Beneva Insurance Review: Guide for Canadians

Beneva life insurance review (2025 update)

Beneva Inc. resulted from the 2020 merger of La Capitale and SSQ Insurance, two Canadian life insurance companies. Beneva became an official insurer, distributor, and employer in 2023. 

Its head office is in Quebec City and it’s now the largest mutual insurance company in Canada, serving Canadians from British Columbia to Alberta to Ontario. Though this review focuses on life policy coverage, be aware Beneva also offers home insurance in some areas. 

Beneva life insurance ★★★★☆ (3.5)

^{* This figure reflects the typical costs for a non-smoking woman between the ages of 30-44 across a term length of 10-30 years for coverage of $500,000.}

Beneva is a strong insurer with competitive life insurance options and long-term flexibility.

• Strong foundation: Beneva was formed in 2020 through the merger of La Capitale and SSQ, and holds an A from A.M. Best for financial strength.
• Advisor-driven network: Beneva relies heavily on its advisors to guide applicants through life insurance coverage choices.
• Product range and flexibility: Offers term life insurance, whole life insurance, universal life insurance, and simplified/guaranteed issue options. There are also fixed or decreasing capital coverage options.

However, its advisor-driven model and customer service record may leave some Canadians preferring a digital-first financial services alternative. Plus, user reviews indicate an issue with how customers are treated overall.

Best for: Canadians who are interested in longer-term lengths, such as 40 years.

Methodology

PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers. 

Our analysis combines 450,000+ quotes for 50+ life insurance products with in-depth research on 20+ providers. We assigned each product a star rating out of five based on a mix of average pricing, Google Review scores, and shopping convenience, then ranked the results in 12 categories.

Rankings are determined first by star rating and then by price, with preference given to expert recommendations by PolicyMe’s team of life insurance advisors. Our findings are entirely data-driven and do not include paid placements, but should not be considered a substitute for personalized financial advice.

Beneva life insurance: pros & cons

Pros

Cons

Beneva life insurance cost and value

The cost of a Beneva TermPlus policy ranges from 4% below to 5% above industry average, depending on your age and sex at birth. Here’s a look at average monthly premiums for $500,000 of coverage for applicants of different ages:

^{* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years.}

^{** Compared to the average monthly costs for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

About pricing comparisons

To ensure fairness and accuracy, all pricing comparisons were made within identical product types and demographic segments. For instance, a 10-year term policy for non-smoking women aged 18-29 with $500,000 in coverage was compared to the average pricing for all other 10-year term policies meeting the same criteria.

Beneva life insurance reviews and customer service 

Beneva gets very good reviews from customers online, with an impressive 4.6-star rating on Google. That’s high enough, compared to competitors, to earn a “Great Customer Service” badge.

However, Beneva’s negative reviews mention issues with accessibility and claims responsiveness. Trustpilot users frequently report that contacting Beneva is a time-consuming and frustrating process.

Beneva term insurance products at a glance

Beneva offers a wide range of products to meet your insurance needs, from simple term life insurance policies to more complex permanent coverage, with a good selection of riders. The table below outlines Beneva’s core life insurance products and their features.

Other insurance products from Beneva

Here’s an overview of the other Beneva offerings:

How Beneva compares to other providers

Compare Beneva to two of the top life insurance companies in Canada:

Beneva life insurance vs PolicyMe life insurance

Beneva and PolicyMe are both relatively new to the life insurance industry, offering Canadians financial stability and solid products. Here’s how they stack up against each other:

Cost

Beneva’s term life insurance is fairly priced, and its 40-year term option gives it an edge for Canadians who want long-term coverage tied to mortgages or other debts. PolicyMe premiums are usually roughly the same rate for most healthy applicants, if not slightly lower. 

Customer Satisfaction

Beneva leans on its insurance advisors to guide and service its customers, which means less convenience for Canadians who prefer a self-serve option. And many online reviews are less than stellar, with customers often describing the company as antagonistic.

On the other hand, PolicyMe boasts a 5-star Google rating and positive user reviews, along with a fully streamlined online model that features a fast application process. PolicyMe has a strong reputation for its transparency and affordability. It has quickly earned the trust of Canadians who want insurance without the traditional friction.

Convenience

Beneva requires you to contact an advisor to get a quote or purchase a policy. With PolicyMe, you can estimate prices and buy your coverage completely online.

The bottom line: Who should consider Beneva?

Beneva is a good fit for Canadians who want long-term coverage, value the guidance of an advisor (and don’t mind waiting for it), or need simplified or guaranteed-issue options that don’t require a medical exam. Its 40-year Term Plus policy makes it one of the few insurers that can match long mortgages or extended financial obligations.

FAQ: Beneva life insurance review

^{*** The life insurance premium rates in this article are based on publicly available figures as of December 2025.}

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