Beneva Life Insurance: A Comprehensive Review for Canadians 2024

Beneva Life Insurance is one of Canada’s largest life insurance companies, offering a wide range of policies and coverage options. Formed in 2020 through a merger of two established Quebec insurers, Beneva Life Insurance now serves over 3.5 million members across the country.

This in-depth guide examines Beneva’s offerings, pricing, customer service, and more to help Canadians decide if their life insurance products are a good fit.

Who is Beneva Life Insurance?

Beneva Life Insurance was created in 2020 from a merger between SSQ Insurance and La Capitale, two prominent Quebec-based insurers with long histories dating back to the 1940s.

The combined company now operates as Beneva Inc. and maintains headquarters located in Quebec City, Quebec. Some key facts about the insurer:

• Total assets of $26.8 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 in 2022

Source: https://www.beneva.ca/en/newsroom/2022-financial-results

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.

Beneva sells a wide range of financial, insurance, health and wellness, and retirement products across Canada. However, they are best known for their selection of term life insurance and permanent life insurance policies.

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 provide temporary coverage for 10 to 40 years. Term life pays 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 terms range from 10 years up 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. This high maximum face value makes their term life very adaptable.
• Policyholders can choose between level death benefit that remains the same or decreasing coverage that reduces over the term.
• Conversion to permanent life insurance is available until age 70 if extended coverage is later needed.
• Term Plus policies are renewable every 5 years after the initial term expires, up to age 85. This allows for extended protection.
• A unique built-in Total Disability Benefit pays out 50% of the death benefit up to $250,000 upon qualifying disability.
• Optional add-on riders for critical illness, disability, and children’s insurance allow customization coverage.

The decreasing term option is ideal for matching a mortgage or other debt that is steadily paid off over time.

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.

Whole life insurance options from Beneva include:

• Guaranteed level premiums, death benefit, and cash value that grows over time.
• Non-participating policies that do not pay dividends.
• 20-pay option available to get policies paid off faster.
• Permanent disability benefits are included in some options.

Universal life insurance from Beneva offers adjustable coverage and investments for greater flexibility. This comes with added complexity to monitor.

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.

Simplified issue term is available 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 when approved.

Guaranteed issue whole life insurance from Beneva provides permanent lifetime coverage without any health questions or exams. Approval is guaranteed, but death benefit amounts are restricted to a range of $10,000 to $50,000 based on age.

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 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 deliver.

Some key details:

• Simplified Term 10 & 20: Available up to ages 60-70 depending on term length. Includes renewal, limited conversion, and disability benefits.
• Simplified Whole Life: Permanent coverage is available up to age 80, and no medical exam is needed. Maximum $100,000 death benefit.
• Guaranteed Issue Whole Life: Must be 18-80 years old. $10,000 – $50,000 coverage. No health questions or exams.

In summary, Beneva provides simplified issue options for both term and permanent life insurance that allow qualifying much faster for coverage. These policies suit smaller insurance needs or older applicants. The trade-off is higher premiums and less customization. But for hassle-free coverage, they deliver.

Additional Beneva Insurance Offerings

Beyond basic life insurance, Beneva provides extensive solutions covering:

• Critical illness insurance
• Disability insurance
• Mortgage/debt insurance
• Retirement and group benefits
• Travel Insurance
• Home and auto insurance

This array of offerings allows customers to bundle multiple policies together for complete protection.

How Much Does Beneva Life Insurance Cost?

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

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:

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

How Does Beneva Underwrite 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 like simplified issue terms, coverage up to $100,000 may be approved with just an application.

For larger policies, a medical exam, bloodwork, and 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 some potential drawbacks to weigh as well when choosing coverage.

Pros of Beneva Life Insurance

• Wide variety of term lengths up to 40 years – 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.
• Permanent policies with cash value options – Beneva provides permanent whole and universal life options that build conservative cash value to borrow from or supplement retirement income.
• Bundled critical illness and disability riders available – The ability to add critical illness and disability riders provides complete protection in one bundled policy. This can be more affordable and convenient than separate policies.
• Decreasing term helpful for mortgages – Beneva offers decreasing term policies that are directly linked to mortgage balances, ensuring you never overpay for unnecessary coverage.
• Simplified underwriting with no medical exam on smaller policies – For policies under $500,000, Beneva offers simplified underwriting with no medical exam to expedite approval. This appeals to busy professionals.
• 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.
• Mostly positive customer service reviews – Customer feedback indicates Beneva’s service quality is above-average in responsiveness and resolving issues. Their all-Canadian support teams get high marks.
• Quick and easy online application process – Beneva offers a streamlined 100% digital application process that can be completed online in minutes. This simplifies applying.

Cons of Beneva Life Insurance

• Limited universal life insurance options – Beneva has fewer universal life options compared to some competitors. Those wanting robust investment-linked policies may need to look elsewhere.
• No purely online quotes – Beneva does not offer instant online quoting. However, their advisors provide quotes rapidly with minimal information.
• Mixed reviews regarding claims processes – While payments are made reliably, customer feedback on claims and servicing processes is inconsistent, indicating potential areas for improvement.
• Slower turnaround times reported for approvals – Due to manual underwriting, approval times are slower than some insurers. However, this enables personalized terms.
• Set schedule for decreasing term not adaptable – The lockstep decreasing coverage may not flexible enough for some situations where financial needs change.

Overall, Beneva provides very robust life insurance products at affordable rates – especially for longer duration term policies. The built-in disability benefit and add-on critical illness coverage provide even more value.

For those seeking permanent cash value policies, Beneva meets the need, but its options are less varied than those of some competitors. Their application and claims processes also receive mixed feedback from customers.

Is Beneva the Right Insurer for You?

Beneva Life Insurance is undoubtedly one of the top life insurance companies in Canada, thanks to competitive pricing across an array of term and permanent products.

They make an especially compelling option for these common scenarios:

• Seeking longer policy terms like 30 or 40 years
• Want critical illness and disability combo coverage
• Need high policy face values of $500K+
• Have a mortgage or debt to cover
• Prefer simplified underwriting

Younger and healthier applicants, in particular, may find Beneva’s streamlined application process and competitive rates very appealing. The unique decreased term and disability features also add value.

That said, buyers should still compare Beneva to other top insurers like Sunlife, Canada Life, RBC, and Manulife before deciding. Working with an independent broker like Lifebuzz can help you secure the absolute best rate.

But for the right candidates, Beneva Life Insurance offers a customizable suite of policies at very attractive pricing. Just be sure to run quotes with competitors – Beneva may provide premium savings of 15% or more.

How to Apply for Beneva Life Insurance

Canadians interested in Beneva life insurance can easily obtain a quote and apply using Lifebuzz‘s online insurance platform.

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 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!

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 review
• Beneva Life Insurance review
• Canada Life review
• Assumption Life Insurance review
• BMO Life Insurance review
• CPP Life insurance review
• IA financial Group review
• Wawanesa life insurance review
• Ivari life insurane review
• Desjardin life insurance review

In summary, Beneva Life Insurance offers very competitive life insurance products that deserve consideration from most Canadian buyers.

The variety of term lengths, ability to add critical illness and disability, unique decreasing term and disability features, and affordable pricing make their policies stand out.

Younger and healthier applicants, in particular, may find Beneva Life Insurance’s application process and rates extremely appealing. Their policies provide robust protection and value for mortgages, debt coverage, income replacement, and final expenses.

That said, it remains prudent to compare Beneva life insurance against other respected national carriers before deciding. An independent broker can objectively help you identify the best life insurance option for your specific needs and budget.

But for many Canadians, Beneva merits a close look thanks to cost-effective pricing and flexibility in product design. Just be sure to get comparative quotes before applying. Your advisor can determine if Beneva truly provides the optimal mix of policy features and premium savings.

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