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What is term life insurance?

Scotia Term life insurance can help provide financial protection for your loved ones for a period of time if you should pass away.

It is flexible life insurance coverage that can help to cover short-term or longer-term debts like car loans and mortgage loans, pay for other expenses like school tuition and small business planning or help with family income replacement.

Did you know?

We offer some of the lowest priced term life insurance products across the country.1

Term Life Insurance features:

Affordable rates

Benefit from rates as low as $10.58 per month for $250,000 of coverage.2

Flexible coverage amount

Choose from $10,000 up to $20 million of life insurance protection (depending on the product).

Rates guaranteed for each term

Fixed rate for each full term of coverage with increases at each renewal.

Renewable & Convertible

Coverage automatically renews at the end of each term. You can convert your fully underwritten term coverage into a permanent life insurance coverage anytime up to age 75.3

Easy payment options

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

10-day review period

If you decide this coverage is not right for you, you can cancel within 10 days of initial policy delivery and any premiums already paid will be refunded.

Coverage is currently not available in Nunavut.

Scotia Term life insurance coverage options:

Scotia Term 10

10 years of coverage if you are looking to pay mortgages, debts, final expenses or for small business planning.



Scotia Term 15

Provides short-term cost-effective coverage to help protect your loved ones with income replacement and covering final expenses.


Scotia Term 20

Helps protect your loved ones for the next 20 years for family income replacement, paying mortgages, debts, and final expenses.

Scotia Term 25

Provides insurance protection over a term that matches most new residential mortgages.



Scotia Term 30

The longest term insurance option that provides 30 years of coverage with guaranteed rates.



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

Ready to apply?


Speak to an advisor today for Scotia Term 10, 1520, 25, and 30 Term Life coverages

  • Coverages available up to $20 million

Call us toll-free
Monday to Friday
8 am-8 pm ET


Convenient application for Scotia Simplified Term 10 and Term 20 products.

  • Coverages available up to $1,000,000
  • No medical exams