Beneva Life Insurance Review: Facts for Canadians


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In This Article

Key takeaways:

  • Beneva is a new insurance company that was formed officially in 2023 from the merger of SSQ and La Capitale.
  • Flexible options for term lengths from 10 to 40 years; get coverage up to $10,000,000.
  • Option to pay decreasing life insurance premiums, though be aware this means being locked into decreasing coverage.

Our Beneva life insurance review

To help you determine whether Beneva life insurance is right for you, we reviewed their different products, prices, features and customer feedback.

Our rating for Beneva's life insurance: ★★★★☆ (4/5)

Who is the Beneva Insurance and Financial Services Company?

Beneva Inc. is a result of the merger in 2020 of La Capitale and SSQ Insurance, two Canadian insurance companies. La Capitale was founded in 1941, SSQ was founded in 1986.

Beneva became an official insurer, distributor and employer in 2023. Its head office is in Quebec City. It is now the largest mutual insurance company in Canada.

Beneva sells financial products, like savings and investment accounts.

It has group insurance too which includes health insurance such as prescription drug insurance, travel insurance and trip cancellation insurance.

Beneva Inc. quick facts for 2023

Beneva life insurance rates for 2023

See how Beneva's term life insurance prices stack up against other life insurance quotes in Canada.

Beneva PolicyMe
20-Year Term, Woman 20-Year Term, Woman
Age 35 $24.75 $23.57
Age 40 $35.10 $33.61
Age 45 $54.45 $50.34
Age 50 $86.40 $80.60
Beneva PolicyMe
20-Year Term, Man 20-Year Term, Man
Age 35 $32.40 $31.46
Age 40 $47.25 $44.71
Age 45 $75.15 $70.31
Age 50 $127.35 $117.11

Prices are based on level premiums, non-smoker and $500,000 in coverage, current as of May 2023.

Other Beneva products prices (35-year-old man, non-smoker, $500,000 in coverage):

  • Term to 100: $337.05 per month
  • Whole Life (Life Pay): $373.05 per month
  • Universal Life (Level): $355.83 per month

All in all, Beneva's whole and universal prices come out in the middle of the pack versus their competitors. Beneva is more competitive on term life insurance and Term to 100 prices.

Beneva life insurance: pros and cons

Pros of Beneva life insurance

Caveat: Decreasing term premium payments can seem like a great idea to match the decreasing balance on your mortgage.

Just be aware that about half of Canadian households moved in the past five years or plan to move in the next five years, according to Statistics Canada.

This means it's less likely that you'll be locked into the exact same mortgage for 20+ years.

So it could be best to keep your original coverage. If your situation changes, you can call your insurer and have them adjust your coverage (and then save on premiums).

Cons of Beneva life insurance

Beneva life insurance customer reviews

Beneva is such a new company that there are no reviews online for their life insurance yet.

Instead, we looked through SSQ and La Capitale's online reviews (the two companies that merged to form Beneva in 2023) to help get an idea of how customers might find Beneva.

One tidbit: SSQ policyholders mention the claims process was smooth, but others say the response time from customer service wasn't great.

In fact, Beneva's contact us page states (as of May 2023) that, "some of our call centres are receiving a high volume of calls. Our response time may be longer than usual."

Positive Beneva life insurance reviews

  • "Great Insurance Company and has extra benefits included in their policy like Accelerated Death Benefit and Total Loss of Autonomy Benefit." - La Capitale customer review
  • "My dad took a policy 30 years back with SSQ. He passed away last year. During the claim process, I found that it is very easy to process the claim. The customer service was amazing to deal with. I would recommend this company to all. I myself have a UL with them with great growth so far." - SSQ customer review

Negative Beneva life insurance reviews

  • "The customer service was awful, and no one could ever give me a straightforward answer. After looking into other policy's [sic] I now know their costs are much much higher, and for much less coverage." - SSQ customer review
  • "I wanted to cancel my life insurance with them in 2017. They tried to force me to renew my insurance policy with them! After I refused, the [sic] got a collecting company to send premium money collecting letter to me." - SSQ customer review

Beneva life insurance products

1. Term Plus life insurance

  • Get coverage up to $10M
  • Term lengths from 10 to 40 years.
  • Pay the same premium for the entire term, or take advantage of decreasing payments.
  • Convertible to permanent life insurance until age 70.
  • Renewable every five years after the initial term is up until age 85.

2. Whole life insurance

  • Premiums stay the same for your entire life.
  • Permanent coverage, as long as you keep up with your payments.
  • May be able to withdraw cash value to, for example, help fund your retirement.
  • Option to pay up the policy faster, or keep paying for your entire life.

3. Universal life insurance

  • Adjust your coverage needs throughout your policy contract.
  • Option to contribute more, to take advantage of its tax-sheltered investments.
  • You don't need to monitor your investments, though if you opt for this product, you probably should.
  • Ability to withdraw your savings, though you'll likely be taxed on the withdrawal.
  • Can take out universal life insurance on your kids (which we don't recommend).

4. Simplified or guaranteed life insurance

  • Get permanent or term life insurance.
  • Get covered in less than 60 minutes.
  • You need to be in good health to qualify for simplified life insurance.
  • Guaranteed issue is designed for those with health issues.
  • No medical exam is required, but not everyone will get approved.
  • Online-only process, but you do need to meet with an advisor.

Additional Beneva insurance and financial services products

Beneva critical illness insurance

  • Beneva's critical illness insurance protects you if you experience a critical illness, such as cancer, heart disease, neurological disorders, or certain childhood diseases.
  • You can choose to be covered by a smaller or larger number of illnesses; choosing to have less illnesses covered will likely cost you less in premiums.
  • A Beneva advisor can guide you through choosing the right coverage for you.
  • Option to get critical illness insurance for your kid(s) so you can take care of them if they become sick or need surgery, as long as their illness or surgery is covered by the policy.
  • You may have the option to get some of your premiums refunded during your lifetime. Usually, return of premium options are very expensive, though.

Beneva disability insurance

  • Pays up to 24 months.
  • Top up your existing group insurance with extra disability insurance.
  • Customize your term and monthly benefit amount according to your needs and budget.
  • Their Regular Occupation Extension rider lets you extend your disability payment period up to five years, or to age 65.
  • The return of premium rider gives you some of your money back at age 65.
  • The sickness disability rider gives you up to $6,000 a month if you can't work due to disability from sickness.

All riders cost extra and can be very expensive, or at least this is the case generally in the industry.

Beneva retirement or end of employment insurance

  • Enrol in this plan within 60 days of ending your group plan and avoid doing a medical exam or questionnaire.
  • Get health insurance and travel insurance. There are three plans with three levels of coverage.
  • Coverage for prescription drugs is included.
  • You need to pay extra for vision or dental care.
  • You need to pay for a more expensive plan to get reimbursement for healthcare professionals, and the reimbursement maximums even with an Intermediate or Enriched plan are pretty low.
  • Health insurance premiums go up every year.

Beneva group insurance

  • Fourth largest group insurance provider in Canada.
  • Online claims; 48 hour reimbursement.
  • Employee Assistance Program offers counselling with specialists.
  • Manager Assistance Program offers coaching on challenging situations and crisis intervention.
  • Among top three leaders in Canada for its Wellness programs.

Beneva savings and investment products

  • Surprise! Beneva is also a financial services company.
  • You can get RRSPs, TFSAs and other savings plans with them.
  • Investment products include traditional and equity index GICs, annuities and high-interest savings accounts.

Bottom line: Beneva life insurance is best for unique term needs

Beneva is best for those who are interested in longer term lengths, such as 40 years, and higher-than average coverage, such as $10M. Their decreasing coverage option is a good bet for those who only want to cover their mortgage balance and don't foresee having any other financial obligations in the future.

FAQ: Beneva life insurance

Who owns Beneva insurance?

Jean-François Chalifoux is the president and chief executive officer of Beneva, and former CEO of SSQ Insurance. Post-merger, Jean St-Gelais took on role of the chairman of the board of directors for Beneva. He is the former chairman of the board and CEO of La Capitale.

When did La Capitale become Beneva?

La Capitale and SSQ Insurance announced that they would combine operations in January 2020 and further, on December 12, 2020, that this new company would be called Beneva. La Capitale began its transition to Beneva in January 2022 and in December 2023, Beneva officially became a distributor, insurer and employer.

How big is the Beneva company?

Beneva has 5,000 employees across Canada and 3.5 million clients and members. It is now the largest mutual insurance company in Canada.

Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:

PolicyMe Editorial Team

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