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- La Capitale was founded in Quebec in 1940
- It merged with SSQ Insurance to become Beneva - effective Jan. 2023
- Existing La Capitale life insurance policies will remain the same but payment details must be updated
- History and ownership: La Capitale
- The merger of La Capitale and SSQ Insurance
- What is La Capitale called now?
- What products does Beneva offer?
- What will happen to my La Capitale insurance policy?
- How to access La Capitale insurance policies under Beneva?
- What are some of the pros and cons of Beneva Inc?
- How do I submit a claim to La Capitale?
- Is Beneva a reliable insurance provider?
- Frequently asked questions
La Capitale was a major insurance company in Canada, with its head office in Quebec. In 2020, it announced a regrouping or merger with SSQ Insurance, another Canadian insurer. The two companies operated as separate entities till January 2023, when they merged to form the Beneva brand.
The merger raised concerns among existing policyholders and those considering La Capitale or SSQ for their insurance needs. This article explains the reason for the merger and how it will affect La Capitale life insurance policyholders.
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History and ownership: La Capitale
La Capitale was established in 1940 in Quebec City, Canada, by government employees seeking a more effective way to cover funeral expenses. Originally named La Mutuelle Des Employés Civils, it began as a mutual fund before evolving into an insurance mutual.
The name La Capitale General Insurance emerged in 1976, marking the company’s expansion beyond Quebec and its shift to serving a broader customer base beyond government employees.
Up until the time of its merger, La Capitale was known for its wide range of insurance product offerings, including term and permanent life insurance, critical illness insurance, disability insurance, and other financial and professional services.
The merger of La Capitale and SSQ Insurance: How Beneva was formed
January 2020, La Capitale Insurance and Financial Services and SSQ Insurance announced their decision to merge, aiming to create the largest mutual insurance company in Canada. The merger was officially completed on January 1, 2023, resulting in the formation of Beneva Inc.
Reason for the merger: Strengthening the Canadian insurance market
The merger was driven by the goal of creating a more influential entity in the Canadian insurance landscape. By combining the resources and expertise of both the former companies, the new company aims to enhance its competitive position in Canada and better serve its clients.
Impact on policyholders
For existing policyholders of La Capitale and SSQ Insurance, the merger into Beneva has been designed to ensure continuity. The terms and conditions of existing products and coverage remain unchanged, and no action is required from policyholders.
Beneva continues to offer the same products and coverage, maintaining the commitments made by the original companies.
About SSQ Insurance
SSQ Insurance was a well-known mutual insurance company. It was also founded in Quebec but in 1944 — just a few years behind when La Capitale was founded. Like La Capitale, SSQ grew significantly over the years and expanded outside of Quebec. It was one of the biggest life insurance companies in Canada up until its merger with La Capitale. SSQ was also one of the few Canadian insurance companies offering an Extreme Disability Benefit, which was built into its life insurance policies.
Read more about what happened to SSQ Insurance.
What is La Capitale called now?
The companies and subsidiaries that were merged to create what is now known as Beneva Insurance Company include:
- La Capitale Insurance
- La Capitale Financial Security / La Capitale Financial Group
- La Capitale Financial Services
- SSQ Insurance / SSQ Assurance
- SSQ, Life Insurance Company Inc.
- SSQ Financial Security / SSQ Financial Services
- SSQ Financial Group
Although the Beneva insurance name might be new, the company will likely soon become well-known as one of the largest insurance companies in Canada. Because it’s formed from the union of two major insurers, its assets and AM Best financial strength rating already rank very high.
What products does Beneva offer?
Beneva provides a wide range of affordable insurance products, including traditional life insurance and health insurance, as well as financial services. In addition to the products already offered by La Capitale and SSQ Life Insurance, Beneva also plans to offer new products and services to customers, thanks to the increased scale and resources of the merged company.
Beneva Insurance offers clients insurance solutions that can be tailored to fit different needs, as well as additional professional services through Beneva Investment Services Inc. These enhanced service offerings include:
- Term Life Insurance
- Permanent Life Insurance Options (Whole Life Insurance and Universal Life Insurance)
- Critical Illness Insurance
- Disability Insurance
- Group and Individual Health, Dental, and Travel Insurance, and other Workplace Benefits
- Property and Casualty Insurance
- Wealth Management and Investment Products
What will happen to my La Capitale life insurance policy?
There will not be any changes to existing La Capitale life insurance policies. The policy will now fall under Beneva’s purview but you’ll keep all of the same conditions agreed upon in your original insurance contract. If you need to make changes to your existing policy, you can still use La Capitale forms to do so.
Likewise for life insurance claims, there will not be any change to how they are processed. If you already have a claim underway, it will still be processed as normal. You can also still use the La Capitale claim form to submit your claim.
However, if you had home, car, or recreational vehicle insurance with La Capitale, your policy number will change when you renew it with Beneva.
If you have any concerns about your policy, you can always contact Beneva directly or speak with your insurance advisor to clarify. Or, you can speak with PolicyAdvisor‘s own experts in insurance who will gladly help you out!
How to access La Capitale insurance policies under Beneva?
To access your La Capitale insurance policy under Beneva, you can use the Beneva Client Centre. If you previously had an online account with La Capitale, your login credentials will remain the same.
Simply visit the Beneva Client Centre and log in to manage your policy, view coverage details, submit claims, and access important documents. If you haven’t registered for an online account yet, you can create one on the same platform by following the registration steps.
You can also use the Beneva mobile app, available for download on your smartphone. The app allows you to manage your policies, submit claims, and view your insurance documents from anywhere.
Does Beneva have an app?
Yes, Beneva has a mobile app that allows policyholders to manage their insurance on the go. The app is available for both iOS and Android devices and provides access to key features such as:
- Viewing insurance policies and coverage details
- Submitting and tracking claims
- Accessing digital insurance documents
- Finding healthcare providers (for health insurance users)
- Contacting customer support
What are some of the pros and cons of Beneva Inc?
Beneva has several advantages in terms of a strong financial foundation, wide array of products, a policyholder-oriented operating model and strong customer service. But, there are certain disadvantages such as limited national presence and fewer discount options.
Pros of Beneva Inc
- Strong financial stability – Formed through the merger of La Capitale and SSQ Insurance, Beneva benefits from a solid financial foundation, ensuring reliability for policyholders
- Wide range of insurance products – Offers life, health, auto, home, business, and group insurance, providing comprehensive coverage for individuals and businesses
- Policyholder-oriented model – As a mutual insurance company, Beneva prioritizes the interests of its members rather than shareholders, which offers customer-focused services
- Digital accessibility – Provides an easy-to-use website and mobile app, allowing customers to manage their policies, file claims, and get support conveniently
- Strong customer service – Multiple support channels, including phone, email, and online chat, enhance customer experience and accessibility
Cons of Beneva Inc
- Limited national presence – While growing, Beneva’s primary customer base is still concentrated in Quebec, with a lesser presence in other provinces compared to larger national insurers
- Potential service transition challenges – Since Beneva is a new brand, some customers transitioning from La Capitale or SSQ Insurance may experience delays or policy adjustments during the integration process
- Fewer discounts compared to competitors – Some policyholders may find that other insurers offer more extensive bundling discounts or additional perks
Will my everyday experience be impacted?
No, La Capitale’s merger into Beneva should not have a significant impact on your everyday experience. You will continue to be able to access your policy information as before. And Beneva has committed to providing the same level of customer service to clients as it has under La Capitale and SSQ.
But the way you pay your monthly or annual premium payments may be slightly different because of the new name. If you are paying through your bank or financial institution, you need to update the service provider listed as a payee to Beneva instead of La Capitale.
Another change is that Beneva’s website looks different than La Capitale’s did.
Aside from these two aspects, though, you shouldn’t see much more of a difference. And newcomers to La Capitale or SSQ will purchase insurance directly from Beneva.
How do I submit a claim to La Capitale?
You can submit insurance claims easily online through the Beneva website, or by contacting the company or your insurance advisor directly. You will have to use the same La Capitale insurance claim forms from before, so there’s no major difference in how claims are handled under Beneva.
Is Beneva a reliable insurance provider?
Yes, Beneva is considered a reliable insurance provider in Canada. Formed through the merger of La Capitale and SSQ Insurance, Beneva combines decades of experience from both companies, creating one of the largest mutual insurance providers in the country.
Beneva offers a wide range of insurance products, including life, health, auto, home, and business insurance, ensuring comprehensive coverage for individuals and families.
With a strong financial foundation, extensive product offerings, and a customer-focused approach, Beneva has positioned itself as a trustworthy option for insurance seekers.
Frequently asked questions
Is Beneva the same as La Capitale?
While Beneva was created from the merger of La Capitale and SSQ Insurance, it operates as a new brand with expanded services. Many of La Capitale’s policies and offerings continue under Beneva, but the company has streamlined operations and digital services to enhance customer experience.
How does Beneva compare to La Capitale in terms of coverage and service?
Beneva retains most of the insurance products previously offered by La Capitale, including life, home, auto, and business insurance. However, Beneva has expanded digital services, a new customer portal, and a mobile app, making it more modern and accessible compared to La Capitale’s previous operations.
Do I need to switch my La Capitale policy to Beneva?
No, if you had an active policy with La Capitale, it was automatically transferred to Beneva with the same coverage and terms. There is no need to take any action unless you want to make changes to your policy or explore new options under Beneva.
Can I still use La Capitale’s website and customer service?
No, La Capitale’s website and branding have been fully integrated into Beneva. To access your policy, make a claim, or contact support, you’ll need to visit Beneva’s website, use the Beneva app, or call their customer service team.
What happened to La Capitale policyholders after the merger?
The existing La Capitale policyholders have automatically transitioned to Beneva, meaning their coverage, benefits, and terms remained unchanged. However, they now manage their policies through Beneva’s platform instead of La Capitale’s previous system.
Quebec-based insurance provider La Capitale announced a merger with fellow insurance company SSQ Insurance in 2020. As of January 2023, both companies have merged to become Beneva. This article provides a recap of what happened, and goes over what you need to know about the merger.
