SSQ Life Insurance Review in Canada  hayesweb2021-12-14T12:42:51-04:00
SSQ Insurance is one of the best insurance companies in Canada. With a financial strength rating of A from AM Best Company, they’re reliable and financially stable with flexible and highly customizable policies that can be accessed online. Although these policies are flexible, SSQ Insurance lacks a robust term life insurance product lineup, leading us to our rating of 4 stars.
SSQ Insurance, founded in 1944 in Quebec City, is one of Canada’s newest insurance companies. It is also one of the largest, with over 3.5 million policyholders and $25 billion in assets. SSQ Insurance is also known for its auto insurance, group insurance, investment products, and property and casualty insurance. The company has recently merged with La Capitale Life Insurance to become Beneva in 2020
SSQ Life Insurance Pros
Large variety of term period offerings with easy exchanges
Large coverage of up to $10,000,000
A built-in Extreme Disability Benefit that is unique in the industry
Online services and account access
SSQ Life Insurance Cons
SSQ Life Insurance Products
SSQ Insurance Term Life Insurance
SSQ Insurance has two term life insurance product: its flagship Term Plus, and a new Simplified term life product.
The Term Plus is their flagship product that insures you for up to $10,000,000 for terms of 10, 15, 20, 25, 30, 35 or 40 years, and you can exchange your policy for a higher term without having to provide proof of insurability within the first 5 years. It can be combined with an optional disability and critical illness coverage for a robust combination package.
- Coverage up to $10,000,000 for a term of 10, 15, 20, 30, 35, or 40 years
- Convertible into permanent life insurance until age 70
- Policy can be renewed every 5 years after the initial term to match any changes to your mortgage plans
- Includes a built-in guaranteed insurability benefit that allows you to increase coverage by up to 25% (or $100,000)
- Built in Extreme disability benefit that allows you to receive a portion of your life insurance benefit (up to $250,000) in advance, in the case of the event of a prolonged extreme disability
- Total disability coverage
- Critical illness coverage
- Life insurance coverage for children
- Waiver of premium in case of disability
- Accidental death and dismemberment
- Benefit in case of fracture
SSQ offers a simplified term life insurance, designed for those who are looking to be insured right away, are looking for simple temporary coverage without additional benefits, or for those who have difficulty getting approved for traditional coverage.
- Coverage up to $500,000 in terms of 10 or 20 years
- Renewable up to age 80 and convertible to simplified permanent life insurance up to age 71
- Extreme disability benefit included
- No medical exam
SSQ Insurance Permanent Life Insurance
Three permanent life insurance options are available with SSQ: traditional (also known as their whole life product), simplified and guaranteed issue (receive your policy is as little as 60 minutes with no medical exam), and universal life insurance. The simplified issue and guarantee issue were launched in the summer of 2020.
Traditional Life Insurance
SSQ’s Traditional Life Insurance is their whole life insurance product. It provides:
- A higher insurance amount
- Choice of having a cash surrender value that increases over time and may be used to finance your projects
- Option of adding other coverages like life insurance for your children or critical illness insurance
- Option of paying over 20 years or up to age 100, if desired
This product has 3 plans, but all three plans include the following benefits:
- Guaranteed premiums: your premiums are guaranteed and payable according to the plan type chosen
- Guaranteed protections: you know in advance of the amount you will receive or leave to your beneficiaries
- Extreme Disability Benefit (EDB): allows you to obtain an advance payment of 50% of the life insurance amount in case of an extreme disability
The following benefits are only included in Whole Life 20 and Whole Life 100:
- Guaranteed cash values allows you to obtain guaranteed accumulated cash as of the 10th policy anniversary
- Reduced paid-up protection allows you to free your insurance policy from any premium payments as of the 10th policy anniversary, provided that a reduced insurance amount is maintained for the rest of your life
Additional benefits for all three plans include:
- Critical Illness Rider: $20,000 coverage for the 3 most common illnesses
- Child Rider: a life insurance protection for your dependent children up to age 25
- Waiver of Premium in case of total disability
- Accidental Death and Dismemberment
- Benefit in case of fracture
Whole Life 20 is one of SSQ’s traditional life insurance plans. This plan allows you to be free from any premium payments after 20 years, while your loved ones will be protected for the rest of their lives. Ideal for giving to any children or grandchildren, who can use the cash value of their insurance policy for their own needs, such as buying a car.
Whole Life 100 is ideal for business owners, being designed to help you minimize the financial contingencies caused by the sudden loss of a partner. It offers Individual, Multi-Life, Joint First to Die and Joint Last to Die policies that will help preserve the stability of a business, and to help keep your business going. The guaranteed surrender values after the 10th year of your policy can also be used as compensation when a partner leaves for retirement.
Term 100 is a more traditional permanent life insurance, ideal for families with young children and long-term obligations. This plan offers Individual, Multi-Life, Joint First to Die and Joint Last to Die policies that can help safeguard your family’s financial security.
Universal Life Insurance
SSQ offers a Universal Life Insurance product. It provides:
- Coverage up to $10,000,000 for life, with increasing or level death benefits
- Tax-free investments, even if you have maxed your RRSP and TFSA contributions
- Flexible coverage: you can change the amount of coverage in your policy and the premium payment amounts
- Access to accumulated funds for withdrawals
- Includes life insurance benefits for children, with insurability benefit and critical illness insurance
Optional additional benefits:
- Critical illness rider
- Child rider
- Waiver of minimum premium;
- Waiver of billing premium;
- Accidental death and dismemberment;
- Benefit in case of fracture
Simplified Whole Life Insurance
SSQ Insurance offers a simplified whole life insurance product, which asks fewer questions and includes no medical exam, allowing you to be insured in 60 minutes or less.
This product is ideal for you if you are:
- In good health
- Between age 18 and 80
- Looking for simple lifetime coverage without additional benefits
- Preferring a remote purchasing method with no medical exam
- Want to be insured right away
- Coverage up to $249,999
- Reduced paid-up coverage as of the 6th year
- No cash surrender value
- Extreme disability benefit included (up to $250,000)
Guaranteed Issue Whole Life Insurance
SSQ offers a guaranteed issue life insurance, which is designed for those who may have trouble getting insurance or are in poorer health. They can get whole life insurance without a medical exam in 60 minutes or less, with guaranteed acceptance. This product is ideal for older clients who are more difficult to insure, or those who are looking for simple basic lifetime coverage without additional benefits (such as just to cover funeral expenses).
- Coverage up to $50,000 for life
- Reduced paid-up coverage as of the 5th year
- Deferred period of 2 years in the event of non-accidental death
- No cash surrender value
Other Life Insurance Products
SSQ Insurance also offers Group Life Insurance for employers and employees, and critical life insurance.
SSQ’s group life insurance offers a comprehensive package to reimburse expenses, and cover medical treatments related to your employees health.
- Be reimbursed in 48 hours
- Includes a mobile app to access your plan
If you need critical illness insurance, SSQ offers critical illness insurance with features that are competitive with many of the best life insurance plans in Canada. It offers 3 types of coverage, with different amounts of conditions covered: Basic, enhanced, and Children Protection coverage. Basic covers 3 conditions, enhanced covers 25, and Children Protection covers 28 illnesses.
- Includes Assistance Coverage Benefit, which provides a second medical opinion, psychological assistance, and legal assistance
- Available in 10-year or 20-year terms
- For enhanced and children protection plans: a built-in supplementary benefit for an additional payment of 10% of your insurance amount (maximum of $50,000), if you are diagnosed with coronary angioplasty, skin cancer, breast cancer, or prostate cancer
SSQ Insurance Customer Reviews
Many SSQ clients are satisfied with their experience with the company:
Clients enjoy the flexibility of policies
Online access to account and other online services
Clients enjoy the free benefits included in many plans
However, some customers have been found that:
Get In Touch With Us Today
If you’re not sure of what’s the best insurance plan for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including for no medical life insurance, term life, or permanent life insurance, since 2007. As your Life Insurance broker and financial planner, we work with you to create a personalized plan for you and your family, or business that covers and meets your needs.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based in Dundas, and service clients anywhere in Ontario, including areas such as London, Cambridge, Mississauga, Ottawa, and Barrie.
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