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Beneva Life Insurance: A Comprehensive Review for Canadians 2024

Beneva Life Insurance: A Comprehensive 2024 Guide for Canadians
Beneva Life Insurance: A Comprehensive 2024 Guide for Canadians

Beneva life insurance is one of Canada’s largest life insurance providers, 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

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?

What Life Insurance Products Does Beneva Offer?
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

Term life insurance provides temporary coverage for a set period of time, typically 10, 15, 20 or 30 years. It pays a lump sum benefit to your beneficiaries if you pass away during the term.

Beneva’s primary term life product is Term Plus, which offers maximum flexibility:

  • Available terms from 10 up to 40 years
  • Coverage amounts from $25,000 up to $10 million
  • Level death benefit or decreasing coverage
  • Convertible to permanent insurance until age 70
  • Renewable every five years until age 85
  • Built-in Total Disability Benefit
  • Add critical illness, disability, and child riders

The decreasing term option is ideal for matching a mortgage balance or other debt that reduces over time. Beneva Life Insurance also offers streamlined, simplified issue term life insurance with limited underwriting.

More : Term Life Insurance

Beneva Permanent Life Insurance

Permanent life insurance provides lifelong coverage as long as premiums are paid. It also builds up a cash value that can be borrowed.

Beneva’s permanent policies include:

  • Whole Life Insurance – guaranteed premiums, cash value, and death benefit
  • Universal Life Insurance – adjustable coverage with an investment account
  • Simplified issue – avoid medical exams

These policies ensure your beneficiaries receive a payout no matter when you pass away. The cash value options also allow you to accrue savings that can supplement retirement income.

More : Permanent life insurance

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?

How Much Does Beneva Life Insurance Cost?
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:

Age20-Year Term, Male20-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:

Product35 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 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?

The Pros and Cons of Beneva Life Insurance
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 options are less varied compared to 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 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!

The Bottom Line: Is Beneva the Right Choice?

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 like Lifebuzz 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.

Frequently Asked Questions (FAQs)

Who is the president and CEO of Beneva?

The president and CEO of Beneva is Jean-François Chalifoux. He previously served as president and CEO of SSQ Insurance before the merger with La Capitale.

How many Canadians are insured with Beneva Life Insurance?

Beneva provides insurance coverage for over 3.5 million Canadians coast-to-coast.

What is Beneva’s financial strength rating?

Beneva has received an A (Excellent) financial strength rating from A.M. Best, indicating stability and ability to pay claims.

Does Beneva Life Insurance pay dividends on policies?

Beneva does not currently offer participating policies that pay dividends. Their life insurance offerings are primarily non-participating.

What is the claims payout process like with Beneva?

Reviews indicate Beneva's claims process is relatively smooth once all required death certificate/documents are provided. Payouts are made in a timely manner.

Can I manage my Beneva Life Insurance policy online?

Yes, Beneva offers customer online access to policies to make payments, view details, update information and beneficiary designations, and handle other policy needs.

What is Beneva’s total life insurance in force?

As of 2022, Beneva had over $160 billion in total life insurance coverage in force across all of its policies.

Does Beneva offer life insurance medical exams at home?

For qualifying applicants, Beneva facilitates medical exams for underwriting to be completed in the convenience of your own home.

How long does it take Beneva Life Insurance to pay out a life insurance claim?

Once all documentation like a death certificate is provided, Beneva will typically issue a life insurance claim payout in 5-10 business days via cheque or direct deposit.

Can I get an instant quote for Beneva life insurance online?

Beneva does not offer instant online quotes. However, Lifebuzz advisors can provide quotes quickly over the phone or by email with just a few basic details.

Is Beneva a publicly traded company?

No, Beneva is a mutual life insurance company, meaning it is owned by policyholders rather than public stock shareholders. The company is not publicly traded.

What is Beneva’s credit rating?

Beneva has been assigned an Issuer Rating of A (Excellent) by credit rating agency DBRS Morningstar as of October 2022.

How do I change a beneficiary on my Beneva Life Insurance policy?

To change your Beneva policy beneficiary, download a Beneficiary Change form from your online account or contact customer service. Sign and submit the updated form.

Does Beneva sell insurance directly to consumers?

Beneva operates on an advisory-based model, selling through licensed life insurance advisors and brokers rather than directly to consumers.

Can I cancel my Beneva life insurance policy?

Yes, you can cancel your Beneva life insurance at any time. Term policies don't have cash value, but permanent policies may have a surrender charge.

Who is the best life insurance broker for Beneva?

Top brokers like Lifebuzz can help you easily compare quotes across insurers like Beneva and apply for coverage. Their advisors ensure you find the optimal policy.

What are people saying in Beneva insurance reviews?

Reviews for Beneva are limited since it is a newer insurer. However, reviews for predecessors La Capitale and SSQ indicate positive customer service experiences overall.

Can I get Beneva life insurance without a medical exam?

For policies under $500,000, Beneva offers simplified issue term life with no medical exam required, making approval faster.

Article Sources:

For a deeper look at our dedication to accuracy, transparency, and independence, please refer to the Lifebuzz.ca Editorial Policy. We take great pride in being Canada’s most trusted life insurance news source:

  1. Beneva Life Insurance Review: 2024 Facts for Canadians – https://www.policyme.com/
  2. Beneva Life Insurance Review – Updated 2024 – https://www.policyadvisor.com/
  3. Beneva Life Insurance Review 2024 – https://www.dundaslife.com/
  4. Beneva – Wikipedia

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:

5/5 - (1 vote)

Written by Ben Nguyen

Ben Nguyen is an award-winning insurance expert and industry veteran with over 20 years of experience. He is the chairman and director of IDC Insurance Direct Canada Inc., one of Canada's leading online insurance brokerages.

Ben is renowned for his extensive knowledge of life, health, disability, and travel insurance products. He is the prolific author of over 1,000 educational articles published on LifeBuzz, BestInsuranceOnline, and InsuranceDirectCanada. His articles provide Canadians with advice on making smart insurance decisions.

With a Bachelor's degree in Actuarial Science and a Fellow of the Canadian Institute of Actuaries (FCIA) designation, Ben is frequently interviewed by media as an insurance industry spokesperson.

He has received numerous honors including the Insurance Council of Canada’s Pivotal Leadership Award, the Canadian Insurance Hall of Fame induction, and the President’s Medal from the Canadian Institute of Actuaries.

Ben continues to shape the vision and strategy of IDC Insurance Direct as chairman. He is dedicated to advancing the insurance industry through his insightful leadership.

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