ScotiaLife Financial
Encyclopedia
ScotiaLife Financial is a Canadian insurance subsidiary of Scotiabank
(also known as Bank of Nova Scotia
). Through this brand, Scotiabank Group markets commercial insurance products to the general public, predominantly individuals and families
. The company offers insurance products ranging from life insurance
, health insurance
, auto insurance
, travel insurance
, and creditor insurance.
by Scotia Life Insurance Company. In fact, Scotia Life Insurance Company is a subsidiary of Scotiabank and is the underwriter for all insurance policies sold by the Bank.
ScotiaLife insurance policies cannot currently be purchased in Scotiabank branches.
, only term life insurance plans
. The term plans can be taken out for one, 10 or 20 years. There is a quasi-permanent term life insurance policy that will stop collecting premiums after the client turns 100 years old. The maximum total insurance coverage allowed per client is $500,000 for any combination of the long-term life insurance plans.
As is common with accidental death policies, ScotiaLife's policy does not cover accidents occurring while the client is under the influence of drugs
not prescribed by a doctor, illegal drugs, or alcohol. Also exempt are suicide, overdose with toxic
or poisonous substances
, injury of an athlete during a professional sporting
event, and war-related injuries and accidents. Natural death or death due to illness are not covered either. Due to these limitations, the process of claiming the policy benefit
may be relatively difficult and will likely require post-mortem medical assessment
of the deceased and official investigation of the accident.
, and health & dental insurance
.
Scotiabank
The Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial,...
(also known as Bank of Nova Scotia
Scotiabank
The Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial,...
). Through this brand, Scotiabank Group markets commercial insurance products to the general public, predominantly individuals and families
Family
In human context, a family is a group of people affiliated by consanguinity, affinity, or co-residence. In most societies it is the principal institution for the socialization of children...
. The company offers insurance products ranging from life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
, health insurance
Health insurance
Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care expenses among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is...
, auto insurance
Vehicle insurance
Vehicle insurance is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom...
, travel insurance
Travel insurance
Travel insurance is insurance that is intended to cover medical expenses, financial default of travel suppliers, and other losses incurred while traveling, either within one's own country, or internationally...
, and creditor insurance.
Overview of policies
Life insurance policies sold via ScotiaLife Financial are underwrittenUnderwriting
Underwriting refers to the process that a large financial service provider uses to assess the eligibility of a customer to receive their products . The name derives from the Lloyd's of London insurance market...
by Scotia Life Insurance Company. In fact, Scotia Life Insurance Company is a subsidiary of Scotiabank and is the underwriter for all insurance policies sold by the Bank.
ScotiaLife insurance policies cannot currently be purchased in Scotiabank branches.
Life insurance
ScotiaLife does not offer permanent life insurance policiesPermanent life insurance
Permanent life insurance is a form of life insurance such as whole life or endowment, where the policy is for the life of the insured, the payout is assured at the end of the policy and the policy accrues cash value....
, only term life insurance plans
Term life insurance
Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or...
. The term plans can be taken out for one, 10 or 20 years. There is a quasi-permanent term life insurance policy that will stop collecting premiums after the client turns 100 years old. The maximum total insurance coverage allowed per client is $500,000 for any combination of the long-term life insurance plans.
Accidental death insurance
Available insurance benefits range from $2,000 to $350,000 and come in $25,000 intervals. The benefit amounts of ScotiaLife clients are halved at age 75 and the Insurer will cease to offer insurance protection to 80-year old clients and older. While ScotiaLife states that accidents are the 5th most common cause of death in Canada, they in fact only amount to 4.23% of deaths in the country.As is common with accidental death policies, ScotiaLife's policy does not cover accidents occurring while the client is under the influence of drugs
Drug
A drug, broadly speaking, is any substance that, when absorbed into the body of a living organism, alters normal bodily function. There is no single, precise definition, as there are different meanings in drug control law, government regulations, medicine, and colloquial usage.In pharmacology, a...
not prescribed by a doctor, illegal drugs, or alcohol. Also exempt are suicide, overdose with toxic
Toxicity
Toxicity is the degree to which a substance can damage a living or non-living organisms. Toxicity can refer to the effect on a whole organism, such as an animal, bacterium, or plant, as well as the effect on a substructure of the organism, such as a cell or an organ , such as the liver...
or poisonous substances
Poison
In the context of biology, poisons are substances that can cause disturbances to organisms, usually by chemical reaction or other activity on the molecular scale, when a sufficient quantity is absorbed by an organism....
, injury of an athlete during a professional sporting
Sport
A Sport is all forms of physical activity which, through casual or organised participation, aim to use, maintain or improve physical fitness and provide entertainment to participants. Sport may be competitive, where a winner or winners can be identified by objective means, and may require a degree...
event, and war-related injuries and accidents. Natural death or death due to illness are not covered either. Due to these limitations, the process of claiming the policy benefit
Cause of action
In the law, a cause of action is a set of facts sufficient to justify a right to sue to obtain money, property, or the enforcement of a right against another party. The term also refers to the legal theory upon which a plaintiff brings suit...
may be relatively difficult and will likely require post-mortem medical assessment
Autopsy
An autopsy—also known as a post-mortem examination, necropsy , autopsia cadaverum, or obduction—is a highly specialized surgical procedure that consists of a thorough examination of a corpse to determine the cause and manner of death and to evaluate any disease or injury that may be present...
of the deceased and official investigation of the accident.
Health insurance
ScotiaLife has three categories of health insurance in its portfolio. There is hospitalization insurance, critical illness insuranceCritical illness insurance
Critical illness insurance or critical illness cover is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy....
, and health & dental insurance
Dental insurance
Dental insurance is a type of health insurance designed to pay a portion of the costs associated with dental care. There are several different types of individual, family, or group dental insurance plans grouped into three primary categories: Indemnity which allows you to see any dentist you want...
.
See also
- ScotiabankScotiabankThe Bank of Nova Scotia , commonly known as Scotiabank , is the third largest bank in Canada by deposits and market capitalization. It serves some 18.6 million customers in more than 50 countries around the world and offers a broad range of products and services including personal, commercial,...
- Scotiabank PlaceScotiabank PlaceScotiabank Place is a multi-purpose arena, located in Kanata, a suburban district of Ottawa, Ontario. It is home to the Ottawa Senators of the National Hockey League. It has also hosted the Canadian University Men's Basketball Championship...
- Scotia PlazaScotia PlazaScotia Plaza is a Postmodern commercial office complex in the city of Toronto, Ontario, Canada. The complex is situated in the financial district of the downtown core, and is generally bordered by Yonge Street on the east, King Street West on the south, Bay Street on the west, and Adelaide Street...
- Scotiabank Saddledome
- Manulife FinancialManulife FinancialManulife Financial Corporation , is a Canadian insurance company and financial services provider. Manulife Financial's global head office is located in Toronto, Canada and the Company has operations in 21 countries and territories worldwide.The Company operates in Canada and Asia through the brand...
- Sun Life FinancialSun Life FinancialSun Life Financial Inc. is an international financial services company known primarily as a life insurance company. Based in Toronto, Canada, Sun Life and its partners provide insurance, retirement and investment solutions for individuals and businesses around the world including Canada, the United...
- Life insuranceLife insuranceLife insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
- Term life insuranceTerm life insuranceTerm life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or...
- Financial District, TorontoFinancial District, TorontoThe Financial District is a business district in Toronto, Ontario, Canada, within the downtown core. It was originally planned as New Town in 1796 as an extension of the Town of York . It is the main financial district in Toronto, and is the financial heart of Canada...