Scotia Life Insurance mainly provides term life insurance. Term life insurance is a simple and cost-effective life insurance policy option. The coverage lasts for a specific period, and if you pass away within the policy’s term, your family receives the death benefit. Scotia’s online application process is quick and simple and pricing competitive. However, their life insurance products are only available to Scotia Bank customers. Continue reading our detailed Scotia Life Insurance review to find out if they are the right insurer for you.
Who are Scotia Life Insurance?
Scotia Life Financial is the life insurance subsidiary of Scotia Bank, the third-largest bank in Canada. They entered the insurance market through its subsidiary in 2009, as banks are not allowed to sell insurance products directly. Scotia Life Financial sell their products through their own captive agents and offer several types of financial protection as well as life insurance, including home and auto insurance.
However, Scotia life insurance products are available only to Scotiabank customers.
Scotia Life Facts & Financial Information
- Founded: 1900
- Head Offices: Downtown Toronto, ON
- AM Best Financial Strength Rating: A
- BBB Rating: N/A
- Financial Assets: $1 trillion
When shopping for life insurance, always take into account the financial stability of the selected insurers. After all, picking an insurer that then went bankrupt would not only mean a loss of investment but also having to buy the insurance coverage all over again from another carrier.
You can get an idea about a company’s financial soundness by checking its AM Best score. The AM Best Company focuses on the insurance industry and is one of the most reputable credit rating agencies there is. They gave Scotia Life an A (Excellent) rating, which demonstrates that this company is financially stable.