Beneva Insurance Review 2024

Beneva Life Insurance Review

Beneva Life Insurance (formerly La Capitale) has been offering financial and life insurance solutions since the 1940’s (83 years). They offer both term and permanent life insurance products along with an array of other products.

Life insurance replaces the financial support you provided to your loved ones, should you pass away. It can help cover any outstanding debts, pay off your mortgage or make sure your family lives comfortably after you are gone.

There are many Canadian life insurance companies, but not all of them will be right for you. What about Beneva Inc.? Is it an insurance company that deserves a place on your list?  

Continue reading our Beneva life insurance review to find out.

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Who are Beneva Life Insurance?

Beneva Financial Group has been offering financial solutions since 1940 in Quebec, and has more recently (in the mid-2000’s) extended their services to operate throughout all of Canada.

Apart from life insurance, Beneva offers several other types of insurance products, including car, commercial, travel, and home insurance. They also offer several savings and retirement solutions.

Beneva Life Insurance Facts

Founded in 1940

Beneva's head office is located in Quebec, Canada

Beneva Life Insurance Reviews

Some people tend to rely heavily on online reviews while evaluating an insurance company. This, however, might not be the soundest approach. Online reviews, while important, rarely paint a true picture.

This is because:

• only a small percentage of consumers leave a review (less than 2%)
• most people write a review when they are unhappy, and usually remain silent when things go well

How is Beneva’s online story unfolding?

Sadly, the data available is too small to allow us to make a call. The insurance company does not have any reviews on Google and only three on Insureye. Its overall score on Insureye, however, is pretty low— 1.6 out of 5 stars.    

Products and Features

Life insurance solutions are either term or permanent. Beneva Life Insurance offers several term and universal life insurance products to choose from.

Most of these plans can be purchased as an individual policy or as joint coverage. Most plans also include a unique benefit, called Succession Advantage. It reimburses certain legal fees and expenses — up to a maximum of $1,000 — related to the liquidation of the insured’s estate.

Term Life Insurance

Term life insurance is the purest form of life insurance because it serves only one purpose: to pay the insurance amount to your family.

The coverage last for a specific period, usually 10, 15, 20, 25, 30, or 35 years. Your loved ones receive the payout if you pass away during the policy term. Compared to whole life insurance products, premiums for term life are six to 10 times cheaper. If your loved ones depend on you then a term life policy can give them some financial security if you pass.

Beneva insurance offers three term life products: Enhanced Fixed, Pure Fixed, and Enhanced Decreasing. With Beneva life insurance, you can buy a term life policy as an individual purchase or joint coverage.

Enhanced Fixed Term Life Insurance

If you want a term life policy that offers guaranteed level death benefits and guaranteed level premiums, this product might be right for you.

Features

• Coverage amount available is from $25,000 to $5 million
• Available for terms 10, 20, 25, 30 or 35 years (Not all term options might be available to everyone. Your age at the time of issue determines the options you can choose from.)
• Available up to age 70
• Renewable up to age 85. You can renew your term plan for 10-year periods up to this age
• Convertible to whole life until age 70
• Exchangeable for a longer-term life policy during the first 5 policy years
• Benefit in the event of total disability before age 60. If you become totally disabled, the insurer will issue a cash advance equivalent to 50% of the policy amount or $200,000, whichever is less. Certain restrictions, exclusions, and conditions apply
• Succession Advantage is included
• Ability to add various riders for more comprehensive coverage. Options include children’s life insurance rider, children’s critical illness rider, and waiver of premium in the event of disability, among others

Pure Fixed Term Life Insurance

Similar to the Enhanced series, the Pure Fixed term solutions include guaranteed level death benefits and guaranteed level premiums. However, the Succession Advantage feature is not included.

Features

• Coverage amount available is from $25,000 to $5 million
• Available for terms 10, 20, 25, 30 or 35 years (However, your age at the time of issue determines the options available to you.)
• Available up to age 70
• Renewable until age 85. You can renew 10-year plans for 10-year periods until this age. Whereas, 20-year plans and longer plans can be renewed for 20 years until age 85
• Convertible to whole life until age 70
• Exchangeable for a longer-term life policy during the first 5 policy years
• Benefit in the event of total disability before age 60 (50% of the policy amount or $200,000, whichever is less)
• You can add various riders, such as children’s life insurance rider, children’s critical illness rider, total disability waiver of premium, and more

Enhanced Decreasing Term Life Insurance

As the name suggests, this is a decreasing term life product. That is, the coverage amount decreases over the life of the policy at a fixed rate. The premium rate, however, remains the same.

People usually buy decreasing life insurance to cover a financial obligation (like a mortgage) that shrinks in size over a set period.

Let’s say you want life insurance to protect your mortgage so that your family would not lose their home if something happened to you before the debt is paid off. A decreasing term policy designed to reduce in size as the home loan gets paid off will best suit your needs.

Since the policy amount reduces with time, decreasing plans are cheaper than traditional term policies.

Features

• Coverage amount available is from $25,000 to $5 million
• Decreasing periods between 15 to 35 years (depending on your age)
• Guaranteed level premiums
• Convertible to whole life up to age 70
• You can renew the coverage for 10-year periods up to age 85
• Cash advance in the event of total disability before age 60 (50% of the policy amount or $200,000, whichever is less)
• Ability to add riders to boost coverage. Options include children’s life insurance rider, children’s critical illness rider, total disability waiver of premium, and more
• Succession Advantage is included

Permanent Life Insurance

If you do not want to second guess whether your family will receive the death benefit, consider buying a universal life insurance policy. These policies have no expiry date, meaning your loved ones receive the payout regardless of when you die. Many of these policies also build cash value, which you can tap into during your lifetime.

Beneva insurance sells five permanent life insurance plans: Advantage, Enhanced T100, Pure T100, Simplified Advantage, and Affirmative.

Except for the Pure series, all other universal life insurance products come with the Succession Advantage feature.

Advantage (Whole Life Insurance, Non-Participating)

This plan is ideal for Canadians who want to buy whole life insurance and take advantage of guaranteed cash value.

Features

• Coverage amount available is from $10,000 to $2 million
• Payable for life or over 20 years or until age 65 (minimum 25 years)
• You can purchase it as individual coverage or joint coverage
• For individual coverage, the cut-off age to buy is 80 years. For joint coverage, it is 70 years
• You are eligible for a cash advance — 50% of your policy amount or $200,000, whichever is less — in the event of total disability
• Succession Advantage benefit included
• Ability to purchase riders to customize the policy according to your needs. Add-ons available are guaranteed insurability benefit, children’s life insurance rider, and accidental death and dismemberment benefit, among others

Enhanced T100 (Whole Life Insurance)

Just like the Advantage plan, the Enhanced T100 offers permanent coverage and guaranteed cash value.

Features

• Coverage amount available is from $10,000 to $2 million
• Payable for life
• You can purchase it as individual coverage or joint coverage
• For individual coverage, the policy is available for people between ages 0 to 80. For joint coverage, the policy is available for people between ages 18 to 70
• You are eligible for a cash advance — 50% of your policy amount or $200,000, whichever is less — in the event of total disability
• Paid-up insurance from the 10th policy year onward in case you stop making premium payments
• Succession Advantage benefit included
• Ability to purchase riders to customize the policy according to your needs. Add-ons available are guaranteed insurability benefit, children’s life insurance rider, and accidental death and dismemberment benefit, among others

Pure T100 (Whole Life Insurance)

Pure T100 offers permanent coverage but does not accumulate cash value. It is an ideal solution for people looking for lifetime coverage at an affordable price.  

Features

• Coverage amount available is from $10,000 to $2 million
• Payable for life
• You can purchase it as individual coverage or joint coverage
• For individual coverage, the policy is available for people between ages 0 to 80. For joint coverage, the policy is available for people between ages 18 to 70
• You are eligible for a cash advance — 50% of your policy amount or $200,000, whichever is less — in the event of total disability
• Ability to add riders to ensure the coverage addresses your unique needs. The list of riders includes guaranteed insurability benefit, disability insurance benefit, accidental death and dismemberment benefit, and more

Simplified Advantage (Permanent Life Insurance)

Traditional life insurance plans generally require a medical exam. For those who want to skip it, there is simplified life insurance. Keep in mind that the maximum coverage amount is rather small and premiums usually higher than a medically underwritten policy. This plan is not available as a joint policy.  

Features

• Coverage is available for people between the ages of 40 to 80
• For people between the ages of 40 to 70, the minimum coverage amount is $5,000 and the maximum $100,000. For people between the ages of 71 to 80, the minimum coverage amount is $5,000 and the maximum $50,000
• Does not require a medical exam
• Premiums payable for life
• If you die in a covered accident before age 85, the insurer will pay twice the coverage amount to your family
• Succession Advantage benefit is included

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Affirmative (Permanent Life Insurance)

This is another simplified life insurance plan. It does not involve a medical; instead, you must answer four health questions to qualify. The plan, however, includes a waiting period and has a smaller coverage amount than Simplified Advantage.

Features

• The coverage amount available is $2,500 to $25,000
• Available for people ages 18 to 80
• Payable for life
• No medical exam, only 4 simple health questions
• Waiting period is 2 years. If you die from a natural cause within two years of the issue date, your family will receive the premiums paid, plus interest. The full death benefit amount is payable only when you survive the waiting period of two years. However, the waiting period provision does not apply to accidental death (that is, death due to injuries sustained in an accident)
• Succession Advantage benefit is included
• Accidental death benefit is included, as is the advance payment benefit

Beneva Life Insurance Rates

Beneva financial group offers several term life plans, but are they priced competitively? To find out, we collected quotes from the insurer.

These quotes are a 20-year term policy with $400,000 in coverage. Our sample applicants are healthy, non-smoking men and women of various ages.

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Term Life Insurance Review – Price Comparison vs. Competitor Products

Want to pay the lowest rate for term life insurance? The only way you can ensure you are getting the best deal is by comparing the rates of different providers.

We twice compared Beneva against Manulife, another top-ranking life insurance company, and it came out as the cheaper option both times. In fact, if you are a 60-year-old woman, choosing Beneva over Manulife can save you nearly $4,000!

Conclusion — Is Beneva Right for You?

Based on our Beneva Life Insurance Review, it is one of the better Canadian life insurance companies. Beneva Financial Group boasts an impressive range of life insurance products and its rates seem competitive. Beneva insurance is a top candidate, whether you are looking for a term life or a whole life policy, it is one name you may want to take a closer look at.