SSQ Critical Illness Insurance Review
SSQ Insurance (now Beneva) 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.
As of January 2023, SSQ Insurance has merged with La Capitale to form Beneva Insurance Company. This merger makes it one of the largest life insurance companies in Canada.
Learn more and read our full Beneva Critical Illness Insurance Review here.
Best Critical Illness Insurance For Those Seeking A Mutual
SSQ Critical Illness Insurance rating and review
SSQ (operating as Beneva, as of January 2023) 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.
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Pros and cons
- 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
- Only 4 partial conditions covered, payable once
- No long term care conversion option
- Return of premium riders are expensive
Who is SSQ?
SSQ was one of Canada’s youngest insurance companies, having started in 1944 in Quebec. The company was founded on mutualist values; all policyholders were able to become co-owners and actively participate in the business direction of SSQ as it strove to adhere to its values of solidarity, equity, responsibility and equality.
In 2020, SSQ Life Insurance Company Inc and Québec-based insurance provider La Capitale announced a merger of their businesses. As of January 2023, they are operating under Beneva Insurance, still with the mutualist values of the two companies that formed its roots. The merger creates the largest mutual insurance company in Canada with significant scale and market access.
Read more about what happened to SSQ Insurance.
Types of critical illness insurance policies SSQ offers
Yes, SSQ does sell critical illness insurance. They offer basic (3 conditions) and enhanced (25 conditions) plans, as well as coverage for dependent children.
Coverage and policy details
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.
|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|
|Online account access||Yes|
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 intended for informational purposes only and is based on PolicyAdvisor’s own views, which are subject to change without notice. This content is not intended and should not be construed to constitute financial or legal advice. PolicyAdvisor accepts no responsibility for the outcome of people choosing to act on the information contained on this website. PolicyAdvisor makes every effort to include updated, accurate information. The above content may 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. All rights reserved.
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