Beneva Life Insurance Review: Is It the Right Fit for You?
This article is part of a series: Life Insurance Company Reviews. For more articles like this, click here.
Life insurance is one of the most important decisions you’ll make when it comes to protecting your family’s financial future. With so many companies offering similar products, how do you decide which one truly has your best interests at heart?
I recently took a closer look at Beneva Life Insurance, and here’s Hip & Valley’s honest review based on their products, pricing, values, and how they stack up against the competition.
Who is Beneva? A Mutual Insurer with a Modern Twist
Beneva might sound like a new name—and technically, it is—but it comes with a legacy. Formed in 2020 through the merger of La Capitale and SSQ Insurance, Beneva now holds the title of Canada’s largest mutual insurance company, with more than $25 billion in assets and over 5 million clients.
What makes that different? As a mutual company, Beneva doesn’t answer to shareholders. Instead, it’s owned by policyholders. This model often means lower premiums, more personalized service, and a real sense that your insurer is working for you, not just for profit margins.
What Life Insurance Products Does Beneva Offer?
Beneva covers all the key bases you’d expect, with options that suit various budgets and life stages:
- Term Life Insurance – Affordable, flexible terms (10, 20, or 30 years)
- Permanent Life Insurance – Lifelong protection with guaranteed cash value
- Universal Life Insurance – Combines life insurance with investment features and tax advantages
- Simplified Issue Life Insurance – No medical exams, fast approvals
Each of these products is straightforward, with clear benefits and options. I appreciate that there’s no unnecessary complexity or hidden fees.
How Does Beneva Compare to Other Canadian Life Insurers?
Let’s be real—Canada has a lot of big players in the insurance space. So how does Beneva really hold up next to the likes of Sun Life, Manulife, Canada Life, or RBC Insurance?
| Company | Ownership | Strength | Downside |
|---|---|---|---|
| Beneva | Mutual (policyholder-owned) | Affordable, personalized, reinvests profits | Smaller national presence |
| Sun Life / Manulife / Canada Life | Publicly traded | Broad product lines, strong brand | Shareholder-focused, sometimes pricier |
| RBC / BMO Insurance | Bank-owned | Banking convenience | Less customization, more rigid |
| Equitable Life | Mutual | Similar to Beneva, solid values | More limited in scope and offerings |
What really impressed me is that Beneva’s mutual structure gives it a refreshing, client-first edge that’s increasingly rare in the industry.
What I Like About Beneva (Pros)
- Affordable premiums, especially for permanent and simplified coverage
- Clear, honest product descriptions – no salesy jargon
- Mutual ownership – feels more ethical and community-oriented
- Excellent advisors who prioritize education over pressure
What to Watch Out For (Cons)
- Limited global footprint – not ideal if you’re planning international financial strategies
- Simplicity can be a drawback if you’re looking for complex or highly customizable plans
Still, if you’re the kind of person who values clarity, transparency, and solid protection without the fluff, Beneva delivers.
Is Beneva Life Insurance Right for You?Here’s my take: Beneva is an excellent choice if you’re looking for:
- Competitive pricing without cutting corners
- A company that prioritizes you over shareholders
- Straightforward life insurance you can actually understand
- A trustworthy partner for long-term financial security
It may not have the brand recognition of some legacy insurers, but in terms of value for money and client care, Beneva punches well above its weight.
Final Verdict
4.5 out of 5 stars ⭐⭐⭐⭐✰
Beneva is a strong contender for anyone shopping for life insurance in Canada—especially if you’re tired of feeling like just a number. With Beneva, you get solid coverage, fair pricing, and the kind of service that feels personal.
Ready to Take the Next Step? If you’re curious about how Beneva can fit into your financial plan, I’d recommend connecting with a licensed Beneva advisor. They’ll walk you through your options without any pressure and help you find the right coverage at the right price.
Get a personalized quote and take control of your family’s future today.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as insurance advice. Every individual’s financial situation is unique, and it is essential to consult with a qualified professional for personalized guidance. At Hip & Valley Financial Solutions, we are dedicated to helping you navigate your insurance options and find the best solutions tailored to your specific needs. Talk to an advisor today by emailing inquiry@hipandvalley.ca or calling us at (1) 204.320.5201.
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Last modified: April 24, 2025
I really liked this review—super helpful and easy to follow. I’ve been comparing different life insurance options lately, and Beneva wasn’t even on my radar until now. The fact that it’s a mutual company and not shareholder-driven really stands out to me. I appreciate how they seem to focus more on people than profits. I’m also not a fan of overly complicated policies, so the simplicity and transparency Beneva offers is a big plus in my books. Definitely going to give them a closer look after reading this. Thanks for the honest take!