Scotia Term Life Insurance

Get some of the lowest-priced term life insurance in Canada1.

Special Offer

Save 10% on first year premiums*

We offer preferred rates for eligible customers. Speak to a licensed advisor to learn more.

1-800-261-5923

What is term life insurance?

Term life insurance will cover you for a set period: 10 years, 15 years, 20 years, or more.  

If you pass away, a tax-free, lump-sum payout2 can help cover debts, pay expenses, and replace the income your loved ones rely on. 

We understand your needs might change. That’s why most term life policies offered by Scotia Insurance allow the insured person to renew after the term ends. Premiums increase at each renewal. The term life policy can even be converted to a whole life insurance policy, which offers lifelong coverage. 

Term Life Insurance features

Most affordable rates 

Canadian residents can benefit from insurance rates as low as $10.58 per month for $250,000 of coverage when you call us to apply.3 

Flexible coverage amount 

Choose from $10,000 up to $20 million of life insurance protection, depending on the product and age of the applicant. 

Rates guaranteed for each term 

Lock in a rate that’s guaranteed to stay the same throughout your term. 

Renewable and convertible 

Plan for your financial future knowing how much your premiums will go up if you decide to renew. Coverage automatically renews at the end of each term. Your regular term life insurance can be converted into permanent life insurance anytime up to age 75.4  

Easy payment options 

Pay your monthly premium with automatic withdrawals from your bank account.

10-day review period 

Cancel within 10 days of your initial policy delivery and any premiums already paid will be refunded.  

Exclusion: Coverage is currently not available in Nunavut.

Did you know?

We offer some of the lowest-priced term life insurance quotes across Canada.1
How much coverage do I need?

Scotia Term life insurance coverage options

Scotia Simplified Term Life Insurance

Get renewable6 coverage instantly online with no medical exam.  

Coverage: $50,000 to $1 million7 
Term length: 10 or 20 years
Age eligibility to apply: 18 to 60 
Renewal rate: Provided at selected Term Renewal 
Convertible to whole life insurance: No  

Apply onlineto get Simplified Term Life insurance
Call for our best ratesto get a low-cost Term Life insurance quote

Scotia Term Life Insurance 

Choose from our widest range of term options. A medical exam may be required and most policies are issued within five days by email. 

Coverage: $10,000 to $20 million7 
Term length: 10, 15, 20, 25, or 30 years
Age eligibility to apply: 18 to 75 
Renewal rate: Guaranteed8 
Convertible to whole life insurance: Yes

Speak with an advisorto get a Term Life insurance quote

Scotia Term Life insurance is underwritten and issued by The Empire Life Insurance Company and distributed by BNS Insurance Agency Inc. 

What’s not covered 
Suicide is not covered during the first 2 years of coverage (or within 2 years after any coverage reinstatement). 

Life insurance for all

Life insurance premiums vary based on factors like your age, sex at birth, smoking status, and coverage needs. Get a closer look at who’s paying what.5  

JUST GETTING STARTED

Jacob, 27 

Male non-smoker 

 

Jacob’s focused on building his career right now before starting a family. But even though he doesn’t have any dependents (yet!), he knows locking in a low life insurance rate at his age just makes sense. His premium costs less every month than going out for lunch.   

 

Coverage: $100,000 
Term: 20 years 
Monthly rate: $10.17 

THERE FOR FAMILY

Amina, 35 

Female non-smoker 

 

As a new mom, Amina’s whole world has changed — including how she thinks about life insurance. That’s why she budgets just a little every month to ensure her little one will be safe and secure no matter what.  

 

Coverage: $250,000 
Term: 30 years 
Monthly rate: $24.53

INVESTING IN HIS FUTURE

Carlos, 46 

Male non-smoker 

 

Carlos lives a busy life, but always has one eye on the future. One of his hacks? Getting a life insurance policy while his health is in great shape. That way, no matter what’s next, he knows he’ll benefit from guaranteed approval and no medical exam when it comes time to renew. 

 

Coverage: $500,000 
Term: 15 years 
Monthly rate: $63.00

A LITTLE GOES A LONG WAY

Lakshmi, 51 

Female non-smoker 

 

Working in marketing for over 25 years, Lakshmi has a lot to be proud of. But now her priorities are shifting as she looks forward to her retirement plans, including spending more time with loved ones. A term life insurance policy balances the financial security she wants for her family with affordable term payments. 

 

Coverage: $160,000 
Term: 25 years 
Monthly rate: $56.20

Frequently Asked Questions

Ready to apply?

Scotia simplified term life insurance 

  • Choose between 10- and 20-year terms 
  • Get up to $1 million in coverage 
  • No medical exams 

Apply online 

Scotia term life insurance 

  • Choose between 10-, 15-, 20-, 25-, and 30-year terms 
  • Get up to $20 million in coverage

Explore other life insurance options

Scotia Guaranteed Life Insurance9 

  • Fixed premiums 
  • Life-long protection 
  • Apply for up to $50,000 in coverage 
  • Guaranteed acceptance with no medical exam 

Scotia Term to 100 Whole Life Insurance10 

  • Fixed premiums  
  • Life-long protection 
  • Apply for up to $20 million in coverage 
  • May require medical exam 
®

Scotia Insurance is a registered trademark of The Bank of Nova Scotia, used under license by BNS Insurance Agency Inc.

Scotia Term life insurance is underwritten and issued by The Empire Life Insurance Company (Empire Life) and distributed by BNS Insurance Agency Inc. The Empire Life Insurance Company: 259 King St East, Kingston, ON K7L3A8, Tel: 1-877-548-1881, www.empire.ca

All insurance coverage is subject to certain limitations, restrictions and exclusions outlined in the life insurance policy.

Coverage is currently not available in Nunavut

*
To qualify for the Scotia Affinity Rate premium discount of 10% on premiums (“Scotia Insurance Affinity Rate”) in the first policy year of a Scotia Term Life insurance policy issued by Empire Life, you must be either (i) a customer or employee of The Bank of Nova Scotia, (ii) a customer or employee of another member of the Scotiabank group of Companies or (iii) a member or employee of SCENE+ loyalty program at the time you sign your insurance application. Scotia Insurance and/or The Empire Life Insurance Company may require additional information to validate your eligibility. This offer cannot be combined with any other offer and may be changed, withdrawn, suspended or extended at any time without notice, subject to applicable law.
1
Initial annual premium rates for Scotia Term Life Insurance 10, 15, 20, 25 and 30 are ranked first, second or third across greater than 98% of all age and coverage amounts up to $1 million dollars compared to the initial annual premiums of other comparable term products shown on WinQuote® quote insurance comparison and information service as of April 24, 2025. WinQuote® is a world-wide trademark and service mark of CompuOffice Software Inc. 
2
Payout is upon death of the life insured and is subject to contract terms. Insurance contract must be in force at time of death.
3
Calculation is for informational purposes only and based on a initial term for a 30 year old healthy female applicant who is a non-smoker applying for $250,000 of Scotia Term 10 Life Insurance.
4
Guaranteed renewal at the end of term and ability to convert to a permanent life insurance policy are not available for Scotia Simplified Term 10 and Scotia Simplified Term 20 coverages that are enrolled for online. Premium rates will increase at renewal.
5
Calculations are for informational purposes only.
6
Renewable to age 75.
7
Coverage varies depending on applicant’s age.
8
Term 25 and Term 30 premiums are guaranteed level for the duration of their terms, and then increase yearly to age 85 at which time premiums remain the same to age 100.
9

Scotia Guaranteed Life Insurance is arranged for by BNS Insurance Agency Inc. (“BNSIA”) and serviced by Combined Insurance Company of America (“Combined”). Policies are underwritten, and claims are handled by, Combined. Combined Insurance Company of America, Canadian Head Office:

P.O. Box 3720, MIP
Markham, ON L3R 0X5
https://www.combinedinsurance.com 

10
Scotia Term to 100 Whole Life Insurance is underwritten by The Empire Life Insurance Company and Distributed by BNS Insurance Agency Inc.  The Empire Life Insurance Company: 259 King St East, Kingston, ON K7L3A8, Tel: 1-877-548-1881, www.empire.ca