1-888-601-9980
Male: $33/month
*Based on standard profile
Many Canadian companies allow you to buy life insurance online these days. If you prefer to go into a physical location and see an expert to get insured or simply choose the online route, a policy from Sun Life could be a good choice for you.
Read our full review below to find out more about the company, the features they offer, and what we rate their life insurance products.
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Our Sun Life insurance rating and review
Sun Life sells 5 term life insurance products:
- SunTerm: best for applicants needing more extensive coverage and full rider flexibility
- SunSpectrum Term: best for modest coverage needs, starting at lower minimums
- Sun Life Go: best for faster, online decisions without a medical exam
- Sun Life Go Simplified: best for small, quick coverage when traditional underwriting may be a barrier
- Sun Life Evolve Term Insurance: Ideal for those who want greater flexibility and the option to convert their term into permanent insurance as their needs evolve
Sun Life’s Go term plans provide lower maximum coverage than fully underwritten options and carry higher premiums. For higher coverage amounts, more competitive pricing, flexible term structures, and multi-life planning, the other three plans may be more suitable.
Their products are fairly standard. You’ll get the features and benefits that are included with most similar policies in the Canadian life insurance market.
You can renew your policy for another term once your first term is done, or you can change it into permanent life insurance. You also have a lot of life insurance rider options that can help you get a wide variety of coverage for an affordable rate.
Sun Life’s premiums can be slightly higher than those of some other companies. However, they also offer some of the highest coverage amounts in the Canadian market.
We would recommend Sun Life insurance if you’re looking for an insurance company that can give you decent coverage in a traditional way, which is to say, by applying in person.
Sun Life Insurance pros and cons
Here is what our team ranks as the most and least advantageous features of Sun Life’s term life insurance products for most Canadians.
Sun Life insurance pros
- Strong name brand recognition
- Multiple rider options available to help you maximize coverage for yourself and your family
- Lets you convert into permanent life insurance up to age 75; most other companies allow this only up to age 70 or 71
- Multiple options to convert into permanent life insurance: whole life or universal life
- Fully underwritten or non-medical coverage options available
- Flexibility to choose the coverage period that fits your needs (ranging from 5 to 40 years)
- Coverage amounts up to $25 million, one of the highest in the Canadian market
- Online application process
- Digital e-policy
Sun Life insurance cons
- Premiums can be higher than competitors’
- Underwriting can be strict if you have existing health concerns
About Sun Life Insurance
Sun Life Financial, Inc., founded in 1865, is one of the largest life insurance companies in the world. It was started in Montreal, Quebec, as The Sun Insurance Company of Montreal. In 1979 the company shifted its headquarters from Montreal to Toronto.
Today, Sun Life is a major financial company. It has offices in countries all over the world, including the U.S., the United Kingdom and Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda. It has 37,000 employees and sells products through more than 112,000 advisors.
Sun Life Assurance Company of Canada provides insurance and financial services like wealth and asset management. It has over $1 trillion CAD worth of assets under management (AUM) across the world.
Sun Life and Health Insurance Company: Quick Facts
- Founded: 1865
- Headquarters: Toronto, Ontario
- AM Best Rating: A+
- Better Business Bureau Accreditation and Rating: No / A+
- Assets: $173.2 billion
- Annual Premiums: $20.9 billion
How much does life insurance from Sun Life cost?
Sun Life’s term life insurance may be priced above some lower‑cost options, but it also gives you access to higher coverage limits, offering stronger protection for your loved ones. The table below shows Sun Life term insurance quotes at different ages for their default plan, for a 20-year term, and $500,000 in coverage.
You can easily get a personal Sun Life insurance quote and compare it with other companies right here on our website. Just click the link below the table to get started.
| Age | Male | Female |
|---|---|---|
| 30 | $33.30 | $26.10 |
| 35 | $35.10 | $28.80 |
| 40 | $52.65 | $40.50 |
| 45 | $82.80 | $59.40 |
| 50 | $141.75 | $95.85 |
| 55 | $259.20 | $176.40 |
| 60 | $469.80 | $322.20 |
| 65 | $718.20 | $498.60 |
*Representative values: premiums for SunTerm 20 are based on non-smokers in good health, with a $500,000 benefit and a 20-year term.
What types of term life insurance policies does Sun Life Insurance offer?
Sun Life Insurance offers five different term life insurance products. We’ve provided some details on them below.
What other insurance policies does Sun Life Insurance offer?
Aside from term life insurance, Sun Life also sells the following products:
Permanent life insurance covers you for your entire life. Your premiums are guaranteed to stay the same as long as you have your policy. It’s also often called whole life insurance.
These types of plans also have an investment component that helps you build wealth during your lifetime.
Sun Life has 3 different types of permanent insurance options: non-participating, participating, and universal.
Critical illness insurance will give you a one-time lump-sum payment if you become sick with a serious illness and meet the policy requirements (including any survival period). Most insurance companies will pay out for 26 or more of the most common major diseases in Canada, like cancer, heart attack, stroke, and others.
Sun Life offers critical illness insurance for adults and children. The insurance provides comprehensive coverage in amounts from $25,000 to $4 million for adults and from $25,000 to $1 million for children.
They also give you a lot of options to customize your coverage, such as:
- Enhanced (covers 26 conditions) and children’s coverage (5 additional conditions) available
- 8 conditions are eligible for partial payouts
- Early detection is eligible for partial payment (10% of the benefit up to $50,000)
- Terms: 10 years and to age 75 and 100
- 10 and 15 year limited pay options
- Maximum coverage: $4 million for adults and up to $1 million for children
- Coverage for Loss of Independent Existence Included
- Return of Premium on death and expiry/cancellation available (after 15 years)
Disability insurance will help pay a big part of your paycheque if you become disabled and cannot work. It’s also called income protection insurance.
Sun Life has disability insurance options for sale. But you have to speak to an insurance broker to find out more information and get quotes for their disability insurance plans.
Private health insurance helps to pay for health care costs that your provincial or government health plan doesn’t. Most private health plans also help pay for dental costs.
Sun Life is a popular choice for group benefits through your job in Canada. A lot of companies use them to give benefits like private health insurance to their employees. They offer Basic, Standard, and Enhanced plans, with different levels of coverage.
Sun Life also lets you change your group health insurance to a policy you own if you leave the company, so you won’t lose your coverage. They let you do this easily without having to answer a lot of health questions or do a medical exam.
Long-term care insurance helps cover ongoing health-care and personal-assistance costs when you can no longer care for yourself, such as help with daily activities or supervision due to diminished physical or cognitive ability
Sun Life in Canada offers long-term care coverage through Sun Retirement Health Assist to protect against healthcare costs in retirement. It provides a monthly income-style benefit, paying between $125 and $2,300 per week.
Is Sun Life Insurance right for you?
Sun Life Insurance could be a good option for people who need reliable term life insurance and a high amount of coverage, like people with high net worth. It is also a good option for people who want to apply for life insurance in-person instead of over the internet.
Sun Life offers strong brand name recognition and standard coverage that can be a good fit for a lot of Canadians. However, people who want to save as much money as possible should compare quotes from other providers who may be able to offer more affordable options.
At PolicyAdvisor, we work with more than 30 of the best insurance companies in Canada, including Sun Life. Speak to our licensed advisors, and we can help you decide if Sun Life’s products are the best fit for you.
How to buy Sun Life term life insurance policies?
You can buy life insurance with Sun Life on PolicyAdvisor.com. Use our free quoting tool or click the button below to get personalized quotes instantly. You can also compare those quotes with some of the other top companies for life insurance in Canada.
If you would prefer to speak with a licensed insurance agent, we can help with that too! Our experienced advisors would be happy to speak with you and give one-on-one advice.
Speak with a professional insurance advisor
As Canada’s best online life insurance advisor, we can help you compare and choose the company that matches your needs. Don’t hesitate to speak with our licensed advisors if you need help. We offer no-obligation advice to help you find your best match!
Frequently Asked Questions
What are the different term life insurance options available with Sun Life?
With Sun Life, you can choose from different term life insurance options, including SunTerm, SunSpectrum Term, and Sun Life Evolve Term Insurance. Based on your budget and coverage requirements, you can choose a suitable plan and get the most affordable price with us.
Is Sun Life a good insurance company?
Yes, Sun Life is a reputable insurance company. It has over $1 trillion CAD worth of assets under management (AUM) across the world, which demonstrates its stable financial strength. The company has also received an A+ rating as per A.M. Best ratings.
How is the cost of Sun Life insurance policy determined?
The cost of Sun Life insurance policy depends on the coverage, age, gender, riders, and a few other factors. Moreover, premiums for a non-smoker are lower than those for a smoker. You can consult our advisor to get the exact premium you need to pay for Sun Life insurance policy.
What happens if I miss Sun Life insurance premium payment?
Sun Life insurance policies usually include a grace period. If a policy lapses, reinstatement may be available within a specified window (subject to conditions). Check your policy contract for exact terms.
Sun Life Critical Illness Insurance Review 2026
Sun Life, a trusted name in Canadian insurance, is committed to helping you prepare for life’s uncertainties. Facing a critical illness can be overwhelming, but with Sun Life critical illness insurance, you can protect your finances to focus on what matters most: your health and recovery.
In this article, we’ll take you through the essentials of Sun Life’s critical illness insurance, its flexible coverage options, affordability, and valuable features designed to ease financial stress during challenging times.
What are the key features of Sun Life’s critical illness insurance?
Sun Life offers two critical illness insurance plans to meet different coverage needs. Sun Critical Illness Insurance is the most comprehensive plan, covering 26 full-payout illnesses, 8 partial-payout illnesses, and 5 full-payout childhood illnesses, covering up to $4,000,000 for adults and $1,000,000 for children.
For those seeking quick approval, Express Critical Illness Insurance provides an instant online application with no medical exams or blood work. This option covers 1, 3, or 7 full-payout illnesses based on the selected plan: basic, enhanced, or comfort.
This plan offers coverage amounts of $25,000 or $50,000 for adults, focusing on common critical illnesses like cancer, heart attacks, and strokes.
Key features of critical illness insurance from Sun Life
| Feature | Details |
| Coverage amount | $25,000 to $4,000,000 based on the plan and coverage type chosen |
| Conditions covered | 26 full-payout illnesses, 8 partial-payout illnesses, and 5 additional childhood illnesses (available with the Sun Critical Illness Insurance plan)
OR, 1, 3, or 7 full-payout illnesses based on the selected plan—basic, enhanced, or comfort (available with the Express Critical Illness Insurance plan) |
| Payout options | Lump-sum benefit upon diagnosis and survival of a covered illness |
| Partial payout benefits | Available for 8 specified minor illnesses, providing a reduced payout (only available with the Sun Critical Illness Insurance plan) |
| Return of premium | Optional return of premium benefits available on death, cancellation, or plan expiry |
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
What are the different critical illness insurance plans offered by Sun Life?
Sun Life offers two critical illness insurance plans, Sun Critical Illness Insurance and Express Critical Illness Insurance.
The Sun Critical Illness Insurance covers 26 full-payout illnesses, 8 partial-payout illnesses, and 5 full-payout childhood illnesses, offering coverage amounts of up to $4,000,000 for adults and $1,000,000 for children.
The Express Critical Illness Insurance provides an instant online application with no medical exams or blood work. This plan covers 1, 3, or 7 full-payout illnesses based on the selected plan: basic, enhanced, or comfort.
Sun Critical Illness Insurance
The Sun Critical Illness Insurance plan offers comprehensive coverage, providing financial protection for both adults and children facing serious medical conditions. Coverage amounts range from $25,000 to $4 million for adults and $25,000 to $1 million for children.
The adult plan covers 26 critical illnesses for full payout and 8 minor illnesses for partial payout, while the child plan includes an additional 5 illnesses. Policyholders also have access to Teladoc Medical Experts for medical guidance.
This plan from Sun Life covers adults aged between 18 and 65 years, and children aged between 30 days and 17 years. There are three term options available under this plan: Term 10 (T10), Term 75 (T75), and Lifetime (T100).
If you’re applying for Sun Critical Illness Insurance, a medical exam may be required as part of the application process.
Key features of Sun Critical Illness Insurance
| Feature | Details |
| Coverage amounts | Adults: $25,000 to $4 million, Children: $25,000 to $1 million |
| Illnesses covered | 26 full-payout, 8 partial-payout, 5 childhood illnesses |
| Plan options | Term 10, Term 75, Lifetime (T100) |
| Eligibility based on age | Adults: 18-65, Children: 30 days-17 years |
| Return of Premium | Available on cancellation, expiry, or death |
| Waiver benefits | Coverage continues if insured or policy owner becomes disabled or dies |
| Conversion options | Long-term care conversion available for ages 18-50 at the time of purchase |
Express Critical Illness Insurance
The Express Critical Illness Insurance plan provides financial protection in the event of a serious illness, offering a tax-free lump-sum payment upon diagnosis of a covered condition after a 30-day survival period.
This plan offers instant online approval with no medical exams or blood work required. Sun Life, through this plan, covers amounts of $25,000 or $50,000. Policyholders can choose from three plans: Basic, Enhanced, and Comfort, covering 1 to 7 critical illnesses.
The Comfort Plan offers additional benefits such as a five-year rate guarantee, inflation protection, and access to Teladoc Medical Experts. Coverage is available for individuals aged 18 to 65, with the option to add child coverage for a small additional cost of $2.50 per month.
This policy can be cancelled anytime, with a full refund available within the first 30 days.
Key features of Express Critical Illness Insurance
| Feature | Basic Plan | Enhanced Plan | Comfort Plan |
| Illnesses covered | Cancer | Cancer, Heart Attack, Stroke | Cancer, Heart Attack, Stroke, Coronary Artery Bypass Surgery, Aortic Surgery, Major Organ Transplant, Major Organ Failure on Waiting List |
| Age requirements | 18 – 65 years | 18 – 65 years | 18 – 65 years |
| Coverage amount | $25,000 | $25,000 | $50,000 |
| Additional benefits | – | – | 5-Year Rate Guarantee, Inflation Protection, Teladoc Medical Experts, Child Coverage ($5,000 per child for $2.50/month) |
Which conditions qualify for a partial payout under Sun Life Critical Illness Insurance?
The Sun Critical Illness Insurance plan provides partial benefit payouts for specific conditions, primarily focusing on early-stage or less severe forms of illnesses.
These include early-stage cancers, such as chronic lymphocytic leukemia (CLL) Rai stage 0, ductal carcinoma in situ of the breast, gastrointestinal stromal tumors classified as AJCC Stage 1, Grade 1 neuroendocrine tumors (carcinoid), papillary or follicular thyroid cancer stage T1, stage 1A malignant melanoma, and Stage A (T1a or T1b) prostate cancer.
Additionally, coronary angioplasty is eligible for a partial payout as well. The insured person is required to survive for 30 days following the date of the procedure.
When does my Express Critical Illness Insurance plan start and end?
Your Sun Life Express Critical Illness Insurance coverage begins immediately after your application’s approval. It remains in effect until any of the following occurs:
- A claim is paid
- The policy is cancelled
- The policy anniversary following the insured person’s 70th birthday
- The insured person passes away
- Premium payments are missed for 30 consecutive days
What are the critical illnesses covered by Sun Life?
Sun Life Critical Illness Insurance covers 26 full payout illnesses and 8 partial payout conditions under its Sun Critical Illness Insurance plan. Alternatively, it covers 7 critical illnesses under its Express Critical Illness Insurance plan.
Some of the covered conditions are life-threatening cancer, heart attack, stroke, coronary artery bypass surgery, and aortic surgery.
Critical illnesses covered by Sun Life
| Category | Illnesses |
| Neurological disorders | Acquired brain injury due to external trauma, Bacterial meningitis, Benign brain tumour, Coma, Dementia (including Alzheimer’s disease), Loss of independent existence (LOIE), Loss of speech, Motor neuron disease, Multiple sclerosis, Paralysis, Stroke |
| Cardiovascular conditions | Aortic surgery, Coronary artery bypass surgery, Heart attack, Heart valve replacement or repair |
| Cancer-related conditions | Cancer |
| Organ conditions | Kidney failure, Major organ transplant, Major organ failure on waiting list |
| Sensory impairments | Blindness, Deafness |
| Trauma-related conditions | Severe burns |
| Other disorders | Aplastic anemia, Loss of limbs, Occupational HIV infection, Parkinson’s disease (and specified atypical Parkinsonian disorders) |
| Only covered under the Express Plan | Cancer, Heart attack, Stroke, Coronary artery bypass surgery, Aortic surgery, Major organ transplant, Major organ failure on waiting list |
What conditions are excluded from Sun Life Critical Illness Insurance?
Sun Life’s Critical Illness Insurance has specific exclusions where benefits will not be paid, such as pre-existing conditions, self-inflicted injuries, elective procedures, war-related activities, hazardous behaviour, substance abuse, and certain non-life-threatening conditions.
- Pre-existing conditions: Diagnosed illnesses related to pre-existing conditions during the exclusionary period
- Self-inflicted injuries: Conditions caused by suicide or intentional self-harm
- Elective procedures: Illnesses resulting from elective plastic or cosmetic surgeries
- War and criminal activities: Illnesses caused by war, riots, insurrection, or criminal acts
- Hazardous activities: Conditions from engaging in dangerous or risky activities
- Substance abuse: Illnesses caused by intoxication or narcotics (unless prescribed)
- Specific conditions: Non-life-threatening cancers, benign brain tumors, or organ failures under specific circumstances
How much does Sun Life critical illness insurance cost?
The cost of Sun Life Critical Illness Insurance depends on factors like age, coverage amount, and smoking status. Premiums are generally lower for non-smokers compared to smokers, and rates increase as the insured person ages or opts for higher coverage amounts.
For instance, a 20-year-old male non-smoker pays approximately $15.26 per month for $50,000 in coverage, while the same coverage for a smoker costs $16.70 per month.
Here are the average monthly premiums for a 10-year term plan with coverage amounts of $50,000 and $100,000 for male smokers and non-smokers:
| Age | Coverage Amount | Monthly Premium (Male Smokers) | Monthly Premium (Male Non-Smokers) |
| 20 | $50,000 | $16.70 | $15.26 |
| 30 | $100,000 | $41.49 | $30.51 |
| 35 | $50,000 | $34.43 | $22.01 |
| 40 | $100,000 | $86.40 | $48.87 |
| 45 | $50,000 | $84.83 | $41.99 |
| 55 | $100,000 | $398.25 | $180.45 |
Can I cancel or modify my Sun Life critical illness insurance policy?
Yes, you can cancel or modify your Sun Life critical illness insurance policy with a simple process. If you cancel within the 30-day free look period, you will receive a full refund by submitting a written request along with any required documents.
After this period, cancellation is still possible by submitting a written request, but refunds depend on your policy terms, and all coverage will end immediately. To modify your policy, such as adjusting benefits or adding riders, you must contact Sun Life directly.
What are the pros and cons of Sun Life’s critical illness insurance?
Sun Life Critical Illness Insurance provides comprehensive coverage for up to 26 full-payout illnesses, with generous payouts ranging from $25,000 to $4 million.
It includes options for children’s coverage, an online application process, and the benefit of no survival period for many conditions. However, it has limited short-term coverage options, and higher premiums for certain features, such as return of premium riders.
Pros and cons of Sun Life critical illness insurance
| Pros | Cons |
| Comprehensive coverage for up to 26 illnesses | Limited short-term coverage options |
| Generous payouts from $25,000 to $4 million | High premiums for ROP riders |
| No survival period for several conditions | |
| Teladoc Medical Experts (medical consultations via a global physician network) | |
| Digital access for application and management |
How can I buy Sun Life critical illness insurance?
If you’re looking for affordable Sun Life critical illness insurance quotes, we recommend speaking to our licensed advisors to compare and find the best plan for your needs. With PolicyAdvisor, you’ll receive free instant quotes, the lowest rates in the market, and lifetime after-sales support.
Frequently asked questions
Can I cover my children under Sun Life Critical Illness Insurance?
Yes, Sun Life offers comprehensive coverage for children through policies ranging from $25,000 to $1 million. Their children-focussed plan covers conditions such as cerebral palsy, congenital heart disease, cystic fibrosis, muscular dystrophy, and type 1 diabetes mellitus till the age of 24.
Does Sun Life Critical Illness Insurance cover early-stage illnesses?
Yes, Sun Life provides partial benefit payouts for 8 early intervention conditions: chronic lymphocytic leukemia (CLL) Rai stage 0, ductal carcinoma in situ of the breast, gastrointestinal stromal tumors classified as AJCC Stage 1, Grade 1 neuroendocrine tumors (carcinoid), papillary or follicular thyroid cancer stage T1, stage 1A malignant melanoma, and Stage A (T1a or T1b) prostate cancer. Please note, that these illnesses are only covered under one of Sun Life’s plans: Sun Critical Illness Insurance.
What is the age limit for Sun Life critical illness insurance?
Sun Life offers critical illness coverage from the age of 18 till the age of 65. Children are covered between the ages of 30 days and 17 years. This may vary based on your specific plan and coverage type.
Biggest life insurance companies in Canada: A complete guide (2026)
Choosing the right life insurance provider is one of the most important financial decisions you’ll make, and understanding Canada’s insurance landscape is crucial for making an informed choice.
The insurance industry in Canada is dominated by several major players, each offering unique strengths in coverage options, financial stability, and customer service.
In this guide, we review 40 of the largest life insurance companies in Canada and compare their key offerings. Understanding which insurers lead the market can help you choose the right coverage for your family’s financial security.
Based on our analysis of total assets, market share, and national presence, the following companies stand out as Canada’s largest life insurers. The remaining insurers are covered later in our full comparison.
Top 5 biggest life insurance companies in Canada
- Sun Life
- Manulife
- Desjardins
- Canada Life
- Industrial Alliance (iA)
See how much whole life insurance coverage you can get
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Largest Life Insurance Companies in Canada (2026)
Explore the top 40 life insurance companies in Canada, ranked using trusted indicators of financial strength and business performance. We list all 40 insurers and further examine 28 leading companies to highlight their products, strengths, and key differentiators.
| Serial | Company | Founded/HQ | Revenue | Total Assets | LICAT | A.M. Best |
| 1 | Sun Life | 1865, Toronto, ON | $21.4B | $1.51T | 142% | A+ |
| 2 | Manulife | 1887, Toronto, ON | $26.6B | $1.3T | 135% | A+ |
| 3 | Desjardins | 1948, Lévis, QC | $4.3B | $470.9B | 146% | A |
| 4 | Canada Life | 1847, Toronto, ON | $21.0B | $461.2B | 130% | A+ |
| 5 | Industrial Alliance (iA) | 1892, Québec City, QC | $6.8B | $109.9B | 139% | A+ |
| 6 | Knights of Columbus | 1882, New Haven, CT | $76M | $30.3B | 274% | A+ |
| 7 | RBC Insurance | 1998, Toronto, ON | $2.3B | $28.6B | 135% | A |
| 8 | Beneva | 2020 (SSQ 1941/La Capitale 1940), Québec, QC | $4.8B | $27.5B | 150% | A |
| 9 | BMO | 2009, Toronto, ON | $1.3B | $20.1B | 130% | A |
| 10 | Empire Life | 1923, Kingston, ON | $1.4B | $19.7B | 151% | A |
| 11 | Foresters (Canada segment) | 1874, Toronto, ON | $910M | $18.5B | 182% | A |
| 12 | Ivari | 1927, Toronto, ON | $822M | $14.6B | 131% | A |
| 13 | Wawanesa | 1896, Wawanesa, MB | $300M | $11.5B | 165% | A |
| 14 | Co-operators | 1945, Guelph, ON | $1.0B | $10.5B | 168% | A |
| 15 | Equitable Life | 1920, Waterloo, ON | $920M | $10.2B | 169% | N/A |
| 16 | Blumont Annuity Company | 2016, Toronto, ON | $383M | $7.5B | 147% | N/A |
| 17 | Primerica | 1977, Duluth, GA | $359M | $4.1B | 191% | A+ |
| 18 | UV Insurance | 1889, Drummondville, QC | $225M | $2.4B | 172% | N/A |
| 19 | TruStage Life | 1902, Toronto, ON | $120M | $2.4B | 165% | A- |
| 20 | Blue Cross | 1939, Multi-province | $686M | $2.3B | 135% | A- |
| 21 | Assumption Life | 1903, Moncton, NB | $147M | $2.3B | 165% | A- |
| 22 | Metropolitan Tower (Canada branch) | 1982, New York (Canada ops) | $331M | $2.3B | 171% | A+ |
| 23 | Securian Canada | 1955, Toronto, ON | $990M | $1.2B | 153% | A |
| 24 | Combined Insurance | 1922, Chicago, IL | $230M | $1.1B | 176% | A+ |
| 25 | New York Life | 1845, New York, NY | $42M | $696M | 353% | A++ |
| 26 | Humania | 1874, Québec, QC | $200M | $678M | 185% | N/A |
| 27 | British Cayman Insurance Company | Cayman Islands | $77M | $471M | 176% | N/A |
| 28 | Serenia Life | 1972, Waterloo, ON | $20M | $371M | 177% | N/A |
| 29 | Chubb Life | 1882, Toronto, ON | $342M | $345M | 163% | A+ |
| 30 | TD Life | 1855, Toronto, ON | $155M | $344M | 200% | N/A |
| 31 | Connecticut General | 1957, Bloomfield, CT | $4M | $195M | 223% | A |
| 32 | CIBC Life | 1961, Toronto, ON | $29M | $164M | 494% | NR |
| 33 | Cigna Life | 1982, Bloomfield, CT | $111M | $136M | 245% | A |
| 34 | Aetna Life | 1939, Toronto, ON | $28M | $98M | 496% | A |
| 35 | American Income Life | 1951, Waco, TX | $71M | $64M | 169% | A+ |
| 36 | American Health & Life | 1954, Fort Worth, TX | $17M | $64M | 576% | A- |
| 37 | Allianz Partners | Paris (Canada branch) | $15M | $38M | 271% | N/A |
| 38 | Reliable Life | 1887, Hamilton, ON | $3M | $14M | 310% | N/A |
| 39 | Jackson National Life | 1961, Lansing, MI | $254K | $11M | 458% | A |
| 40 | Teachers Life | 1972, Waterloo, ON | $25M | N/A | 234% | N/A |
* Methodology and sources for the above table
We standardize “revenue” as Insurance Service Revenue under IFRS 17 and reconcile across sources. Where company-year figures differ, we use the latest audited report and note variances in footnotes.
- Office of the Superintendent of Financial Institutions (OSFI) financial data (2024)
- A.M. Best Financial ratings (2025)
- Company annual reports
Your benefits are protected: If a member life insurer fails, Assuris protects your policy up to $1,000,000 or 90% of the death benefit, whichever is higher. This safety net applies to most Canadians.
1. Sun Life
Sun Life Financial, Inc. is one of the largest life insurers in the world, and also one of the oldest, with a history spanning back to 1865.
Apart from Canada, they have a presence in the U.S. and in seven Asian markets, including China and India.
2. Manulife
Manulife Financial Corporation is one of the largest life insurers in Canada, and also one of the most globally recognized, with operations in Canada, the U.S. (through John Hancock), and multiple Asian markets. Founded in 1887, the company manages approximately $1.3 trillion assets under management and administration globally.
3. Desjardins
Desjardins is well known across Canada, offering a wide variety of financial services and insurance products.
The company mainly focuses on life, health, and home insurance, and wealth management services. They also offer business services like point-of-sale payments and cash management.
4. Canada Life
Canada Life is one of the oldest and most stable life insurers in the country. Up until recently, it came second to Manulife in the number of annual premiums, which was no surprise given that Manulife is one of the largest companies in the world.
In 2020, Great West Life merged with its sister companies, London Life and Canada Life, into the single Canada Life Assurance Company brand. That merger pushed Canada Life to the top of the charts.
5. iA (Industrial Alliance)
iA (Industrial Alliance) Financial Group is one of the largest insurance and wealth management groups in Canada. They also have operations in the United States. It was founded in 1892 and offers both individual and group benefits products.
iA is more than an insurance company; they also work in property management and real estate. They rent out many office spaces in major cities across Canada.
6. Knights of Columbus
Knights of Columbus is a Catholic fraternal organization founded in 1882 as a mutual benefit society for Catholic people who moved to the US. It provides coverage for members and their families, offers insurance and financial services, and actively engages in charitable work.
7. RBC Insurance
The Royal Bank of Canada (RBC) is one of North America’s most well-known financial institutions. RBC Insurance is the division that provides insurance products and services to individuals and businesses across Canada.
8. Beneva
Beneva, formed from the merger of Quebec-based SSQ Insurance and La Capitale, ranks among Canada’s top mid-tier life insurers by assets (~$27.5B) and regional presence.
SSQ Insurance was founded in 1944, while La Capitale was founded just a few years earlier, in 1940. Both companies were founded and operated on mutualist values, which have carried on with their merger into Beneva. This makes it one of the biggest mutual insurance companies in the country.
9. BMO
BMO Financial Group is one of the largest financial institutions in Canada, if not the world. It was founded in 1817 as the Bank of Montreal.
BMO Insurance is a part of BMO that sells insurance policies and similar services.
10. Empire Life
Empire Life was founded in Kingston, Ontario, in 1936. The company operates services, sales, and marketing centres throughout Canada. They are most well known for their permanent participating life insurance policies.
11. Foresters
Foresters Financial is a company that offers financial services in Canada, the US, and the UK. It was founded over 140 years ago, in 1870. Many of Foresters’ life insurance products help charities.
Many of its life insurance products support charities through claims, grants, or special programs. Foresters underwrite the insurance policies offered by Canada Protection Plan.
12. ivari
ivari (formerly Transamerica Life Canada) was acquired by Wilton Re in 2015. They have been operating for more than 80 years, offering a variety of insurance policies and investment products.
13. Wawanesa
Wawanesa Mutual is the parent company of Wawanesa Insurance, which sells life and other insurance products. Founded in 1896 and based in Winnipeg, Manitoba, the company also operates as Wawanesa General in the United States, primarily selling property and casualty insurance in California and Oregon.
14. Co-operators
The Co-operators Group Limited is a leading Canadian co-operative company. They offer a wide range of insurance and financial services, mostly through a network of financial advisors and brokers.
15. Equitable Life
Equitable Life Insurance Canada is a federally regulated mutual life insurer, governed by federal rules. Like Beneva and Wawanesa, Equitable is also a mutual company that is partly owned by some of its clients.
16. Primerica
The Primerica Canada Insurance Company was started in 1986. It is a subsidiary of Primerica Life Insurance Company, offering insurance and other financial services.
17. UV Insurance
UV Insurance, formerly known as UL Mutual, was founded in 1889 in Quebec.
18. TruStage Life (Assurant Life)
The insurance company known as Assurant Life rebranded into TruStage in 2022 after it was bought by CUNA Mutual Group.
As an insurance company, they specialized in selling insurance for end-of-life planning, like funeral insurance and executor protection insurance. They also offer services like assessing and handling final documents (wills, trusts, etc.).
19. Blue Cross
There are many different Blue Cross member plans in Canada. The Canadian Association of Blue Cross Plans is the group that represents all of them nationally.
Blue Cross is best known for group insurance and travel insurance. Canadians who are Blue Cross members can save money on insurance for various services, including vision, medical, and more, through their Blue Advantage program.
20. Assumption Life
Assumption Life is best known for its no-medical term life plans. They were founded in 1903 in New Brunswick, Canada. But they were originally a fraternal society in Massachusetts, USA, before they decided to start selling insurance.
21. Securian Canada
Most people know Securian Canada by its old name, Canadian Premier Life. It is a company that offers financial management services and several insurance products.
22. Combined Insurance Company of America
Combined Insurance Company of America is owned by Chubb Insurance Company in the US. It was founded in 1922 and sells insurance to people and businesses.
23. Humania
Humania Assurance was founded in Quebec in 1874 as a mutual society. They offer a lot of no medical life insurance options and are best known for how quickly they issue policies.
24. Serenia Life
Serenia Life is a U.S. fraternal benefit society that sells insurance in Canada. It was founded in 1972 and used to be called Faithlife Financial up until 2008. Their company is inspired by Christian values.
25. Chubb Life
Chubb Life Insurance Company was founded in 1882. Now, they are a trusted and reliable provider of insurance in Canada. They have offices in Ontario, Quebec, Alberta, and British Columbia.
26. CIBC
CIBC Insurance is a part of CIBC (the Canadian Imperial Bank of Commerce), one of Canada’s biggest banks. The bank itself was formed in 1961 after two older Canadian banks merged into one. They later started selling insurance products too.
27. American Income Life
American Income Life was founded in 1951. The company now sells insurance in Canada, the US, and New Zealand. They focus on helping working families and members of credit unions, labour unions, and other associations get insured.
28. Reliable Life
Reliable Life has been helping Canadians with insurance since 1887. They are also part of a company called the Old Republic International Corporation, which is listed on the New York Stock Exchange. Reliable Life mostly sells travel insurance and accident insurance for students.
What’s new in our 2026 insurance company rankings?
Rankings now weigh financial strength, product flexibility, and customer experience,so size alone doesn’t decide the winner. Here’s how we score and why it matters to you.
We measure financial strength by looking at each insurer’s total assets, LICAT ratio (a key solvency indicator), and credit ratings from A.M. Best, S&P, and Moody’s. This helps us understand how stable and reliable each company is when it comes to paying claims.
We also evaluate the range and flexibility of insurance products available, including life, health, and supplemental coverage. Insurers offering more customization, modern features, and digital tools score higher in this area.
Lastly, we consider the customer experience, from how quickly claims are paid to how easy it is to manage your policy online. We review third-party ratings, client feedback, and the overall quality of digital services.
This new ranking system makes it easier for you to compare insurance companies in Canada and find the one that fits your needs best.
IFRS 17: How it changes reported revenue in 2026 rankings
International Financial Reporting Standard 17 (IFRS 17) replaced IFRS 4 (Insurance Contracts) for Canadian life insurers beginning January 1, 2023. It requires companies to recognize revenue based on the value of insurance services provided over time rather than on gross premiums received. This change often results in lower headline revenue numbers under the new standard, reflecting a more transparent and economically relevant view of insurance operations.
What it means for policyholders:
IFRS 17 does not change your premiums or coverage. You still receive the same benefits. However, it gives you a clearer view of how insurers manage risk and earn profits.
For investors, this standard improves transparency, reduces earnings volatility, and provides better insight into long-term financial performance.
How to choose the right insurer
When comparing the top life insurance companies in Canada, it’s important to go beyond size and brand recognition. Choosing the right provider means assessing financial strength, coverage options, premium affordability, and regional relevance.
Whether you are a young family, business owner, retiree, or high-net-worth individual, matching your needs with the right insurer can lead to better protection and long-term value.
| Category | What to look for |
| Financial strength |
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| Coverage needs |
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| Premium affordability |
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| Digital and human support |
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Is it better to choose a bigger insurance company?
Buying a policy from one of the biggest insurance companies in Canada may not always be the best choice. Just because a company is the biggest, it does not mean that it is the right company for your needs. Sometimes, going with a smaller company may be to your advantage.
This is why it is best to speak with our licensed advisors. They have intimate knowledge of the Canadian insurance market and can recommend the best provider for your specific needs.
Comparing large vs. small insurance companies
Choosing the right insurer depends on what matters most to you. Larger companies offer scale, extensive coverage options, and advanced technology, while smaller companies provide personalized service, flexible products, and local expertise. The table below highlights key differences to help you decide.
| Feature | Big insurance | Small insurance |
| Experience | Decades of industry expertise | Stable, often niche-focused |
| Coverage Options | Term & permanent, high limits | Tailored products, flexible riders |
| Price | Slightly higher, depends on scale | Competitive, sometimes lower |
| Customer Service | Fast, multiple offices & agents | Personalized, flexible, responsive |
| Accessibility | Extended hours, nationwide | Limited locations/hours |
| Technology | Advanced tools for quotes, claims, policy management | Simpler tech, more customization |
| Values & Ethics | Standard corporate practices | Local, mutual, or ethically aligned |
Still looking for the top insurance companies in Canada?
If you’re still not sure whether one of the largest Canadian insurance companies is right for you, our advisors are happy to help you out! Schedule a call and let our experts answer your questions about what is offered by Canadian insurance companies, big and small.
Online insurance brokers like PolicyAdvisor.com let you compare insurance quotes from 30 of the country’s best insurance companies. Schedule a call or try out our instant insurance quoting tools to see how much you can save by comparing quotes online
Frequently asked questions
How often do rankings of life insurance companies change?
Rankings can change annually or even more frequently, depending on factors like financial performance, customer service ratings, innovation, and regulatory changes. A company’s solvency, claims handling, and market share can all influence its position in industry reports or consumer rankings.
What factors affect the financial stability of life insurance companies?
Financial stability is typically measured by solvency ratios, capital reserves, investment performance, and underwriting profits. Companies with diverse investment portfolios, strong risk management practices, and consistent profitability are generally more stable and reliable over the long term.
Can I buy life insurance from a company not based in Canada?
You can only purchase life insurance from international companies that are licensed to operate in Canada. These insurers must comply with Canadian regulations and are monitored by federal or provincial insurance regulators. Buying from an unlicensed foreign insurer could leave you unprotected or unable to enforce your policy.
What are the benefits of choosing a large life insurance company over a smaller one?
Large insurers often offer a wider range of products, stronger digital platforms, and greater financial stability. They may also have more streamlined claims processes and better access to additional services, such as financial planning tools or wellness programs. However, smaller insurers may provide more personalized service or competitive pricing.
How do consumer ratings affect life insurance companies?
Consumer ratings influence a company’s reputation and can guide potential customers during their decision-making process. Positive reviews can enhance trust, while repeated complaints may raise concerns. While not the sole factor, consumer feedback is a helpful indicator of service quality and client satisfaction.
What should I do if I am not satisfied with my life insurance provider?
You should begin by reviewing your policy, identifying specific concerns and contacting your insurer’s customer service to discuss your issue. If the problem persists, you can file a complaint with your provincial insurance regulator. If you are considering switching providers, ensure your new policy is active before cancelling the old one to avoid any coverage gaps.
Which are the best insurance companies in Canada for 2026?
The best insurance companies in Canada for 2026 are determined by their financial strength, customer satisfaction, product innovation, and digital capabilities. Leading providers include:
- Sun Life, for strong client satisfaction and wellness-focused products
- Manulife, for innovation and global reach
- Desjardins, for cooperative structure and personalized service
- Canada Life, for scale and comprehensive coverage options
- Industrial Alliance, for regional expertise and competitive pricing
How do I choose between the largest insurance companies in Canada?
Choosing the right insurer involves assessing several factors such as financial strength (A.M. Best ratings and LICAT ratios), product suitability based on your needs, pricing competitiveness, quality of service and claims experience, and access to digital tools for convenience and support.
Are bigger insurance companies always better?
Larger insurance companies offer advantages such as financial stability, broad product availability, and extensive support networks. However, they may not always be the best fit. Smaller or regional insurers can provide more competitive pricing, personalized service, and flexible options tailored to specific needs.
What is the difference between the top 10 and top 20 insurance companies in Canada?
The top 10 insurers are typically national leaders with large-scale operations and diversified offerings. The top 20 includes regional and specialized insurers that may excel in niche markets or offer unique advantages in pricing, service, or policy design.
How often do rankings of the biggest insurance companies change?
Rankings among Canada’s top five life insurers tend to remain consistent year over year. However, changes can occur due to mergers, premium growth, or shifts in market strategy. Notably, Canada Life’s position strengthened following its merger with Great-West Life and London Life.
Can I trust the financial ratings of Canada’s largest insurance companies?
Yes. Canada’s major insurers are rated by independent global agencies such as A.M. Best, Moody’s, S&P Global, and DBRS Morningstar. These ratings reflect a company’s financial strength, claims-paying ability, and long-term stability, and are reviewed regularly.
Do the top Canadian life insurance companies operate nationwide?
Yes, all top life insurance companies in Canada are licensed to operate nationwide. While some have stronger regional footprints, such as Desjardins and iA in Quebec or Wawanesa in the West, they serve clients across the country either directly or through licensed advisors.
What makes the best insurance companies in Canada in 2026 different from previous years?
Top insurers in 2026 are distinguished by their investment in digital transformation, faster underwriting through AI, integrated wellness and health features, ESG investment practices, and personalized insurance solutions using data and analytics. These enhancements improve both accessibility and client experience.
BMO Life Insurance Review – Updated 2025
BMO Term Life Insurance offers simple, affordable coverage backed by one of Canada’s oldest and most trusted banks, Bank of Montreal. BMO term life insurance offers a variety of term lengths (Term 10, Term 15, Term 20, Term 25, and Term 30), flexible plan exchange options, coverage up to $30 million, and more such features.
In this updated 2025 review, we’ll break down BMO’s term life options, highlight key benefits, and discuss the cost of purchasing this policy. If you’re weighing your life insurance choices, this review will help you decide if BMO’s term life coverage is the right fit for your needs.
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Who is BMO Insurance?
BMO Insurance is a member of the BMO Financial Group, which was founded in 1817, and is another of Canada’s largest financial institutions. Operating as a separate business unit, BMO Insurance offers term and permanent life insurance, accident, travel, and critical illness insurance. BMO Insurance also offers income annuities and guaranteed investment funds. The BMO Life Assurance Company portfolio was bolstered by the acquisition of AIG’s life insurance business in 2009.
Key facts about BMO Life Assurance Company
When was BMO Insurance founded? 1817
Where is BMO Insurance’s headquarters? Toronto, Ontario
AM Best Rating: A (Excellent)
Better Business Bureau Accreditation and Rating: N/A
Assets: $11.2-billion
Annual Premiums: $ 2.0 billion
Website: bmo.com/insurance
What are the key features of BMO term life insurance?
BMO term life insurance offers flexible coverage, catering to a wide range of policyholders and their unique needs. The coverage types include single policies, combined policies, and joint-last-to-die policies. BMO offers term lengths spanning from 10 to 30 years and coverage amounts ranging from $100,000 to $30 million.
Policies are renewable and convertible to permanent life insurance up to the age of 71 without additional medical exams. BMO’s optional riders, such as critical illness benefits and waiver of premium, make its term life insurance a comprehensive choice for Canadians.
Key features of BMO term life insurance
| Feature | Details |
| Term lengths | 10, 15, 20, 25, and 30 years |
| Coverage type |
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| Coverage amounts | $100,000 to $30 million |
| Eligibility age |
|
| Policy expiry age | Coverage expires at age 85 |
| Renewability | All plans are renewable |
| Convertibility | Convertible to permanent life insurance without medical exams before age 71 |
| Exchange option | 10-year and 15-year term policies can avail full or partial exchange options for longer terms within the first 5 years |
| Optional riders | Critical illness benefit (available if under 60 at application) for both single and joint plans
Additional riders for single policies
Additional riders for joint policies
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| Medical Exam Requirement | No medical exam required for coverage amounts under $250,000 for applicants aged 18 to 65; health questionnaire required |
| Premiums | Guaranteed level premiums for the duration of the term |
| Under-writing classifications |
|
| AM Best Rating | A |
Our BMO life insurance rating and review
BMO Insurance’s term life insurance is a great option for individuals, couples, or business owners. It can cover mortgages and other debts, final expenses like funeral expenses, replace future income, and provide for dependents. The plan can also be used to protect businesses and their key employees. Lastly, the death benefit can be used to leave a financial gift to a favourite charity.
BMO Insurance term life insurance policies offer terms ranging from 10 to 30 years. Death benefits (tax-free payments to a beneficiary) can go all the way up to $10,000,000. All term life plans can be converted to a permanent life insurance policy at any time before age 70. Term 10 plans can be exchanged for longer terms: Term 15, 20, 25, or 30. Term 10, 15, and 20-year plans are renewable and convertible. Term 25 and 30 plans are convertible, although not renewable.
There are riders for critical illness insurance, accidental death insurance, and waiver of premium in case of disability. One can also add a children’s life insurance rider.
Another great feature of BMO Insurance is its unique Compassionate Benefit Program. This is a non-contractual cash benefit offered by BMO Insurance to term life policyholders with a limited life expectancy who may require a source of funds to help them manage their medical bills and unexpected financial costs.
For term life policyholders, an initial advance of up to 50% of the base coverage (maximum of $250,000) may be paid out if the policyholder is diagnosed with a terminal illness with a life expectancy of 12 months or less. This is available on individually-owned single and joint life policies as well (max of 2 insure with joint ownership policies).
What types of term life insurance policies does BMO Insurance offer?
BMO Insurance offers its Term Life insurance product with many options, such as Term 10, Term 15, Term 20, Term 25, and Term 30 plans to personalize coverage for those applying.
Medical underwriting is generally required, depending on the age of the applicant and the amount of insurance applied for
Premiums are guaranteed
Term 10 plans have an exchange program, where the policyholder can renew for another eligible term policy after 1 year but before 5 years of their initial term 10 coverage.
There are riders for critical illness, accidental death, and waiver of premium in case of disability. One can also add a children’s life insurance rider.
Coverage types offered by BMO term life insurance
BMO Insurance offers three primary coverage types within its term life insurance policies, including single and joint policies, allowing policyholders to select the structure that best fits their personal or family needs:
- Single Life: Covers one individual; the death benefit is paid upon the death of the insured
- Combined Life: Covers two individuals; the death benefit is paid upon the death of each insured person
- Joint Last-to-Die: Covers two individuals; the death benefit is paid upon the death of the last surviving insured person
How much does BMO term life insurance cost?
The cost of your BMO term life insurance policy will depend on factors such as your age, gender, health history, smoking status, and the type of coverage that you’re opting for.
Typically, the monthly cost of term life insurance for a non-smoker in good health seeking $500,000 in coverage for a 20-year term plan can range between $31 to $681 for male individuals and $21 to $479 for female individuals.
Monthly cost of BMO term life insurance for various age groups
| Age | Male | Female |
| 20 | $31.95/mo | $21.60/mo |
| 25 | $32.40/mo | $22.05/mo |
| 30 | $32.85/mo | $22.95/mo |
| 35 | $33.30/mo | $26.10/mo |
| 40 | $49.05/mo | $36.90/mo |
| 45 | $76.95/mo | $55.80/mo |
| 50 | $131.40/mo | $91.80/mo |
| 55 | $242.10/mo | $166.95/mo |
| 60 | $427.50/mo | $305.10/mo |
| 65 | $681.75/mo | $479.25/mo |
*Illustrated the cost of premiums for a non-smoker in good health seeking $500,000 in coverage for a 20-year term plan
What is the Term Exchange Program offered by BMO insurance?
BMO’s Term Exchange Program allows individuals with a Term 10 or Term 15 policy to exchange their existing coverage for a longer-term policy—Term 15, 20, 25, or 30—without the requirement for additional medical underwriting.
The exchange can be initiated on or after the 1st policy anniversary if you’re opting for a full exchange. In case you’re opting for a partial exchange, the initiation should be made on or after the 2nd policy anniversary.
Some of the benefits of the Term Exchange Program include:
- No additional medical underwriting: Policyholders can adjust their coverage without undergoing a new medical examination, simplifying the process
- Extended coverage: Provides the opportunity to secure a longer-term policy, ensuring continued protection as long as needed.
- Flexible adjustment: Allows for both full and partial exchanges, accommodating varying coverage needs
What other insurance policies does BMO Insurance offer?
In addition to Term plans, BMO Insurance also offers whole life insurance, universal life insurance, permanent life insurance, critical illness insurance, travel insurance, and more. Policyholders can opt for one or more policies based on their specific needs.
Permanent life insurance
Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. As long as you pay premiums into the policy, BMO life insurance coverage never expires.
BMO Insurance offers several different permanent life insurance policies:
EasyOne Life
- Available to Canadians between the ages of 50 and 80 who have no serious illnesses
- No medical exam required and immediate permanent life insurance coverage from the day BMO Life Insurance receives your application
- Lifelong coverage with a tax-free benefit between $5,000 and $50,000
Guaranteed-Life Plus
- Available to Canadians between the ages of 45 and 75
- Guaranteed life insurance coverage and no medical exams or health questionnaires required
- Lifetime coverage as long as payments are paid up to age 95
- $50,000 in basic coverage (after 2 years without claims) and $250,000 accidental death coverage
Term 100
- Lifelong permanent life insurance coverage
- Fixed level premiums, which you pay until age 100
- Coverage amounts available between $50,000 and $5,000,000
- Much like BMO Insurance’s term life insurance policies, many optional riders are available for Term 100 to meet varied insurance needs
Whole life insurance
- Guaranteed cash value, and guaranteed premiums payable for 10 or 20 years or to age 100
- Non-participating permanent life insurance
- Unique features like premium switching, premium offset, additional payments, and policy loans make it a very flexible BMO life insurance coverage option
- Two plan options (Estate Protector and Wealth Accelerator) to service different end-of-life financial needs
Universal life insurance
Universal life insurance is like whole life insurance, except there is a self-directed long-term investment component: your insurer gives you options for investing the cash value of your policy.
BMO Life Insurance’s universal coverage offers three different universal life insurance policies: Life Dimensions, Life Dimensions (Low Fees) and Wealth Dimensions.
All these options boast:
- Flexible premiums and terms
- Extensive investment options
- Early access to cash-value
- Optional riders for more BMO life insurance coverage:
- term life insurance rider
- accidental death rider
- waiver of premium
- children’s term life insurance rider
- critical illness insurance rider
Critical illness insurance
Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time, also known as term length, and you determine it when purchasing the policy.
BMO Insurance offers 2 different critical illness insurance policies.
Life Recovery Plus
- Basic and enhanced plans that offer $25,000 and $50,000 in coverage, respectively
- Guaranteed acceptance when you provide a declaration of health
- Cash benefits are a mix of one-time, monthly, and daily benefits to help you financially while you recover
- The survival period is 30 days
Living Benefit
- Offers enhanced coverage (25 life-threatening medical conditions)
- Maximum coverage is $2 million
- Offers coverage for loss of independent existence and partial payouts for 7 different conditions
- The survival period is 30 days
- Available in 10 and 20-year terms or coverage up to 75 or 100 years of age
- There is a 15-pay option available on some policies
For more information and an in-depth look at their critical illness coverage, read our BMO Insurance Critical Illness Insurance Review.
BMO travel insurance
BMO Insurance offers travel insurance on a per-trip and annual basis, with different plans offering coverage for medical emergencies, trip cancellation, flight delays, lost baggage, and more.
Investment products and other financial products
Besides insurance, BMO Financial Group offers countless investment solutions and personal financial products as well as business banking solutions.
What are the pros and cons of BMO life insurance?
BMO’s term life insurance has several advantages in terms of affordable pricing, multiple coverage types and lengths, easy term exchange policy for a 10 and 15-year plan, comprehensive benefits package, and more. However, the only disadvantage is in terms of not having a digital policy option and an online account facility.
Pros and cons of BMO term life insurance
| Pros | Cons |
| Value for money pricing | No online account |
| Multiple term life insurance lengths, flexible coverage options | Only issues paper policies, no digital option |
| Ability to exchange a 10-year policy into a longer term policy (15, 20, 25, and 30-year coverage options) | |
| Comprehensive benefits like the compassionate benefit program allow advancement of the term life insurance coverage amount for policyholders needing financial support while dealing with a terminal illness | |
| Options to convert into multiple types of permanent insurance policies |
Is BMO Insurance the right fit for you?
BMO Insurance offers unique life insurance coverage products that are a great fit for many Canadians. As insurance advisors for BMO Insurance’s life insurance products, we can help you decide if BMO Insurance products are the best fit for you and find you instant quotes.
Canadians commonly use BMO Life Insurance policies to cover lines of credit, funeral costs, the outstanding balance on credit cards, provide peace of mind, secure future education for dependents, or augment their current life insurance plans. If you’re not sure how much coverage you need, check out our life insurance calculator or read more in our insurance learning centre.
As Canada’s best online insurance advisor, we can assist you in comparing and choosing products across all our partner companies. Speak to our licensed insurance advisors, and we will be able to help you find the best coverage for your needs and answer any questions you have about BMO term life insurance, permanent life insurance, critical illness and disability protection, simplified coverage without medical exams, and more.
Frequently asked questions
Can I increase my BMO term life coverage after the policy starts?
No, BMO does not permit increasing the coverage amount mid-term. To obtain additional coverage, you would need to apply for a new policy. However, exchange options are available for 10 and 15-year policies.
- For a 10-year term policy: You can exchange for higher term plans such as Term 15, Term 20, Term 25, or Term 30 policies
- For a 15-year term policy: You can exchange for higher term plans such as Term 20, Term 25, or Term 30 policies
These exchanges can be availed within the first 5 policy years without providing new medical evidence.
What happens if I outlive my BMO term life insurance policy?
If you outlive your term and choose not to renew or convert the policy, the coverage ends, and no benefits are paid out. BMO allows renewal up to age 85 and conversion to permanent life insurance before age 71, providing options to maintain coverage as your needs evolve.
Is BMO term life insurance suitable for business protection?
Yes, BMO’s term life insurance can be an effective tool for business protection. It can be used for purposes such as funding buy-sell agreements, covering business loans, or insuring key personnel.
BMO offers high coverage limits (up to $30 million) and fixed premiums, making it suitable for small to medium-sized businesses seeking predictable costs.
Does BMO offer joint term life insurance for couples?
Yes, BMO offers joint term life insurance for couples through two distinct policy types: Combined Life Coverage and Joint Last-to-Die Coverage. Combined coverage insures two individuals under a single policy, providing a death benefit upon the death of each insured person. After the first death takes place, the policy continues to cover the surviving insured individual.
Joint Last-to-Die Coverage, on the other hand, also covers two lives but pays out the death benefit only after both insured individuals have passed away. This type of coverage is often used for estate planning purposes, as it provides funds to cover estate taxes or to leave a legacy to beneficiaries.
La Capitale life insurance review – Updated 2025
La Capitale, now part of Beneva following its merger with SSQ Insurance, is a well-established provider of life insurance in Canada. Known for its diverse range of life insurance products, La Capitale caters to individuals, families, and business owners alike.
In this review, we’ll explore the key features of La Capitale’s life insurance offerings, their benefits, policy costs, and how they compare to competitors. Whether you’re looking for affordable term coverage or lifelong protection with cash value growth, this guide will help you determine if La Capitale is the right choice for your insurance needs.
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
What is La Capitale insurance?
La Capitale is a Canadian insurance provider that offers a range of life insurance products, including term life, whole life, and universal life insurance. Later, La Capitale merged with SSQ Insurance in 2020 to form Beneva Inc.
Despite the rebranding, La Capitale’s life insurance policies continue to provide financial protection for individuals, families, and business owners. The payout can cover final expenses, replace lost income, and ensure financial security for beneficiaries.
Key facts about La Capitale Life Insurance
- Founded: 1940
- Headquarters: Québec City, Québec
- AM Best Rating: —
- Better Business Bureau Accreditation and Rating: No / —
- Assets: $25 billion (2020) under Beneva
- Annual Premiums: $6 billion (2020) under Beneva
- Annual Premiums: $2.5-billion
La Capitale life insurance rating and review
La Capitale’s flagship product is their Enhanced term insurance, which automatically includes a Loss of Autonomy benefit and coverage for estate fees up to $1000 (Quebec only). This product is renewable and convertible and can be combined with Beneva’s full suite of insurance products such as critical illness insurance, disability insurance, and other savings and investment products.
La Capitale also offers a more basic term life insurance product, known as their “Pure” series product line. This term life insurance offers similar coverage amounts and convertibility compared with the Enhanced series but is a little cheaper as it does not come with the Loss of Autonomy or Succession Advantage benefit.
La Capitale also offers simplified and no-medical life insurance products, meaning no medical exam is required. For their simplified life insurance product, known as “Simplified Advantage,” coverage is available up to $100,000.
You can apply for their no-medical product, called “Affirmative,” after answering only four qualifying questions—but, their no-medical coverage is only up to $25,000. Notably, La Capitale only offers permanent simplified and no-medical life insurance, meaning term options are not available for these products.
Since the merger with SSQ under the new name Beneva, those looking to apply for La Capitale life insurance can do so through a quick online process.
What are the pros and cons of La Capitale life insurance?
La Capitale has several pros such as a strong financial background, a wide range of products with various customization options, estate fee coverage, and more. However, there are certain disadvantages in terms of limitations in simplified coverage and no-medical coverage.
Pros of La Capitale life insurance
- Strong financial stability: Backed by the merger with SSQ under the Beneva brand, ensuring long-term reliability
- Comprehensive policy customization: Offers multiple optional riders, including children’s term insurance and critical illness coverage
- Built-in Loss of Autonomy benefit: Included with enhanced products, providing additional financial support in case of loss of independence
- Estate legal fee coverage: Covers up to $1,000 in legal expenses for estate settlement
- Convenient digital access: Provides online account management, e-policy services, and seamless digital access for policyholders
Cons of La Capitale life insurance
- Limited simplified coverage: La Capitale’s coverage is capped at $50,000 for applicants over age 71, which may be insufficient for some needs
- Restricted no-medical coverage: Maximum coverage for no-medical exam policies is limited to $25,000, which may not provide adequate financial protection
What term life insurance amounts and coverage do La Capitale and Beneva offer?
La Capitale offers a variety of term insurance products including the Enhanced Fixed Term, Pure Fixed Term, Enhanced Decreasing Term, as well as a variety of life insurance riders.
Pure Series Term Insurance
- Straight-forward, basic term insurance product designed for income replacement, estate planning, and covering personal and business debts
- Option to exchange the contract term for a longer term during the first 5 years, without evidence of insurability
Coverage and policy details
- Available Term Lengths: 10, 20, 25, 30, or 35 years
- Available Term Types: Level or decreasing
- Maximum Amount of Coverage: $5,000,000
- Renewability: Yes. Renewable as 10-year term to age 85
- Convertibility: Yes. Convertible to up to age 70
Enhanced Series Term Insurance
- Flexible term insurance product designed for income replacement, estate planning, and covering personal and business debts
- Option to exchange the contract term for a longer term during the first 5 years, without evidence of insurability
- Total loss of autonomy benefit built-in
- Succession advantage included (up to $1000 to cover reimbursement of estate fees, Quebec only)
Coverage and policy details
- Available Term Lengths: 10, 20, 25, 30, or 35 years
- Available Term Types: Level or decreasing
- Maximum Amount of Coverage: $5,000,000
- Renewability: Yes. Renewable as 10-year term to age 85
- Convertibility: Yes. Convertible to up to age 70
What other insurance coverage does La Capitale under Beneva offer?
La Capitale offers a variety of customizable insurance products as well as saving and investment products.
Permanent Life Insurance
Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums the coverage never expires. SSQ offers three different permanent life insurance policy options: non-participating (Advantage Non-Participating, Pure Term to 100, Enhanced Term to 100) simplified life insurance (Simplified Advantage), and no-medical life insurance (Affirmative).
Simplified Life Insurance
Simplified life insurance coverage has no requirements for a medical exam. To apply, all you need to do is answer some simple questions regarding your health.
The waiting process is shorter and can oftentimes grant you immediate coverage. The tradeoff? Generally, premiums are higher for simplified coverage, and the coverage amount is lower than what you can get with traditionally underwritten life insurance.
La Capitale offers the following simplified life insurance coverage:
- Up to $100,000 in coverage based on age
- Advanced payment up to 50% of coverage if the event results in shortened life expectancy
Critical Illness Insurance
Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event (like breast cancer, prostate cancer, skin cancer, heart attack, and coronary angioplasty), or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer).
This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.
La Capitale, under Beneva, offers critical illness insurance coverage for children and adults with several policy options:
- 25 covered illnesses or surgeries
- Partial payouts for certain conditions
- Renewal up to age 75 and convertible up to age 60
- Available as a separate policy or rider
- Coverage options from $10,000 – $20,000
- Access to Teladoc network (network of doctors and specialists)
Read our full Beneva Critical Illness Insurance Review.
Disability Insurance
Disability insurance, sometimes also referred to as income protection insurance is an insurance product that offers you protection against loss of income by replacing a substantial portion of your paycheque if you become disabled.
La Capitale offers disability illness insurance coverage called the “Pillar Series” income protection plan. It offers:
- Up to $6,000 monthly benefit amount
- Partial benefit options (up to 6 months)
- Coverage on 1st day of hospitalization (90-day elimination period or less)
- Basic coverage for accidents with sickness coverage available as a rider
- Additional simplified accident insurance available (no medical exam required)
Investment and Financial Products
In addition to insurance products La Capitale also offers investment services with over 42 investment accounts available with 5 asset categories: fixed income, balanced, Canadian equity, American and international equity, and portfolios. They also offer RRSP loans and other annuities.
How to access La Capitale insurance policies under Beneva?
To access your La Capitale insurance policy under Beneva, you can use the Beneva Client Centre. If you previously had an online account with La Capitale, your login credentials will remain the same.
Simply visit the Beneva Client Centre and log in to manage your policy, view coverage details, submit claims, and access important documents. If you haven’t registered for an online account yet, you can create one on the same platform by following the registration steps.
You can also use the Beneva mobile app which is available for download on your smartphone. The app allows you to manage your policies, submit claims, and view your insurance documents from anywhere
Does Beneva have an app?
Yes, Beneva has a mobile app that allows policyholders to manage their insurance on the go. The app is available for both iOS and Android devices and provides access to key features such as:
- Viewing insurance policies and coverage details
- Submitting and tracking claims
- Accessing digital insurance documents
- Finding healthcare providers (for health insurance users)
- Contacting customer support
Is Beneva a reliable insurance provider?
Yes, Beneva is considered a reliable insurance provider in Canada. Formed through the merger of La Capitale and SSQ Insurance, Beneva combines decades of experience from both companies, creating one of the largest mutual insurance providers in the country.
Beneva offers a wide range of insurance products, including life, health, auto, home, and business insurance, ensuring comprehensive coverage for individuals and families.
With a strong financial foundation, extensive product offerings, and a customer-focused approach, Beneva has positioned itself as a trustworthy option for insurance seekers.
How do I apply for a term life policy with La Capitale Insurance?
You can apply for La Capitale Life Insurance’s plans by using the best online insurance broker in Canada. You can enter your information and look up quotes using the button below or schedule a call with one of our licensed brokers to apply for La Capitale Life Insurance through Beneva or get an instant quote.
Frequently asked questions
Does La Capitale life insurance cover critical illness?
La Capitale offers an optional critical illness rider under the Beneva name, allowing policyholders to receive a lump-sum payout if diagnosed with a covered critical illness. This rider can be added to eligible life insurance policies for enhanced financial protection.
Will my existing La Capitale life insurance policy be affected by the transition to Beneva?
No, if you had a life insurance policy with La Capitale before the transition, your coverage, benefits, and terms remain unchanged. The only difference is that Beneva now handles policy administration and customer service.
Can I still buy a new La Capitale life insurance policy, or do I need to apply through Beneva?
New life insurance policies are now issued under the Beneva brand, but they still include many of the same coverage options that La Capitale previously offered. Existing policyholders can continue managing their policies as usual.
Has Beneva introduced any changes or improvements to La Capitale’s life insurance products?
While core policy offerings remain similar, Beneva has focused on improving digital services, streamlining customer support, and expanding coverage options to provide a better overall experience for policyholders.
Desjardins Critical Illness Insurance Review – Updated 2025
One of Canada’s largest financial institutions, Desjardins offers comprehensive critical illness coverage for individuals, children, and business owners. In this review, we’ll take a closer look at these offerings — their features, benefits, and downsides — to help you determine if they’re the right fit for your needs.
What are the benefits of Desjardins’ critical illness insurance?
Desjardins’ critical illness insurance, also known as Health Priorities, provides a tax-free lump-sum payment if you’re diagnosed with one of its 26 covered health conditions. This benefit is payable even if you’re diagnosed outside Canada.
Other benefits include:
- Long-Term Care (LTC): In case of loss of independence with a reasonable chance of recovery, Desjardins will pay 15% of your total insurance benefit (up to a maximum of $25,000)
- Coverage for all types of cancer: Desjardins Health Priorities covers all types of cancer and offers partial or full benefits, depending on the severity of the cancer (learn more about critical illness insurance for cancer)
- Partial benefit: In addition to the 26 covered conditions, Desjardins offers partial coverage (ranging from 1% to 30% of the insurance amount) for over 16 health conditions
- Second medical opinion: Following the diagnosis of a covered condition, you can access Desjardins Health Priorities’ second opinion service for a thorough review of your medical records to confirm your diagnosis
- Autonomy assistance: In the event of a temporary or permanent loss of independence, Desjardins Health Priorities provides home care services to help simplify daily life for you and your caregivers
- Phone assistance: Desjardins Health Priorities also offers telephonic access to nurses for advice on nutrition, vaccinations, prescription drug use, and other health concerns
Desjardins’ business plan also includes a death benefit that is paid to your company if you die prematurely. This amount is either 100% of all premiums paid by you and your company or 25% of your insurance amount, whichever is greater.
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
What types of critical illness insurance are offered by Desjardins?
Desjardins offers three types of critical illness policies for individuals, business owners (and key employees), and children. Here’s a closer look at these plans:
- Health Priorities (individual): Offers comprehensive coverage for 26 health conditions and partial coverage for more than 16 conditions, with coverage limits of up to $3 million
- Health Priorities (child): Provides comprehensive coverage for 32 critical illnesses, including 6 childhood conditions, with coverage limits of up to $1 million (learn more about children’s critical illness insurance)
- Executive Health Plan (for businesses): Allows you to own a critical illness policy jointly with your company and pays a lump-sum benefit if you’re diagnosed with a covered health condition. If you remain healthy until the policy’s expiry, you can get back 100% of your paid premiums
Key features of Desjardins’ critical illness insurance
| Feature | Individual | Child | Executive Health Plan |
| Coverage amount range | $10,000 to $3 million | $10,000 to $1 million | $10,000 to $3 million |
| Issue ages | 18 to 65 years | 0 to 25 years or 0 to 17 years with additional disease options | 18 to 65 years |
| Premium and coverage options |
|
|
|
| Conditions covered |
|
|
|
| Survival period | 30 days for cardiovascular conditions and procedures | 30 days for cardiovascular conditions and procedures | 30 days for cardiovascular conditions and procedures |
| Waiting period |
|
|
|
| Partial benefits | 1% to 30% of the insurance amount (depending on the condition) | 1% to 30% of the insurance amount (depending on the condition) | 15% of your total insurance amount (maximum $50,000) |
| Return of premiums | Optional | Included in the policy | Included in the policy |
| Optional benefits | Disability waiver of premiums, accidental benefit, accidental fracture, accidental death, dismemberment, or loss of use, children’s life protection, and children’s accidental fracture | Disability waiver of premiums, accidental benefit, accidental fracture, and accidental death, dismemberment, or loss of use | Disability Waiver of Premiums |
Source: Desjardins Insurance
What is covered under Desjardins’ critical illness insurance?
Desjardin’s critical illness insurance covers 26 health conditions across 6 categories:
| Category | Conditions |
| Cancer |
|
| Cardiovascular |
|
| Neurological |
|
| Accidents and functional loss |
|
| Other |
|
| Vital organs |
|
The company also provides coverage for 6 childhood conditions:
- Autism spectrum disorder
- Cystic fibrosis
- Rett syndrome
- Type 1 diabetes mellitus
- Muscular dystrophy
- Cerebral palsy
Additionally, Desjardins pays a partial benefit (or advance) for over 16 health conditions. You can receive up to 5 payments per category, with benefits ranging from 1% to 30% of your coverage amount. The categories are:
- Early-stage cancer:15% of the insurance amount (maximum $50,000)
- Other cancers (non-life threatening):1% of the insurance amount (maximum $5,000)
- Total mastectomy or prostatectomy: 30% of the insurance amount (maximum $100,000)
- Minor cardiovascular conditions and procedures: 15% of the insurance amount (maximum $50,000)
- Temporary loss of independent existence:15% of the insurance amount (maximum $25,000)
Does Desjardins have a qualifying period for critical illnesses?
Yes, Desjardins has a qualifying period for certain illnesses or conditions, during which you must exhibit specific symptoms, neurological deficits, or functional losses to qualify for coverage.
The start date of the qualifying period depends on how the covered condition is defined in your contract. It may begin on:
- The date of diagnosis,
- The date of functional loss, or
- The date of the triggering event
Here’s a list of illnesses that have a qualifying period:
Critical illnesses with a qualifying period
| Critical illness or condition | Qualifying period |
| Stroke | 30 days |
| Dementia, including Alzheimer’s disease | 6 months |
| Bacterial meningitis | 90 days |
| Coma | 96 hours |
| Acquired brain Injury | 180 days |
| Paralysis | 90 days |
| Loss of speech | 180 days |
| Occupational HIV infection | 90 to 180 days |
| Permanent or temporary loss of independent existence | 90 days |
| Multiple sclerosis | 6 months |
Source: Desjardins Insurance
What is not covered under Desjardins’ critical illness insurance?
Procedures like angioplasty and conditions like viral meningitis are not covered under Desjardins’ critical illness insurance. For a complete list of exclusions, consult the Desjardins Critical Illness Guide.
Desjardins also has waiting periods for specific conditions. For example, cancer has a 90-day waiting period, while Parkinson’s disease has a one-year waiting period. If you’re diagnosed with these conditions or show initial symptoms during the waiting period, you won’t be eligible for benefits.
What is the cost of a Desjardins critical illness policy?
The cost of a Desjardins critical illness policy depends on several factors, including:
- Age: Younger individuals typically pay lower premiums
- Health status: Pre-existing conditions and habits like smoking may increase your premiums
- Coverage amount: Higher coverage limits mean higher premiums
- Term length: The duration of coverage can also affect costs
To give you an idea, here’s what a 20- to 55-year-old individual might pay for $50,000-$100,000 in critical illness coverage over a 10-year term:
Cost of Desjardins critical illness insurance
| Age | Coverage amount | Monthly premium ( Male Smokers) | Monthly premium (Male Non-smokers) |
| 20 | $50,000 | $16.56 | $15.07 |
| 30 | $100,000 | $37.35 | $28.98 |
| 35 | $50,000 | $30.37 | $20.97 |
| 40 | $100,000 | $77.58 | $43.83 |
| 45 | $50,000 | $73.80 | $37.75 |
| 55 | $100,000 | $373.95 | $159.75 |
Pros and cons of Desjardins’ critical illness insurance
Desjardins’ critical illness insurance has several benefits, including no survival period for most conditions, phone assistance from nurses, and home care assistance in case of loss of independent existence. However, it also has some drawbacks:
|
Pros |
Cons |
| No survival period on most conditions (except cardiovascular) | Partial benefit is an advance and is deducted from the total insurance amount |
| Coverage for all types of cancer (with full or partial benefit based on the type of cancer) | No second event coverage: Policy terminates after first claim payout |
| Children’s plan with 32 covered conditions, including 6 childhood conditions | |
| Home care services in case of temporary or permanent loss of independent existence | |
| Telephonic access to nurses for guidance on nutrition, vaccinations, prescriptions, and other health concerns | |
| Long-Term Care (LTC) benefit (typically 15% of the insurance amount) for loss of independent existence with a chance of recovery |
Can I cancel or modify my Desjardins critical illness policy?
Yes, you can cancel your Desjardins critical illness policy anytime by calling 1-866-647-5013.
You can also modify your policy in the following ways:
- Changing beneficiaries: You can contact Desjardins at 1-888-558-5525 to update your beneficiary information
- Switching coverage options: You can switch from a term critical illness insurance plan to a permanent policy (depending on your policy’s terms)
How can I buy a Desjardins critical illness plan?
Choosing the right critical illness insurance can feel overwhelming, but you don’t have to do it alone. Schedule a free consultation with our licensed advisors for personalized guidance. Our experts can help you compare different providers and their offerings, and find a plan that’s tailored to your needs.
With PolicyAdvisor, you’ll also enjoy lifetime after-sales support for any questions or adjustments down the road. Book your free consultation today and get the best critical illness insurance quotes!
Frequently asked questions
Is Desjardins’ critical illness insurance worth it?
Yes, Desjardins’ critical illness insurance can ease the financial distress of a health emergency by providing a tax-free lump-sum payment for an insured condition. With coverage limits of up to $3 million and tailored plans for individuals, children, and business owners, it can also give you significant flexibility and control over your healthcare coverage.
However, as with any insurance, we recommend you speak to our licensed insurance advisors for a personalized assessment of your needs and to determine if Desjardins’ critical illness insurance is right for you.
Does Desjardins’ critical illness insurance offer any optional benefits/ add-ons?
Yes, Desjardins’ critical illness insurance offers several optional benefits or riders that allow you to enhance your coverage. These include:
- Return of premiums: Refunds a percentage of your premiums if you terminate the policy, provided you haven’t claimed the full benefit for a critical illness
- Return of premiums on death: Refunds either 100% of your premiums paid or 25% of your coverage amount, whichever is greater, in the event of death
- Disability Waiver of Premiums: Waives premiums if you experience total disability lasting more than six months before age 60.
- Accident: Pays a predetermined amount to your beneficiary if you die in an accident
- Accidental fracture: Pays a lump-sum benefit for fractures caused by accidents. The exact amount depends on the fractured bone
- Accidental death, dismemberment, or loss of use: Pays you or your beneficiary a percentage of the insurance amount if you die or suffer dismemberment due to an accident
- Children’s life protection: Adds term life insurance for children aged 15 days to 25 years, with the option to convert it to a permanent policy for up to 5 times the basic amount
- Children’s accidental fracture: Pays a benefit if a child (aged 15 days to 25 years) sustains a fracture due to an accident
What happens if I die while my policy is active?
If your policy included a Return of Premiums on Death rider, your beneficiaries would get 100% of all premiums paid or 25% of the insurance amount, whichever is greater.
Does Desjardins’ critical illness insurance cover pre-existing conditions?
No, Desjardins’ critical illness insurance does not cover pre-existing conditions. To be eligible for coverage, you must not have experienced any symptoms or received a critical illness diagnosis within 90 days of your policy’s start date.
Canada Life Critical Illness Insurance Review – Updated 2026
Male: $35.57/month
*Based on standard profile
Canada Life offers a wide range of solutions to protect Canadians from the financial impact of serious health conditions, and one of them is their critical illness insurance. In this article, we will explore the key features, benefits, and drawbacks of Canada Life’s critical illness insurance to help you determine if it’s the right choice for securing your future.
What are the benefits of Canada Life’s critical illness insurance?
Canada Life’s critical illness insurance provides a tax-free lump sum payment upon diagnosis of a covered health condition. This payment can be used for any purpose, whether replacing lost income, seeking treatment abroad, or managing everyday expenses.
Here are some other benefits of Canada Life’s critical illness insurance:
- Partial payout benefits: Besides critical illnesses, Canada Life covers 8 early-stage and less-severe conditions, including early-stage thyroid and prostate cancer. You can claim up to 15% of your insurance benefit (maximum $50,000) upon being diagnosed with these conditions
- Surgery advance: If you need surgery for a covered condition, Canada Life will pay you up to 10% of your benefit (maximum $15,000) to cover costs. This amount will be deducted from your total payout
- Return of premium option: If you choose this option and make no claim on your insurance policy, you can get back 100% of your premium payments
- Medical and emotional support services: You can access a network of 50,000 medical experts for expert opinions on your diagnoses, plus professional counselling and family support services to help you and your loved ones cope with your condition
- Conversion options: If you buy a children’s critical illness policy, you can convert all or part of the coverage to an adult policy before the child turns 25
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Types of critical illness insurance offered by Canada Life
Canada Life offers two critical illness insurance plans to cover adults and children, LifeAdvance and Child LifeAdvance, respectively.
- LifeAdvance critical illness insurance: This plan provides comprehensive coverage for 25 critical illnesses, including major conditions such as cancer, heart attack, and stroke. Policyholders can choose a coverage amount ranging from $10,000 to $3,000,000
- Child LifeAdvance critical illness insurance: This plan covers 21 conditions, plus 5 childhood-specific conditions, which are cerebral palsy, type-1 diabetes, cystic fibrosis, congenital heart disease, and muscular dystrophy, with coverage ranging from $10,000 to $250,000
Key features of LifeAdvance and Child LifeAdvance Plans
| Feature | LifeAdvance | Child LifeAdvance |
|---|---|---|
| Coverage amount | $10,000 to $3 million | $10,000 to $250,000 |
| Issue ages | 18 – 65 years | 60 days to 17 years |
| Premium and coverage options |
|
Level premiums up to age 25 |
| Conditions covered | Comprehensive coverage for 25 conditions and partial coverage for 8 |
|
| Survival period |
|
|
| Partial benefits | 15% of the critical illness benefit (up to $50,000) | 15% of the critical illness benefit (up to $37,500) |
| Surgery advance | 10% of the critical illness benefit (up to $15,000) | 10% of the critical illness benefit (up to $15,000) |
| Optional benefits | Loss of independent existence, disability waiver of premium, second event, return of premium at withdrawal, return of premium at expiry, return of premium at death | Return of premium at expiry and return of premium at death |
What critical illnesses are covered by Canada Life?
Canada Life’s critical illness insurance covers 25 illnesses and life-threatening conditions, including:
- Aortic surgery
- Aplastic anaemia
- Bacterial meningitis
- Benign brain tumour
- Blindness
- Coma
- Coronary artery bypass surgery
- Deafness
- Dementia, including Alzheimer’s disease
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Life-threatening cancer
- Loss of limbs
- Loss of speech
- Major organ failure on waiting list
- Major organ transplant
- Motor neuron disease
- Multiple sclerosis
- Occupational human immunodeficiency virus (HIV) infection
- Paralysis
- Parkinson’s disease and specified atypical Parkinsonian disorders
- Severe burns
- Stroke
The company also covers 5 childhood conditions under its children’s plan:
- Cerebral palsy
- Type-1 diabetes
- Cystic fibrosis
- Congenital heart disease
- Muscular dystrophy
What conditions are excluded from Canada Life critical illness insurance?
Canada Life will not pay an insurance benefit, surgery advance, or illness assist benefit (partial payout) if the insured condition arises due to:
- An attempt by the insured to take their own life or intentionally harm themselves
- Participation in an assault, battery, or criminal offense (whether or not charges are laid)
- Use of drugs, intoxicants, narcotics, or any substance not prescribed by a medical practitioner
- War or hostile actions by armed forces (of any country)
- Operating or controlling a motorized vehicle with a blood alcohol concentration over 80 milligrams per 100 millilitres of blood
Additionally, claims for benign brain tumours, Parkinson’s disease, life-threatening cancer, or other covered cancers will not be paid if:
- The condition is diagnosed within 90 days of the policy start date, issue date, or last reinstatement
- For Parkinson’s disease or atypical Parkinsonian disorders, the diagnosis occurs within one year of the policy start date, issue date, or last reinstatement
Claims will also be denied if there were symptoms, investigations, or a diagnosis of the condition before the waiting period, even if the formal diagnosis was made after the waiting period.
What type of term options are available with Canada Life critical illness insurance?
Canada Life offers 7 term options across 3 types of critical illness insurance plans:
Permanent level premium plans
These plans offer lifelong coverage with fixed premiums. You can choose from three payment options:
- Paid-up at 100: No further premiums are required after age 100
- Paid-up in 15 years: Premium payments end after 15 years
- Paid-up in 20 years: Premium payments end after 20 years
Renewable term plans
These plans offer coverage for a set period (or “term”) and can be renewed at the end of each term without requiring additional medical underwriting. Two term options are available:
- Term 10: Provides coverage for 10 years. Renewable every 10 years until age 75
- Term 20: Offers coverage for 20 years. Renewable every 20 years until age 75
Level premium term plans
This type of insurance offers fixed premiums for the entire term and coverage up to age 75. You can choose from two payment options:
- Level premium to age 75: Offers fixed premiums until age 75.
- Level premium to age 75 (paid-up in 20 Years): Premiums are paid up in 20 years, but coverage continues until age 75
Can I cancel or modify my Canada Life critical illness policy?
Yes, you can cancel your Canada Life critical illness policy in two ways:
- Early cancellation: If you’re dissatisfied with your policy, you can return it within 10 days of its receipt and get a full refund
- General termination: You can cancel your policy anytime by submitting a cancellation request. Your policy will also end if you request a full withdrawal of your insurance benefit using the return of premium at withdrawal rider.
You can also modify your policy by converting a portion or all of the insurance amount under a Term 10 or Term 20 renewable term policy to a level premium critical illness insurance policy until the age of 65.
What is the cost of a Canada Life critical illness policy?
The cost of a Canada Life critical illness policy is determined by several factors, including:
- The applicant’s age: Younger applicants usually pay lower premiums
- Coverage amount: A higher coverage amount entails higher premiums
- Pre-existing health conditions: These may affect your eligibility or increase your premiums
- Smoking status: Non-smokers pay significantly lower premiums
- The policy’s term length: The duration of coverage also influences premiums
For reference, here’s what a 20-55-year-old might pay for $50,000-$100,000 in critical illness coverage over a 10-year term:
Cost of Canada Life critical illness insurance
| Age | Coverage amount | Monthly premium ( Male smokers) | Monthly premium (Male non-smokers) |
| 20 | $50,000 | $16.93 | $14.37 |
| 30 | $100,000 | $35.57 | $26.25 |
| 35 | $50,000 | $32.45 | $19.96 |
| 40 | $100,000 | $74.48 | $41.30 |
| 45 | $50,000 | $76.74 | $37.49 |
| 55 | $100,000 | $360.99 | $161.26 |
For personalized quotes, try our online critical illness insurance calculator or book a free consultation with our licensed insurance advisors.
Pros and cons of Canada Life’s critical illness insurance
Canada Life’s critical illness insurance offers several benefits, including comprehensive coverage for 25 conditions, partial coverage for 8 conditions, and a 10% surgery advance benefit. However, it also has some drawbacks:
| Pros | Cons |
| Higher coverage amount (up to $3,000,000) and multiple term options | Loss of independent existence is a separate rider with additional cost |
| Comprehensive coverage for 25 conditions, plus partial coverage for 8 | The Child LifeAdvance plan does not have second event and disability waiver of premium rider options |
| Children’s plan with 26 covered conditions | Partial/advance payments reduce remaining coverage |
| 10% surgery advance payment (up to $15,000) from total benefit | |
| Second event coverage (only at the issue of basic policy) |
How can I buy a Canada Life critical illness insurance plan?
Choosing the right critical illness insurance requires careful consideration of several factors, like coverage amount, premium structure, and your potential healthcare needs, all of which can feel overwhelming
PolicyAdvisor can simplify this process. Our advisors can help you compare different providers and their offerings and select a plan that aligns with your specific requirements.
We also provide lifetime after-sales support to address any questions or policy adjustments you may need in the future. Book a free consultation with our advisors today for personalized critical illness insurance quotes.
Frequently asked questions
Is Canada Life’s critical illness insurance worth it?
Yes, Canada Life’s critical illness insurance can be a valuable source of financial comfort during an unexpected health problem. Their tailored plans for adults and children make it easier for individuals to buy a policy that suits their unique circumstances.
With a coverage amount of up to $3 million and additional riders such as the return of premium or disability waiver of death, Canada Life’s critical illness plans are one of the best in the industry. We recommend you speak to one of our licensed insurance advisors for a personalized assessment of your needs and to determine if Canada Life’s critical illness insurance is the right choice for your situation.
Are there any conversion options for my Canada Life critical illness policy?
Yes, until you turn 65, you can convert all or a portion of your insurance amount under a Term 10 or Term 20 renewable term policy to a level premium critical illness insurance policy, without additional medical underwriting.
You can also convert a Term 10 policy with a series date of May 25, 2020, or later to a Term 20 policy within the first five years of issue, provided you are under age 54.
What happened to SSQ Insurance? (2025)
In a major shake-up of Canada’s insurance landscape, SSQ Insurance and La Capitale officially merged in January 2023 to form Beneva Insurance Company. For decades, SSQ has been a trusted provider of life and health insurance, earning a strong reputation among Canadians.
Now, with this merger, the company is entering a new era—one that promises expanded services and greater benefits for policyholders. But what does this transformation mean for new and existing clients? Let’s take a closer look.
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
History and ownership: SSQ Financial Group
SSQ Insurance traces its roots back to 1944 when Dr. Jacques Tremblay founded Coopérative de Santé de Québec in Quebec City. Originally created to provide affordable insurance and social services to working-class French Canadians, the company quickly gained traction.
As it expanded, it was renamed Les Services de Santé de Québec, from which the abbreviation SSQ originates. Over the years, SSQ underwent multiple rebrandings, eventually becoming SSQ Financial Group and later SSQ Insurance.
As a mutual insurance company, SSQ was owned by its policyholders, meaning its profits were reinvested to enhance products and services rather than benefiting external shareholders. With a strong focus on life, health, and critical illness insurance, SSQ expanded beyond Quebec, growing into one of Canada’s most trusted insurance providers.
Merger and consolidation: How was Beneva formed?
In 2020, SSQ announced that it would be merging with La Capitale to form a new group called Beneva. This major change took effect at the start of 2023. Both SSQ and La Capitale — two separate Canadian life insurance companies — shed their names for this merger. They are now consolidated as a single company operating under the Beneva name but with a combined expertise in insurance.
The point of merging was to create a larger and more diversified company, with better products and services to offer customers. And, according to data from SSQ, the merger has achieved just that.
Beneva has more than 3.5 million customers across Canada and $25 billion in assets under management. It has also kept the mutualist values of the companies that formed its roots, so policyholders have a small say in how the organization is run.
Impact on policyholders
For existing SSQ policyholders, the transition to Beneva has been seamless—current policies remain unchanged, ensuring continued coverage without disruptions. However, the merger brings added benefits, including enhanced digital tools, better customer support, and access to a broader range of insurance solutions.
As Beneva strengthens its national presence, policyholders can expect a more streamlined experience, competitive products, and improved service offerings tailored to their needs.
About La Capitale
La Capitale itself was another well-established Canadian insurance company based in Quebec City. It was a bit older than SSQ, being founded in 1940. Like SSQ, it was also an insurance mutual. And, again like SSQ, it was also a trusted name for life insurance products. PolicyAdvisor also ranked La Capitale among the best insurance providers in Canada. The company offered a wide range of options, and their policies were known for being affordable.
Read more about what happened to La Capitale.
What is SSQ called now?
The companies and subsidiaries that were merged to create what is now known as Beneva Insurance Company include:
- SSQ Insurance / SSQ Assurance
- SSQ, Life Insurance Company Inc.
- SSQ Financial Security / SSQ Financial Services
- SSQ Financial Group
- La Capitale Insurance
- La Capitale Financial Security / La Capitale Financial Group
Although the Beneva insurance name might be new, the company will likely soon become well-known as one of the largest insurance companies in Canada. Because it’s formed from the union of two major insurers, its assets and AM Best financial strength rating are already high up in the ranks.
What products do Beneva offer?
Beneva provides a wide range of affordable insurance products, including traditional life insurance and health insurance, as well as financial services. In addition to the products already offered by SSQ Life Insurance and La Capitale, Beneva also intends to offer new products and services to customers, thanks to the increased scale and resources of the merged company.
Beneva Insurance offers clients insurance solutions that can be tailored to fit different needs, as well as additional professional services through Beneva Investment Services Inc. These enhanced service offerings include:
- Term Life Insurance
- Permanent Life Insurance Options (Whole Life Insurance and Universal Life Insurance)
- Critical Illness Insurance
- Disability Insurance
- Group and Individual Health, Dental, and Travel Insurance, and other Workplace Benefits
- Property and Casualty Insurance
- Wealth Management and Investment Products
A huge plus for Beneva life insurance policyholders is that the company is also offering SSQ’s unique built-in Extreme Disability Benefit. SSQ was one of the few Canadian insurers with this specialty offering in insurance. So, it’s a major win that Beneva will continue to provide this option for disability coverage on top of other types of coverage.
Is SSQ the same as Beneva?
No, SSQ Insurance is not the same as Beneva, although they are now part of the same organization. While SSQ was previously a well-established brand in the Canadian insurance market, its merger with La Capitale created a new entity, Beneva, which combines the strengths and resources of both companies.
So, while Beneva now carries forward many of SSQ’s policies and customers, Beneva is the new brand that represents the merged company, with expanded services and a broader national reach. Existing SSQ policyholders will see no immediate changes to their coverage, but they are now part of the Beneva family.
Does the merger affect my existing SSQ policies?
Your existing SSQ policies remain unchanged following the merger with La Capitale to form Beneva. This means your coverage, premiums, benefits, and claims process stay the same, ensuring no disruptions to your plan.
Although the SSQ brand is now part of Beneva, policyholders will continue to receive the same level of service and benefits as before. Over time, you may experience enhancements in customer support, upgraded digital tools, and access to a broader range of insurance solutions as Beneva expands its offerings.
Will my everyday experience be impacted?
SSQ’s merger into Beneva should not have a significant impact on your everyday experience. You will continue to be able to submit claims and access your policy information as before. And Beneva has committed to providing the same level of customer service to clients as it has under SSQ and La Capitale.
But your monthly or annual premium payments will be different. If you are paying through your bank or financial institution, you need to update the service provider listed as a payee to Beneva instead of SSQ.
Another change is that the Beneva website itself looks different than SSQ’s did.
Aside from these two aspects, though, you shouldn’t see much more of a difference.
What are the advantages of the Beneva merger for the customers?
The merger of SSQ Insurance and La Capitale into Beneva brings several advantages for customers, including a wide array of offerings, enhanced customer service, new digital tools, and greater financial stability.
1. Expanded insurance offerings
With the combined resources of both companies, Beneva offers a wider range of insurance products, including life, health, home, auto, and business insurance. This allows customers to bundle policies and access more comprehensive coverage options under one provider.
2. Enhanced customer service
Beneva is investing in improved customer support, ensuring faster response times and better assistance for claims, policy inquiries, and general support. The larger company structure provides more resources to cater to customer needs efficiently.
3. Improved digital tools & online services
The merger enables Beneva to develop and implement more advanced digital tools, making it easier for customers to manage their policies, file claims, and get support online. These enhancements provide a more seamless and user-friendly experience.
4. Greater financial stability
As a larger mutual insurance company, Beneva benefits from stronger financial backing, ensuring long-term stability, reliability, and security for policyholders. This reduces risk and increases confidence in the company’s ability to honor claims and provide consistent service.
5. Competitive pricing & discounts
With greater operational efficiency and a larger customer base, Beneva may offer more competitive pricing and potential cost savings through better policy rates, discounts, and customized insurance solutions tailored to individual needs.
6. Policyholder-owned model
Since Beneva remains a mutual insurance company, it continues to prioritize customer interests over shareholders, meaning profits are reinvested into improving products, services, and customer benefits rather than being distributed as dividends.
Will I have to drop certain SSQ products?
No, you will not have to drop any SSQ products you may have had prior to the merger. In fact, Beneva adopted all of the products that SSQ carried, so everything will remain the same. As we mentioned above, there will not be any change to any existing insurance policies or current contracts you have with SSQ.
How do I submit a claim to SSQ?
You can submit your claim easily online through the Beneva website, or by contacting the company or your insurance advisor directly. Any SSQ product you have will now fall under Beneva, so you can use the Beneva claim form to submit your claim.
Is Beneva insurance reliable?
Yes, Beneva is considered a reliable insurance provider in Canada. Formed through the merger of La Capitale and SSQ Insurance, Beneva combines decades of experience from both companies, creating one of the largest mutual insurance providers in the country.
Beneva offers a wide range of insurance products, including life, health, auto, home, and business insurance, ensuring comprehensive coverage for individuals and families.
With a strong financial foundation, extensive product offerings, and a customer-focused approach, Beneva has positioned itself as a trustworthy option for insurance seekers.
How do I contact SSQ?
You will have to contact Beneva, either through their website, via email, or by calling them at 1-855-747-7712. You can also head into one of their offices near you, if you’d prefer something in-person. Details of their office locations are available on their website.
Frequently asked questions
Does the Beneva merger bring new insurance products for SSQ customers?
Yes, with the merger, Beneva brought new insurance products and expanded coverage options that were not previously available under SSQ. This includes more comprehensive health, life, and home insurance options, along with online portals and mobile applications for smooth operation.
How does the merger affect SSQ’s customer support?
The merger with La Capitale into Beneva has brought about improvements in customer support, including faster claim processing, more personalized service, and expanded support channels. Beneva ensures that customers can access better resources and assistance when needed, making sure that the overall experience is seamless.
Can SSQ policyholders expect any changes in how they access their accounts after the merger?
There may be some minor changes to how SSQ policyholders access their accounts, as Beneva rolls out its new digital platforms. However, Beneva is committed to ensuring a smooth transition and will provide clear instructions and support to help customers adapt to any changes.
What happened to La Capitale? (2025)
La Capitale was a major insurance company in Canada, with its head office in Quebec. In 2020, it announced a regrouping or merger with SSQ Insurance, another Canadian insurer. The two companies operated as separate entities till January 2023, when they merged to form the Beneva brand.
The merger raised concerns among existing policyholders and those considering La Capitale or SSQ for their insurance needs. This article explains the reason for the merger and how it will affect La Capitale life insurance policyholders.
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History and ownership: La Capitale
La Capitale was established in 1940 in Quebec City, Canada, by government employees seeking a more effective way to cover funeral expenses. Originally named La Mutuelle Des Employés Civils, it began as a mutual fund before evolving into an insurance mutual.
The name La Capitale General Insurance emerged in 1976, marking the company’s expansion beyond Quebec and its shift to serving a broader customer base beyond government employees.
Up until the time of its merger, La Capitale was known for its wide range of insurance product offerings, including term and permanent life insurance, critical illness insurance, disability insurance, and other financial and professional services.
The merger of La Capitale and SSQ Insurance: How Beneva was formed
January 2020, La Capitale Insurance and Financial Services and SSQ Insurance announced their decision to merge, aiming to create the largest mutual insurance company in Canada. The merger was officially completed on January 1, 2023, resulting in the formation of Beneva Inc.
Reason for the merger: Strengthening the Canadian insurance market
The merger was driven by the goal of creating a more influential entity in the Canadian insurance landscape. By combining the resources and expertise of both the former companies, the new company aims to enhance its competitive position in Canada and better serve its clients.
Impact on policyholders
For existing policyholders of La Capitale and SSQ Insurance, the merger into Beneva has been designed to ensure continuity. The terms and conditions of existing products and coverage remain unchanged, and no action is required from policyholders.
Beneva continues to offer the same products and coverage, maintaining the commitments made by the original companies.
About SSQ Insurance
SSQ Insurance was a well-known mutual insurance company. It was also founded in Quebec but in 1944 — just a few years behind when La Capitale was founded. Like La Capitale, SSQ grew significantly over the years and expanded outside of Quebec. It was one of the biggest life insurance companies in Canada up until its merger with La Capitale. SSQ was also one of the few Canadian insurance companies offering an Extreme Disability Benefit, which was built into its life insurance policies.
Read more about what happened to SSQ Insurance.
What is La Capitale called now?
The companies and subsidiaries that were merged to create what is now known as Beneva Insurance Company include:
- La Capitale Insurance
- La Capitale Financial Security / La Capitale Financial Group
- La Capitale Financial Services
- SSQ Insurance / SSQ Assurance
- SSQ, Life Insurance Company Inc.
- SSQ Financial Security / SSQ Financial Services
- SSQ Financial Group
Although the Beneva insurance name might be new, the company will likely soon become well-known as one of the largest insurance companies in Canada. Because it’s formed from the union of two major insurers, its assets and AM Best financial strength rating already rank very high.
What products does Beneva offer?
Beneva provides a wide range of affordable insurance products, including traditional life insurance and health insurance, as well as financial services. In addition to the products already offered by La Capitale and SSQ Life Insurance, Beneva also plans to offer new products and services to customers, thanks to the increased scale and resources of the merged company.
Beneva Insurance offers clients insurance solutions that can be tailored to fit different needs, as well as additional professional services through Beneva Investment Services Inc. These enhanced service offerings include:
- Term Life Insurance
- Permanent Life Insurance Options (Whole Life Insurance and Universal Life Insurance)
- Critical Illness Insurance
- Disability Insurance
- Group and Individual Health, Dental, and Travel Insurance, and other Workplace Benefits
- Property and Casualty Insurance
- Wealth Management and Investment Products
What will happen to my La Capitale life insurance policy?
There will not be any changes to existing La Capitale life insurance policies. The policy will now fall under Beneva’s purview but you’ll keep all of the same conditions agreed upon in your original insurance contract. If you need to make changes to your existing policy, you can still use La Capitale forms to do so.
Likewise for life insurance claims, there will not be any change to how they are processed. If you already have a claim underway, it will still be processed as normal. You can also still use the La Capitale claim form to submit your claim.
However, if you had home, car, or recreational vehicle insurance with La Capitale, your policy number will change when you renew it with Beneva.
If you have any concerns about your policy, you can always contact Beneva directly or speak with your insurance advisor to clarify. Or, you can speak with PolicyAdvisor‘s own experts in insurance who will gladly help you out!
How to access La Capitale insurance policies under Beneva?
To access your La Capitale insurance policy under Beneva, you can use the Beneva Client Centre. If you previously had an online account with La Capitale, your login credentials will remain the same.
Simply visit the Beneva Client Centre and log in to manage your policy, view coverage details, submit claims, and access important documents. If you haven’t registered for an online account yet, you can create one on the same platform by following the registration steps.
You can also use the Beneva mobile app, available for download on your smartphone. The app allows you to manage your policies, submit claims, and view your insurance documents from anywhere.
Does Beneva have an app?
Yes, Beneva has a mobile app that allows policyholders to manage their insurance on the go. The app is available for both iOS and Android devices and provides access to key features such as:
- Viewing insurance policies and coverage details
- Submitting and tracking claims
- Accessing digital insurance documents
- Finding healthcare providers (for health insurance users)
- Contacting customer support
What are some of the pros and cons of Beneva Inc?
Beneva has several advantages in terms of a strong financial foundation, wide array of products, a policyholder-oriented operating model and strong customer service. But, there are certain disadvantages such as limited national presence and fewer discount options.
Pros of Beneva Inc
- Strong financial stability – Formed through the merger of La Capitale and SSQ Insurance, Beneva benefits from a solid financial foundation, ensuring reliability for policyholders
- Wide range of insurance products – Offers life, health, auto, home, business, and group insurance, providing comprehensive coverage for individuals and businesses
- Policyholder-oriented model – As a mutual insurance company, Beneva prioritizes the interests of its members rather than shareholders, which offers customer-focused services
- Digital accessibility – Provides an easy-to-use website and mobile app, allowing customers to manage their policies, file claims, and get support conveniently
- Strong customer service – Multiple support channels, including phone, email, and online chat, enhance customer experience and accessibility
Cons of Beneva Inc
- Limited national presence – While growing, Beneva’s primary customer base is still concentrated in Quebec, with a lesser presence in other provinces compared to larger national insurers
- Potential service transition challenges – Since Beneva is a new brand, some customers transitioning from La Capitale or SSQ Insurance may experience delays or policy adjustments during the integration process
- Fewer discounts compared to competitors – Some policyholders may find that other insurers offer more extensive bundling discounts or additional perks
Will my everyday experience be impacted?
No, La Capitale’s merger into Beneva should not have a significant impact on your everyday experience. You will continue to be able to access your policy information as before. And Beneva has committed to providing the same level of customer service to clients as it has under La Capitale and SSQ.
But the way you pay your monthly or annual premium payments may be slightly different because of the new name. If you are paying through your bank or financial institution, you need to update the service provider listed as a payee to Beneva instead of La Capitale.
Another change is that Beneva’s website looks different than La Capitale’s did.
Aside from these two aspects, though, you shouldn’t see much more of a difference. And newcomers to La Capitale or SSQ will purchase insurance directly from Beneva.
How do I submit a claim to La Capitale?
You can submit insurance claims easily online through the Beneva website, or by contacting the company or your insurance advisor directly. You will have to use the same La Capitale insurance claim forms from before, so there’s no major difference in how claims are handled under Beneva.
Is Beneva a reliable insurance provider?
Yes, Beneva is considered a reliable insurance provider in Canada. Formed through the merger of La Capitale and SSQ Insurance, Beneva combines decades of experience from both companies, creating one of the largest mutual insurance providers in the country.
Beneva offers a wide range of insurance products, including life, health, auto, home, and business insurance, ensuring comprehensive coverage for individuals and families.
With a strong financial foundation, extensive product offerings, and a customer-focused approach, Beneva has positioned itself as a trustworthy option for insurance seekers.
Frequently asked questions
Is Beneva the same as La Capitale?
While Beneva was created from the merger of La Capitale and SSQ Insurance, it operates as a new brand with expanded services. Many of La Capitale’s policies and offerings continue under Beneva, but the company has streamlined operations and digital services to enhance customer experience.
How does Beneva compare to La Capitale in terms of coverage and service?
Beneva retains most of the insurance products previously offered by La Capitale, including life, home, auto, and business insurance. However, Beneva has expanded digital services, a new customer portal, and a mobile app, making it more modern and accessible compared to La Capitale’s previous operations.
Do I need to switch my La Capitale policy to Beneva?
No, if you had an active policy with La Capitale, it was automatically transferred to Beneva with the same coverage and terms. There is no need to take any action unless you want to make changes to your policy or explore new options under Beneva.
Can I still use La Capitale’s website and customer service?
No, La Capitale’s website and branding have been fully integrated into Beneva. To access your policy, make a claim, or contact support, you’ll need to visit Beneva’s website, use the Beneva app, or call their customer service team.
What happened to La Capitale policyholders after the merger?
The existing La Capitale policyholders have automatically transitioned to Beneva, meaning their coverage, benefits, and terms remained unchanged. However, they now manage their policies through Beneva’s platform instead of La Capitale’s previous system.
UV Life Insurance Review: Features, Costs, and Coverage Options
UV Insurance has been a trusted provider of financial protection in Canada since 1889, growing from a Quebec-based fraternal society into a nationally recognized mutual insurer.
UV is known for its flexible coverage options, no-medical-exam policies, and unique benefits, such as a severe loss of autonomy rider included at no extra cost.
In this article, we’ll discuss the different life insurance products offered by UV Insurance, their key features, benefits, and plan options.
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Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
What are the key features of UV life insurance?
UV Life Insurance is designed to provide financial security with flexibility and ease of access. Here are its standout features:
| Feature | Details |
| Guaranteed renewal & conversion | Term policies renew every 10 years until age 85 and convert to permanent coverage without medical exams |
| No-medical-exam options | Term life up to $500,000 and whole life up to $150,000 without medical underwriting |
| Severe loss of autonomy benefit | Pays 50% of the death benefit if unable to perform 4/6 daily living activities before age 60 |
| Critical illness coverage | Covers 24 critical illnesses and offers premium refunds after 10 years |
| Cash value growth | Whole life policies accumulate tax-advantaged cash value, accessible via loans or withdrawals |
What are the different UV life insurance plans I can choose from?
UV Life Insurance offers both, temporary coverage with Term Life Insurance (Superior+) and lifelong security with Whole Life Insurance., UV insurance also offers critical illness protection through its AdapCI plan.
Here are the types of life insurance policies you can consider from UV insurance:
Term Life Insurance (Superior+)
UV’s Term Life Insurance provides coverage up to $5 million, making it a strong choice for individuals seeking affordable, high-limit protection. It is available in term lengths of 10, 15, 20, 25, or 30 years and is renewable every 10 years until age 85.
Policyholders can convert their term policy into permanent coverage before age 70, offering long-term flexibility. Additionally, Simplified Issue Term Life Insurance allows coverage between $10,000 and $499,999 without a medical exam. However, for amounts exceeding $500,000, a medical exam is required.
Whole Life Insurance
UV’s Whole Life Insurance is designed for those seeking permanent protection with cash value accumulation. It offers various plan options based on payment flexibility and financial objectives.
- The Whole Life High Values plan focuses on maximizing cash value at age 65 or after 20 payments, making it ideal for individuals prioritizing wealth growth
- The Adaptable Whole Life plan allows no-medical-exam coverage up to $2 million, with flexible premium payment options for added convenience
- The Pay to 100 provides lifelong coverage with premiums payable over 20 years, offering long-term stability
All of UV’s whole life plans come with fixed premiums, high surrender values, and tax-advantaged cash value accessibility, making them a reliable choice for those focused on long-term financial planning.
Critical Illness Insurance (AdapCI)
UV’s AdapCI Critical Illness Insurance offers financial protection against serious medical conditions, covering 24 critical illnesses (such as cancer and stroke) and 4 non-critical conditions (including coronary angioplasty).
A key feature of AdapCI is its premium refund option after 10 years, providing financial relief for policyholders who remain healthy. Additionally, policyholders may receive $1,500 per month for up to 2 years in prolonged disability payments.
Another unique advantage is Teladoc Services, which provides policyholders 24/7 access to medical and legal support.
| Plan type | Coverage details | Key features |
| Term Life Insurance (Superior+) | Coverage up to $5 million | Renewable every 10 years until age 85, convertible to permanent insurance before age 70 |
| Whole Life Insurance | Coverage up to $2 million | High cash value accumulation, fixed premiums, flexible payment terms |
| Critical Illness Insurance (AdapCI rider) | Covers 24 critical illnesses & 4 non-critical conditions | Premium refunds after 10 years, disability payments, Teladoc medical support |
Which is better, permanent or term life insurance?
The choice between permanent and term life insurance depends on your needs. Term life insurance is affordable and provides coverage for a set period, ideal for temporary needs like mortgage payments or raising children.
Permanent life insurance offers lifelong coverage and builds cash value, making it better for estate planning or long-term financial goals. If cost is a concern, term insurance works well. But, for lasting benefits and asset growth, permanent insurance is the better choice.
What is the cost of life insurance from UV?
The cost of UV Life Insurance depends on factors such as age, health, coverage amount, and policy type. For example, a 20-year term policy with $500,000 in coverage under the Term Superior+ plan starts at $31.50 per month for a 20-year-old male and $22.50 per month for a female.
The table below shows the cost of term life insurance from UV based on a 20-year term policy with $500,000 in coverage*:
Cost of UV term life insurance
| Age | Male ($/mo) | Female ($/mo) |
| 20 | $31.50 | $22.50 |
| 25 | $31.50 | >$22.95 |
| 30 | $31.50 | $22.95 |
| 35 | $33.30 | $25.20 |
| >40 | $48.60 | $35.55> |
| 45 | $76.95 | $54.90 |
| 50 | $135.45 | $90.90 |
| 55 | $250.20 | $170.55 |
| 60 | $433.80 | $309.60 |
*These costs are for non-smokers in good health under the Term Superior+ plan with $500,000 in coverage for a 20-year term.
What are the pros and cons of UV life insurance?
UV Insurance offers several advantages such as no-medical-exam options, high cash surrender values, and a complimentary severe loss of autonomy rider.
The company also provides high coverage limits, a fast online application process, and mutual insurer benefits that prioritize policyholders. However, there are some limitations to consider.
Term premiums increase at renewal, and whole life policies do not offer dividends, which may be a drawback for those looking for long-term cash accumulation.
Additionally, critical illness coverage is limited, and some products are not available in all provinces.
Pros and cons of UV life insurance
| Pros | Cons |
| No-medical-exam options up to $500,000 (term) and $150,000 (whole life) | Term premiums increase at renewal (every 10 years) |
| Complimentary extreme disability benefit rider (loss of autonomy) | Whole life policies do not offer dividends |
| Quick online application with instant decisions | Not offered in some Canadian provinces |
| Multiple rider options for added coverage | Critical illness rider limited to 24 months and covers only stroke, heart attack, or cancer |
| Extensive no-medical-coverage options, including express issue policies with instant coverage (no waiting period) | Health, travel, and disability insurance coverage only available through group policies |
| High coverage amounts available, up to $5 million | Limited options for conversion—only one type of permanent policy available (non-participating) |
| Fast and easy online application process with electronic policy delivery |
How to apply for UV life insurance?
To apply for a UV life insurance plan you would need to choose the plan type, choose your coverage options, fill in an online application form, and submit it.
For the best UV life insurance quotes, speak to our experts at PolicyAdvisor. Our licensed advisors will help choose a plan and coverage options that best suit your needs and budget.
We will also support you with the application, making the entire process seamless and easy for you!
Frequently asked questions
What types of life insurance does UV offer?
UV Life Insurance provides several coverage options, including term life insurance (Term Superior+), whole life insurance (non-participating), and critical illness insurance (AdapCI). Term life policies can be renewed and converted into permanent coverage, while whole life policies build cash value over time.
Is a medical exam required for UV life insurance coverage?
A medical exam is generally required for fully underwritten policies that exceed simplified issue limits. However, UV offers simplified issue policies that do not require a medical exam, making it easier for those with health concerns to qualify.
How long does a UV life insurance application take to get approved?
Approval times for UV life insurance depend on the type of policy. Simplified issue policies can be approved instantly, while fully underwritten policies may take 2 to 6 weeks due to the medical underwriting process.
Can a UV term policy be converted to permanent coverage?
Yes, UV’s term life policies include a guaranteed conversion option, allowing policyholders to switch to permanent coverage before their term expires, regardless of health changes.
