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Beneva Life Insurance Review – Updated 2024

SUMMARY

Beneva (formerly SSQ Insurance) pitches unique life insurance coverage opportunities, most notably with a built-in Extreme Disability Benefit. Flexible term packages include coverage up to $10,000,000 on 10, 15, 20, 25, 30, 35, or 40-year terms. In addition to many optional riders, Beneva offers level or decreasing coverage with decreasing premiums as you pay off your debts and require less coverage.

IN THIS ARTICLE

Beneva life insurance rating and review

Beneva’s flagship product is its Term Plus, which packs a ton of flexibility for usage. This policy offers life coverage in addition to unique built-in features and customizable options that can comprehensively protect you against life’s biggest risks. The Term Plus product can be combined with an optional disability and critical illness coverage, allowing for a robust combo product solution from Beneva (formerly SSQ Life Insurance Company Inc).

On a stand-alone basis, Beneva’s Term Plus offers a number of terms (including a 40-year term, which is advantageous for business owners). Beneva also offers an excellent exchange program; you are able to exchange your original term life policies for a higher term without evidence of insurability.

However, such an 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 Beneva underwriting process is quick and easy, with simplified life insurance options. There is no medical exam for coverage of less than $500,000 if you are between ages 18 and 45.

As SSQ Insurance policies did, Beneva Life Insurance plans also offer a built-in and one-of-its-kind extreme disability benefit. This allows you to obtain an advance payment of 50% of the life insurance amount, up to $250,000, in the event of extreme disability. It’s a feature that really sets Beneva’s policies apart from more basic term life insurance coverage.

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

Beneva also offers an automatic approval of $20,000 in affordable critical illness insurance coverage to those with good health, with no medical exam. It’s a great option for those considering a critical illness rider. However, the critical illness cover is limited to 3 diseases, which explains its lower price.

PolicyAdvisor Rating

Best for Combo Coverage

AM Best Rating A

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Beneva life insurance pros and cons

Beneva life insurance pros

  • 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 child rider
  • Preferred rates available starting at $1,000,000
  • No medical exam for policies with death benefit below $500,000
  • Digital e-policy

Beneva life insurance cons

  • Longer turnaround times for policy approval
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Who is the Beneva Insurance Company?

Beneva is one of the largest insurance companies in Canada. It was only just launched in 2020, making its name fairly new to the Canadian insurance industry. But it is the product of a merger between two well-established life insurance companies founded in Quebec in the 1940s — SSQ Insurance and La Capitale.

Read more about what happened to SSQ and what happened to La Capitale

With the combined financial strength and assets of both groups, Beneva is now the 6th largest Canadian life insurance company and one of the biggest mutual insurance companies. It offers a wide range of customizable insurance products, as well as other financial and investment services.

As was the case for SSQ Insurance and La Capitale, Beneva is a mutualist organization. This means all policyholders can become co-owners and actively participate in the business direction of Beneva.

Key facts about Beneva Insurance Company

  • Founded: 2020
  • Headquarters: Québec City, Québec
  • AM Best Rating: A
  • Better Business Bureau Accreditation and Rating: N/A
  • Assets: $26.8 billion
  • Annual Premiums: $6.6 billion

How much does life insurance from Beneva cost?

Representative values. Insurance premium based on non-smokers in good health. $500,000 life insurance benefit coverage, 20-year term.

Age Male Female
20 $30.15 $21.15
25 $30.60 $22.05
30 $31.50 $22.95
35 $32.40 $24.75
40 $47.25 $35.10
45 $75.15 $54.45
50 $127.35 $86.40
55 $229.95 $157.50
60 $427.05 $288.90

Types of term life insurance policies Beneva offers

Beneva offers term life insurance 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 insurance, critical illness insurance, and other coverage
  • Preferred rates available for healthier applicants
  • Accepts applicants who are non-residents 
  • Guaranteed premiums

Coverage and policy details

  • 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 Beneva permanent life insurance, up to age 70
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What other insurance policies does Beneva offer?

Beneva Life Insurance offers a wide range of insurance products and other types of life insurance to customers, such as:

Beneva permanent life insurance

Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums, the coverage never expires. Many Canadians choose this type of insurance coverage for end-of-life costs like funeral expenses, coverage for estate fees and taxes, and the like.

Beneva offers three different permanent life insurance options: a Term 100 policy, a non-participating whole life policy, and a universal life policy.

Non-Participating Whole Life Insurance

Beneva offers non-participating whole life insurance with its Whole Life 20 and Whole Life 100 policies. All policies give the choice of having a cash surrender value that increases over time and adding other coverages like life insurance for children or critical illness coverage. Whole Life 20 has a 20-pay option; premiums for Whole Life 100 are paid until the person insured is 100 years old.

Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed, long-term investment component: your insurer gives you options for investing the cash value of your policy.

Universal Life Insurance under Beneva is easy to understand. The plan offers maximum flexibility to policyholders. You can even add complementary insurance along with the Universal Life Insurance plan. You may also make changes during the policy. The features of the policy are mentioned below.

  • You receive a 1% guaranteed bonus depending on the accumulated value, starting after 6 years
  • You don’t have to pay surrender charges
  • The plan offers flexibility for insuring family members at no additional cost
  • The interest investment options for this plan are 1, 3, 5, and 10 years

Beneva term life insurance review

Beneva simplified and guaranteed issue life insurance 

Those who want to take the quick route to get life insurance can consider Beneva’s simplified term and whole life insurance options. These types of coverage can be a good choice for people who do not want to take a medical exam or who may have other health concerns that may prevent them from being able to get traditional life insurance coverage. Simplified life insurance may ask a few limited medical questions, so there is a small chance someone could be denied coverage. But guaranteed issue life insurance forgoes medical questionnaires on the whole.

Because there’s no full underwriting process, the approval time is much quicker for simplified and guaranteed issue life insurance as compared to traditional policy approval times. But coverage is limited and premium payments tend to be more expensive than traditional life insurance.

Beneva provides several options for this kind of simple insurance coverage.

Simplified Term Life 10

  • Available up to age 70
  • Extreme disability benefit included
  • Coverage Amount: $25,000 to $500,000, depending on applicant’s age
  • Renewability: Yes. Renewable every 5 years after the initial term, up to age 80
  • Convertibility: Limited. Can only be converted into Beneva simplified permanent life insurance, up to age 71

Simplified Term Life 20

  • Available up to age 60
  • Extreme disability benefit included
  • Coverage Amount: $25,000 to $500,000, depending on applicant’s age
  • Renewability: Yes. Renewable every 5 years after the initial term, up to age 80
  • Convertibility: Limited. Can only be converted into Beneva simplified permanent life insurance, up to age 71

Simplified Whole Life

  • Available up to age 80
  • Extreme disability benefit included
  • Coverage Amount: $10,000 to $249,999, depending on applicant’s age

Guaranteed Issue Whole Life

  • Available up to age 80
  • Coverage Amount: $10,000 to $50,000, depending on applicant’s age

Beneva Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that provides a tax-free lump sum payment if you develop a specified illness, health event (like breast cancer, prostate cancer, skin cancer, heart attack, and coronary angioplasty), or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length; and you determine it when purchasing the policy.

Beneva offers critical illness insurance for adults and coverage for children under age 17 through several policy options:

  • Basic (3 conditions), enhanced (25 conditions) and child (28 conditions) plans offered
  • Coverage available for dependant children
  • Partial payouts available
  • Maximum coverage is $2 million
  • This plan’s range is 10 years, 20 years, and up to 75 or 100 years of age
  • Limited pay available (20-pay)
  • The plan also includes psychological assistance and a second medical opinion
  • Return of premium on death, expiry, and cancellation available
  • Survival period is 30 days

For more information and an in-depth look at their critical illness coverage, read our Beneva Critical Illness Insurance Review.

Beneva Travel Insurance

Beneva offers travel insurance through its partner, SecuriGlobe. Beneva travel insurance policies cover both extended and short stays. Their insurance coverage is all-inclusive: from baggage to cancellation and everything in between is covered. If you travel multiple times throughout the year, you can even consider opting for their annual multi-trip insurance.

Beneva Home Insurance

Beneva also provides home insurance for Canadians. You can save up to 20% on your premiums by combining home and auto insurance. Discounts are also offered for Canadian homeowners who install security systems.

Whether from theft or accidents and disasters, Beneva will cover your home. Beneva offers home insurance coverage for apartments, condo units, and freestanding residential properties.

Read our homebuyer’s guide to insurance

Beneva Auto Insurance

Beneva also offers insurance for your wheels. Beneva also allows for flexible and easy cancellations online. The premiums depend upon the kilometres you drive. Also, many of their car insurance plans include 24-hour roadside assistance.

Beneva Loan Insurance

Beneva offers comprehensive loan insurance. Policyholders can get a monthly amount to assist in paying the loan premiums should something affect their ability to earn and pay bills. Beneva loan insurance is renewable and convertible, and you can combine it with more of Beneva’s insurance products.

Beneva Group Insurance

Beneva Insurance also offers group insurance services for businesses and companies and their individual employees. Through Beneva Group Insurance, members can get coverage for Health Insurance, Prescription Drug Insurance, Disability Insurance, Life Insurance, Dental Care Insurance, Health Spending Accounts, Travel Insurance, and more. Beneva’s group insurance portal makes filing claims online easy, and claims are usually settled within 48 hours.

Beneva also offers specialized and custom group insurance plans that can cover Accidental Death and Dismemberment, Critical Illness, Insurance for Expatriates, Retirement or End of Employment coverage, Employee Assistance Programs (EAP), and general health and wellness programs for members.

Besides insurance, Beneva also offers many personal finance and investment products.

Beneva life insurance review

Is Beneva life insurance right for me?

Beneva Insurance offers unique term life insurance products that are a great fit for many Canadian consumers. As insurance advisors for Beneva Insurance products, we can help you decide if they are the best fit for you and find you Beneva Insurance quotes.

How do I apply for a term life policy with Beneva Insurance?

You can apply for Beneva Life Insurance’s plans by using PolicyAdvisor, the best online 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 Beneva Life Insurance or get an instant quote.

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By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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