Scotia Term Life Insurance

Protect and support your loved ones

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?

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
How much coverage do I need?

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.

 

NEW

Scotia Term 15

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

Popular

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?

Phone


Speak to an advisor today for Scotia Term 10, 15, 20, 25, and 30 Term Life coverages

  • Coverages available up to $20 million


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

Online

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

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

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 85% 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 February 5, 2024. WinQuote® is a world-wide trademark and service mark of CompuOffice Software Inc. 
2
Calculation is for informational purposes only and based on a initial term for a 30 year old female applicant who is a non-smoker applying for $250,000 of Scotia Term 10 Life Insurance.
3
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.