ScotiaLife offers one health insurance plan and two critical illness insurance plans exclusively to Scotiabank customers and their families.
Scotiabank’s health insurance policies generally cost less than the industry average and provide below-average dental, vision, paramedical, and mental health coverage.
As long as you’re in good health, Scotiabank’s Health Insurance Plan can be an affordable choice, but its dental insurance add-on isn’t worth the money.
Is Scotiabank health insurance good?
Given the fact Scotiabank is one of Canada’s “Big 5” banks, you might expect its insurance division, ScotiaLife, to be one of the biggest health insurance providers in the country. Not only is ScotiaLife on the small side, but it also sells just one type of health insurance and two types of critical illness insurance.
In this review, we examine whether Scotiabank makes up for the lack of quantity with quality. Here’s what the big red bank brings to the contest for the best health insurance in Canada:
Scotiabank health insurance pros
15% lower premiums than the industry average*
AA credit rating from DBRS Morningstar, and strong ratings from Fitch, Moody’s, and Standard & Poor’s
A+ rating from the Better Business Bureau
Apply and get a quote online
Large advisor, broker, and customer service network
Multiple ways to get in touch, including email, phone, mail, and social media
Scotiabank health insurance cons
9% less coverage than the industry average
Customer reviews mention issues with delays and cancelling coverage
Low customer review scores on Google Reviews, Insureye, and Trustpilot
Not available in Quebec
Only 1 health insurance plan and 1 optional rider
* On average across all age groups, plans, and regions included in our study.
Our expert take
ScotiaLife’s singular Health Insurance Plan may be cheap, but the low coverage and value of its dental add-on makes it anything but cheerful.
PolicyMe's rankings are based on an independent, data-driven review of Canada's leading health and dental insurance products and providers. Our analysis draws on 1,700+ quotes covering 50+ life insurance products from the seven biggest providers in Canada, sourced from official product websites and supplemented with customer ratings from Google.
Rankings are determined first by star rating (highest to lowest) and then by premiums (lowest to highest). To ensure fairness and accuracy, we only make cost and coverage comparisons between plans with the same type of coverage, pricing tier, and eligibility requirements. Our pricing comparisons always compare quotes for the same age groups within the same region.
Our findings are entirely data-driven and do not include paid placements, but should not be considered a substitute for personalized financial or health advice.
How much does Scotiabank health insurance cost?
Scotia Health & Dental Insurance is one of the most affordable health insurance plans in every province we surveyed, whether or not you add the Dental Insurance Plan to your coverage. The table below shows the approximate monthly price of the standalone Health Insurance Plan and what it costs to add dental coverage every month:
The table displays the approximate average monthly costs of applicants living in Canada. “Children” refers to newborn infants and “Seniors” to 60-year-old adults. “Adults” refers to the age group with the starting age closest to 18, and “Older adults” refers to the age group immediately following “Adults.” Although we strive to ensure accuracy, PolicyMe cannot guarantee the validity of third-party data.
You can’t beat ScotiaLife’s Health Insurance Plan on price, but you can beat it on dental coverage, vision coverage, and just about everything else. Its best feature is its prescription drug coverage, and it’s a great fit if you’re a regular at the pharmacy.
It’s also an underwritten product, meaning your application may include questions about your health and medical history. If your answers aren’t favourable, your health insurance rates probably won’t resemble the low prices in the table below:
Rating
Company
Plan
Premiums*
Coverage**
★★★★☆ (4.0)
ScotiaLife
Health Insurance Plan
$64/month
4% below industry average
★★★★☆ (4.0)
ScotiaLife
Health Insurance Plan with Dental Insurance Plan
$102/month
14% below industry average
* Premiums reflect the approximate monthly cost for an 18-year-old adult living in Canada
** Comparison reflects the total amount of prescription drug, dental, vision, paramedical, mental health, accidental dental, and ambulance coverage versus the industry average for comparable plans.
Health Insurance Plan
ScotiaLife
Health Insurance Plan
(4.0)
How products are rated
Our star ratings are based on a mix of pricing, convenience, customer satisfaction, and coverage. Five-star products offer online quotes, below-average pricing (averaged across all company plans), above-average total coverage, and a four-star rating or higher on Google Reviews.
Pre-existing prescriptions
No drug deductible
4% less coverage
than industry average
How coverage is compared
All coverage comparisons reflect the total amount of prescription drug, dental, vision, paramedical, mental health, accidental dental, and ambulance coverage versus the industry average for comparable plans.
Scotiabank’s no-dental Health Insurance Plan is only available to Scotiabank customers, their spouses, and their dependents, and as far as health insurance premiums go, it’s a terrific deal. Your premiums could be up to 36% lower than the industry average, but you’ll have to put up with extremely limited dental, vision, paramedical, and accidental coverage, plus a one-year waiting period for vision care.
And because it’s underwritten (meaning you may have to answer questions about your health and medical history), your health insurance premiums could end up being much higher.
Pros
1 optional add-on available
30-day money-back guarantee
Includes semi-private hospital accommodations
Cons
Not available in Quebec
Only available to Scotiabank customers, their spouses, and dependents 64 and under
1-year waiting period for vision care
75% of generic, brand-name, birth control, and smoking cessation prescription drugs (up to $10,000 per year)
100% of vision services every 2 years (up to $150 for prescription lenses, frames, and laser surgery, including a $50 limit for eye exams)
75% of visits to mental health professionals (up to $25 per visit and 12 visits combined per year)
75% of accidental dental services (up to $2,000 per year)
75% of ground ambulance transportation (unlimited) and 100% of air ambulance transportation (up to $10,000 per year)
Health Insurance Plan with Dental Insurance Plan
ScotiaLife
Health Insurance Plan with Dental Insurance Plan
(4.0)
How products are rated
Our star ratings are based on a mix of pricing, convenience, customer satisfaction, and coverage. Five-star products offer online quotes, below-average pricing (averaged across all company plans), above-average total coverage, and a four-star rating or higher on Google Reviews.
Pre-existing prescriptions
No drug deductible
14% less coverage
than industry average
How coverage is compared
All coverage comparisons reflect the total amount of prescription drug, dental, vision, paramedical, mental health, accidental dental, and ambulance coverage versus the industry average for comparable plans.
ScotiaLife's Health Insurance Plan (with Dental Insurance) pairs low premiums with coverage to match. It also has several annoying caveats: there's a 3-month dental waiting period, its paramedical coverage carries a $25 per-visit limit, and you must be a Scotiabank customer, their spouse, or their dependent to join.
In our opinion, the Dental Insurance add-on just isn’t worth it. As an adult, you’ll pay an average of $456 in extra premiums per year just to claim $500 dollars on preventative-only dental work, plus $167 out of pocket.
Pros
30-day money-back guarantee
1 optional add-on available
Above-average prescription drug and mental health coverage
Below-average premiums for all ages
Includes semi-private hospital accommodations
Cons
3-month dental waiting period
1-year vision waiting period
Below-average dental and vision coverage
Not available in Quebec
Only available to Scotiabank customers, their spouses, and dependents 64 and under
75% of generic, brand-name, birth control, and smoking cessation prescription drugs (up to $10,000 per year)
Up to 75% of preventative dental services (up to $500 per year)
100% of vision services every 2 years (up to $150 for prescription lenses, frames, and laser surgery, including a $50 limit for eye exams)
75% of visits 10 paramedical professionals (up to $25 per visit, 12 visits per profession, and $800 combined per year, including visits to mental health professionals)
75% of visits to mental health professionals (up to $25 per visit, 12 visits per year, and $800 combined per year, including visits to paramedical professionals)
75% of accidental dental services (up to $2,000 per year)
75% of ground ambulance transportation (unlimited) and 100% of air ambulance transportation (up to $10,000 per year)
How does Scotiabank health insurance compare to other providers?
ScotiaLife loses out on product selection and most types of coverage, but for the right (Scotiabank) customer, it can save a ton of money at the pharmacy. We compare the Health Insurance Plan without the dental add-on to the closest alternatives from Desjardins and Manulife below:
ScotiaLife
Desjardins
Manulife
Plan
Health Insurance Plan
SOLO Health Plus Enhanced Plan with Enhanced Prescription Drugs and Enhanced Dental
DrugPlus Enhanced
Rating
★★★★☆ (4.0)
Not available
Not available
Medical questions required
Yes
Yes
Yes
Premiums*
$64/month
Not available
Not available
Drug coverage
75% of generic, brand-name, birth control, and smoking cessation prescription drugs (up to $10,000 per year)
90% of generic or brand-name prescription drugs (up to $10,000 per year)
90% of generic, brand-name, and birth control prescription drugs (up to $10,000 per year)
Covers pre-existing prescriptions
Yes
No
Yes
Dental coverage
Not included
Up to 100% of preventive, basic, major, and orthodontic dental services (up to $750 per year)
Not included
Vision coverage
100% of vision services every 2 years (up to $150 for prescription lenses, frames, and laser surgery, including a $50 limit for eye exams)
100% of vision services every 2 years (up to $70 for eye exams and $250 for prescription lenses, frames, and laser surgery)
100% of vision services every 2 years (up to $70 for eye exams and $250 for prescription lenses, frames, and laser surgery)
Paramedical coverage
75% of visits to 10 paramedical professionals (up to $25 per visit and 12 visits per profession each year)
100% of visits to 12 paramedical professionals (up to $30 per visit and $600 per profession)
80% of visits to 8 paramedical professionals (up to $500 per profession and $4,000 per year combined)
Mental health coverage
75% of visits to mental health professionals (up to $25 per visit and 12 visits combined per year)
80% of visits to mental health professionals (up to $500 combined per year)
100% of visits to mental health professionals (up to $65 per visit and 15 visits combined per year)
Accidental dental coverage
75% of accidental dental services (up to $2,000 per year)
100% of accidental dental services (up to $2,000 per accident)
100% of accidental dental services (up to $2,000 per year)
Ambulance coverage
75% of ground ambulance transportation (unlimited) and 100% of air ambulance transportation (up to $10,000 per year)
100% of ground and air ambulance transportation (up to $4,000 combined per year)
100% of ground and air ambulance transportation (unlimited)
* Premiums reflect the approximate monthly cost for an 18–21-year-old adult living in Canada.
Does Scotiabank have critical illness insurance?
ScotiaLife sells two types of critical illness insurance (Critical Illness and Enhanced Critical Illness) with a handful of add-ons. Both require the buyer to be an existing Scotiabank customer or their spouse and offer a 30-day review period. The rest of the differences are summarized below:
Scotia Critical Illness Insurance
Scotia Enhanced Critical Illness Insurance
Starting premiums
$1.55/month* (increases every age band)
$19.40/month** (level for 5 years)
Coverage
$25,000 - $100,000
$10,000 - $50,000
Eligibility
Ages 18-64
Ages 20-74
Conditions covered
3 fully-covered critical illnesses (cancer, heart attack, and stroke)
23 fully-covered critical illnesses and conditions
Requirements
May require medical questions or exam
Medical questions and exam not required
Perks
None
Receive a $200,000 or $500,000 lump-sum if diagnosed with one of four life-altering conditions
Riders
None
* Child Cancer Protect
* Women’s XtraProtect
* For $25,000 in coverage for an 18-year-old female non-smoker living in Ontario.
* For $10,000 in coverage for a 20-year-old female non-smoker living in Ontario.
Does Scotiabank have disability insurance?
Scotiabank doesn’t offer disability insurance.
Is Scotiabank health insurance worth it?
The value of Scotiabank’s Health Insurance Plan depends on your medical expenses and whether or not you’re a Scotiabank customer. Assuming you’re in good health, you can reap some value from its prescription medication and vision benefits, but if your health changes drastically, so could your premiums.
It also depends on how much you value customer service and quick claims processing. Scotiabank’s customer reviews suggest it may not be the best choice for customers who can’t wait on reimbursement. The plan’s $25 per-visit limit on paramedical and mental health could also strain your budget with out-of-pocket costs.
FAQ: Scotiabank health insurance
Scotiabank’s insurance division, ScotiaLife, offers one personal insurance plan and two critical illness insurance plans. All plans are exclusively available to Scotiabank customers, their spouses, and their dependent children.
To cancel your ScotiaLife critical illness or health and dental insurance, call 1-866-292-3512 on Monday to Friday from 8:30 AM to 5:00 PM EST. You’ll receive a full refund as long as you cancel within 30 days of beginning your policy.
In Canada, it’s normal and legal for people to benefit from more than one health insurance policy, such as public health insurance and health insurance through their employer. The order in which your health insurance coverage applies depends on the type of coverage and medical expense, but you can never claim more money than what you paid.
Scotiabank’s Health Insurance Plan costs an average of $36/month per child, $64/month per adult, and $88/month per 60-year-old senior. If you want to add dental insurance, it’ll cost an additional $23/month per child, $38/month per adult, and $53/month per 60-year-old senior.
Jasmine Kanter
Jasmine specializes in converting complex insurance data into actionable guidance. Her background includes auto, life, and health insurance and financial planning. Lately, she’s leveraging AI to extract insights from the numbers and help Canadians make better decisions.
Jasmine specializes in converting complex insurance data into actionable guidance. Her background includes auto, life, and health insurance and financial planning. Lately, she’s leveraging AI to extract insights from the numbers and help Canadians make better decisions.
Prices listed on this page are based on information available as of January 2026. The prices shown are for general reference only and may vary based on factors like your age, location, and product selection.
