The Scotia Life Insurance products are sold through Scotia Life Financial. They have developed their life insurance packages so there is something that will be appropriate for the majority of life insurance shoppers. This means that there are options for those who want to personalize their life insurance to a greater degree.

Scotia Term Life Insurance

Most insurance companies that are going to sell life insurance products will always provide an opportunity to buy term life insurance. There is a specific target market for this type of insurance. It is usually applied to those who need financial protection during their younger years while raising a family or getting financially established. Scotia Life has made sure that they are going to give some choices when it comes to term life.

Scotia Term One Life Insurance

For those that want to keep their insurance costs low and are content with a million or less in coverage, this package is a good option for them. Some of its advantages are;

  • It can be renewed up to the age of seventy.
  • It offers flexible coverage options.
  • The payment options are easier to handle.
  • The rates are based on group rates.
  • You get to choose the amount of coverage you want.
  • Scotia Bank customers may have the option to buy up to one million in coverage if they are between 18 to 64 years of age.

What is the Difference?

This is considered to be a short-term policy with low premium rates and is renewable up to age 70. It is a group insurance policy reserved for Scotia Bank Customers.

What is not covered

If death occurs within the first two years that the policy was signed. If the death was as a result of suicide or self-destruction.

Scotia Term Ten Insurance

A lot of people are satisfied with having no more than $250,000 worth of term insurance. For them, Scotia has provided them with this option.

  • Coverage choices are between $25,000 to $250,000.
  • Rates are affordable.
  • Rates are fixed for the ten-year terms.
  • No medical exam is required.
  • There is a special terminal illness benefit.
  • Guaranteed rates on automatic renewals.
  • Money back guarantee within a thirty day period.

What is the Difference?

The term of coverage is considered to be of medium length, but the rates are still low. It can be renewed up to age 75.

What is Not Covered

As with the other insurance packages, death as a result of suicide within the first two years of coverage or within two years of renewals is not covered.

Scotia Term Twenty Insurance

For those who want a more long-term life insurance but still want to stay within the term life products then this twenty-year term is a good option. Some of its highlights are;

  • It is available to those who are between 18 to 55 years of age.
  • Locked in rates.
  • Coverage is between $25,000 to $250,000.
  • There is a special terminal illness benefit.
  • Guaranteed rates on automatic renewals.
  • Money back guarantee within a thirty day period.

What is the Difference?

This is a longer-term coverage, and it is the same as the other offerings other than its term.

What is Not Covered

Again death by suicide is not covered.

Scotia Term 100 Life Insurance

This offers up to $250,000 in coverage. Some people are quite satisfied with the basics of what term life insurance offers them. Their preference is to carry this type of insurance throughout their lifetime. With the Term 100, they don’t have to worry about reaching an age where they don’t have renewable options. Some of the highlights of its coverage are;

  • Lifetime protection.
  • No premiums payable after the age of 100.
  • Same benefits as what the other term products offer.

What is the Difference?

There is no term ending to be concerned about. It is lifetime coverage, so there are no renewables to be taken care of.

What is Not Covered?

Death by suicide as it pertains to the other term policies.

Scotia Life Guaranteed Life Insurance

Not everyone wants or needs term insurance. Many insurance shoppers preferred to have want they consider as traditional life insurance. Scotia has an insurance product for them. The highlights of this life insurance are;

  • Coverage for the life of the insured.
  • Fixed monthly premiums.
  • Premiums stop after the age of ninety.
  • Terminal illness benefit.
  • Accidental death benefit.
  • A review period for thirty days.
  • Acceptance guaranteed for those between the ages of 50 to 75.
  • No medical exam.
  • No health questions.

There are a lot of great benefits to this particular Scotia life insurance product. The policy does have to be in effect for two years before full benefits are paid out. In the event the cause of death was not one covered by the policy then the premiums paid plus interest will be refunded.

What is Not Covered

This insurance product has to be carefully reviewed as there are several circumstances that are not covered. Which is standard with most types of these types of life insurance policies. However, all life insurance policies are not the same so assumptions should not be made.

Scotia Life Accidental Death Insurance

Another form of life insurance is one that only pertains to accidental death. Meaning that the policy will only be valid if the cause of death was as a result of an accident. Scotia bank feels that this is an important life insurance policy to offer because during the years 2006 to 2008 the second leading cause of death was as a result of accidents; Some of the highlights of this coverage are;

  • A living benefit.
  • Guaranteed Acceptance for Scotia bank customers.
  • Tax-free benefits.
  • Available to those between the ages of 18 to 74.
  • No medical questions.
  • Flexible payment option.
  • Complimentary accidental death insurance of $5,000.
  • An option for critical injury benefit.

Conclusion

The insurance packages offered by Scotia Bank are provided with the concept that the individual packages meet the needs of different insurance shoppers. They come with flexibility, affordability, and options.

Resources

https://www1.scotialifefinancial.com/slf/en/0,,5086,00.html
https://www1.scotialifefinancial.com/slf/en/0,,5087,00.html