Beneva Life Insurance Review 2024: Get a Free Quote!
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Discover the methodologyBeneva Life Insurance is offered by Beneva, Canada's biggest insurance company. Offering all kinds of life insurance policies that are comprehensive, flexible and affordable, Beneva aims to protect Canadians with varied needs.
In this Beneva Life Insurance review, we'll cover everything you need to know: from coverage options, their pros and cons, what decides your premiums, and more.
You can also get a free personalized quote from not just Beneva but also life insurance companies. Use our free tool to compare quotes online and find a policy that suits you the best right here.
Beneva Life Insurance: 5 Key Takeaways
- Beneva offers multiple life insurance policies: term life to permanent and universal life.
- Beneva's Simplified Term Life and Guaranteed Issue Whole Life policies provide no medical life insurance
- Largest mutual insurance provider in Canada
- Beneva has an excellent 'A' A.M. Best financial rating
- Get a Beneva Life Insurance quote using the HelloSafe tool
Our Beneva life insurance review: Canada’s biggest insurance provider
Beneva Insurance is the biggest insurance company in Canada. Initially established in late 2020 through the historic merger of La Capitale and SSQ Insurance, two of Quebec's leading insurers finalized their formation in Beneva in December 2022. Beneva boasts a massive 3.5 million clients, over $25 billion in assets and over 5,500 employees.
This formidable insurance provider received its most recent financial strength rating of ‘A’ from A.M. Best in November 2023. This rating indicates financial stability and that Beneva can withstand economic downturns while still meeting its clients' responsibilities.
Headquartered in Quebec City, Beneva offers a comprehensive suite of insurance products from auto to home, life, health and a wide range of business insurance products. Beneva’s life insurance is particularly impressive, including term life, permanent life (also known as whole life insurance) and universal life insurance.
Their focus on flexibility and customization allows individuals to tailor a plan that meets specific needs and budgets. Beneva goes beyond just offering basic coverage, with unique features like their complimentary Extreme Disability Benefit on select term life policies, making them a compelling choice for all Canadians seeking reliable life insurance.
If you think Beneva could be the right choice, you can get a free personalized quote here.
Pros of Beneva Life Insurance
- Strong financial backing with an excellent A.M. Best rating
- Offer a simplified issue life insurance plan that doesn’t require medical underwriting
- Comprehensive protection is offered through multiple life insurance riders including critical illness, accidental death and disability.
- Provide term, whole and universal life insurance depending on needs
- Leaders in group life insurance for employers and organizations
- Over 75 years of combined insurance expertise
- Offer up to $10 million in life insurance coverage
Cons of Beneva Life Insurance
- The telephone support line does not appear to be a strength based on online reviews
- Direct quotes aren’t available online and you have to speak to an advisor
You must explore life insurance options from other providers before deciding on a policy. You can use our free tool below to compare personalized quotes from the best life insurance companies in Canada.
Compare the best life insurance companies
How much does Beneva life insurance cost?
It is not possible to say how much Beneva life insurance costs because, unlike other insurance providers throughout Canada, Beneva does not indicate their insurance rates online. Beneva’s premium rates aren’t publicly available, nor do they have an online quoting system allowing individuals to receive indicative quotes.
The reasons for this vary, but usually, life insurance companies don’t want to provide buyers with inaccurate premiums upfront, since life insurance costs vary significantly depending on a vast number of factors.
These factors often include, but aren’t limited to:
- Age
- Gender
- Health status
- Lifestyle
- Family medical history
- Smoking status
- Occupation
- Policy type
- Coverage amount
- Coverage length
- Optional riders (add-ons)
How to get a Beneva life insurance quote?
You can get a Beneva life insurance quote right here by clicking the button below.
Another way to get a Beneva life insurance quote is to reach out to one of the many Beneva financial advisors. Beneva’s website allows you to search for advisors near you by inputting your postcode in their online “find-an-advisor” tool and then comparing the numerous advisor profiles that pop up.
While some of the profiles will appear more complete than others, you will always see an introductory blurb of each advisor, including their specialty, products that they can advise on as well as their contact details. Each advisor will also have a dedicated Beneva website which you can use to sift through and find your preferred contact.
As with all insurance products, it is important to compare multiple providers and plans before buying into protection. We know it may be daunting, and that’s why we’ve simplified the process with our free life insurance comparator tool below.
Get a life insurance policy that's right for you and your loved ones
What does Beneva life insurance cover?
Beneva life insurance provides Canadians with peace of mind, knowing that their families and loved ones are protected financially if they pass away unexpectedly. It can also be used to ensure business continuation for small businesses, as well as provide coverage in special situations. Ways in which the financial protection afforded to the insured can be used are further broken as follows:
Family protection
- Rent or mortgage payments
- Funeral expenses and other final costs
- Ongoing income
- Tuition fees
- Childcare costs
Business continuation
- Buy and sell agreements
- Business continuance
- Further insurance obligations
Special situations
- Surviving critical illness
- Disability income and protection
- Retirement income
- Charitable donations
When it comes to cause of death, Beneva life insurance covers everything from natural passing due to old age, chronic or acute health conditions, accidental death caused by sudden injury, and suicide, after a two-year waiting period. So by securing Beneva life insurance, you can make sure that you and yours are protected from any eventuality.
What types of life insurance does Beneva offer?
Beneva offers customers a wide suite of life insurance products including term life insurance, permanent life insurance and universal life insurance.
Term life insurance products are usually more competitively priced since they only last for a specific amount of time, whereas permanent life insurance solutions are more expensive as they are guaranteed for an individual’s entire life. Universal life is a form of permanent cover that combines insurance with a tax-sheltered investment element.
A more complete breakdown of Beneva’s life insurance offerings is detailed below.
Beneva Term Life Insurance
Beneva’s term life insurance is very flexible and cheaper than its other life insurance products. As the name suggests, term life insurance is set to term lengths and coverage can be chosen for 10, 15, 20, 25, 30 or 40 years. Since all premiums are guaranteed for the initial term length, it is often better for individuals to choose a longer term, although prices are lower for short-term cover.
All Beneva’s term life insurance plans can be extended within the first five years of contract issuance with no new medical exam being required, and, if your needs or budget allow, you can also convert term life plans into permanent or universal solutions.
Beneva term life insurance's key features include:
- Fixed premiums for full-term length
- Multiple term length options
- Decreasing the life insurance option
- Convertible to permanent or universal life insurance
- Term extension
- Coverage up to $10,000,000
- Critical illness and disability income benefit options
- Accidental dismemberment and bone fracture add-ons
Beneva Simplified Term Life Insurance
The company offers simplified term life insurance for healthy Canadians that doesn’t require any medical exam and the policy can be delivered in less than 60 minutes. Its simplified term life insurance comes with competitive premiums and term lengths of either 10 or 20 years, that are convertible and renewable.
Beneva Permanent Life Insurance
Beneva’s permanent life insurance provides protection for life with guaranteed premiums and a set inheritance benefit (payout). This cover is ideal for couples planning for the future with minimal insurance administration.
Beneva’s whole life insurance plans are:
- Whole Life 20 (WL20)
- Whole Life 100 (WL100)
- Enhanced Term 100
- Term 100
Once the insurance is in place, you are covered for life as long as you maintain premium payments. Furthermore, the guaranteed premiums can consolidated so that you only pay for a fixed amount of time, also known as paying up the insurance, or you can maintain premium payments throughout the life of the policy.
Beneva permanent life insurance's key features include:
- Guaranteed benefit
- Coverage for life
- Fixed premium with flexible payment options
- Cash value accumulation starting from year 10 for WL20 and WL100 policies
- Cash value offered at age 75, if the policy has been in force a minimum of 10 years, for the Enhance Term 100 policy
- Reduced paid-up insurance from the 10th policy year (WL20, WL100 and Enhanced Term 100)
Beneva Guaranteed Issue Whole Life
Beneva’s Guaranteed Issue Whole Life policy offers individuals no-medical permanent life insurance for hard-to-insure individuals. Similar to the Simplified Term Life Insurance, the policy can be provided in less than 60 minutes and done completely online (speaking to a financial advisor).
Universal Life Insurance
Beneva’s universal life insurance option can be considered an all-inclusive solution to protect your financial future as well as your life. The premiums paid cover the cost of the life insurance while the additional contributions are invested to satisfy long-term growth.
Beneva’s universal life solutions also allow for investments to be combined with RRSP or TFSA accounts which provides a further element of tax-efficient saving and growth. Similar to the permanent life cover, premium payments are flexible and can be paid upfront to enjoy additional growth and security.
Beneva Universal Life Insurance's key features include:
- Competitive premium rates
- Fixed annual fees
- Investment options consisting of renowned funds
- Guaranteed bonuses payable on accumulated savings from year 6
- Several add-on options including life insurance and critical illness for children
- Ability to add an additional term life product to the policy
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How to contact Beneva Life Insurance customer support?
Beneva has specific customer support details for each department, which is meant to simplify the consumer experience. Additionally, each financial advisor licensed to sell Beneva’s life insurance has their own contact details which you can find through Beneva’s website.
The following Beneva contact details are specific to their life insurance department and can be used to contact their customer support for queries regarding all life insurance options, as well as critical illness, disability or insurance for retirees.
Beneva life insurance contact options | Contact details |
|---|---|
| Talk to an advisor | 1 866 612-3473 |
| Customer service and claims | 1 877 841-8822 |
| Mailing address | CP 16040 Quebec (QC) G1K 7X8 |
| Only available by first completing the contact form via Beneva’s website |
