ScotiaLife has been around for around 120 years providing customers with flexible, affordable, and personalized policies to meet different customer needs. ScotiaLife Financial is the life insurance subsidiary of Scotia Bank, the third-largest bank in the country. They entered the insurance market in 2009 since banks are not allowed to offer insurance products directly. All policies sold through ScotiaLife Financial are underwritten by Scotia Life Insurance Company.
Life insurance coverage does pay out for suicide.
However, there is one exception that you need to bear in mind.
Should the policyholder commit suicide during the first two years of their new policy, insurance companies will reject paying death benefits to the family.
Outside of this two-year window, the insurer treats suicidal deaths the same as those from illnesses, accidents, and other insured causes.
These are all stated in the terms and conditions of the policy.