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Beneva Insurance Review: Guide for Canadians

Written by: Helene Fleischer
Content Marketing Manager
Edited by: Jessica Barrett
Content Marketing Manager
Updated
October 8, 2025

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Key Takeaways
  • Beneva is a relatively new insurance company that formed in 2023 from the merger of SSQ and La Capitale.
  • It has flexible options for term lengths from 10 to 40 years, with coverage up to $10 million.
  • Beneva’s term life insurance plans can have a fixed or decreasing benefit depending on the policy you choose.

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

Affordability
Customer Service
Industry Reputation
★★★☆☆ (4.2/5.0)
★☆☆☆☆ (1.8/5.0)
★★★★☆ (4.1/5.0)

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.

To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:

  • Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
  • Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye and Google. We also counted the number of contact methods each insurer offers to its customers.
  • Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.

All three categories received a final, averaged score out of 5. After adding the results together, we had a definitive list of the best life insurance providers in Canada.

PolicyMe does not receive compensation for any life insurance reviews.

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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

  • The guaranteed insurability benefit lets you increase your coverage by up to 25% or $100,000 in the future.
  • Beneva does not require a medical exam for coverage under $500,000 if you're between 18 and 45 years old.
  • You can combine the policy with optional disability and critical illness coverage for even more protection.

Cons

  • Decreasing term coverage amounts might not be right for everyone.
  • Customer feedback shows that accessing phone support can be frustrating, and Beneva itself notes high call volumes and slow response times on its website.

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.

Age
Monthly premium for woman
Monthly premium for man
35
$21.67
$29.17
40
$31.25
$42.50
45
$48.33
$67.50
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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.

Product
Coverage options
Term length
Key features
Term life
Up to $10 million
10 to 40 years
Fixed or decreasing, renewable every up to age 85, convertible up to age 70
Whole life
Term 100, whole life
Lifetime (whole life)
Level premiums, cash surrender values accumulate
Universal life
Flexible (depends on contributions)
Lifetime
Adjustable coverage, tax-sheltered cash value growth; flexible contributions
Simplified issue life
$10,000 to $249,999
Term or lifetime (depends on plan)
No medical exam, fast coverage, includes extreme disability benefit
Guaranteed issue life
$10,000 to $50,000
Lifetime
No medical exam, quick decision

Other insurance products from Beneva

Here’s an overview of the other Beneva offerings:

Product
Coverage options
Key features
Flexible coverage
Protects against cancer, heart disease, and neurological disorders with option to cover children and potential return-of-premium option (costly)
Disability insurance
Customizable
Customizable benefit amount with extra riders available
Employer-sponsored
Online claims with 48-hour reimbursement, Employee Assistance Program (counselling), Manager Assistance Program (crisis coaching)

How Beneva compares to other insurers

Compare Beneva to some of the top life insurance companies in Canada:

Feature
Beneva
PolicyMe
Manulife
Canada Life
Financial strength (AM Best)
A
A+
A+
A+
Term options
10 to 40 years (Term Plus)
10 to 30 years, streamlined and cost-effective, fully online
Similar flexibility
Similar flexibility
Conversion flexibility
Convertible to permanent until age 70
Renewal and conversion available
Varies by policy
Varies by policy
Online experience
Limited—advisor-driven, some online tools for group benefits
Instant quotes, fast approvals, user-friendly online access
Moderate online tools, benefits app
Limited
Best for
Flexible term life options
Affordability, convenience, speed, digital-first experience
Integrated banking
Traditional long-term planning
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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.

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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.

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