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SSQ Critical Illness Insurance Review

by Mark Cluett
5 min read

Best Critical Illness Insurance For Those Seeking A Mutual

SSQ Insurance

SSQ Financial Group

A-

AM Best
financial strength rating

PolicyAdvisor.com Rating

Best Critical Illness Insurance For Those Seeking A Mutual

SSQ Insurance

SSQ Financial Group

A-

AM Best
financial strength rating

PolicyAdvisor.com Rating

SSQ Critical Illness Insurance Review

SSQ offers critical illness insurance with features that  compete well with the best plans in Canada. Their youth shows in their easier to understand digital materials and website. If community involvement and corporate responsibility are important to you, SSQ might be your first choice. The company is run as a mutualist democracy, which you enter into once you purchase the policy, and thus have a small say in how they are run.

Pros

  • Variety of terms available
  • Large coverage amounts and conditions covered (25 conditions)
  • Lifetime coverage and limited pay options available
  • Return of premium options are available
  • Children’s coverage available

Cons

  • Only 4 partial conditions covered, payable once
  • No long term care conversion option
  • Return of premium riders are expensive
Product NameCritical Illness
Critical Illness coverageBasic, enhanced, and children’s coverage
Available Terms10, 20, and 25 years and to age 75 and 100
Limited Pay optionYes, on age 100 coverage
Maximum coverageUp to $2-million
Conditions coveredEnhanced - 25 conditions, basic - 3 conditions
Loss of Independent Existence coverageYes
Partial payout conditions4 Eligible Conditions
Partial payment or early detection paymentYes, 10% up to $50,000
Childhood illnesses coverageYes, 3 additional childhood illnesses covered.
Survival period30 days
Return of Premium on deathYes
Return of Premium on expiry/cancellationYes, after 20 years or at age 55
Second optionNo
Electronic applicationYes
Online account accessYes

Who is SSQ?

SSQ is one of Canada’s youngest insurance companies, having started in 1944 in Quebec. The company was founded on mutualist values; all policyholders become co-owners and can actively participate in the business direction of SSQ as it strives to adhere to its values of solidarity, equity, responsibility and equality.

Does SSQ sell critical illness insurance?

Yes, SSQ does sell critical illness insurance. They offer basic (3 conditions) and enhanced (25 conditions) plans, as well as coverage for dependent children.

What critical illness insurance coverage and terms does SSQ offer?

SSQ’s maximum coverage for critical illness insurance is $2-million. 

They offer coverage for loss of independent existence as an additional rider. They offer partial payouts, but for only 4 different conditions. The payout is typically 10% of the policy up to $50,000.

SSQ also offers coverage for 3 additional childhood illnesses.

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.

SSQ offers critical illness insurance for 10-, 20-, and 25-year terms or coverage up to 75 or 100 years of age.

Limited-pay options are available for the 100-years-of-age term.

Does SSQ’s critical illness insurance offer return of premiums?

Yes, SSQ offers return of premiums on death, and they offer return of premium on expiry or cancellation of the policy after 20 years or when the policyholder turns 55.

How do I apply for SSQ’s critical illness insurance?

You can apply for SSQ’s critical illness insurance using the best online life insurance broker in Canada. You can enter your information and look up quotes using the button below or schedule a call with one of our licensed brokers to apply for SSQ’s critical illness insurance.

The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

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