Like most Canadians, you probably do not have life insurance. It’s no secret that life insurance is necessary for anyone with loved ones who depend on them financially. But how do you know which insurance company to choose for your policy?
If you are looking for life insurance, SSQ Life Insurance is a great option. SSQ Life Insurance is one of Canada’s largest insurance companies. They offer a variety of policies to fit your needs at competitive rates, and their customer service is top-notch.
SSQ is one company that should be at the top of your list of insurers. This SSQ Life Insurance Review provides an overview of SSQ, its pros, and cons, and compares its products and rates to help you decide if they are right for you.
Read on to get all the details!
What is SSQ Life Insurance?
SSQ Life Insurance is one of Canada’s largest insurance companies, with billions of dollars in assets. Les Services de Santé du Québec, commonly called SSQ, was founded in 1944 with its headquarters in Quebec.
The insurance company was founded on mutualistic values. All policyholders are co-owners and can actively participate in the business directions of SSQ to help it achieve its values of equity, solidarity, equality, and responsibility.
SSQ Life Insurance offers several excellent insurance plans. The Term Plus product, SSQ’s flagship plan, is a multi-purpose product that provides lifetime coverage, unique built-in features, and customizable options.
In addition to the Term Plus product, SSQ Life Insurance offers an array of insurance plans. SSQ also provides a built-in Extreme Disability Benefit (EDB), which allows you receive an advance benefit of 50% of your coverage amount, up to $250,000, if you become permanently disabled.
SSQ Life Insurance and Quebec-based insurance provider, La Capitale Life Insurance recently announced a merger of their insurance companies under the name, Beneva. However, both companies will still operate independently for the foreseeable future.
Quick Facts and Information about SSQ Life Insurance
- Founded in 1944
- Headquartered in Quebec City, Quebec
- Assets: $12.4 billion
- Annual Premiums: $2.5billion
Benefits and Downsides of SSQ Life Insurance
Buying life insurance to protect your family and loved ones financially is important; no two ways about it. If you want to purchase life insurance at affordable rates from a reliable insurer, you should consider SSQ.
SSQ Life insurance has some benefits and downsides you must consider before deciding. Knowing the pros and cons of SSQ will guide you in making the right choice for your insurance needs,
Pros
- The company has a long history of excellent services; it has been around since 1944
- It has solid footing financially, which gives you confidence that you are in good hands
- They offer a wide range of insurance products
- They have a built-in Extreme Disability Benefit (EDB)
- They offer optional riders like child rider and accidental death and dismemberment
- You can easily access their services and your account online
Cons
- The company’s website isn’t informative
- There are no digital policies and only paper policies
Products and Features
As a top insurance company in Canada, SSQ Life Insurance offers an array of life insurance solutions: term, whole, universal, and critical illness.
SSQ Term Life Insurance
SSQ Life Insurance offers term life insurance products to Canadians looking for affordable life insurance to cover only the years needed.
These term life plans are cheaper than whole life plans and are easy to understand. They offer coverage only for specific terms, with no added extras like the cash value component.
Term Plus
SSQ Life Insurance offers this product to Canadians seeking insurance coverage for income replacement, covering personal and business debts, and estate planning.
This policy is a traditional life insurance plan, requiring a medical examination to prove your insurability.
Features
- The policy offers coverage for 10, 15, 20, 25, 30, 35, and 40 years
- You can renew your coverage every five years
- You can convert to a permanent policy up to age 70, but you will take another medical exam.
- It includes the insurability benefit feature, which allows you to increase your coverage amount by 25% or $100,000, whichever is lesser
- It includes the total disability benefit, which offers you up to $250,000 of your coverage amount in the event of total disability
- It allows optional riders to enhance your coverage, like critical illness rider, accidental death and dismemberment, waiver of premiums, and others
Simplified Term
SSQ Life Insurance offers this product to healthy Canadians who want life insurance quickly but do not want to undergo medical examinations to prove their insurability.
This policy doesn’t require any medical exam. You only have to answer a few health questions.
Features
- The policy is designed for healthy Canadians who don’t want medical examinations but want quick approval
- The policy doesn’t need an in-person meeting, as you can buy coverage over the phone
- It offers quick coverage approval, as you can get your policy approved within 60 minutes of applying
SSQ Permanent Life Insurance
SSQ Life Insurance offers several permanent life insurance plans to Canadians looking for lifelong coverage. These policies are designed for Canadians who want to leave a legacy for their dependents or special needs children.
These permanent life insurance do not have an expiry date. Your family and beneficiaries will receive the death benefit of your insurance policy regardless of when you die.
In addition, many of these permanent life insurance plans build cash value. However, the premiums for permanent life insurance are six to ten times more than term life insurance premiums.
Like other major life insurance companies in Canada, SSQ Life Insurance offers whole life insurance and universal life insurance.
Whole Life Insurance
SSQ Life Insurance offers this product to Canadians looking for life insurance that provides guaranteed protection, premiums, and cash value.
This policy also offers the Extreme Disability Benefit (EDB) rider, which allows you to receive a cash benefit of 50% of your coverage amount if you become totally disabled.
It also allows you to add other riders like child riders, critical illness riders, accidental death and dismemberment, and waiver of premiums to help customize your policy and buy more comprehensive coverage.
SSQ Life Insurance offers three whole life insurance products:
Whole Life 20
- It offers a guaranteed cash value
- It offers level and guaranteed premiums
- The premiums are only payable for 20 years. However, the coverage will last your entire life
Whole Life 100
- It offers a guaranteed cash value
- It offers level premiums for your lifetime
- It is available as an individual or joint policy
- It is a good option for Canadians who want to leave a legacy for their dependents and business owners who want to insure key employees
Term 100
- It doesn’t build cash value
- It offers lifelong coverage
- It offers level premiums and death benefits
- It is available as an individual or joint policy
Simplified or Guaranteed Issue Life Insurance
SSQ Life Insurance offers this product to Canadians looking for coverage but doesn’t want to undergo medical insurance. The guaranteed issue life insurance is designed for Canadians who are hard to insure because of a medical condition that makes them ineligible to buy life insurance.
Features
- The policy offers quick approval, as quick as 60 minutes
- It doesn’t require a medical exam
- There is no in-person meeting; you can easily buy coverage remotely
- For the guaranteed issue life insurance, acceptance is guaranteed if you are in the suitable age group.
Universal Life Insurance
SSQ Life Insurance offers this product to Canadians looking for flexible ways to get life insurance coverage and accumulate cash value. The policy provides lifelong protection and cash value and allows you to invest your money as you please.
The policy allows you to increase or decrease your premiums and death benefit, though within a specific range.
SSQ Critical Illness Insurance
SSQ Life Insurance offers several critical illness life insurance products to Canadians who undergo a life-threatening illness. The policy provides a tax-free lump sum benefit to Canadians to help them focus on recovery after an illness rather than worrying about medical expenses and loss of income.
Life insurance policies do not fully cover you in the event of a severe illness, so critical illness insurance plans help cover the gaps left by life insurance policies. SSQ Life Insurance offers three critical illness insurance plans:
Basic Critical Illness Insurance
- The policy offers coverage for three medical conditions: stroke, heart attack, and cancer
- It offers coverage for 10- and 20-year terms
- You can add a premium refund rider to your policy. SSQ Life Insurance refunds the premiums you paid if you do not file any claim during the policy term before it expires
- It includes a built-in supplementary benefit which gives you an additional payment of 10% if you are diagnosed with skin cancer, prostate cancer, breast cancer, or coronary angioplasty
- It comes with an assistant benefit which gives you access to free services like a medical referral
Enhanced Critical Illness Insurance
- The policy offers coverage for 25 medical conditions
- It offers coverage for 10 and 20-year terms
- You can add a premium refund rider to your policy. SSQ Life Insurance refunds the premiums you paid if you do not file any claim during the policy term before it expires
- It includes a built-in supplementary benefit which gives you an additional payment of 10% if you are diagnosed with skin cancer, prostate cancer, breast cancer, or coronary angioplasty
- It comes with an assistant benefit which gives you access to free services like a medical referral
Enhanced Childhood Critical Illness Insurance
- The policy offers coverage to 25 medical conditions listed in the Enhanced plans and covers three additional conditions: muscular dystrophy, autism, and cystic fibrosis
- It offers coverage for 10 and 20-year terms
- You can add a premium refund rider to your policy. SSQ Life Insurance refunds the premiums you paid if you do not file any claim during the policy term before it expires
- It includes a built-in supplementary benefit which gives you an additional payment of 10% if you are diagnosed with skin cancer, prostate cancer, breast cancer, or coronary angioplasty
- It comes with an assistant benefit which gives you access to free services like a medical referral
Final Thoughts on SSQ Life Insurance Review
When looking for life insurance, comparing rates and finding the best policy for your needs is essential.
I hope this review has helped you understand the different options available to you regarding SSQ Life Insurance. We want to ensure that you have all the information you need to make an informed decision, and our team is here to help if you have any questions.
FAQs on SSQ Life Insurance Review
What does SSQ insurance mean?
The insurance company SSQ was founded as the Coopérative de santé du Québec, which provided needed medical care to its members. However, in 1945, the cooperative’s name was changed to Les Services de Santé du Québec, which inspired the later SSQ.
What is SSQ extreme disability benefit?
SSQ’s Extreme Disability Benefit (EDB) gives you early access to your death benefit if you are diagnosed with a permanent disability. However, to qualify for the EDB, you must not need assistance performing at least four of the six daily living activities. SSQ provides this rider with their term life insurance policies.
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.
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