Ben Nguyen 
Life insurance is a critical component of a sound financial plan. As one of the largest insurers in Canada, SSQ Life Insurance offers a range of policies to protect Canadian families. In this extensive 3500+ word guide, we’ll explore SSQ’s history, financial strength, products, pricing, pros and cons and more. Read on for an in-depth look at how SSQ life insurance can fit into your coverage strategy.
What is the History of SSQ Life Insurance?
Founded in 1944 and headquartered in Quebec City, SSQ Life Insurance has over 75 years of experience serving Canadians. SSQ insurance started with a focus on mutual values and inclusive participation amongst policyholders in its direction.
In 1992, SSQ insurance acquired AXA’s individual life insurance business in Canada, expanding its footprint. And in 2020, SSQ merged with La Capitale to form Beneva Insurance. This created one of the largest mutual insurers in Canada.
Today, Beneva carries on SSQ’s legacy, culture and commitment to the Quebec market while expanding protection across Canada.
What Should I Know About SSQ Life Insurance Company?
- Headquarters: Quebec City, Quebec
- Year Founded: 1944
- President and CEO: Manon Poirier
- AM Best Rating: A (Excellent)
- Total Assets: Over $12 billion
With excellent financial strength ratings and a trusted Quebec foundation, SSQ enters its new era as Beneva, which is well-positioned to serve Canadians nationwide.
What Products Does SSQ Life 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 includes three main options:
- 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).
Other whole life features include:
- Lifelong guaranteed coverage
- Level death benefit your beneficiaries will receive
- Cash value savings starting year 10
- Extreme disability benefit – 50% advance on coverage amount up to $250k if disabled
- Riders available for critical illness, children’s coverage, and more
Simplified Whole Life
For permanent protection without a medical exam, SSQ also offers simplified issue whole life. You answer health history questions rather than undergoing full underwriting.
It provides guaranteed permanent coverage for life without exams for healthy applicants.
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.
Universal life adapts over time and is ideal if you want lifelong protection plus investment customization ability.
SSQ Critical Illness Insurance
Critical illness insurance provides a tax-free lump sum living benefit if diagnosed with a covered condition. SSQ offers three plans:
- 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
Additional features include:
- Coverage up to $2 million
- Premium refund if no claims are made
- Extra payouts for Less Severe Conditions like non-life-threatening cancers
- Medical second opinion service
Critical illness insurance is a valuable supplement to medical and disability coverage. For those with gaps, the 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, 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 – Pays out a benefit if diagnosed with a critical illness like cancer, stroke, or heart attack.
These optional riders let you tailor coverage to your unique needs and fill gaps in financial protection.
What Other Insurance Does SSQ Life Insurance Provide?
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 Life Insurance Cost?
Life insurance rates are based on personal factors like age, gender, health, lifestyle, occupation, and more. However, here are sample SSQ term life insurance rates to provide an approximate cost overview:
20-Year $500,000 Term Life Policy
| Age | Male Monthly Premium | Female Monthly Premium |
|---|---|---|
| 25 | $31.50 | $22.05 |
| 35 | $33.30 | $25.20 |
| 45 | $77.40 | $55.35 |
| 55 | $230.40 | $161.10 |
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.
How Does SSQ Life Insurance Rank for Financial Strength?
Assessing an insurer’s financial strength helps avoid choosing a company at risk of insolvency. SSQ maintains high marks from independent rating agencies:
- A (Excellent) from AM Best
- A+ (Strong) from S&P Global Ratings
These scores mean SSQ has substantial capital reserves to pay out future claims. Overall, SSQ provides very strong financial backing for Canadian policyholders.
What are the Advantages of Choosing SSQ Life Insurance?
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 wanting an established brand with competitive pricing, SSQ merits consideration beating out the rates from Manulife insurance, Canada Life, Sun Life Insurance, RBC Insurance, BMO insurance, CPP insurance,…
Read More review of Life insurance Companies in Canada.
What are the Potential Drawbacks of SSQ Life Insurance?
A few potential limitations to bear in mind include:
- 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 areas like digital innovation lag competitors, SSQ’s core insurance value remains competitive.
Who is Best Suited for SSQ Life Insurance?
SSQ Life Insurance delivers compelling value across a range of demographics:
- Younger Canadians – With very affordable rates for new applicants.
- Healthy Applicants – The simplified issue plans cater to those in good health.
- First-Time Buyers – SSQ guides newcomers through the application process.
- Quebec Residents – Given SSQ’s Quebec roots and focus.
- Middle-Class Families – Reasonable pricing fits many budgets.
With the right advisor relationship, SSQ can prove a great fit for many Canadians seeking protection.
How Do I Get Quotes and Apply for SSQ Life Insurance?
Since SSQ LifeInsurance doesn’t offer online quotes, you’ll need to speak with an advisor to get pricing estimates and apply. You can:
- Call 1-855-476-8737 to speak with a licensed rep.
- Schedule an appointment online 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 Life Insurance
For 75+ years, SSQ Life 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 Life 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.ca for personalized advice and guidance.
Frequently Asked Questions (FAQs) about SSQ Life Insurance
Does SSQ offer mortgage life insurance?
Yes, SSQ's term life insurance can provide mortgage protection. Decreasing term life that matches your declining mortgage balance is also available.
What discounts does SSQ 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 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.
What is the Extreme Disability Benefit from SSQ?
It provides an advance payment of 50% of your life policy, amounting to $250,000 in the event of total disability.
Are SSQ Insurance premiums guaranteed?
Premiums for permanent life insurance from SSQ are guaranteed at a level for life. Term premiums increase at renewal.
How do I change a beneficiary on my SSQ policy?
Contact SSQ to request a beneficiary change form. Updates are effective once SSQ receives them and processes them.
Can I adjust the amount of my SSQ life insurance coverage?
Permanent policies allow decreases; term policies allow increases via the insurability benefit. Speak to an advisor.
Does SSQ 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.
Is there an SSQ life insurance calculator?
Unfortunately, SSQ does not offer an instant online calculator. You'll need to get quotes from an advisor.
How do I contact SSQ Insurance customer service?
You can call 1-888-429-2543 or email [email protected]. Live chat is also available on their website.
Can I manage my SSQ policy online?
Yes, registered users can access the SSQ Client Centre to view documents, make changes, pay premiums, and more.
What is the BBB rating for SSQ Insurance?
SSQ currently holds an A+ rating accredited by the Better Business Bureau, indicating a strong reputation.
Does SSQ offer life insurance exam testing?
For fully underwritten policies, SSQ can coordinate paramedical exams at your convenience rather than requiring a clinic visit.
What is the claims process for life insurance?
Beneficiaries complete claim forms and submit documentation proving identity, death certificate, and policy ownership.
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.
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