Scotialife Critical Illness Insurance Review

Critical illness insurance can prove to be a lifesaver if the worst happens. Serious illnesses like stroke, heart attack, or cancer impact not only your health but also have serious financial implications.

Critical illness insurance pays you a lump sum to help you defray medical costs and take care of daily living expenses, allowing you to concentrate on getting better without worrying about how you will pay your bills.

If you are interested in buying critical illness insurance, Scotialife may be a good option. But what does their critical illness insurance plan cover? What are its main features, advantages and limitations, and costs? Is it the right fit for you?

Read our in-depth review of Scotialife critical illness insurance to find out the answers. 

Who is Scotialife?

Scotialife is the insurance subsidiary of Scotia Bank, which is one of the biggest banks in Canada. Scotia Bank started selling insurance products through its subsidiary in 2009, since banks can’t directly offer these products. Apart from life, disability, and critical illness insurance, Scotialife offers a range of other insurance solutions, including home insurance, auto insurance, and Scotia life insurance.

Our review of Scotialife Critical Illness

Scotialife offers both basic and comprehensive critical illness coverage. The basic plan protects you from three common critical illnesses (cancer, stroke, and heart attack) and provides coverage of up to $100,000. The other plan, in contrast, covers 22 illnesses, but has a much smaller coverage limit ($25,000). Both of these plans let you skip the medical exam, meaning you can buy coverage even with a pre-existing condition. 

Scotiabank’s critical illness insurance, however, is not flexible since there’s no option to add riders such as the return of premium and early detection rider. These plans are available only to existing Scotiabank customers, provided they are residents of Canada and fall within a certain age range (18-64 for the basic plan and 20-74 for the comprehensive plan). 

Pros and Cons of Scotialife Critical Illness Insurance

What does critical illness from Scotialife offer?

Scotialife offers two critical illness insurance plans: Scotia Critical Illness and Scotia Enhanced Critical Illness.

1. Scotia Critical Illness Insurance

This is a basic critical illness insurance plan, offering protection against three common serious illnesses. 

Key Highlights

• Benefit amount options: $25,000, $50,000, $75,000, and $100,000
• Covered illnesses: Life-threatening cancer, stroke, and heart attack
• Waiting period: 30 days
• Medical exam: No
• Review period: 30 days (You can cancel coverage within 30 days if you change your mind and get a full refund)
• Return of premium rider on expiry/cancellation/death: No
• Early detection rider: No

Who can apply?

You can apply for Scotialife Critical Illness Insurance plan if you are: 

• between the ages of 18 and 64 
• a Canadian resident and an existing customer of Scotiabank or a spouse of an existing customer

Can be a good option if you: 

• want to protect yourself against the three most common serious illnesses (cancer, stroke, and heart attack)
• do not require more than $100,000 of coverage

2. Enhanced Critical Illness Insurance

This plan covers 22 illnesses, but has a much lower benefit amount than the previous plan. 

• No. of illnesses covered: 22
• Benefit amount options: $10,000 to $25,000
• Additional benefit: $200,000 or $500,000 is paid in the event of 4 life-altering conditions (dismemberment, blindness, loss of independence, or paralysis)
• Guaranteed acceptance: Yes (No medical exam or questionnaire required)
• Waiting period: 30 days
• Review period: 30 days (You can cancel coverage within 30 days if you change your mind and get a full refund)
• Return of premium rider on expiry/cancellation/death: No
• Early detection rider: No

Who can apply?

You can apply for Scotialife Critical Illness Insurance plan if you are: 

• between the ages of 20 and 70
• a Canadian resident and an existing customer of Scotiabank or a spouse of an existing customer (not available in Nunavut and Quebec)

Can be a good option if you: 

• want to protect yourself against many critical illnesses and not just the most common ones
• do not require more than $25,000 of coverage

What does Scotialife critical illness insurance cover?

Scotialife’s basic critical illness insurance plan covers the three most common serious illnesses:

• Cancer (life-threatening)
• Stroke
• Heart attack

Its Enhanced plan, in contrast, protects against 22 serious illnesses. 

How much does Scotialife critical illness insurance cost?

Scotialife critical illness premium rates are competitive, but it is not possible to predict how much you will pay for the plan. This is because critical illness premiums are based on many personal factors, including: 

• Age
• Medical history
• Pre-existing conditions
• The benefit amount

In general, premiums are lower for younger, healthier people. The same is true for smaller benefits amounts. Like many other Canadian insurers, Scotialife doesn’t offer online quotes for its critical insurance plans. You will need to speak to one of their advisors to find out the exact insurance cost for you. 

Applying for Scotialife critical illness insurance

There are two ways in which you can apply for critical illness cover with Scotialife. You can apply online through their website or call 1-866-292-3512 to speak to an advisor directly. 

Conclusion

Scotialife offers a basic and comprehensive plan (no medical required) at group rates to existing Scotiabank customers and their spouses. The basic plan covers three major illnesses (cancer, stroke, and heart attack) and offers coverage of up to $100,000.

The comprehensive plan protects against 22 major illnesses, but the coverage amount is rather limited ($10,000 - $25,000). However, in the event of a covered life-altering condition, it can pay up to $500,000 in benefits. 

Not a Scotiabank customer? Don’t worry, there are many providers out there who offer affordable critical illness insurance coverage. A Dundas Life insurance advisor can walk you through your options and help you pick a product that’s right for you.

FAQs

Are there any waiting periods associated with Scotialife Critical Illness Insurance?

Yes, you need to wait a 30 day waiting period following diagnosis to be eligible for Scotialife critical illness insurance benefits. 

Can I make changes to my Scotialife Critical Illness Insurance policy after purchase?

Depending on the plan chosen, you may be able to make changes to your critical illness insurance plan if your needs change, like increasing the benefit amount or selecting a longer policy term.  

Does Scotialife offer a return of premium rider on its critical illness insurance plans?

No, unlike some other Canadian insurance companies, Scotialife doesn’t offer a return of premium rider. A return of premium rider is a paid add-on that allows you to receive all or part of the premiums if you die without filing a claim or canceling the policy after a certain period or when your policy expires.

How do I file a claim for Scotialife Critical Illness Insurance?

To initiate the claim process in the event of a covered critical illness, contact Scotialife. They will provide you with the necessary forms and instructions to submit your claim. You will receive the payout after completion of the 30-day survival period.