage from $50,000 to $1,000,000, depending on age, with age eligibility between 18 and 60. This option does not require an advisor during the application process, and approved policies are issued instantly and electronically.

Scotia Simplified Term 10 and Term 20 Life Insurance

Scotia Insurance offers term life insurance to help provide financial protection for your loved ones for a period of time if you pass away. This includes the Scotia Simplified Term 10 and Term 20 Life Insurance plans.

Scotia Simplified Term 10 Life Insurance

This plan is ideal for young families seeking a more affordable life insurance option and individuals looking to cover the final years of their mortgage. Small business owners who need to cover overhead and start-up costs may also find this plan beneficial. The Simplified Term 10 plan offers:

• Coverage from $50,000 to $1,000,000, depending on age.
• Age eligibility to apply: 18-60.
• A 10-day money-back guarantee.
• Simplified underwriting.
• No need for an advisor during the application process.
• Instant and electronic policy issuance upon approval.

Scotia Simplified Term 20 Life Insurance

The Scotia Simplified Term 20 Life Insurance plan offers peace of mind with a guaranteed rate for the initial 20-year term and provides a lump-sum tax-free payout. It is well-suited for families with new or existing mortgages, individuals seeking more affordable coverage with future flexibility, and small and medium business owners requiring coverage for overhead and start-up costs. The Simplified Term 20 plan includes:

• Coverage from $50,000 to $1,000,000.
• Age eligibility to apply: 18-55.
• A 10-day money-back guarantee.
• Simplified underwriting.
• An advisor-free application process.
• Instant and electronic policy issuance upon approval.

Both the Scotia Simplified Term 10 and Term 20 Life Insurance plans offer convenient online applications and coverages of up to $1,000,000. These plans are underwritten and issued by The Empire Life Insurance Company and distributed by BNS Insurance Agency Inc.

Frequently asked questions