May 4 Correction: We previously said that the Extreme Disability Benefit was built-in to Beneva's life insurance. In fact, this was a feature offered by SSQ pre-merger and it no longer appears to be a free offering. You now need to add their Disability Income Benefit as a paid rider.
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 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.
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. They are more competitive on term life insurance and Term to 100 prices.
PolicyMe is consistently cheaper than Beneva for term life insurance. Get a quick online quote by answering four questions.
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.
Better prices. $10,000 in free Child Coverage. 10 per cent couples discount. Federally regulated and backed by Canadian Premier. A no brainer.
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: