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, especially individuals and families. The company offers insurance products ranging from life insurance, health insurance, car insurance, travel insurance, and creditor insurance.
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Policy overview
The life insurance policies sold through ScotiaLife Financial are borne by The Scotia Life Insurance Company . In fact, the Scotia Life Insurance Company is a subsidiary of Scotiabank and is a guarantor for all insurance policies sold by the Bank.
The ScotiaLife insurance policy can not currently be purchased at the Scotiabank branch.
Life insurance
ScotiaLife does not offer a permanent life insurance policy, only a term life insurance plan. The term plan can be taken for one, 10 or 20 years. There is a quasi-permanent term life insurance policy that will stop collecting premiums after a 100-year-old client. The maximum amount of insurance allowed per client is $ 500,000 for each combination of long term life insurance plans.
Unintentional death insurance
The available insurance benefits range from $ 2,000 to $ 350,000 and come in a $ 25,000 interval. The total benefit of ScotiaLife clients is halved at the age of 75 and Insurers will stop offering insurance coverage to 80-year-old and older clients. While ScotiaLife claims that accidents are the fifth most common cause of death in Canada, they actually account for only 4.23% of deaths in the country.
As is usual with accidental death policies, the ScotiaLife policy does not cover accidents that occur when clients are under the influence of drugs not prescribed by doctors, drugs, or alcohol. Also excluded are suicide, overdose with toxic or toxic substances, athlete injuries during professional sporting events, and injuries related to wars and accidents. Natural death or death due to illness is also not covered. Due to this limitation, the process of claiming the benefits of the policy may be relatively difficult and will likely require post-term medical assessments of the deceased and official investigations of the accident.
Health insurance
ScotiaLife has three categories of health insurance in its portfolio. There are inpatient insurance, critical illness insurance, and health & amp; dental insurance.
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See also
- Scotiabank
- Scotiabank Places
- Scotia Plaza
- Scotiabank Saddledome
- Manulife Financial
- Sun Life Financial
- Life insurance
- Term life insurance
- Financial District, Toronto
References
Source of the article : Wikipedia
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