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SSQ Term Life Insurance Review

by Mark Cluett
7 min read

Best Life Insurance For Best for Combo Coverage

SSQ Whole Life Insurance

SSQ Insurance


AM Best
financial strength rating Rating

Best Life Insurance For Best for Combo Coverage

SSQ Whole Life Insurance

SSQ Insurance


AM Best
financial strength rating Rating

SSQ Term Life Insurance Review

 SSQ’s flagship Term Plus product is a multi-purpose product that offers life coverage in addition to unique built-in features and customisable options that can comprehensively protect you against life’s biggest risks.  The Term Plus product can be combined with optional disability and critical illness coverages, allowing for a robust combo product solution.

On a stand-alone basis, Term Plus offers a number of terms (including a 40-year term, advantageous for business owners).. It also offers an excellent exchange program; you  are able to exchange your original term life policies for a higher term without without evidence of insurability. However, such exchange must be done between the first and fifth anniversaries of the policy.The built-in guaranteed insurability benefit allows you to increase coverage by up to 25% (or $100,000) to meet any increasing needs for protection in the future 

The underwriting process is quick and easy, with no medical exam for coverages of less than $500,000 if you are between ages 18-45.

SSQ also offers a built-in and one of its kind  Extreme Disability Benefit, allowing you to obtain an advance payment of 50% of the life insurance amount, up to $250,000 in the event  of an extreme disability.

In addition to the traditional level coverage, the company also offers a decreasing term insurance product as well, which is best suited for covering mortgage or loan liabilities. 

The company also offers an automatic approval of $20,000 in affordable critical illness coverage to those with good health, without any additional medical underwriting. The critical illness cover is however limited to 3 diseases, which explains the lower price for it.


  • A built-in Extreme Disability Benefit is unique in the industry
  • Options to add critical illness and monthly disability indemnity make for a comprehensive financial protection solution
  • Several optional riders including accidental death and dismemberment and children’s term coverage
  • Preferred rates available starting at $250,000
  • Online account access


  • Paper policy only, no digital policy
  • Longer turnaround times for policy approval
SSQ Term Life Insurance Pricing Representative values, based on non-smokers in good health.

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. The company’s strong financial and capital position is bolstered by the majority ownership vested with Quebec’s labor federation, FTQ’s solidarity fund. While the company has been a leader in group insurance for several decades, it built its individual life insurance business after acquiring AXA’s individual life insurance business Canada in 1992. 

SSQ and Québec-based insurance provider La Capitale recently announced a merger of their business, but they will still operate independently for the foreseeable future. The merger creates the largest mutual insurance company in Canada with significant scale and market access.

SSQ : Quick Facts

  • Founded: 1944
  • Headquarters: Québec City, Québec
  • AM Best Rating: A-
  • Better Business Bureau Accreditation and Rating: No / —
  • Assets: $12.4-billion
  • Annual Premiums: $2.5-billion

What types of term life insurance does SSQ sell? 

As described above, SSQ offers term life insurance products, but with several options to customize coverage.

Term Plus

  • Designed for income replacement, estate planning, and covering personal and business debts
  • Large variety of term lengths available.
  • Renewable and convertible.
  • Many in-built enhancements, optional riders, and add-ons available for children’s insurance, disability, critical illness, and other coverages. 
  • Preferred rates available for healthier applicants.

What term life insurance amounts and coverage does SSQ offer?

  • Available Term Lengths: 10, 15, 20, 25, 30, 35 or 40 years
  • Available Term Types: Level or decreasing available
  • Maximum Amount of Coverage: $10,000,000
  • Renewability: Yes. Renewable every 5 years after the initial term, up to age 85
  • Convertibility: Yes. Convertible to SSQ permanent life insurance, up to age 70
How much life insurance coverage do you need?

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What other insurance coverage does SSQ offer?

SSQ offers a wide range of insurance products to customers, apart from term life, such as:

  • Auto Insurance
  • Home Insurance
  • Critical Illness Insurance
  • Loan Insurance
  • Travel Insurance
  • Group Insurance

How do I apply for SSQ’s life insurance?

You can apply for SSQ’s life 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 term life 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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