Fact CheckedIn 2022, SSQ Life Insurance and La Capitale joined together to become insurance giant Beneva! Read more about it here!
If you are looking through SSQ life insurance reviews, you know many life insurance companies are out there…
…with LOTS of products!
Most people have better things to do than browse the Internet and review pages of technical information about products, rates, and financial ratings.
The thing is, knowing this information is integral to saving money.
This is why a call to Policy Architects can cost you thousands of dollars and a big headache.
So, check out SSQ life insurance to see if they are a carrier you should consider for your unique needs.
A Few Words About SSQ
SSQ started as a social justice project by Dr. Jacques Tremblay. He was worried about Quebec’s working-class inability to afford medical care. In 1944, Cooperative de Sante du Quebec was founded, providing medical care to its members.
The organization was renamed Les Services de Santé du Québec or SSQ in 1945. During the 1950s, the focus shifted to business development and customer service, and the company diversified its products to include life insurance and disability insurance. In 1974, SSQ became a mutual life insurance company and expanded into the loan and real estate markets over the following years.
By 2000, SSQ agreed with its first pan-Canadian group to broaden the company’s scope, acquiring businesses to achieve this goal. In 2018, SSQ became SSQ Insurance.
Finally, SSQ joined forces with another insurance giant, La Capitale, to create Beneva!
Financial Rating
To keep the life insurance industry honest, it’s highly regulated. One of the businesses that grew out of this regulation is financial rating companies like Standard & Poors and AM Best.
These companies do the work for you, helping you understand what’s going on behind the scenes of the life insurance company you are considering.
They assess insurers’ stability & solvency and pass this information to you as a confidence grade.
Currently SSQ/ Beneva has maintained an AM Best grading of A this year!
SSQ Life Insurance Products
Life insurance is an awesome product! It’s a tool that can achieve all kinds of cool things like income replacement, estate planning, and final expense coverage.
There are two main types of life insurance: term and permanent insurance.
Most people buy coverage for income replacement. Term insurance works best for this purpose. It provides temporary coverage for some time when you feel most vulnerable.
Because there is no guarantee your beneficiary will receive a payout, the cost is substantially less than its cousin – permanent insurance.
Permanent insurance covers you until the day you die. Your loved ones are guaranteed a payout if you pay your premiums. This type of policy is much more complex.
Besides the cost and the guaranteed payout – the cash value component is one of the main differences between term and permanent coverage.
If you are considering permanent coverage, I highly suggest speaking to an independent life agent before buying it. There are many different products, including investment options, etc.
So, let’s take a look at the products SSQ has to offer:
“My view is that term life is protection against premature death, while permanent life is protection against mature death when people in advanced age may encounter unexpected financial calamities, such as the loss of life savings due to market conditions, or exorbitant medical bills caused by health conditions that were never anticipated.”
Is Permanent Life Insurance Too Expensive? Financial Advisor Magazine
SSQ Term Plus Life Insurance
- Coverage amounts not given
- Age limits not given
- Available Terms: 10,15, 20, 25, 30, 35 and 40
- Coverage is renewable every five years
- Convertible to permanent life insurance with a medical exam
- Insurability benefit: You may increase coverage by 25% up to $100K
- Extreme disability benefit: You may receive up to $250K of your benefit in advance
Options:
- Total disability coverage: Receive a monthly payment to cover debts while you are disabled
- Critical illness coverage: Covers cancer, heart attack, and stroke, receive a lump sum benefit to help you focus on recovery
- Life insurance for children
- Waiver of premium in case of disability
- Accidental death and dismemberment
- Fracture benefit
SSQ Permanent Insurance
All of SSQ’s whole-life policies have the following benefits:
- Premiums payable for 20 years or until age 100
- Guaranteed premiums and payouts
- Competitive guaranteed cash values (accumulation by your 10th policy anniversary)
- Reduced paid-up protection (no payments as of the 10th policy anniversary)
- Extreme disability benefit: Receive 50% of the life insurance value if you have an extreme disability
Options:
- Critical illness rider: $20K of coverage for the three most common illnesses
- Child rider: up to age 25
- Waiver of premium in case of total disability
- Accidental death & dismemberment
- Benefit in case of fracture
Variations follow below:
Whole Life 20
- Free from premium payments on the 20th policy anniversary
- Cash value
Whole Life 100
- For business owners with key employees
- Individual, multi-life, joint first to die and joint last to die
- Cash Value
Term 100
- Works well for families
- Individual, Multi-Life, Joint First to Die, and Joint Last to Die
SSQ Critical Illness Insurance
Critical illness insurance is growing in popularity. This is because people are living after very serious illnesses. Life insurance leaves a gap, so companies rush to fill it.
If you want to learn more about critical illness, click here.
“Critical illness insurance can cover the cost of replacing indispensable people who are out of work for extended periods on medical or disability leave, while buy-sell agreements provide insurance when a partner in a business dies or becomes incapacitated for an extended period.”
“It’s all part of a bigger conversation,” he says, starting with an awareness that certain people are assets to the business that will have to be replaced – and pose a detriment to the company – if they are absent. “It’s an important element of ‘what if?’ planning.”
How to protect your business from upheaval if the owner suddenly dies, Globe & Mail
SSQ Basic Critical Illness Insurance
- This policy covers cancer, heart attack and stroke
- 10 or 20-year coverage
- Built-in supplementary benefit – additional payment of up to 10% of the coverage amount up to $50K if you are diagnosed with skin cancer, coronary angioplasty, breast cancer, or prostate cancer
- Assistance benefits which include medical referral, psychological assistance, medical assistance, convalescence assistance, etc
SSQ Enhanced Critical Illness Insurance
- This policy covers 25 conditions that include Alzheimer’s disease, aortic surgery, aplastic anemia, bacterial meningitis, benign brain tumor, blindness, cancer, coma, coronary artery bypass surgery, deafness, heart attack, heart valve replacement, kidney failure, loss of independent existence, loss of limbs, loss of speech, major organ failure on the waiting list, major organ transplant, motor neuron disease, multiple sclerosis, occupational HIV infection, paralysis, Parkinson’s disease, severe burns, stroke
- 10 or 20-year coverage
- Built-in supplementary benefit – additional payment of up to 10% of the coverage amount up to $50K if you are diagnosed with skin cancer, coronary angioplasty, breast cancer, or prostate cancer
- Assistance benefits which include medical referral, psychological assistance, medical assistance, convalescence assistance, etc
SSQ Enhanced Childhood Critical Illness Insurance
- This childhood policy covers you for the 25 conditions listed above in the enhanced protection and three additional illnesses that include autism, cystic fibrosis, muscular dystrophy
- 10 or 20-year coverage
- Built-in supplementary benefit – additional payment of up to 10% of the coverage amount up to $50K if you are diagnosed with skin cancer, coronary angioplasty, breast cancer, and prostate cancer
- Assistance benefits include medical referrals, psychological assistance, medical assistance, convalescence assistance, etc.
SSQ Life Insurance – Pros
SSQ Has Been Around For a Long Time
This company has a good track record and has been around since 1944. Longevity is a great sign for businesses.
Strong Financial Rating
SSQ Life Insurance has a great rating. AM Best upgraded it from an A- to an A this year!
You can feel confident investing in this company’s future.
Competitive Pricing
Their rates are very competitive.
SSQ Life Insurance – Cons
Limited Products
SSQ life insurance doesn’t offer a wide array of products. This may not be your company if you seek a more creative approach.
No Application Process & Minimal Information
SSQ’s website is clean and performs well. From a user experience perspective, it’s easy to navigate. However, I have an issue with the limited information.
Descriptions are essential, and no application process provides an estimated rate quote.
The whole site is designed to get you to call one of their agents.
Why You Should Call Policy Architects TODAY!
So, if you are looking for life insurance, the best thing you can do is call Policy Architects!
Independent agents have access to the best life insurance companies in Canada, and we can pinpoint the insurer that best suits your needs.
Life insurance isn’t one size fits all. Some bits of information you deem insignificant may save you thousands if you select the right company.
If you are considering getting a life insurance policy through SSQ/ Beneva, click the button below and compare rates with other carriers as well!
