What happened to SSQ Insurance? (2024)


In 2020, SSQ Insurance Company announced it was merging with La Capitale, another life insurance company, to form Beneva. That merger has taken effect as of January 2023, and all SSQ policies are now handled by Beneva. Here’s a recap of what happened and what you need to know about the merger.

By Rayne Morgan
Content Editorial Manager
7 min read

What happened to SSQ Insurance?

As of January 2023, SSQ Insurance has merged with another Canadian insurance company, La Capitale, to become Beneva Insurance Company. SSQ Insurance is a well-known name in the Canadian insurance industry. It has been one of the leading life and health insurers for years. Here’s a look at the history of SSQ and what this new merger means for new and existing clients.

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History and ownership: SSQ Financial Group

SSQ Insurance was founded in 1944 in Quebec City, Canada, by Dr. Jacques Tremblay. It began as a cooperative called Coopérative de Santé de Québec that aimed to provide better social services and insurance options for working-class French Canadians.

The company later changed its name to Les Services de Santé de Québec, which is where the SSQ abbreviation came from. Since then, the company underwent several more name changes, first becoming SSQ, Life Insurance Company Inc. and then SSQ Financial Group, and eventually SSQ Insurance. It is a mutual insurance company, which means it is owned by its policyholders. As such, SSQ’s profits are reinvested to improve products and services for its clients.

SSQ has become a trusted name across Canada for life insurance, critical illness insurance, health insurance, and other financial services. It has expanded outside of Quebec and operates in multiple Canadian provinces, making it one of the largest companies in insurance. And, it has also repeatedly been named one of the best insurance companies — including by PolicyAdvisor.

Read our review of the Best Life Insurance Companies in Canada.

Read our review of the Best Whole Life Insurance Companies in Canada

Merger and consolidation as Beneva

In 2020, SSQ announced that it would be merging with La Capitale to form a new group called Beneva. This major change took effect at the start of 2023. Both SSQ and La Capitale — two separate Canadian life insurance companies — shed their names for this merger. They are now consolidated as a single company operating under the Beneva name, but with a combined expertise in insurance.

The point of merging was to create a larger and more diversified company, with better products and services to offer customers. And, according to data from SSQ, the merger has achieved just that. Beneva has more than 3.5 million customers across Canada and $25 billion assets under management. It has also kept the mutualist values of the companies that formed its roots, so policyholders have a small say in how the organization is run.

Read our full Beneva Life Insurance Review and Beneva Critical Illness Insurance Review.

SSQ and La Capitale have merged to form Beneva Insurance Inc.

About La Capitale

La Capitale itself was another well-established Canadian insurance company based in Quebec City. It was a bit older than SSQ, being founded in 1940. Like SSQ, it was also an insurance mutual. And, again like SSQ, it was also a trusted name for life insurance products. PolicyAdvisor also ranked La Capitale among the best insurance providers in Canada. The company offered a wide range of options, and their policies were known for being affordable.

Read more about what happened to La Capitale.

What is SSQ called now?

The companies and subsidiaries that were merged to create what is now known as Beneva Insurance Company include:

  • SSQ Insurance / SSQ Assurance
  • SSQ, Life Insurance Company Inc.
  • SSQ Financial Security / SSQ Financial Services
  • SSQ Financial Group
  • La Capitale Insurance
  • La Capitale Financial Security / La Capitale Financial Group

Although the Beneva insurance name might be new, the company will likely soon become well-known as one of the largest insurance companies in Canada. Because it’s formed from the union of two major insurers, its assets and AM Best financial strength rating are already high up in the ranks.

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What products does Beneva offer? 

Beneva provides a wide range of affordable insurance products, including traditional life insurance and health insurance, as well as financial services. In addition to the products already offered by SSQ Life Insurance and La Capitale, Beneva also intends to offer new products and services to customers, thanks to the increased scale and resources of the merged company.

Beneva Insurance offers clients insurance solutions that can be tailored to fit different needs, as well as additional professional services through Beneva Investment Services Inc. These enhanced service offerings include:

A huge plus for Beneva life insurance policyholders is that the company is also offering SSQ’s unique built-in Extreme Disability Benefit. SSQ was one of the few Canadian insurers with this specialty offering in insurance. So, it’s a major win that Beneva will continue to provide this option for disability coverage on top of other types of coverage.

Will anything happen to my SSQ insurance policy?

No, there will be no change to existing SSQ insurance policies. If you are already an existing client, you can rest assured that your policy is still in effect. You will still be covered under the same terms and conditions of your insurance contract from before the companies merged. If you have any claims in progress, those will also be handled the same as before.

If you have any concerns about your policy, you can always contact Beneva directly to clarify. Or, you can speak with PolicyAdvisor‘s own experts in insurance who will gladly help you out!

Will my everyday experience be impacted?

SSQ’s merger into Beneva should not have a significant impact on your everyday experience. You will continue to be able to submit claims and access your policy information as before. And Beneva has committed to providing the same level of customer service to clients as it has under SSQ and La Capitale.

But your monthly or annual premium payments will be different. If you are paying through your bank or financial institution, you need to update the service provider listed as a payee to Beneva instead of SSQ.

Another change is that the Beneva website itself looks different than SSQ’s did.

Aside from these two aspects, though, you shouldn’t see much more of a difference.

Will I have to drop certain SSQ products?

No, you will not have to drop any SSQ products you may have had prior to the merger. In fact, Beneva adopted all of the products that SSQ carried, so everything will remain the same. As we mentioned above, there will not be any change to any existing insurance policies or current contracts you have with SSQ.

How do I submit a claim to SSQ?

You can submit your claim easily online through the Beneva website, or by contacting the company or your insurance advisor directly. Any SSQ product you have will now fall under Beneva, so you can use the Beneva claim form to submit your claim.

How do I contact SSQ?

You will have to contact Beneva, either through their website, via email, or by calling them at 1-855-747-7712. You can also head into one of their offices near you, if you’d prefer something in-person. Details of their office locations are available on their website.

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

  • SSQ was founded in Quebec in 1944
  • SSQ merged with La Capitale Insurance Company to become Beneva - effective Jan. 2023
  • Existing SSQ life insurance policies will remain the same but payment details must be updated

By Rayne Morgan
Content Editorial Manager
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