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) | $20/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 | ★★★★★ (4.5) | $25/month |
* We compared each product's yearly costs to the average cost of similar products for the same type of applicant. For term life insurance, we pull premiums for $500,000 in coverage, for permanent and no medical life insurance, we pull premiums for $50,000 in coverage. Your life insurance premium will vary based on your sex, age, health, and policy specifications
How prices are compared
Compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
PolicyMe offers one of the most affordable Term Life Insurance policies in Canada, with rates as low as 23% below the industry average. Our streamlined application process delivers cost-effective coverage backed by Securian Canada, which has been rated "A" or higher by A.M. Best for over 75 years.
Most applicants don't require a medical exam, and there are family-friendly features like complimentary child coverage and a first-year couple's discount. The downside is PolicyMe's insurance rates aren't so competitive for high-risk cases such as seniors and smokers.
Pros
- $100,000 - $5 million in coverage available for 10-30 years
- $10,000 of complimentary coverage per child with every policy
- 31-Day missed payment grace period
- 30-Day trial period
- 10% First-year couple's discount
- Below-average rates for applicants under the age of 60
- Buy online or over the phone
- Convertible
- High Google review scores
- Pay by credit card
- Renewable
Cons
- Above-average rates for seniors
- No accidental death and dismemberment or disability riders
- No brick-and-mortar offices
Term Life Insurance
Term: 10-30 years
Coverage: $100,000 - $5 million
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Term 100 Life Insurance
Term: lifetime coverage
Coverage: $10,000 - $5 million
How prices are compared
Compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
The price of ParPlus by Assumption Life starts at 17% below the industry average and maintains its competitive streak until applicants reach the age of 44. At that point, older adults and seniors are better off seeking a non-participating permanent life insurance product to save on premiums.
However, its pricing remains below-average for smokers of any age.
Pros
- $5,000 - $4 million in lifetime coverage available
- $80 Annual policy fee
- 7 Available riders
- Choice of paying for 20 years or until age 100
- Choice to receive dividends as accumulation, cash, enhanced, paid-up additions or reduced premiums
- Choice of individual or joint life coverage
- Includes the ability to vote at annual general meetings
Cons
- Above-average rates for seniors
- No accidental death and dismemberment or disability riders
- No brick-and-mortar offices
- Above-average rates for older applicants and seniors
- Phone call may be required to quote and purchase
FlexTerm
Term: 10-35 years
Coverage: $100,000 - $10 million
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YouthPlus
Term: until age 25
Coverage: $35,000 - $175,000
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Non-Participating Whole Life
Term: lifetime
Coverage: $5,000 - $10 million
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ParPlus and ParPlus Junior
Term: lifetime
Coverage: $5,000 - $4 million
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Bronze, Silver, Gold and Platinum Protection Whole Life
Term: lifetime
Coverage: $5,000 - $750,000
How prices are compared
Compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
We consider most life insurance add-ons to be unnecessary, but if you ever want to customize a Universal Life policy from Desjardins, you've got 9 choices. More importantly, your premiums will be as low as 8% below the industry average, and Desjardins itself carries a 4.5-star rating from Google and an "A +" from S&P.
Pros
- 9 Available riders
- Bundling discount
- High Google review scores
- Includes access to telehealth phone assistance
Cons
- Above-average rates for senior smokers
- Phone call may be required to quote and purchase
Term Life Insurance
Term: 10-30 years
Coverage: $50,000 - $20 million
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Life Insurance
Coverage: Over 50 with $5,000 - $20,000 in lifetime coverage and no medical exam
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Term to 100
Term: lifetime coverage
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Universal Life
Coevrage: with investment options
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Whole Life Guaranteed
Coverage: to 100 with participating dividends
How prices are compared
Compared each product’s yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Whether you compare it to fully underwritten term life insurance or other no medical products, Term Simplified carries an extremely competitive price tag.
Despite Beneva's high Google rating and "A" financial stability grade from A.M. Best, we have two reservations: 1) you can't get a quote (or even basic product details) online and 2) there seems to be very little coverage available.
Pros
- $10,000+ in coverage available for 10-30 years
- 6 Available riders
- Below-average rates for all ages
- Choice of fixed or decreasing coverage
- High Google review scores
Cons
- Phone call may be required to quote and purchase
Term Plus
Term: 10-30 years
Coverage: $10,000 - $5 million
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Term Simplified
Term: 10-30 years and no medical exam
Coverage: $10,000 - $5 million
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Term 100
Term: lifetime coverage
Coverage: with $10,000 - $10 million
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Enhanced Term 100
Term: lifetime coverage
Coverage: with $10,000 - $10 million
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Universal Life Insurance
Term: lifetime coverage
Coverage: with $10,000 - $10 million
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Simplified Whole Life
Term: lifetime coverage and no medical exam
Coverage: with $10,000 - $99,999
* We compared each product's yearly costs to the average cost of similar products for the same type of applicant. This figure shows the approximate price difference for a female non-smoker between 30-66 shopping for $50,000 in coverage for permanent life insurance and no medical life insurance plans, and $500,000 in coverage for term life insurance plans.
To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:
- Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
- Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye and Google. We also counted the number of contact methods each insurer offers to its customers.
- Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.
All three categories received a final, averaged score out of 5. After adding the results together, we had a definitive list of the best life insurance providers in Canada. The rates listed in this article are based on publicly available rates as of December 2025.
PolicyMe does not receive compensation for any life insurance reviews.
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.
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Our Nova Scotia life insurance quotes are tough to beat…
With an online application that's delightfully simple!
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.5
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.6
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.
Group plans provide less coverage
Workplace group life insurance policies only add up to approximately 35 percent of active policies in Canada.5
$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.
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.
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.
