Beneva Critical Illness Insurance Review

Shopping for critical illness insurance is very similar to buying a car. Just as you wouldn’t settle for the first car you see, it’s smart to shop around when seeking critical illness cover to find the right fit.

Beneva is one of the options you may want to consider. It offers both basic and comprehensive cover, has premiums that are competitively-priced, comes in different term options, and includes many additional benefits.

Read our in-depth review to find out if Beneva critical illness insurance is truly the best fit for you.

Our Review of Beneva Critical Illness Insurance

Beneva offers a choice of two types of critical illness cover:

• Basic (covering 3 illnesses)
• Enhanced (covering 25 illnesses, plus 3 childhood illnesses)

They also offer three temporary coverage periods (10 years, 20 years, and until age 75) and one permanent coverage option with a limited-pay feature, along with various add-ons, like childhood illness coverage, the return of premium riders, and early detection benefit give you a lot of flexibility.

If you want basic critical illness cover or a comprehensive plan that you can tailor to your specific needs, Beneva is worth considering.

Pros:

• Both basic and comprehensive coverage
• available
• Maximum coverage amount is $2 million
• Multiple term options (including permanent coverage)
• Return of premium riders available
• Offers childhood critical illness coverage
• E-policy

Cons:

• Long-term care conversion option missing
• No second event coverage
• Partial benefit is payable only once

Who is Beneva?

Merger of La Capitale and SSQ Insurance, two well-established names in the Canadian insurance industry, resulted in the birth of Beneva in 2020. Even though Beneva was established only in 2020, the company is powered by people with over 75 years of experience of insuring people.

With $25.1 billion in assets and 3.5 million+ clients and members, Beneva is the 6th biggest player in the life insurance niche. Apart from critical illness cover, it offers a wide range of insurance solutions, including life insurance (term and permanent), health insurance, and disability insurance.

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What Does Beneva Critical Illness Insurance Cover?

Beneva offers both basic (3 conditions) and enhanced (25 conditions) critical illness cover. The maximum payout is $2 million, which should be sufficient for most people. Four term options are available, making it easier for Canadian parents to pick a term length that best matches the time period for which they will have financial dependents under their care.

You can purchase coverage for a 10-year or 20-year term or up to age 75 or up to age 100. A
limited-pay option (20-year) is available with the permanent coverage (up to age 100). If you opt for it, your premium payments will stop after 20 years, though the policy will continue to cover you for the rest of your life.

The survival period — a short period you must survive after you are diagnosed with a covered condition to be able to collect the policy benefits — for Beneva critical illness care is usually 30 days. However, certain illnesses may have a longer survival period. 25-condition coverage come with several additional features, including:

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Return of premium on death: Beneva will reimburse the premiums to your beneficiary if you pass before this coverage expires and without availing critical illness benefits.
Return of premium on expiry/cancellation: You will receive a refund of premiums if you cancel the policy, or if it expires, after 20 years or at age 55.
Childhood critical illness cover: The policy covers three additional childhood illnesses while the insured is under a certain age.
Partial payment: You will be eligible for a partial payment if you are diagnosed with one of the Early Detection Covered Conditions.

Beneva Critical Illness Insurance Coverage Details

Beneva’s basic critical illness cover provides protection against the following conditions:

• Cancer
• Stroke
• Heart attack

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Its enhanced coverage covers these and 22 other illnesses and conditions, including:

• Parkinson’s disease
• Multiple Sclerosis
• Cystic fibrosis
• Severe burns
• Coma

Applying for Beneva Critical Illness Insurance

Interested in buying Beneva’s critical illness cover? We’ve got you covered. Let Dundas Life give you a free quote or schedule a call with an advisor to start the application process.

How much does Beneva Critical Illness Insurance cost?

Beneva is known for its affordably-priced insurance plans, but there’s no way to know upfront how much you will pay for critical illness cover. That’s because critical illness insurance premiums depend on several factors unique to you, including age, health, and lifestyle. Policy-specific details, such as the coverage amount, policy term, and additional benefits, also affect your cost of insurance. If you want an exact price quote for Beneva critical illness insurance, contact an advisor.

Conclusion

Beneva critical illness insurance provides you financial help at a time when you may need it most. Should you develop a serious condition, it ensures access to high-quality medical care services without having to worry about expenses. Whether you are looking for a straightforward critical illness insurance plan or a comprehensive, customizable policy, Beneva could be an option. However, before you sign up for a policy with Beneva, do compare its offerings and pricing with other top providers in Canada.

Comparing quotes is the only sure way to know whether Beneva offers you the best value for money or not. Dundas Life, one of Canada’s top insurance advisors, allows you to compare critical illness insurance quotes side-by-side from multiple providers at once, making it easier for you to pick the right plan. Schedule a call with us today.

Frequently Asked Questions (FAQs)

Does Beneva critical illness insurance offer return of premium?

Yes, the return of premium riders are available as a paid add-on with Beneva’s enhanced critical illness cover.

Can I cancel my Beneva critical illness insurance policy if my circumstances change?

Yes, you can cancel your plan if your circumstances change. Review the policy terms and conditions for details regarding cancellation, potential fees, and any applicable refund of premiums.

Are there any specific medical tests or exams required to qualify for Beneva critical illness insurance?

Beneva offers both basic and enhanced critical illness insurance. The basic plan doesn’t require a medical exam, but the comprehensive plan involves full medical underwriting.