When it comes to life insurance, there are many options, ranging from the different insurance companies in Canada to the various products they offer. If you’re looking for a quality life insurance policy that provides peace of mind, La Capitale Life Insurance might be the right choice.
La Capitale Life Insurance has been in the insurance and financial solutions market since the 1940s. They offer term life, permanent life, and an array of other products at competitively priced rates. The company has a reputation for being reliable with top-notch customer service.
This La Capitale Life Insurance Review discusses what makes La Capitale one of the top insurance companies in Canada, their pros and cons, and the different type of policies they offer.
So, whether you’re just starting to think about life insurance or ready to make a purchase, keep reading for more information. La Capitale could be the right fit for your needs!
What is La Capitale Life Insurance?
La Capitale Life Insurance company was established in 1940 by Quebec government workers. The company is known as one of Canada’s top insurance companies. It offered financial solutions primarily in Quebec, but in 2008, the company extended its insurance and financial services throughout Canada.
La Capitale offers a unique term life product, Enhanced term insurance. The product includes a Loss of Autonomy benefit and Succession Advantage, which covers estate fees up to $1,000 for Quebec residents.
La Capitale also offers a basic term life insurance product called Pure fixed term insurance. This plan provides cheaper coverage but doesn’t include the Loss of Autonomy or Succession Advantage benefit.
Further, La Capitale offers simplified and no-medical insurance products, called Simplified Advantage and Affirmative Insurance.
In 2020, La Capitale merged with SSQ Life Insurance to form a new mutual insurance company called Beneva. Though the two insurance companies still operate independently, the final transition under the Beneva name is expected to happen soon.
Quick Facts and Information about La Capitale Life Insurance
- Founded in 1940
- Headquartered in Quebec City, Quebec
- Assets: $25 billion
- Annual Premiums: $6 billion
Benefits and Downsides of La Capitale Life Insurance
If you’re looking for life insurance, you may wonder if La Capitale is a good option. Here, we’ll look at what La Capitale offers and see how it compares to other providers.
We’ll also discuss the pros and cons of La Capitale life insurance to help you decide if it’s the right choice.
Pros
- The company offers a wide array of term and permanent life insurance options
- It provides no medical permanent life insurance products
- It provides varieties of optional riders for you to customize and tweak your coverage to suit your needs
- It allows access to part of the death benefit in the event of total disability
- It has a succession advantage benefit
- You can easily access your account and the company’s services online
Cons
- The company does not offer universal life policies
- It does not provide no-medical term life insurance plans
- It does not offer online quotes
Products and Features
La Capitale Insurance offers several term and permanent life insurance products for Canadians to choose from. Most of these insurance plans can be bought as a single policy or as joint coverage to insure more than one person.
Most insurance plans from La Capitale Life Insurance include a unique benefit called Succession Advantage. This benefit reimburses specific legal fees and expenses related to liquidating your estate up to a maximum of $1,000.
La Capitale Term Life Insurance
La Capitale Life Insurance offers three term life products to Canadians seeking pure life insurance coverage to cover short-term goals. These plans provide coverage that lasts for a specific period, usually 10, 20, or 30 years.
When you die during the policy term, your loved ones or designated beneficiary receives a death benefit payout from your insurer. Term life insurance premiums are cheaper than whole life insurance products.
Also, La Capitale offers these term life products as sing or joint policy.
Enhanced Fixed Term
La Capitale Life Insurance offers this term life insurance product to Canadians seeking policies that offer guaranteed level premiums and guaranteed level death benefits.
The policy covers income replacement, personal and business debts, and estate planning.
Features
- The policy offers coverage for 10, 20, 25, 30, and 35-year terms. However, your age determines which term can be issued to you.
- It provides coverage from $25,000 to $5 million.
- You can renew your policy up to age 85. Renewable only as a 10-year plan
- You can convert to a whole life insurance plan up to age 70
- You can exchange your policy for a longer-term life plan within the first five years of your policy.
- It includes succession advantage benefits.
- It includes a total loss of autonomy benefit.
- If you become totally disabled before age 60, the insurer pays you a cash advance equivalent to 50% of your policy amount or $200,000, whichever is lesser.
- It allows optional riders like children’s insurance rider, waiver of premium in the event of disability, children’s critical illness rider, etc.
Pure Fixed Term
La Capitale Life Insurance offers this product to Canadians looking for term solutions that offer guaranteed level death benefits and premiums.
This policy is basic and straightforward but doesn’t include a succession advantage.
Features
- The policy is available for 10, 20, 25, 30, and 35 years.
- It offers coverage from $25,000 to $5 million.
- You can renew your policy up to age 85. 10-year plan can be renewed for ten years, and 20-year plans and longer can be renewed for 20 years
- You can convert to a whole life insurance plan up to age 70
- You can exchange your policy for a longer-term life plan within the first five years of your policy.
- If you become totally disabled before age 60, the insurer pays you a cash advance equivalent to 50% of your policy amount or $200,000, whichever is lesser.
- It allows optional riders like children’s insurance rider, waiver of premium in the event of disability, children’s critical illness rider, etc.
Enhanced Decreasing Term
La Capitale Life Insurance offers this decreasing term life insurance product to Canadians seeking to cover their mortgage and other loans. This policy provides level premiums, but the coverage amount decreases over the years.
The policy covers financial obligations like mortgages that shrink in size over the years. And because the policy amount reduces with time, the coverage is cheaper than other term policies.
Features
- The policy offers coverage from $25,000 to $5 million.
- It offers coverage for decreasing periods between 15 to 35 years, depending on your age.
- It offers guaranteed premiums.
- You can renew your policy for 10-year periods up to age 85
- You can convert to a whole life plan up to age 70
- If you become totally disabled, the policy pays out a benefit of 50% of your policy amount or $200,000, whichever is lesser.
- It includes succession advantage.
- It allows optional riders to boost coverage like children’s critical illness rider, children’s life insurance rider, waiver of premiums, and many more.
La Capitale Permanent Life Insurance
La Capitale Life Insurance offers five permanent life insurance products to Canadians looking for lifelong coverage with no expiry date. You should consider La Capitale permanent plans if you are looking for a policy that gives you peace of mind knowing that your family will receive a death benefit.
These policies pay out the death benefit to your loved ones and beneficiaries regardless of when you die. They also have a cash value component which you can access during your lifetime.
Advantage Non-Participating
La Capitale Life Insurance offers this product to Canadians looking for whole life insurance with a guaranteed cash value.
Features
- The policy offers coverage from $10,000 to $2 million.
- It can be purchased as a single or joint coverage.
- You pay premiums throughout your lifetime.
- If you become totally disabled before age 60, the insurer pays you a cash advance equivalent to 50% of your policy amount or $200,000, whichever is lesser.
- It includes succession advantage benefits.
- The cut-off age to buy a single coverage is 80 years, and it is 70 years for a joint policy.
- It allows optional riders like guaranteed insurability benefit, children’s life insurance rider, accidental death and dismemberment, etc.
Enhanced T100
La Capitale Life Insurance offers this product to Canadians looking for permanent coverage with guaranteed cash value.
Features
- The policy offers coverage from $10,000 to $2 million.
- It can be purchased as a single or joint coverage.
- If you become totally disabled before age 60, the insurer pays you a cash advance equivalent to 50% of your policy amount or $200,000, whichever is lesser.
- It includes succession advantage benefits.
- You pay premiums throughout your lifetime.
- Single coverage is available to Canadians between the age of 0 and 80, while joint coverage is available for Canadians between the ages of 18 and 70
- It offers paid-up insurance from the 10th policy year if you stop paying your premiums.
- It allows optional riders like guaranteed insurability benefit, children’s life insurance rider, accidental death and dismemberment, etc.
Pure T100
La Capitale offers this product to Canadians looking for permanent coverage at an affordable price. This policy is very cheap but does not accumulate cash value.
Features
- The policy offers coverage from $10,000 to $2 million.
- It can be purchased as a single or joint coverage.
- You pay premiums throughout your lifetime.
- If you become totally disabled before age 60, the insurer pays you a cash advance equivalent to 50% of your policy amount or $200,000, whichever is lesser.
- Single coverage is available to Canadians between the age of 0 and 80, while joint coverage is available for Canadians between the ages of 18 and 70
- It allows optional riders like guaranteed insurability benefit, children’s life insurance rider, accidental death and dismemberment, etc.
Simplified Advantage
La Capitale Life Insurance offers this product to Canadians looking for coverage but doesn’t want to undergo medical exams. The policy doesn’t require medical exams but offers small coverage amounts and high premiums.
Also, the plan is not available for joint coverage.
Features
- The policy offers coverage to Canadians between the ages of 40 and 80
- Canadians between the age of 40 and 70 can get coverage from $5,000 to $100,000, while those between the ages of 71 and 80 can get coverage from $5,000 to $50,000
- It doesn’t require medical exams.
- You pay the premiums for life.
- It includes succession advantage benefits.
- If you die in a covered accident before you reach age 85, La Capitale pays twice the coverage amount to your family.
Affirmative
La Capital offers this product to Canadians looking for coverage but do not want medical exams. This policy doesn’t require any medical exams, but you must answer four health questions before you can qualify for coverage.
Also, the plan has a waiting period and offers smaller coverage than Simplified Advantage.
Features
- The policy offers coverage from $2,500 to $25,000
- It offers coverage to Canadians between the ages of 18 and 80
- You pay premiums throughout your lifetime.
- It doesn’t require a medical exam, only four health questions.
- It has a waiting period of 2 years. Your family receives the premiums you pay plus interest if you die of natural causes within two years of the issue date. The full death benefit of your policy is only payable if you die after the waiting period of two years.
- It includes the succession advantage benefit.
Final Thoughts on La Capitale Life Insurance Review
If you are looking for life insurance, La Capitale is an excellent option. La Capitale life insurance has been a trusted name in Canadian life insurance for over 50 years. They have a wide range of products and services and are always up-to-date on the latest changes in the industry.
With an A+ rating from the Better Business Bureau, you can be sure your family is in good hands with La Capitale. La Capitale has something to offer everyone. Be sure to check out La Capitale’s products and services. You won’t regret it!
FAQs on La Capitale Life Insurance Review
Is La Capitale a good insurance company?
La Capitale ranks highly for satisfaction among home insurance customers. Research has found that La Capitale Life Insurance tied for third in satisfaction with a rating of 809 in its home province of Quebec.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
