SSQ Life Insurance Review for 2021 - PolicyAdvisor

SSQ Life Insurance Review


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, SSQ offers level or decreasing coverage with decreasing premiums as you pay off your debts and require less coverage.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
6 min read

 SSQ Life Insurance’s flagship Term Plus product is a multi-purpose product that 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 SSQ Life Insurance Company Inc.

On a stand-alone basis, SSQ Life Insurance Term Plus offers a number of terms (including a 40-year term, advantageous for business owners). SSQ Life Insurance 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 SSQ Life Insurance underwriting process is quick and easy, with no medical exam for coverage of less than $500,000 if you are between ages 18-45.

SSQ Life Insurance 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 extreme disability.

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

SSQ Life Insurance also offers an automatic approval of $20,000 in affordable critical illness coverage to those with good health, without any additional medical underwriting. However, the critical illness cover is limited to 3 diseases, which explains its lower price.


Term Plus




Best Life Insurance for Combo Coverage


  • 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 $1,000,000
  • Online services and account access


  • Paper policy only, no digital policy
  • Longer turnaround times for policy approval
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Who is SSQ Life Insurance?

SSQ Life Insurance Company Inc 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 Life Insurance 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 Life Insurance Company Inc 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 Life Insurance: 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

SSQ Term Life Insurance Pricing

Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.

Age Male Female
20 $31.05 $22.05
25 $31.50 $22.05
30 $31.95 $22.95
35 $33.30 $25.20
40 $48.60 $35.55
45 $77.40 $55.35
50 $130.50 $89.10
55 $230.40 $161.10
60 $435.15 $308.25
65 $718.20 $498.60

What term life policies does SSQ Life Insurance offer?

As described above, SSQ Life Insurance offers term life policies 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 coverage
  • Preferred rates available for healthier applicants
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What term life amounts and coverage does SSQ Life Insurance 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

What other insurance coverage does SSQ Insurance offer?

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

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

You can apply for SSQ Life Insurance’s plans by using 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 SSQ Life Insurance or get an insurance quote.

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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. All rights reserved.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP

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