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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.
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 one on Insureye regarding life insurance. Its overall score on Insureye, however, is pretty low— 1 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, 35, or 40 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.
Features
- Renewable and convertible after every 5 years
- Able to add riders for extra protection
Beneva insurance offers one term life product in two forms: Fixed and Decreasing. With Beneva life insurance, you can buy a term life policy as an individual purchase or joint coverage.
Term Plus
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 $10 million
- Available for terms 10, 20, 25, 30, 35, or 40 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 75
- Renewable until the age of 85 every 5 years
- Convertible to whole life before age of 71
- 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
- You can add various riders, such as children’s life insurance rider, children’s critical illness rider, total disability waiver of premium, and more
Term Plus is flexible and affordable, providing insurance for multiple purposes. You have the ability to choose from a level or decreasing insurance based on your needs. A decreasing insurance means that your insurance amount will decrease to 50% as your financial obligations change over time, and then remains constant until the benefit is terminated.
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.
Term life insurance also comes as simplified, allowing you to be covered in 60 minutes through the Beneva website without any medical exam.
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.
With a permanant life insurance policy from Beneva, you can pick if you wan't to pay for 20 years or pa up until the age of 100. It is possible to combine with term riders to get certain benefits to protect your loved ones.
Beneva insurance sells four permanent life insurance plans: Whole Life 20, Whole Life 100, Enhanced Term 100, and Term 100
Whole Life 20
Features
- Only paying premiums for 20 years
- Offers Individual & Multi-Life
- Can use cash value in the future on 10th anniversary of policy
- Ages 0-75
- Can stop paying premiums on the 10th anniversary for life, however death benefit will decrease
- Coverage from $10,000 to $10,000,000
- Can add Critical Illness rider, Child rider, Waiver of premiums (WP), Accidental Death and Dismemberment (AD&D), Accidental Fracture
Whole Life 100
Features
- Paying until the age of 100
- Offers Individual, Multi-Life, Joint First to Die and Joint Last to Die -- for people with children
- Can use cash value in the future on 10th anniversary of policy
- Ages 0-75
- Can stop paying premiums on the 10th anniversary for life, however death benefit will decrease
- Coverage from $10,000 to $10,000,000
Enhanced Term 100
Features
- Paying until the age of 100
- Offers Individual, Multi-Life, Joint First to Die and Joint Last to Die -- for people with children
- Can use cash value in the future on 10th anniversary of policy starting age 75
- Surrener value is 50% of premiums paid excluding fees, can be reduced due to other exclusios
- Once 10 years have passed since the contract began, you may stop paying premiums under some exclusions
- Ages 0-75
- Can stop paying premiums on the 10th anniversary for life, however death benefit will decrease
- Coverage from $10,000 to $10,000,000
Term 100
Features
- Paying until the age of 100
- Premiums don't increase
- Offers Individual, Multi-Life, Joint First to Die and Joint Last to Die -- for people with children
- Ages 0-75
- N/A guaranteed surrender value
- Coverage from $10,000 to $10,000,000
Universal Life Insurance
Available in YRT or Level T100, universal life insurance provides competitive insurance rates, guaranteed annual fees, great investment options, and the ability to add Term Plus products.
YRT
Features
- From ages 0-85
- Covers Individual, Joint first to die, Joint last to die
- From $25,000 to $10,000,000
- Has both an Increasing and Level death benefit option
- 1, 3, 5 and 10-year guaranteed interest accounts
- Can increase and decrease insurance
- Insurability benefit for children, Critical illness benefit for children, Privilege in case of disability, and Extreme disability benefit (available only with increasing death benefit)
- Premium increases over time
Level T100
Features
- From ages 0-80
- Covers Individual, Joint first to die, Joint last to die
- From $25,000 to $10,000,000
- Has an Increasing death benefit
- 1, 3, 5 and 10-year guaranteed interest accounts
- Can increase and decrease insurance
- Insurability benefit for children, Critical illness benefit for children, Privilege in case of disability, and Extreme disability benefit (available only with increasing death benefit)
- Premium remains the same
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Find the best rates
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.
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.
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