Beneva Disability Insurance Review 

Whether you work full-time, part-time, are self-employed, or own a business, a disability that prevents you from working can have serious financial consequences. 

Your ability to earn is your biggest asset. How would you support your family if you couldn’t work due to illness or injury? 

This is when disability insurance can prove to a reliable monetary safety net. It works when you can’t, paying a monthly benefit — usually 60-80% of your pre-disability salary — for a fixed period or until you get better. 

If you don’t have disability insurance yet or are looking to change your existing plan, consider Beneva. Read our in-depth review to find out more about Beneva disability insurance, including key features and benefits, pros and cons, costs, and most importantly, whether it is right for you? 

Our Review of Beneva Disability Insurance

Beneva offers no-frills disability insurance, making it a suitable option for anyone looking for affordable coverage. And since the plan includes the future insurability add-on, you can rest assured that Beneva will renew the plan at the end of the term should your insurance needs last longer than expected.

However, the maximum benefit limit of $6,000 is on the lower side. High-income earners will probably need supplemental coverage. 

Pros

• Return of premium rider available
• Future insurability option 
• Simple, easy to understand plan
• Benefits payable up to age 65
• Guaranteed renewable (meaning, you can renew coverage until its expiry date)

Cons

• The plan is not non-cancellable (meaning, Beneva reserves the right to increase the premiums at renewal)
• The maximum monthly benefit of $6,000 might not be enough for high-income earners
• No online quotes

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 disability insurance, it offers a wide range of insurance solutions, including life insurance (term and permanent), health insurance, and critical illness insurance.  

Why buy Beneva Disability Insurance?

Beneva disability insurance works when you can’t. If a disability prevents you from earning a paycheck, your policy will pay an agreed sum every month for 2 years, 5 years, or until age 65. This, in turn, ensures your family will be able to live comfortably even if you cannot work for an extended period or permanently. 

Consider Beneva disability insurance if: 

• you don’t have disability insurance
• your group plan doesn’t meet all your insurance needs
• you are seeking a flexible plan that fits your budget
• you want to protect your retirement savings

Beneva Disability Insurance Plans

Beneva disability insurance pays up to $6,000 a month in the event of total disability. You can use the payout as you see fit. It can help cover your daily living expenses and monthly bills, provide financial support to you and your loved ones, and protect your savings. 

You can tailor the plan to meet your needs by picking the waiting period, benefit amount, and benefit period that work best for you. The waiting period refers to the number of days you must survive following a disability before the benefits become payable.

Typically, the waiting period for long-term disability insurance is 30, 60, 90, 180, or 365 days. The longer the waiting period, the lower the monthly premiums. 

Beneva also offers several optional benefits, including: 

• Return of premium: You may receive a premium refund at age 65 if you haven’t availed disability insurance benefits. 
• Regular occupation extension: Lets you extend the benefit period from 2 years to 5 years or until age 65. 
• Future insurability option: It guarantees your ability to buy additional disability insurance coverage in the future, regardless of any health changes. 

How to apply for Beneva Disability Insurance

Interested in buying Beneva’s disability insurance? We’ve got you covered. Simply schedule a call with a Dundas Life licensed independent insurance advisor today.

How much does Beneva Disability Insurance cost?

How much you’ll pay for Beneva disability insurance depends on many personal factors and policy-specific details. The following factors influence the cost of coverage:

• Age
• Overall health
• Pre-existing conditions
• Smoking status
• Waiting period
• Benefit period and benefit amount
• Riders

Generally speaking, the earlier you apply for disability insurance, the better. Premium rates are most affordable for younger and healthier applicants. Opting for a longer waiting period and selecting only those riders that you truly need could also keep the cost low. 

If you want an exact quote for Beneva disability insurance, contact a Dundas Life advisor.

Conclusion

Beneva’s disability insurance cover offers protection against injuries or illnesses that impact your ability to earn a living. You can customize the plan according to your insurance needs by choosing the benefit amount, benefit period, waiting period, and policy riders. Whether you are employed, self-employed, or a business owner, Beneva disability insurance can be a good option if you don’t need more than $6,000 in disability insurance benefits.

However, since you’re likely to stick with a disability insurance plan for many years, it’s important to compare quotes when you shop. 

Comparing quotes from different provides ensures you won’t be paying more than you have to. Dundas Life offers free quotes from top insurance providers in Canada, allowing you to decide objectively if Beneva is truly the best fit for you.