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- SSQ was founded in Quebec in 1944
- SSQ merged with La Capitale Insurance Company to become Beneva - effective Jan. 2023
- Existing SSQ life insurance policies will remain the same but payment details must be updated
- What happened to SSQ Insurance?
- History and ownership: SSQ Financial Group
- Merger and consolidation as Beneva
- What is SSQ called now?
- What products does Beneva offer?
- Does the merger affect my existing SSQ policies?
- What are the advantages of the Beneva merger for the customers?
- How do I submit a claim to SSQ?
- Is Beneva insurance reliable?
- Frequently asked questions
In a major shake-up of Canada’s insurance landscape, SSQ Insurance and La Capitale officially merged in January 2023 to form Beneva Insurance Company. For decades, SSQ has been a trusted provider of life and health insurance, earning a strong reputation among Canadians.
Now, with this merger, the company is entering a new era—one that promises expanded services and greater benefits for policyholders. But what does this transformation mean for new and existing clients? Let’s take a closer look.
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History and ownership: SSQ Financial Group
SSQ Insurance traces its roots back to 1944 when Dr. Jacques Tremblay founded Coopérative de Santé de Québec in Quebec City. Originally created to provide affordable insurance and social services to working-class French Canadians, the company quickly gained traction.
As it expanded, it was renamed Les Services de Santé de Québec, from which the abbreviation SSQ originates. Over the years, SSQ underwent multiple rebrandings, eventually becoming SSQ Financial Group and later SSQ Insurance.
As a mutual insurance company, SSQ was owned by its policyholders, meaning its profits were reinvested to enhance products and services rather than benefiting external shareholders. With a strong focus on life, health, and critical illness insurance, SSQ expanded beyond Quebec, growing into one of Canada’s most trusted insurance providers.
Merger and consolidation: How was Beneva formed?
In 2020, SSQ announced that it would be merging with La Capitale to form a new group called Beneva. This major change took effect at the start of 2023. Both SSQ and La Capitale — two separate Canadian life insurance companies — shed their names for this merger. They are now consolidated as a single company operating under the Beneva name but with a combined expertise in insurance.
The point of merging was to create a larger and more diversified company, with better products and services to offer customers. And, according to data from SSQ, the merger has achieved just that.
Beneva has more than 3.5 million customers across Canada and $25 billion in assets under management. It has also kept the mutualist values of the companies that formed its roots, so policyholders have a small say in how the organization is run.
Impact on policyholders
For existing SSQ policyholders, the transition to Beneva has been seamless—current policies remain unchanged, ensuring continued coverage without disruptions. However, the merger brings added benefits, including enhanced digital tools, better customer support, and access to a broader range of insurance solutions.
As Beneva strengthens its national presence, policyholders can expect a more streamlined experience, competitive products, and improved service offerings tailored to their needs.
About La Capitale
La Capitale itself was another well-established Canadian insurance company based in Quebec City. It was a bit older than SSQ, being founded in 1940. Like SSQ, it was also an insurance mutual. And, again like SSQ, it was also a trusted name for life insurance products. PolicyAdvisor also ranked La Capitale among the best insurance providers in Canada. The company offered a wide range of options, and their policies were known for being affordable.
Read more about what happened to La Capitale.
What is SSQ called now?
The companies and subsidiaries that were merged to create what is now known as Beneva Insurance Company include:
- SSQ Insurance / SSQ Assurance
- SSQ, Life Insurance Company Inc.
- SSQ Financial Security / SSQ Financial Services
- SSQ Financial Group
- La Capitale Insurance
- La Capitale Financial Security / La Capitale 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 are already high up in the ranks.
What products do 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 SSQ Life Insurance and La Capitale, Beneva also intends 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
A huge plus for Beneva life insurance policyholders is that the company is also offering SSQ’s unique built-in Extreme Disability Benefit. SSQ was one of the few Canadian insurers with this specialty offering in insurance. So, it’s a major win that Beneva will continue to provide this option for disability coverage on top of other types of coverage.
Is SSQ the same as Beneva?
No, SSQ Insurance is not the same as Beneva, although they are now part of the same organization. While SSQ was previously a well-established brand in the Canadian insurance market, its merger with La Capitale created a new entity, Beneva, which combines the strengths and resources of both companies.
So, while Beneva now carries forward many of SSQ’s policies and customers, Beneva is the new brand that represents the merged company, with expanded services and a broader national reach. Existing SSQ policyholders will see no immediate changes to their coverage, but they are now part of the Beneva family.
Does the merger affect my existing SSQ policies?
Your existing SSQ policies remain unchanged following the merger with La Capitale to form Beneva. This means your coverage, premiums, benefits, and claims process stay the same, ensuring no disruptions to your plan.
Although the SSQ brand is now part of Beneva, policyholders will continue to receive the same level of service and benefits as before. Over time, you may experience enhancements in customer support, upgraded digital tools, and access to a broader range of insurance solutions as Beneva expands its offerings.
Will my everyday experience be impacted?
SSQ’s merger into Beneva should not have a significant impact on your everyday experience. You will continue to be able to submit claims and access your policy information as before. And Beneva has committed to providing the same level of customer service to clients as it has under SSQ and La Capitale.
But your monthly or annual premium payments will be different. 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 SSQ.
Another change is that the Beneva website itself looks different than SSQ’s did.
Aside from these two aspects, though, you shouldn’t see much more of a difference.
What are the advantages of the Beneva merger for the customers?
The merger of SSQ Insurance and La Capitale into Beneva brings several advantages for customers, including a wide array of offerings, enhanced customer service, new digital tools, and greater financial stability.
1. Expanded insurance offerings
With the combined resources of both companies, Beneva offers a wider range of insurance products, including life, health, home, auto, and business insurance. This allows customers to bundle policies and access more comprehensive coverage options under one provider.
2. Enhanced customer service
Beneva is investing in improved customer support, ensuring faster response times and better assistance for claims, policy inquiries, and general support. The larger company structure provides more resources to cater to customer needs efficiently.
3. Improved digital tools & online services
The merger enables Beneva to develop and implement more advanced digital tools, making it easier for customers to manage their policies, file claims, and get support online. These enhancements provide a more seamless and user-friendly experience.
4. Greater financial stability
As a larger mutual insurance company, Beneva benefits from stronger financial backing, ensuring long-term stability, reliability, and security for policyholders. This reduces risk and increases confidence in the company’s ability to honor claims and provide consistent service.
5. Competitive pricing & discounts
With greater operational efficiency and a larger customer base, Beneva may offer more competitive pricing and potential cost savings through better policy rates, discounts, and customized insurance solutions tailored to individual needs.
6. Policyholder-owned model
Since Beneva remains a mutual insurance company, it continues to prioritize customer interests over shareholders, meaning profits are reinvested into improving products, services, and customer benefits rather than being distributed as dividends.
Will I have to drop certain SSQ products?
No, you will not have to drop any SSQ products you may have had prior to the merger. In fact, Beneva adopted all of the products that SSQ carried, so everything will remain the same. As we mentioned above, there will not be any change to any existing insurance policies or current contracts you have with SSQ.
How do I submit a claim to SSQ?
You can submit your claim easily online through the Beneva website, or by contacting the company or your insurance advisor directly. Any SSQ product you have will now fall under Beneva, so you can use the Beneva claim form to submit your claim.
Is Beneva insurance reliable?
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.
How do I contact SSQ?
You will have to contact Beneva, either through their website, via email, or by calling them at 1-855-747-7712. You can also head into one of their offices near you, if you’d prefer something in-person. Details of their office locations are available on their website.
Frequently asked questions
Does the Beneva merger bring new insurance products for SSQ customers?
Yes, with the merger, Beneva brought new insurance products and expanded coverage options that were not previously available under SSQ. This includes more comprehensive health, life, and home insurance options, along with online portals and mobile applications for smooth operation.
How does the merger affect SSQ’s customer support?
The merger with La Capitale into Beneva has brought about improvements in customer support, including faster claim processing, more personalized service, and expanded support channels. Beneva ensures that customers can access better resources and assistance when needed, making sure that the overall experience is seamless.
Can SSQ policyholders expect any changes in how they access their accounts after the merger?
There may be some minor changes to how SSQ policyholders access their accounts, as Beneva rolls out its new digital platforms. However, Beneva is committed to ensuring a smooth transition and will provide clear instructions and support to help customers adapt to any changes.
In 2020, SSQ Insurance Company announced it was merging with La Capitale, another life insurance company, to form Beneva. That merger has taken effect as of January 2023, and all SSQ policies are now handled by Beneva. Here’s a recap of what happened and what you need to know about the merger.
