La Capitale is a life insurance company that has been providing various insurance solutions to individuals and families for over 75 years. As of January 2023, SSQ Insurance has merged with La Capitale to form Beneva Insurance Company. This merger has solidified its position as one of the largest life insurance companies in Canada.
Operating under the name Beneva, La Capitale offers a wide range of life insurance products, including term life insurance, whole life insurance, and universal life insurance. Their policies are meticulously crafted to meet each client’s unique needs, featuring customizable options such as flexible premiums, coverage amounts, and riders.
In this comprehensive La Capitale Life Insurance review, we will delve deeply into La Capitale’s life insurance offerings, including their policy options, pricing, and overall reputation within the industry.
Whether you’re contemplating purchasing life insurance for the first time or considering switching providers, this review will furnish you with valuable information to make an informed decision regarding your insurance needs.
Who is La Capitale?
La Capitale 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, 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, Beneva. Though the two insurance companies still operate independently, the final transition under the Beneva name is expected to happen soon.
Pros of La Capitale Life Insurance
- 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 customise 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 of La Capitale Life Insurance
- The company does not offer universal life policies
- It does not provide no-medical term life insurance plans
- It does not offer online quotes
La Capitale Term Life Insurance
Term life products are for 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 a single or joint policy.
Enhanced Fixed Term
La Capitale Life Insurance offers this term life insurance product to Canadians seeking policies offering guaranteed level premiums and 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 less.
- 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. A 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 less.
- 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 less.
- 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
Permanent life insurance products are for 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 less.
- It includes succession advantage benefits.
- The cut-off age to buy a single coverage is 80 years, which is 70 years for a joint policy.
- It allows optional riders like guaranteed insurability benefits, 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 less.
- It includes succession advantage benefits.
- You pay premiums throughout your lifetime.
- Single coverage is available to Canadians between the ages 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 benefits, 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 less.
- Single coverage is available to Canadians between the ages 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 benefits, 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 ages 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 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 requires no medical exams, but you must answer four health questions before qualifying 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.
La Capitale Insurance Reviews
To gain genuine insights into the policies of La Capitale Insurance, we’ve selected some of their online reviews. Let’s dive in and see what customers have to say.
Positive La Capitale Insurance Reviews
- “Great Insurance Company and has extra benefits included in their policy like Accelerated Death Benefit and Total Loss of Autonomy Benefit.” – InsurEYEe Review
Negative La Capitale Insurance Reviews
- “They have no customer service and they do not pay out when it comes to disability. They find every excuse to prolong your payment and you could never speak to the person who handles your file, they claim you leave a message or send an email and someone within 24hours will call you back. (and you better be free when they do because they do not try again and you start the whole thing again.) They are great in giving you the run around and not paying out. Get ready to put everytring you own for sale because they will not pay out your claim when it comes to Life or Disabilty. I am telling you this because we are living this nightmare with them, So I hope we could save a few!!!” – InsurEYE Review
Final Thoughts on La Capitale Life Insurance Review
La Capitale Insurance has established itself as one of Canada’s top life insurance providers. Whether you’re a first-time buyer or looking to switch providers, La Capitale has got you covered.
At La Capitale, they understand that life is unpredictable, so they offer succession advantage benefits and total loss of autonomy benefits to help protect you and your loved ones in the event of unforeseen circumstances.
So why wait? Join the more than 600,000 satisfied clients across Canada who have trusted La Capitale Insurance and Financial Services to provide them with reliable and comprehensive life insurance coverage. Contact them today to learn more about how they can help protect you and your loved ones.
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.
