Beneva Insurance Review: Guide for Canadians
Beneva life insurance review (2025 update)
Beneva Inc. resulted from the 2020 merger of La Capitale and SSQ Insurance, two Canadian life insurance companies. Beneva became an official insurer, distributor, and employer in 2023. Its head office is in Quebec City and it’s now the largest mutual insurance company in Canada.
Beneva life insurance: Our verdict ★★★☆☆ 3.0/5
Beneva is a strong insurer with competitive products and long-term flexibility, but its advisor-driven model and customer service record may leave some Canadians preferring a digital-first alternative. Plus, user reviews indicate an issue with how customers are treated overall.
Best for: Canadians who are interested in longer-term lengths, such as 40 years.
Note: PolicyMe does not receive compensation for any life insurance reviews.
Beneva life insurance: Key features
Beneva offers a wide range of life insurance options, from flexible term products to whole life insurance plans. Here are a few key features they bring to the table:
- Strong foundation: Beneva was formed in 2020 through the merger of La Capitale and SSQ, and holds an A from A.M. Best for financial strength.
- Advisor-driven network: Beneva relies heavily on its advisors to guide applicants through product choices.
- Product range and flexibility: Offers term life insurance, whole life insurance, universal life insurance, and simplified/guaranteed issue options. There are also fixed or decreasing capital coverage options.
Beneva life insurance: pros & cons
Pros
Cons
Beneva life insurance cost and value
The following prices are based on level premiums for non-smokers and $500,000 in coverage in a 20-year term.
All in all, Beneva's whole and universal prices come out in the middle of the pack vs. their competitors. Beneva is most competitive on term life insurance and Term to 100 prices.
Beneva life insurance reviews and customer service
Beneva is recognized for its financial strength and insurance coverage, but customer support feedback from policyholders is very concerning:
- Google: 1.8/5
- Trustpilot: 1.3/5
- Insureye: 1/5
These ratings suggest that customer service is Beneva’s weakest area, particularly in terms of accessibility and claims responsiveness. Trustpilot users frequently report that contacting Beneva is a time-consuming and frustrating process.
Beneva term insurance products at a glance
Beneva offers a wide range of life insurance products, from simple term life insurance policies to more complex permanent coverage. The table below outlines Beneva’s core life insurance products and their features.
Other insurance products from Beneva
Here’s an overview of the other Beneva offerings:
How Beneva compares to other insurers
Compare Beneva to some of the top life insurance companies in Canada:
Beneva life insurance vs PolicyMe life insurance
Beneva and PolicyMe are both relatively new to the life insurance industry, offering Canadians financial stability and solid products. Here’s how they stack up against each other:
Cost
Beneva’s term life insurance is fairly priced, and its 40-year term option gives it an edge for Canadians who want long-term coverage tied to mortgages or other debts. PolicyMe premiums are usually roughly the same rate for most healthy applicants.
Customer Experience
Beneva leans on its insurance advisors to guide and service its customers, which means less convenience for Canadians who prefer a self-serve option. And many online reviews are less than stellar, with customers often describing the company as antagonistic.
On the other hand, PolicyMe boasts high ratings and positive user reviews, along with a fully streamlined online model that features a fast application process.
Industry Reputation
Beneva is known as one of Canada’s largest mutual insurers. Although Beneva itself is a newcomer to the industry, the companies that merged to form it have a long history in Canada.
PolicyMe has a strong reputation for its transparency and affordability. It has quickly earned the trust of Canadians who want insurance without the traditional friction.
The bottom line: Who should consider Beneva?
Beneva is a good fit for Canadians who want long-term coverage, value the guidance of an advisor (and don’t mind waiting for it), or need simplified or guaranteed-issue options that don’t require a medical exam. Its 40-year Term Plus policy makes it one of the few insurers that can match long mortgages or extended financial obligations.
FAQ: Beneva life insurance review
Helene Fleischer is Content Marketing Manager at PolicyMe, with 9 years in content marketing and 4 in Canada’s insurance industry. She works with skilled writers and licensed insurance advisors to create useful resources that help Canadians navigate insurance decisions with confidence and clarity.
Helene Fleischer is Content Marketing Manager at PolicyMe, with 9 years in content marketing and 4 in Canada’s insurance industry. She works with skilled writers and licensed insurance advisors to create useful resources that help Canadians navigate insurance decisions with confidence and clarity.