Beneva Life Insurance: A Complete Review for Canadians 2025

Beneva Life Insurance is one of Canada’s largest life insurance companies, offering a wide range of policies and coverage options. Formed through the merger of two established Quebec insurers, Beneva now serves over 3.5 million members across the country.

But is it the right choice for your financial security? This Beneva insurance review analyzes Beneva’s products, pricing, strengths, and weaknesses to help you decide if its life insurance is a good fit.

Who is Beneva Life Insurance?

Beneva Inc. is a major player in the Canadian insurance landscape, headquartered in Quebec City. Beneva was established in 2020, combining the extensive histories of SSQ Insurance and La Capitale, which date back to the 1940s.

Key facts about Beneva:

• Total assets of $27.5 billion
• Over 3.5 million members and clients
• Products include life insurance, health insurance, travel insurance, home insurance, and more
• Received an “A” (Excellent) financial strength rating from AM Best.

Although considered a relatively new brand, Beneva now ranks as the 6th largest life insurance company in Canada, thanks to the merger. The company positions itself as a mutualist insurer, meaning its policyholders can become members and shareholders in the organization.

While its primary offerings are life and health insurance, Beneva also provides a full suite of financial products, including group benefits, retirement solutions, travel insurance, and home and auto insurance.

What Life Insurance Products Does Beneva Offer?

Beneva offers an array of customizable life insurance solutions to suit different needs and budgets. Their main policy types include:

Beneva Term Life Insurance

Beneva offers several types of term life insurance, which pay out a lump sum death benefit to beneficiaries if the insured dies during the term length.

Term Plus is Beneva’s flagship term product offering maximum flexibility:

• Available term lengths range from 10 years to 40 years. This wide range accommodates both short-term needs, like mortgage coverage, and long-term income replacement.
• Coverage amounts start at $25,000 and go up to $10 million, accommodating a wide range of needs from simple mortgage protection to complex estate planning.
• A decreasing term option allows the coverage amount to decrease over time, designed to match a declining debt, like a mortgage.
• Conversion to permanent life insurance is available until age 70 if extended coverage is later needed.
• Optional add-on riders for critical illness, disability, and children’s insurance allow customized coverage.
• A unique built-in Total Disability Benefit pays out 50% of the death benefit up to $250,000 upon qualifying disability. Most competitors offer this only as a costly add-on rider, giving Beneva a distinct value advantage here. However, policyholders should be aware that the definition of “total disability” is specific and should be reviewed carefully.

(Source: https://www.beneva.ca/en/life-health-insurance/life/term-life-insurance)

Beneva Permanent Life Insurance

Permanent life insurance from Beneva provides lifelong coverage as long as premiums continue to be paid. Many options also build up cash value within the policy that can be borrowed against.

Within Beneva Non-participating whole life policies, premiums, death benefit, and cash value are guaranteed, but the policies do not pay dividends. A “20-pay” option allows you to pay off the policy in 20 years while retaining lifelong coverage. Permanent disability benefits are included in some options.

Beneva Universal Life Insurance offers adjustable coverage and investments for greater flexibility. However, its investment options are geared towards conservative growth. Compared to specialists like Manulife or Canada Life, Beneva has fewer aggressive, market-indexed investment accounts within its UL products. This makes their UL policies better suited for stable, predictable growth rather than for those seeking higher-risk, higher-reward investment performance.

Beneva Simplified and Guaranteed Life Insurance

For applicants who want to skip complex medical underwriting, Beneva offers simplified issue term life insurance and guaranteed issue whole life insurance options.

Beneva Simplified issue term is available up to age 60-70 in 10 or 20-year policy lengths. It involves answering some basic health questions, but no medical exam. Qualification requirements are more lenient compared to fully underwritten policies. However, coverage face amounts are lower, typically ranging from $25,000 to $500,000, depending on age.

Beneva Guaranteed issue whole life insurance provides permanent lifetime coverage without any health questions or exams. Approval is guaranteed for applicants aged 18-80, but coverage is limited to between $10,000 and $50,000.

Both simplified issue term and guaranteed issue whole life allow qualifying for coverage much faster than regular individually underwritten policies. This appeals to older applicants or those with health conditions. Waiting periods may be part of guaranteed policies.

The trade-off is that premiums are higher and death benefit amounts are lower due to the limited medical underwriting. But for those wanting a smaller policy with no hassle, Beneva’s simplified and guaranteed issue life insurance delivers.

How Much Does Beneva Life Insurance Cost?

Beneva Life Insurance offers very competitive pricing on many of its insurance products compared to other major Canadian insurers. Here are some sample monthly rates for Beneva’s Term Plus policy:

Age	20-Year Term, Male	20-Year Term, Female
25	$30.60	$22.05
35	$32.40	$24.75
45	$75.15	$54.45
55	$229.95	$157.50

Premiums are based on $500,000 of coverage for a healthy non-smoker. The longer 30 and 40-year terms from Beneva are even more affordable when compared to the competition.

Beneva also offers preferred pricing for qualifying applicants, as low as $1 million in coverage for the best risks. This can mean significant savings over standard rates.

Some other sample Beneva life insurance rates:

Product	35 Year Old Male Non-Smoker
Term to 100	$337.05 monthly
Whole Life	$373.05 monthly
Universal Life	$355.83 monthly

Overall, Beneva provides very competitive pricing across its life insurance product shelf, making it worth comparing quotes.

How Does Beneva Underwrite Life Insurance Policies?

Beneva Life Insurance has a relatively straightforward underwriting and approval process compared to other insurers.

For term and permanent policies with death benefits under $500,000, no medical exam is required for applicants aged 18 to 45. For simpler policies, such as those with simplified issue terms, coverage up to $100,000 may be approved with just an application.

For larger policies, a medical exam, bloodwork, and a doctor’s records may be requested. Beneva also offers preferred underwriting for low-risk applicants to qualify for the best rates.

The underwriting process is facilitated online and via telephone interviews. Policies are often issued in just 1-2 weeks for simple exams.

Beneva’s 100% digital underwriting capabilities help accelerate the application and approval process. This makes obtaining coverage quick and convenient compared to insurers still reliant on paper applications and exams.

What Are The Pros and Cons of Beneva Life Insurance?

Beneva Life Insurance offers many advantages, including flexible products and competitive pricing. However, there are potential drawbacks to weigh as well when choosing coverage.

Strengths of Beneva Life Insurance

• Term length flexibility – The ability to get longer-term policies up to 40 years is unique to Beneva. This appeals to those wanting lifetime protection or business owners insuring a key person.
• Value-added Built-in benefits – The included Total Disability Benefit in the Term Plus policy provides a layer of protection that typically costs extra elsewhere. This can be more affordable and convenient than separate policies.
• Competitive pricing, especially on longer terms – Beneva’s term life rates are extremely attractive compared to competitors, especially for longer 30+ year terms. This prompts significant consumer savings.
• Simplified Underwriting: For healthy applicants under 45 seeking less than $500,000 in coverage, Beneva’s no-medical exam process is fast and convenient.
• Quick and easy online application process – Beneva offers a streamlined 100% digital application process that can be completed online in minutes.

Cons of Beneva Life Insurance

• Limited universal life insurance options – Beneva’s permanent life insurance products are designed for stability. Investors seeking aggressive, market-linked growth within a Universal Life policy may find the options limited compared to other large insurers.
• No purely online quotes – Beneva does not offer instant online quotes directly to consumers. You must work with a licensed advisor. While this ensures you receive personalized advice, it may be less appealing for those who prefer a fully digital, self-serve process.
• Mixed reviews regarding claims processes – While payments are made reliably, customer feedback on claims and servicing processes is inconsistent, indicating potential areas for improvement.

Is Beneva the Right Insurer for You?

Beneva is a compelling choice for several types of Canadians, thanks to competitive pricing across an array of term and permanent products.

• Young adults and new parents: The ability to lock in low rates for 30 or 40 years provides cost-effective coverage that can last until retirement.
• Homeowners: The decreasing term option is perfectly designed to cover a mortgage balance without overpaying for insurance you no longer need.
• Anyone seeking integrated coverage: The ability to bundle life, disability, and critical illness insurance provides comprehensive protection in a single, streamlined package.

However, it is always wise to compare quotes. While Beneva is strong, an independent advisor like LifeBuzz can help you compare its offering against other top insurers like Sun Life, Canada Life, RBC, and Manulife to secure the best rate.

If you’re interested in exploring additional life insurance options, we’ve got you covered. Check out our comprehensive reviews of other top Canadian life insurance providers:

• Manulife Life Insurance
• Canada Life Insurance
• Assumption Life Insurance
• BMO Life Insurance
• CPP Life Insurance
• IA Financial Group
• Wawanesa Life Insurance
• Ivari Life Insurance
• Desjardin Life Insurance

Apply for Beneva Life Insurance

The quoting process only takes minutes to complete. Lifebuzz’s licensed advisors will then reach out to discuss your specific needs:

• Confirm the ideal policy type and term length
• Recommend an appropriate coverage amount
• Identify opportunities to save with bundled products
• Provide side-by-side comparisons to other insurers
• Guide you through applying and underwriting

There is no cost or obligation when working with Lifebuzz. Their advisors will ensure you find the most comprehensive and affordable life insurance product to safeguard your family’s financial future.

Experience the Lifebuzz difference and see how much you could save today!

FAQs about Beneva Life Insurance Company