Affordable life insurance in Nova Scotia? Yes please!
Nova Scotians can save on term life insurance with PolicyMe.
Compare term life insurance quotes
Average starting term life insurance cost for $500,000 over 20 years
Age | Premiums For Women | Premiums For Men |
|---|---|---|
30 | $20.68 | $29.67 |
35 | $22.93 | $31.29 |
40 | $33.27 | $44.96 |
45 | $51.25 | $71.49 |
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How much is life insurance in Nova Scotia?
Life insurance in Nova Scotia can generally cost anywhere from $15 to $100 a month. But take note! The cost of your life insurance will depend on your age, smoker status, gender, type of policy, health background and more.
Men, smokers, people with pre-existing health conditions, older Nova Scotians and those with whole life or universal life insurance will likely pay more, with rates running hundreds of dollars a month in some scenarios.
What are the best life insurance companies in Nova Scotia?
Best for | Company |
|---|---|
Existing customers | Scotiabank |
Term life insurance | PolicyMe |
Cash value life insurance | Sun Life |
Credit union members | Cumis |
Permanent life insurance | Manulife |
Seniors & pre-existing conditions | Canada Protection Plan |
Laddering policies | Wawanesa |
Smokers | IA Financial |
CAA members | CAA Insurance |
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Why is our life insurance more affordable than competitors in Nova Scotia?
Roughly 40% of a life insurance policy's rate is used for distribution and underwriting costs.
We've nixed all of the extra administration and fluff with technology to help you save time and money!
You get fully underwritten, high-quality life insurance coverage, but at a more budget-friendly price.
Life insurance in Nova Scotia, at a glance
52 life insurance providers
Nova Scotian family have options, with over 50 different providers to choose from.1
Real estate prices have gone up 20%
Housing costs are going up in Nova Scotia, making life insurance an increasingly important choice.2
Median age for policyholders is 45
This is on the older end of the spectrum; for example, the median age is 38 in MB, SK and AB.3
740,000 Nova Scotians have insurance
People in Nova Scotia have $346,000 in coverage, on average.3
Life insurance rates have gone down 40%
In the past 5 years, life insurance rates in Nova Scotia have dropped by almost half.4
$360M in life insurance payouts
For Nova Scotia policyholders with life insurance benefits in 2021.5
1 According to Nova Scotia's Finance and Treasury Board
2 The Canadian Real Estate Board, Nova Scotia Association of Realtors
3 Canadian Life & Health Insurance Facts, 2022 Edition
4 Solutions Financial, Nova Scotia Life Insurance Quotes
5 Canadian Life and Health Insurance Association, Provincial Facts and Figures, 2021 Edition
How does life insurance work in Nova Scotia?
1. Decide on the type of policy you need
Do you face financial risks that are temporary? Think of things like dependents, minor kids, or large debts like a mortgage. You likely need term life insurance. Do you face permanent risks like permanent dependents (a disabled child, elderly parents) or need complex estate planning? You might need permanent life insurance, like whole or universal.
2. Research insurance providers in Nova Scotia
Look for life insurance companies with a good reputation that are licensed to operate in Nova Scotia. Make sure to look at customer reviews and research their policy offerings and financial stability as a company. You have the option to use a broker or do your own research.
3. Compare the different life insurance policies and providers
After you've narrowed down your list of life insurance companies, look at whether they have the coverage amounts and term lengths you want. Verify whether they have any extra features or riders you require.
4. Figure out how much coverage your family needs
Do you need a smaller sum like $100,000 or $1M in life insurance coverage? How much capitol would your family need if you passed? You can calculate 7-10x your annual income as a rough estimate, but use an online calculator or talk to an insurance professional to double-check after.
5. Complete an application from your chosen insurance company
Fill out your life insurance application, which you can do either online or through an agent. Make sure to give fully accurate information, including your name, contact details, date of birth, relevant lifestyle info and your health background.
6. Provide any documentation or medical information as needed
Some insurance companies require medical records, a medical examination, or answering more health-related questions. You’ll also need to prepare any necessary documents, like identification, verification of your income and beneficiary details.
7. Wait for the decision and final premium rate
The insurance company evaluates your application, assesses the risk of covering you by looking at your your health and lifestyle and will then determine the premium. At this point, you may get approved, be asked for more information or get declined.
8. Sign the policy once it's been approved
Once the application gets approved, carefully review the policy terms and conditions in your policy contract that your provider will send over before you sign! Understand the coverage details, premium payments, beneficiaries and any exclusions.
FAQs: Life insurance Nova Scotia
Life insurance is worth it in Nova Scotia because of the financial security blanket it offers to you and your family. If you have someone that relies on you for your financially, some form of life insurance coverage is definitely worthwhile.
Why? If you pass away, your dependents might need help with things like living expenses, the mortgage, loans, education costs or funeral expenses. You can look at life insurance options that fit in with your needs and find affordable coverage.
Mortgage life insurance is not mandatory in Nova Scotia. And take note: mortgage life insurance also tends to have fewer benefits for your family compared to term life insurance coverage.
The payout from your mortgage life insurance policy goes to your bank or mortgage lender, not your beneficiaries! A term insurance policy that covers the value of your mortgage will help you and your loved ones feel financially secure (while being more budget friendly!).
Life insurance can cover suicide in Nova Scotia but it will highly depend on the suicide clause in the policy. Very often, policies will have a clause states that if the policyholder dies by suicide within two years of the policy's issuance, the policy becomes void. In this scenario, the beneficiaries will only get a refund on the premiums paid toward the policy.
After two years, the life insurance policy will be valid. Generally, if you have a history of mental illness, you won't have a different suicide clause compared to someone else. But, every life insurance provider will have different stipulations, so compare policies before buying one.
Learn about life insurance options in other Canadian regions
Life insurance by province
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