Following a landmark merger, SSQ Insurance joined with La Capitale to become Beneva, now one of Canada’s largest and most trusted insurance providers.
The History of SSQ Insurance
Founded in 1944 and headquartered in Quebec City, SSQ Life Insurance has built a reputation over more than 75 years as a trusted provider of insurance solutions for Canadians. SSQ Insurance was founded with a focus on mutual values and inclusive participation amongst policyholders.
In 1992, SSQ Insurance acquired AXA’s individual life insurance business in Canada, strengthening its position in the competitive Canadian insurance market.
In 2020, SSQ and La Capitale announced their decision to combine operations. In January 2023, the two companies completed the transformation and formed Beneva Insurance.
The merger brings significant advantages to new and existing policyholders:
- Enhanced Financial Strength: By combining their assets and resources, the new entity possesses a much larger capital base. This translates to superior financial stability and an even greater capacity to honour long-term claims, giving policyholders increased peace of mind.
- Expanded Product Portfolio: Beneva can now offer a more diverse and comprehensive suite of insurance and financial products, drawing from the best of both legacy companies. This allows for more tailored solutions to meet a wider range of customer needs.
- Greater National Reach: While both companies had a strong foothold in Quebec, the unified Beneva has a more formidable presence across Canada, improving access to products and advisor support for all Canadians.
- Economies of Scale: The merger allows for operational efficiencies by combining administrative, technological, and marketing efforts. These cost savings can be passed on to policyholders through more competitive premiums and enhanced policy features.
- Investment in Innovation: As a larger organization, Beneva has more capital to invest in technology. This is expected to lead to an improved digital customer experience, including better online tools, mobile apps, and more streamlined application and claims processes.
What Products Does SSQ Insurance Offer?
SSQ Life Insurance offers all the core types of life insurance coverage. Let’s look at a detailed overview of each product and its key features.
SSQ Term Life Insurance
Term life insurance is the most popular type of policy in Canada. It provides affordable financial protection for a set period of time, typically 10 to 30 years. Here are the main term life options from SSQ:
SSQ Term Plus
The Term Plus plan is the traditional term life product requiring medical underwriting. Features include:
- Available Terms: 10, 15, 20, 25, 30, 35 and 40 years
- Renewable every five years without new underwriting
- Convertible to permanent insurance until age 70
- Insurability benefit – increase coverage up to 25% or $100k every three years
- Built-in extreme disability benefit – 50% advance payment of coverage amount up to $250k
- Add-on riders available like critical illness, children’s coverage, accidental death, and more
Term Plus offers robust core protection plus flexibility to modify the plan as your needs evolve.
Simplified Term Life
Simplified issue term life skips the full medical underwriting, using simplified health questionnaires instead. Benefits include:
- No medical exam or fluid samples are required
- Approval in as little as 60 minutes
- Convenient phone application process
- Up to $1 million in coverage, depending on age and health
Simplified issue term life insurance provides an easy, expedited path to gain coverage without medical exams or visits. It appeals to healthy applicants who want convenience and speed.
SSQ Permanent Life Insurance
Permanent life insurance provides lifelong coverage with premiums stretching over your entire lifespan. The cash value savings component can be used during your life for loans and flexibility. SSQ offers both whole and universal permanent policies.
SSQ Whole Life Insurance
SSQ whole life insurance features guaranteed premiums, a guaranteed death benefit, and guaranteed cash value growth.
- Whole Life 20 – Premiums paid for 20 years
- Whole Life 100 – Pay yearly premiums for life
- Term 100 – Pay yearly premiums for life without cash value
All plans guarantee your premiums will never increase. Protection amounts and cash values are also locked in (except for Term 100, which omits cash value).
Who is it for? Individuals seeking lifelong protection for final expenses, estate planning, or leaving a legacy, with the discipline of fixed, guaranteed premiums.
SSQ Simplified Whole Life
SSQ also offers permanent coverage without a medical exam, similar to the simplified term option. It’s an excellent choice for healthy applicants who want lifelong coverage without the underwriting process.. You answer health history questions rather than undergoing full underwriting.
SSQ Universal Life Insurance
SSQ’s universal life insurance combines permanent coverage with investment flexibility. You can adjust premiums and death benefit amounts within preset ranges and invest the cash value in options like 1, 3, 5 or 10-year GICs.
Who is it for? Individuals who want lifelong coverage combined with active, tax-sheltered investment management and the flexibility to adapt their policy as their financial situation changes.
SSQ Critical Illness Insurance
Critical illness insurance provides a one-time, tax-free lump-sum payment if you are diagnosed with a covered serious illness, such as cancer, heart attack, or stroke. This benefit can be used for any purpose, such as covering medical expenses, modifying your home, or replacing lost income.
- Basic Critical Illness – Covers heart attack, stroke and life-threatening cancer
- Enhanced Critical Illness – Covers 25 conditions
- Child Critical Illness – Covers 28 childhood critical conditions
Critical illness insurance is a valuable supplement to medical and disability coverage. For those with gaps, a lump-sum payout can be a financial lifesaver.
What Riders Does SSQ Offer?
Riders provide an affordable way to customize and enhance your core SSQ life insurance policy. Available riders include:
- Child Term Rider – Adds term life insurance for all present and future children until age 25. Upon death, it provides funeral and income replacement funds.
- Accidental Death & Dismemberment – Extra payout if death or dismemberment occurs due to a covered accident.
- Waiver of Premium – Waives future premiums if you become totally disabled and can’t work. Prevents policies from lapsing.
- Critical Illness Rider – Can be added to a life insurance policy to provide a lump-sum benefit upon diagnosis of a covered illness.
These optional riders let you tailor coverage to your unique needs and fill gaps in financial protection.
Other Insurance Options
Beyond the core life and health insurance products, SSQ also provides:
- Auto insurance
- Home insurance
- Loan protection
- Travel insurance for trips under and over 60 days
- Group benefits for businesses
With expertise across all major insurance segments, they offer comprehensive financial safeguards for Canadians.
How Much Does SSQ Insurance Cost?
Life insurance rates are based on personal factors like age, gender, health, lifestyle, occupation, and more.
The following table illustrates typical monthly premiums for a $500,000 20-year term life insurance policy:
| Age | Male Monthly Premium | Female Monthly Premium |
|---|---|---|
| 25 | $31.50 | $22.05 |
| 35 | $39.30 | $27.30 |
| 45 | $79.80 | $50.35 |
| 55 | $214.40 | $154.10 |
Premiums start lower for younger applicants and increase each year as you age. Those in excellent health can qualify for preferred pricing. Permanent life insurance is significantly more costly than term, given its lifelong coverage.
Key Strengths and Areas for Consideration
There are many advantages to choosing SSQ for your life insurance needs:
- Competitive Pricing – SSQ offers affordable premiums, especially for younger and healthier applicants.
- Strong Financials – Excellent ratings from AM Best and S&P reflect rock-solid financials.
- Trusted Brand – A well-known and trusted insurer based in Quebec with 75+ years of experience in Canada.
- Range of Options – Offers all major types of life insurance and living benefits.
- No Medical Exams – Simplified issue plans to skip exams for faster coverage.
- Valuable Built-In Benefits – Disability benefits and insurability options add important perks.
For budget-conscious Canadians seeking an established brand with competitive pricing, SSQ merits consideration, beating the rates from Manulife Insurance, Canada Life, Sun Life Insurance, RBC Insurance, BMO Insurance, CPP, etc.
However, there are also a few potential limitations:
- Digital Experience Lacks – Limited online support and no instant quotes available.
- Phone-Only Quotes – You must speak with the agent by phone to get pricing.
- Website Short on Details – More extensive policy details would be helpful.
- Call Center Experience – Some reviewers report unsatisfactory call center encounters.
While SSQ’s digital innovation lags competitors, its core insurance value remains competitive.
Who is Best Suited for SSQ Insurance?
SSQ Insurance delivers compelling value across a range of demographics:
- Younger Canadians – Affordable term rates make it easy to secure substantial coverage to protect dependents and mortgages.
- Healthy Applicants – Simplified issue plans offer a quick and painless application process.
- First-Time Buyers – SSQ guides newcomers to buy life insurance through the application process.
- Quebec Residents – The company’s deep roots and strong presence in Quebec continue to make it a top choice in the province.
- Middle-Class Families – Competitive pricing across the board makes it an attractive option for middle-class families.
- Those Seeking a Trusted, Stable Insurer: As one of Canada’s largest mutuals with stellar financial ratings, it is ideal for anyone prioritizing security and long-term reliability.
With the right advisor relationship, SSQ can prove a great fit for many Canadians seeking protection.
How to Get Quotes and Apply for Life Insurance from SSQ
Since SSQ Insurance doesn’t offer online quotes, you’ll need to speak with an advisor to get pricing estimates and apply. You can:
- Call and schedule an appointment online with Lifebuzz at your convenience.
- Visit an SSQ Life Insurance branch location in person.
The advisor will explain SSQ’s products, provide custom quotes, answer questions, and guide you through the enrollment process.
Final Verdict on SSQ Insurance
For over 75 years, SSQ Insurance has delivered quality coverage at reasonable rates for Canadians. Their combination of competitive pricing, strong financial backing, multilingual service, and simplified issue options makes them a leading choice – especially for Quebec residents.
If you’re looking for experienced and reputable life insurance protection, SSQ Insurance deserves consideration. As Canada’s top life insurance advisors, we’re happy to help you compare SSQ against other top providers to find your optimal match. Contact us anytime at Lifebuzz for personalized advice and guidance.
FAQs about SSQ Insurance
What discounts does SSQ/Beneva Insurance offer?
Discounts may be available for bundle policies, group plans, paying annually, and certain occupations like nurses and teachers.
Is there a grace period for missed premiums?
SSQ offers a standard 30-day grace period to pay overdue premiums and avoid policy lapse.
Can I get a refund if I cancel my SSQ policy?
For permanent policies, you may get a partial refund of premiums paid minus costs. Term life premiums are non-refundable.
How long does underwriting take with SSQ?
Underwriting time can range from just an hour for simplified issue policies up to 6-8 weeks for fully underwritten plans.
Does SSQ/Beneva accept high-risk life insurance applicants?
Yes, those who don't qualify for standard rates can get coverage through SSQ's guaranteed issue life insurance option.
Are SSQ/Beneva Insurance premiums guaranteed?
Premiums for all permanent life insurance policies (Whole Life, Term 100, Universal Life) are guaranteed. Term life premiums are level for the initial term and will increase upon renewal.
How do I change a beneficiary on my policy?
You must contact Beneva or your advisor to obtain a beneficiary change form. The change becomes official once the signed form is received and processed by the company.
Does SSQ/Beneva offer a return of premium term life insurance?
No, but some policies include a premium refund rider to return premiums if no critical illness claim is made.
Can I manage my policy online?
Yes, registered users can access the SSQ Client Centre to view documents, make changes, pay premiums, and more.
How quickly are life insurance claims paid out?
Payouts take 1-2 weeks once the claim is approved. SSQ offers expedited processing for terminal illness cases.
