Formed through the merger of La Capitale and SSQ Insurance, Beneva stands as Canada’s largest insurance mutual, boasting a membership and customer base exceeding 3.5 million. The company, with a workforce of over 5,000 committed individuals, prioritizes a human-centric approach deeply ingrained in mutualist values embraced by its staff. With assets totaling $25.1 billion in 2022, Beneva solidifies its role as a significant player in the insurance and financial services sector. The headquarters of Beneva is situated in Quebec City.
Beneva offers a comprehensive range of insurance products and savings and investment options. In the individual insurance domain, the portfolio includes a variety of products such as Life Insurance, Critical Illness Insurance, Disability Insurance, Loan Insurance, and Children’s Insurance. On the group insurance front, the offerings span healthcare, group life insurance, short and long-term disability insurance, dental care, and health spending accounts.
Savings and investment options comprise RRSP, TFSA, LIRA, IPP, RRIF, LIF, and non-registered plans within Beneva’s offerings.
Examples of Term 20 Life Insurance Quotes from Beneva (2024):
Term 20, Coverage $250,000
Male, non-smoker $ per month
Female, non-smoker $ per month
30 years old
$18/month
$14/month
45 years old
$43/month
$31/month
55 years old
$126/month
$86/month
65 years old
$375/month
$252/month
Beneva insurance products’ pros and cons
Beneva has a great product shelf while being very competitive from a premium standpoint. Top three benefits of the product offering are…
Extreme Disability Benefit (offered on all life products)
$20K Critical Illness rider offered to insureds approved standard or better on Life for an additional premium
Very competitive UL COI (Universal Life Cost of Insurance) for both Level and YRT (Yearly Renewable Term)
The one known con is that Beneva does not offer a participating Whole Life policy.
Policies issued and delivered within 1 hour, 7 days a week
Rate banding can offer savings of more than 50% vs. other Simplified Issue products
Extreme Disability Benefit (EDB) and 5-year term renewals are included, just like Beneva’s traditional insurance offerings
Especially favourable for travel up to 6 months, marijuana usage and build.
Other ideal clients: healthy but wanting quick coverage; Type 2 diabetics, those with high cholesterol or blood pressure issues
Beneva’s Term Plus (Term Life Insurance) Key Features:
Very competitively priced
Extreme Disability Benefit and Insurability Benefit included at no additional charge
Total Disability Rider (loan repayment plan) available – $3,500/month max
Critical Illness Rider ($20,000 lump sum) – life underwritten only and offered on any standard or preferred life cases, 3 illnesses, premiums guaranteed until age 85
A variety of Term options (10, 15, 20, 25, 30, 35, 40 and T100)
Conversion Privileges to age 71, currently with a choice of T100, UL and whole life
Exchange option up to the 5th policy anniversary with no medical underwriting
All term products renew into 5-year terms, making it considerably more affordable to maintain if necessary
Choice of level or decreasing coverage
Single, Joint First or Multi Life (up to 5 lives under one policy)
Beneva’s Universal Life Key Features:
Very competitively priced LCOI and YRT (Yearly Renewable Term) rates with Extreme Disability Benefit built-in at no extra cost
All Term and Critical Illness coverages available as riders
25+ Choices of Managed or Indexed funds available
Guaranteed 1% bonus of accumulation fund credited from 6th policy anniversary
Surrender charges on only our YRT product for 7 years
Guaranteed insurability and critical illness benefit included for child Universal Life
Beneva’s Critical Illness Key Features:
Very competitively priced Critical Illness Insurance offering, with the option for 3 or 25 covered conditions
Return of Premium available on death, surrender or expiry
Issue ages 18-65
Term 10, Term 20, Term 75, Term 100 and Term 100 paid up in 20 years
Conversion of T10 and T20 available to age 65 into the Term 75 or Term 100 products
Early intervention available on the Enhanced (25 condition) product
Assistance Benefit included, which offers much more than just a second opinion
Beneva’s Non-Par Whole Life
Beneva also has a non-par whole life product available which was improved in 2023 making both the premiums and cash values very competitive. Beneva’s Life Pay version can also be used to create a very flexible and competitive Limited Pay option.
Interested to see how Beneva rates compare with others?
