Coming soon:
Scotia Guaranteed Life Insurance

You’re eligible to apply for Scotia’s Guaranteed Life Insurance if:

• You’re a Canadian resident*
• You’re between 25 and 75 years old

Your acceptance is guaranteed, and we won’t ask you any health questions.

^{**Not available in Quebec or Nunavut}

Scotia’s Guaranteed Life Insurance provides permanent coverage as long as premiums are continued to be paid until age 90. Your monthly premium payments won’t change with your age or health status, as long as your policy remains in effect.

When you pass away after two years of uninterrupted coverage, the insurer will pay a death benefit to your beneficiary, or your estate, based on your coverage option. In case of accidental death, prior to age 75 and after two years of uninterrupted coverage, your beneficiary or estate will receive 5 times your chosen coverage amount.

If you pass away in the first two years of coverage, the benefit will be limited to the premiums paid up to the date of your death.

The cost of your premiums can depend on a few factors, such as age, smoking status, sex at birth and selected coverage amount.

We have several options you can choose from based on your budget. Speak to one of our licensed advisors for more information.

Your policy will become fully paid up on the policy anniversary date following the insured’s 90th birthday, and you won’t have to pay any more premiums.

Coverage starts on the policy’s effective date.  It ends on the earliest of:

• The date you request to cancel the policy;
• The date of your death;
• At the end of the grace period if premiums are unpaid; or 
• On the policy anniversary following your 100th birthday.  At that time, the death benefit will be paid to you.

Term life insurance:

• Provides coverage for a limited period, usually 10 to 30 years
• Pays out a benefit if the insured person passes away during the term
• Can be renewed at the end of a term
• Premiums can change based on age and health status at renewal
• Application must be approved before the policy is issued
• Can require a medical exam for approval
• Can often be used to cover expenses like car loans, mortgages, loss of income for family, and small business costs

Guaranteed life insurance:

• Is permanent life insurance that provides permanent coverage^* and doesn't need to be renewed
• Does not require a medical exam
• May be more expensive than term life insurance but has coverage options for your budget
• Premiums don’t change while the policy is in place
• Pays a death benefit as long as premiums are paid on time^*
• Guarantees approval when you apply for coverage
• Is often used to cover final expenses or leave a gift to family or charity

Choose the life insurance that’s right for you depending on your financial goals and coverage needs.

We offer simple and easy payment options. For example, you can set up automatic withdrawals from your bank account to pay your monthly premiums.