SSQ Critical Illness Insurance Review - PolicyAdvisor
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SSQ Critical Illness Insurance Review

SUMMARY

SSQ Insurance presents two critical illness insurance options: basic (3 conditions) and enhanced (25 conditions). They’re competitive in regard to comprehensive coverage, easy-to-understand application processes, and term options (10, 20, 25, or coverage up to 75 or 100). Additional coverage includes children’s coverage and partial payment for up to 4 conditions, but no long-term care conversion plans.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
4 min read
IN THIS ARTICLE

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.

Product

Critical Illness

AM BEST RATING

A-

POLICYADVISOR RATING

Best Critical Illness Insurance For Those Seeking A Mutual

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
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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.

Product Name Critical Illness
Critical Illness coverage Basic, enhanced, and children’s coverage
Available Terms 10, 20 years and to age 75 or 100
Limited Pay option Yes, 20 Pay option for permanent coverage
Maximum coverage Up to $2-million
Conditions covered Enhanced – 25 conditions, basic – 3 conditions
Loss of Independent Existence coverage Yes
Partial payout conditions 4 eligible conditions
Partial payment or early detection payment Yes, 10% up to $50,000
Childhood illnesses coverage Yes, 3 additional childhood illnesses covered.
Survival period 30 days
Return of Premium on death Yes
Return of Premium on expiry/cancellation Yes, after 20 years or at age 55
Second option No
Electronic application Yes
Online account access Yes

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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- and 20-year terms or coverage up to 75 or 100 years of age.

Limited-pay options are available; a 20 Pay option is available for permanent policies.

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.

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Call us at 1-888-601-9980 or book time with our licensed experts.
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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.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP

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