ScotiaLife Financial is expanding its suite insurance products and services with three new individual term life insurance products, Bank of Nova Scotia (TSX:BNS) announced Thursday.

In addition, the bank announced the opening of its second retail ScotiaLife Financial Insurance Centre. The new centre is located in downtown Toronto.

“Insurance remains a key focus for the Scotiabank Group,” says Chris Hodgson, group head, global wealth management, Scotiabank. “We see tremendous growth opportunities in Canada and the expansion of our insurance offering within our new global wealth management division will accelerate our ability to provide comprehensive financial solutions to our loyal customer base.”

The term life offering marks the first individual life insurance products available through ScotiaLife Financial. The new products include ScotiaLife Term 10, Term 20 and Term to 100 insurance. Coverage will be offered up to $250,000 and the underwriting will be simplified to facilitate a streamlined process for new applicants. The new term products will be available at the ScotiaLife Financial Insurance Centres, with call centre and web capabilities on the stand alone ScotiaLife Financial website coming in the near future.

“We understand that customers are looking for simple, straightforward insurance solutions from a trusted source,” says Mark Cummings, senior vice president and head, insurance Canada, Scotiabank. “By adding individual term products to our product portfolio that are simple to quote, simple to apply and most importantly simple to understand, we feel that we will accomplish this goal.”

ScotiaLife Financial currently offers a full range of life and health insurance products including hospitalization, critical illness, health and dental, and accidental death insurance to Scotiabank customers, as well as home, auto, travel and now individual term life insurance products.

Access to ScotiaLife Financial products continues to be a focus for the Scotiabank Group. With the success of the first ScotiaLife Financial Insurance Centre in Mississauga, the new centre in Toronto further solidifies the bank’s strategy to explore and grow this distribution channel. Both centres will offer home and auto insurance along with the three new term products and will be staffed by fully licensed life and health and home and auto insurance agents.

IE