SSQ Insurance holds a diverse portfolio of investment and insurance products, operating as a mutual insurance company, meaning their policyholders share in their profits and have a say in how they run. They offer one simplified term product, no medical options, and guaranteed and affordable premiums. Other insurance products include whole, universal, critical illness, travel, home, group, loan, and more.
Since combining with La Capitale in early 2020, SSQ Insurance will soon be known as Beneva as the companies continue to combine their operations. SSQ offers investment and insurance products and is known for its diverse portfolio, including real estate and different types of insurance.
In fact, SSQ Insurance has a worldwide footprint with operations in London, Singapore, Johannesburg, Paris, and more. As SSQ is a mutual, all policyholders become co-owners when they participate in a policy. In 2003, SSQ found was named one of the 50 best-managed companies in Canada.
A.M. Best: A (excellent)
SSQ Term Life Insurance
Term life insurance is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance.
SSQ Insurance only offers a single term life insurance policy: Term Plus.
- The underwriting process is straightforward as it doesn’t require a medical examination.
- You can avail joint first to die, joint last to die, multi-life, or individual coverage.
- The terms available under this plan are 10, 15, 20, 25, 30, 35, and 40 years.
- The premiums are guaranteed and affordable.
- It is a convertible and renewable plan.
- It also comes with a critical illness rider.
- This plan comes with complementary protection such as universal life, permanent life, and critical illness.
- Healthier applicants can avail themselves of preferred rates.
- This plan is suitable for covering business or personal debts, estate planning, and income replacement.
For more information and an in-depth look at their coverage, read our SSQ Term Life Insurance Review.
SSQ Permanent 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. SSQ offers two different permanent life insurance policy options: non-participating and universal.
Non-Participating Whole Life Insurance
SSQ offers non-participating whole life insurance with its Whole Life 20, Whole Life 100, and Term 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 your children or critical illness coverage. Whole Life 20 has a 20-pay option; premiums for Whole Life 100 and Term 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 SSQ is easy to understand. The plan is offering maximum flexibility to the 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
- The plan is renewable
- You don’t have to pay surrender charges
- The plan offers flexibility for insuring family members at no additional rate
- The interest investment options for this plan are 1, 3, 5, and 10 years
SSQ Critical Illness Insurance
Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, 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.
SSQ offers critical illness insurance for adults and children 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.
- 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 SSQ Critical Illness Insurance Review.
SSQ is offering insurance for 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.
SSQ 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, SSQ will cover your home. SSQ offers home insurance coverage for apartments, condo units, and freestanding residential property.
SSQ also offers insurance for your wheels. SSQ also allows for flexible and easy cancellations online. The premiums depend upon the kilometres you drive. Also, many of their plans include 24-hour roadside assistance.
SSQ 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. SSQ loan insurance is renewable and convertible and you can combine it with more of SSQ’s insurance products.
SSQ Group Insurance
SSQ Insurance also offers group insurance services for businesses and companies and their individual employees. Through SSQ 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. SSQ’s group insurance portal makes filing claims online easy, and claims are usually settled within 48 hours.
SSQ 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.
The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.