Beneva Term Life Insurance Review (2026)

Beneva offers term insurance through its flagship product, Term Plus. It is a flexible term life insurance policy with coverage ranging from $25,000 to $10 million and multiple rider options to enhance the benefits. The cost of Beneva term life insurance starts at $7.83/month and goes up to $150.93/month, the exact cost varying based on age, gender, policy term, coverage amount, and a few other factors. 

Quick review:

• PolicyAdvisor ratings: 4/5
• Best for: Built-in Extreme Disability Benefit
• Skip if: You are looking for a critical illness rider that covers more conditions

About Beneva 

Beneva is one of Canada’s largest mutual insurance companies, formed through the merger of La Capitale and SSQ Insurance in 2020. With roots spanning more than 80 years, the company serves millions of Canadians through life insurance, health insurance, group benefits, savings, retirement, and investment solutions. Beneva’s Term Plus policy focuses on flexibility, allowing you to combine multiple term lengths and choose between level or decreasing coverage. 

Beneva’s financial strength

What is Beneva term life insurance?

Beneva Term Plus is a flexible term life insurance policy designed to provide affordable financial protection for individuals, families, business owners, and borrowers. It pays a tax-free death benefit if the insured dies during the policy term and offers coverage amounts ranging from $25,000 to $10 million.

You can choose terms of 10, 15, 20, 25, 30, 35, or 40 years, with the option of either level coverage or decreasing coverage that’s designed for mortgages and other loans. It also comes with a built-in Extreme Disability Benefit rider, which can provide an advance payment of part of the death benefit if the insured experiences a qualifying extreme disability.

Key features of Beneva Term Life Insurance:

Who is eligible for Beneva term life insurance?

You may be eligible for Beneva Term Plus if you meet the insurer’s age and underwriting requirements. The key eligibility criteria include:

• Minimum entry age: 18 years for all term lengths
• Maximum issue age: Depends on the selected term:
  • Term 10: Up to age 75
  • Term 15: Up to age 70
  • Term 20: Up to age 65
  • Term 25: Up to age 60
  • Term 30: Up to age 55
  • Term 35: Up to age 50
  • Term 40: Up to age 45
• Coverage amount: Choose between $25,000 and $10 million, subject to underwriting approval
• Coverage type: Available as individual, multi-life, or joint first-to-die coverage

Beneva also offers a separate Simplified Term Life plan for applicants seeking coverage without a medical exam. It is available in 10- and 20-year terms, offers coverage from $25,000 to $500,000, and has different eligibility requirements, including lower maximum issue ages.

Types of Beneva term life insurance plans

Beneva offers two term life insurance products: Term Plus and Simplified Term Life. Its flagship Term Plus policy can be tailored to different protection needs through a range of coverage options. You can choose individual coverage for one insured person, multi-life coverage for up to six insured persons under a single policy (with a maximum of 20 coverages), or joint first-to-die coverage for two to five insured individuals. 

The policy also lets you select level coverage, where the death benefit remains the same throughout the term, or decreasing coverage, where the death benefit gradually reduces to 50% of the initial amount, making it well suited for mortgages and other declining debts. For even greater flexibility, Beneva allows you to combine different term lengths and coverage amounts within a single Term Plus policy.

Can I get simplified issue plans with Beneva?

Yes, Beneva simplified life insurance is available for those who want a faster application process or may prefer not to undergo a medical exam. However, it comes with lower coverage amounts ($25,000 to $500,000) than the standard Beneva Term Plus policy and does not include the same level of customization or optional riders.

The key features of the simplified term plan include:

• Approval in as little as 60 minutes for eligible applicants
• No medical exam required
• Coverage from $25,000 to $500,000 (maximum coverage depends on the applicant’s age)
• Renewable every 5 years after the initial term, up to age 80
• Convertible to an eligible permanent life insurance plan before age 71
• Does not include additional coverage options or optional riders available with Beneva Term Plus

What is covered under Beneva life insurance?

Beneva Term Plus provides a tax-free lump-sum death benefit to your beneficiaries if you pass away while the policy is in force. Depending on the coverage options you choose, the policy also includes several built-in benefits and optional protections.

• Tax-free death benefit: Pays your selected coverage amount (from $25,000 to $10 million) to your beneficiaries if you die during the policy term
• Conversion privilege: Convert your term policy to an eligible Beneva permanent life insurance policy before age 71 without a medical exam
• Insurability benefit: Increases your coverage at certain life events without additional medical underwriting, if the benefit is selected when the policy is issued
• Extreme Disability Benefit coverage: Receive an advance payment of up to 50% of your initial level coverage or 25% of your initial decreasing coverage. The maximum coverage amount under extreme disability rider is $250,000 if you experience a qualifying extreme disability for six consecutive months

Pros and cons of Beneva term life insurance

How much does Beneva term life insurance cost?

The cost of Beneva Term Plus starts at $7.83 per month for a 20-year-old female non-smoker and $9.45 per month for a 20-year-old male non-smoker purchasing a $100,000, 10-year term policy. Your premium will vary based on factors such as your age, gender, smoking status, health, coverage amount, and selected policy term. The table below shows illustrative monthly premiums across different age groups.

Cost of Beneva term life insurance (2026)

*Illustrative term life insurance cost for male and female non-smokers purchasing $100,000 in coverage for a 10-year term

What are the riders available with Beneva life insurance?

Beneva Term Plus riders include disability rider, critical illness rider, child rider, accidental death & dismemberment (AD&D), waiver of premium, and fracture benefit riders. These optional add-ons allow you to customize your policy with extra protection based on your financial needs and life stage.

• Disability rider: Provides a monthly disability benefit if you become totally disabled and are unable to work, helping you replace income while you are unable to work. Available to those aged 18 to 60, the rider offers monthly benefits from $300 to $3,500 (subject to policy limits) and includes built-in medical assistance services, such as second medical opinions and referrals
• Critical illness rider: Pays a $20,000 lump-sum benefit if you are diagnosed with cancer, severe heart attack, or stroke and survive the required 30-day waiting period. The rider is available to applicants aged 18 to 60 and includes access to medical assistance services.
• Child rider: Provides life insurance coverage for all eligible dependent children from 15 days old to age 25, with coverage ranging from $5,000 to $25,000 per child. It also offers the option to convert to permanent life insurance without evidence of insurability, subject to policy limits
• Accidental death & dismemberment (AD&D) rider: Pays an additional benefit if death or certain serious injuries result from a covered accident. Benefits can be up to 100% of the insured amount for accidental death, the loss of two limbs, or permanent paralysis, with coverage available up to $500,000
• Waiver of premium rider: Waives eligible policy premiums if you become totally disabled for the required waiting period, allowing your Term Plus coverage to remain in force without additional premium payments during the disability
• Fracture benefit rider: Pays a lump-sum benefit if you suffer a covered accidental fracture or severance. Depending on the severity and type of fracture, benefits range from $750 to $5,000, provided the injury is diagnosed within 30 days of the accident

What is Beneva’s extreme disability benefit rider?

The extreme disability benefit is a built-in feature of Beneva Term Plus that allows eligible policyholders to receive an advance payment of a portion of their death benefit if they experience a qualifying state of extreme disability. This benefit is designed to help cover medical expenses or other financial needs while the insured is still living.

Some of the things to know about the extreme disability benefit rider are as follows:

• You must be under age 60 at the time of claim
• You must have been in a qualifying state of extreme disability for at least six consecutive months
• You may receive an advance payment up to 50% of the initial coverage amount for level coverage, or 25% for the initial decreasing coverage
• The maximum advance payment is $250,000
• Any amount paid under this benefit is deducted from the death benefit ultimately paid to your beneficiaries

Does Beneva’s child rider include newborn coverage?

Yes, Beneva’s Child Rider includes an Automatic Newborn Benefit. This provides coverage for children born after the rider takes effect. Newborns are automatically covered from 15 days after birth or from the date they are discharged from the hospital, whichever is later, with no additional premium required for this protection. This feature gives growing families immediate life insurance coverage for eligible newborn children without the need to purchase a separate policy right away.

What is fracture benefit offered under Beneval life insurance?

The benefit in case of fracture rider provides a lump-sum payment if you suffer a covered accidental fracture or severance. It is available to those aged 18 to 60. This benefit pays $5,000 for severe fractures involving the skull, spine, pelvis, or femur, $1,500 for fractures of bones such as the radius, humerus, tibia, or fibula, and $750 for other eligible bone fractures. To qualify, the fracture or severance must be diagnosed within 30 days of the accident.

Can I exchange my Beneva term life insurance policy?

Yes, Beneva allows eligible Term Plus and Simplified Term Life policyholders to exchange their existing policy for a longer eligible term without providing new medical evidence. For Term Plus, the exchange must be requested after the first policy anniversary and before the policy anniversary nearest the insured’s 60th birthday. The new policy cannot have a higher coverage amount than the original policy.

The available exchange options for Term Plus include:

• Term 10 → T15, T20, T25, T30, T35, T40
• Term 15 → T20, T25, T30, T35, T40
• Term 20 → T25, T30, T35, T40
• Term 25 → T30, T35, T40
• Term 30 → T35, T40
• Term 35 → T40

How does Beneva term life insurance compare to other providers?

Beneva Term Plus stands out for its flexible policy design, offering term lengths from 10 to 40 years, level or decreasing coverage, and the ability to combine multiple terms under a single policy. It also includes unique features such as a built-in Extreme Disability Benefit, an insurability benefit, policy exchange options, and coverage structures like individual, multi-life, and joint first-to-die, making it a strong choice for families, homeowners, and business owners seeking customizable protection. However, it’s worth comparing quotes, features, and pricing from multiple insurers before making a decision. 

Read our guide to the best term life insurance companies in Canada to compare the leading providers side by side.

Our advisor’s take on Beneva term life insurance

One of our advisors recently assisted a 42-year-old father of two who wanted affordable life insurance to protect his family’s mortgage and future education costs while keeping the option to increase coverage later without another medical exam.

Client profile:

• Age: 42-year-old non-smoking Canadian
• Coverage need: $750,000 to replace income and cover long-term family expenses
• Primary concern: Finding flexible term coverage with future conversion options and valuable built-in benefits
• Our comparison: We compared Beneva Term Plus with several leading Canadian insurers based on coverage flexibility, term lengths, conversion options, riders, and long-term value. Beneva’s term plan stood out for its ability to combine multiple term lengths under one policy, to offer both level and decreasing coverage, and to provide other features.

Why we recommended Beneva Term Plus:

• Offers term lengths from 10 to 40 years with the flexibility to combine multiple terms under one policy
• Includes guaranteed renewability, conversion to permanent insurance, and a term exchange option without new medical evidence (subject to eligibility)
• Provides a built-in Extreme Disability Benefit, a feature not commonly available with many Canadian term life insurance policies
• Supports individual, multi-life, and joint first-to-die coverage with optional riders such as total disability rider, child rider, AD&D, and waiver of premium, allowing the policy to adapt to changing family needs

How to buy Beneva term life insurance?

Buying Beneva term life insurance through PolicyAdvisor is simple and quick. Here are the steps you need to follow to buy Beneva life insurance with us:

• Compare quotes online: Our licensed advisors will help you compare Beneva life insurance quotes with policies from Canada’s top life insurance companies
• Assess your needs: Our experts assess your coverage needs, budget, and long-term goals to recommend the most suitable policy
• Complete your application: We will help you complete the application, gather the required documents, and guide you through any underwriting requirements
• Review and approve your policy: Once your application is approved, our advisors will review your coverage details with you before your policy is issued

So, why delay? Schedule a call today to buy Beneva term life insurance with us today!