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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.
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