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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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) | $37/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) | $11/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 $600,000 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 $600,000 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
- Not well-suited for high-net-worth individuals looking for an estate planning tax strategy
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 $600,000 in coverage for term life insurance plans.
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 March 2026.
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? 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: $51,600
The average annual income for Nova Scotians aged 15 years and over is $51,600.2
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 $185,400 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 $180,000. A term life insurance policy for that amount can cost around $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.
Source: 1Equifax, 2Nova Scotia, 3Nova Scotia, 4Statistics Canada
Is your family unprotected?
Unfortunately, young Canadians and families with children have a growing protection gap when it comes to life insurance, says a recent study from PolicyMe and Angus Reid. In Nova Scotia and beyond, many uninsured Canadians have concerns about affordability and mistrust the insurance industry. In reality, coverage starts around $20 per month and companies are hitting a 99% payout rate in Canada.
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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 53 life 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 $369,000, with Canadian households averaging about $509,000 in coverage.6
Life expectancy at birth
In Nova Scotia, women have a life expectancy of approximately 82.53years, while men average 78.13 years, slightly below the national average of 81.65.7
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 34 percent of active policies in Canada.9
Insurers paid out $18.6 billion to policyholders
Canadian life insurance providers paid out a total of $18.6 billion to policyholders in 2024, plus $8.9 billion in death benefits to beneficiaries.10
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. Figure out how much coverage you need
How much money would your loved ones need if you passed away? The simplest rule-of-thumb calculation for your life insurance coverage target is 7-10x your annual income, but you can make a more detailed estimate (and avoid overpaying) with an insurance calculator.
3. Research Nova Scotia life insurance companies
Look for reputable insurance providers doing business in your area. Take time to read reviews from current customers and investigate each company’s financial security.
4. Fill out an application form with the company you choose
Once you know the life insurer you want to get a policy from, fill out an application either online or through an advisor with your personal information, contact details, and any relevant information related to your health and lifestyle.
5. Provide documentation or medical information as needed
Be prepared to submit extra documents or do a medical exam in the application process. This helps your insurer tailor your insurance premium to your exact level of risk with full underwriting.
6. Review and sign your policy once approved
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.
Choosing a beneficiary
Canada has clear rules about life insurance beneficiaries and payouts. For instance, minors may not directly receive payouts but you can name a trustee to hold the funds for a child until they come of age. Women are more than twice as likely than men to include children in their policy, where men tend to name a spouse/partner 83% of the time.
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 coverage options, such as whole life or universal life policies, typically start at $100 or more per month. Coverage add-ons and riders, such as critical illness insurance or disability insurance typically incur higher premiums as well.
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.
