Life insurance in Nova Scotia
Nova Scotians can save on term life insurance with PolicyMe.
Term life insurance quotes in Nova Scotia
Average starting costs for PolicyMe term life insurance with $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 |
*For a non-smoking person with average health.
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How much does life insurance cost in Nova Scotia?
In Nova Scotia, life insurance can be quite affordable depending on the type of policy and coverage amount you choose. On average, term life insurance for a healthy 30-year-old non-smoker can expect to pay around $20–$30 per month for $250,000 in coverage. PolicyMe has some of the most affordable term life insurance in Nova Scotia, compared to industry rates.
Overall, most Nova Scotians can find term policies for between $15 and $100 per month, while permanent coverage typically costs more. Comparing providers is the best way to see real quotes for your age and coverage needs.
Term Length | Industry Average Rates | PolicyMe Average Rates |
|---|---|---|
10 years | $32.58 | $20.79 |
15 years | $41,75 | $25.76 |
20 years | $50.33 | $30.11 |
25 years | $66.00 | $42.60 |
30 years | $83.50 | $54.15 |
*The table above shows average premiums for term life insurance across 20+ carriers in the industry.
What impacts life insurance cost?
Several factors determine how much you’ll pay for life insurance in Nova Scotia. Insurers assess your risk level based on personal details and policy choices. Here are the main drivers of cost:
- Your age
- The amount of coverage you’re purchasing
- The length of your policy term
Your health, whether or not you smoke, and other lifestyle factors can also impact the cost of life insurance in Nova Scotia.
What are the best life insurance companies in Nova Scotia?
The “best” life insurance isn’t one-size-fits-all—it depends on your coverage needs, lifestyle, and more. We’ve ranked the best life insurance companies across the most common categories.
Category | Provider | Rating | Average premium |
|---|---|---|---|
Best term life insurance | PolicyMe | ★★★★★ (5.0) | $11/month |
Best whole life insurance | Assumption Mutual Life | ★★★★★ (4.5) | $30/month |
Best universal life insurance | Desjardins | ★★★★★ (4.5) | $30/month |
Best no medical life insurance | Beneva | ★★★★☆ (4.0) | $39/month |
PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers.
Our analysis combines 450,000+ quotes for 70+ Canadian life insurance products with in-depth research on 20+ providers, plus expert recommendations from our insurance advisors. Our star rating system assigns three stars for financial stability, one star for competitive pricing, a half-star for customer satisfaction, and a final half-star for ease of purchase.
Rankings are determined first by star rating and then by price. Our findings are entirely data-based and do not include paid placements, but should not be considered a substitute for personalized financial advice. The rates listed in this article are based on publicly available rates as of December 2025.
How much life insurance does the average Nova Scotian need?
Not sure how much to budget for life insurance or how much life insurance you’ll need? Let’s use some basic data to build a sample life insurance policy for the average Nova Scotian. The DIME method can help you understand the coverage amount you’d need to cover your debts, lost income, remaining mortgage balance, and educational expenses for your children. Let’s use some basic DIME data to build a sample life insurance policy for the average Nova Scotian.
Debt: $21,581
According to a 2025 Equifax report, Nova Scotians carry an average of $21,581 in debt.1
Income: $40,460
The average annual income for Nova Scotians aged 15 years and over is $40,460.2
Mortgage: $72,267
Average mortgage debt per household (this figure includes renters) in Nova Scotia for all age groups is $72,267. 3
Education: $39,952
$9,988 is the average annual tuition fee in Nova Scotia for a Canadian undergraduate. Multiply that by four, and it costs an average of $39,952 to send your kid to college.4
According to our research, the average Nova Scotian would benefit from $174,260 in term life insurance coverage.
Using the DIME method, we’ve estimated that an average Nova Scotian might have life insurance needs totalling just above $170,000. A term life insurance policy for that amount can cost under $30 per month for a healthy applicant under age 40.
Of course, this is only a baseline. Coverage needs may differ depending on where you live; Nova Scotians in Halifax may need more than those in rural communities. You may also need a higher coverage amount if you want to plan for final expenses or other financial obligations that add up to an increased lump-sum payout amount. To get a more exact estimate of your insurance needs, you can use PolicyMe’s online term life insurance calculator to see three levels of coverage you may want to consider.
1 https://assets.equifax.com/assets/canada/english/consumer-trends-report-2025-q2-en.pdf
2 https://www.novascotia.ca/finance/statistics/archive_news.asp?df=&dg=&dti=6&dto=0&id=20885
3 https://www.novascotia.ca/finance/statistics/archive_news.asp?df=&dg=&dti=6&dto=0&id=20919
4 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3710004501
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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: Quick facts
Numerous providers to choose from
Nova Scotians have access to a wide range of insurers, including digital-first options like PolicyMe, traditional players like Sun Life and Manulife, and bank offerings like Scotiabank.
Average coverage per individual
The average life insurance coverage for policyholders in Nova Scotia is approximately $218,000, with households averaging about $370,000 in coverage.5
Life expectancy at birth
In Nova Scotia, women have a life expectancy of approximately 82.67 years, while men average 78.33 years, slightly below the national averages.7
Above-average household net worth
Nova Scotia households held a net worth of around $693,320 in Q1 2025, second highest among Atlantic provinces. 8
Group plans provide less coverage
Workplace group life insurance policies only add up to approximately 35 percent of active policies in Canada. 9
$17.3B paid out to policyholders
In 2023, Canadian life insurers paid out a total of $17.3 billion to policyholders, including $9.2 billion in death benefits.5
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
Take the time to read through your policy once you’re approved. If you find anything you don’t understand, from coverage details and exclusions to your premium payment schedule, ask an advisor before signing.
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.
Why term life is the best life insurance type for most families in Nova Scotia
You may notice that we’ve only talked about the cost of term life insurance — but what about permanent life insurance options?
While some families, like those with a high net worth or dependents in need of lifelong care, might benefit from the features of a permanent life insurance policy, it’s not the best fit for most families. Term life is more affordable and typically a better solution to the temporary financial risks of raising children or paying off a mortgage.
Whole and universal life insurance plans can include a cash value component that saves and invests money over time, which may sound appealing. But unless you’ve already exhausted other investment options, including FHSA, RRSP, and TFSA contributions, opting for a cheaper term life policy and investing the extra cash yourself typically offers better returns.
If you know that your children will need support, such as in-home care, even after they’re 18, you may want to speak with a professional about permanent life insurance. Keep in mind that some term life insurance policies can be converted to permanent plans.
No; if you outlive your term life insurance, you’ve still put money towards protecting your family’s finances — and by opting for term life insurance, you keep that protection as affordable as possible while freeing up your finances for other expenses and investments.
FAQs: Life insurance Nova Scotia
The cost depends on your age, health, smoking status, and the type of policy you choose. On average, a healthy 30-year-old non-smoker in Nova Scotia might pay $20–$30 per month for a $250,000 term life policy. Permanent policies, such as whole life or universal life, typically start at $100 or more per month.
Generally, life insurance payouts are not taxable in Nova Scotia. Beneficiaries receive the death benefit tax-free. However, if the policy builds cash value (such as whole or universal life), any withdrawals or investment gains may be subject to tax.
The “best” policy depends on your needs. Term life insurance is usually the most affordable option and suits Canadian families who want protection during mortgage or child-rearing years. PolicyMe is regarded as some of the best term life insurance in Canada.
Yes, life insurance can be a valuable financial safety net. It ensures your loved ones can cover debts, mortgages, or education costs if you pass away unexpectedly. For most Nova Scotians with dependents or major financial responsibilities, term life insurance products provide affordable peace of mind.
