Fact CheckedIf you are looking through SSQ life insurance reviews, you know many life insurance companies are out there…
…with LOTS of products!
Most people have better things to do than browse the Internet and review pages of technical information about products, rates, and financial ratings.
The thing is, knowing this information is integral to saving money.
This is why a call to Policy Architects can cost you thousands of dollars and a big headache.
So let’s check out SSQ life insurance to see if they are a carrier you should consider for your unique needs.
A Few Words About SSQ
SSQ was initially launched as a social justice project by Dr. Jacques Tremblay, who was concerned about the inability of Quebec’s working class to afford medical care. In 1944, the Cooperative de Sante du Quebec was established, providing medical care to its members. The name was later changed to Les Services de Sante du Quebec, or SSQ, in 1945.
In the 1950s, SSQ shifted its focus to business development and customer service. They diversified their offerings to include life and disability insurance. In 1974, SSQ became a mutual life insurance company and expanded into the loan and real estate markets in subsequent years.
In 2000, SSQ agreed to expand its reach with its first pan-Canadian group. To achieve this goal, SSQ acquired businesses and, in 2018, rebranded as SSQ Insurance.
SSQ has an excellent reputation. In 2003, it was named one of Canada’s 50 best-managed companies. SSQ also launched the Health InSight program to help customers improve their health and save money.
SSQ Financial Rating
The life insurance industry is highly regulated to ensure honesty. As a result, financial rating companies like Standard & Poors and AM Best have emerged.
These companies assess insurers’ stability and provide a grade that represents confidence. This information helps you make an informed decision about which life insurance company to choose.
For example, if you are considering SSQ, you will be pleased to know that AM Best has upgraded its already impressive A- rating to an A this year!
SSQ Online Reviews
Life insurance reviews can be unreliable.
Even though I look at them, I don’t give them too much importance. I find them to be inaccurate due to various factors. Firstly, people making a claim are often under stress, which can affect the accuracy of their report.
Secondly, life insurance companies offer many other products, and complaints about other products can sometimes be mistaken for complaints about life insurance claims. Therefore, it is essential to ensure that the complaints you read are about the right product.
Lastly, anyone can complain, and it’s hard to know the reviewer’s credibility. Are they genuine customers with legitimate complaints, or are they trolls or fake reviewers? You can’t know for sure. With that said, let’s look at what people are saying about SSQ Life Insurance lately.
Google Reviews
Well, it’s exactly as I expected—another poor review.
1.6 stars out of 5. So let’s look closer to see what’s happening for the customers.
As I expected, most of the complaints are about less-than-stellar customer service, and it appears people are talking about auto insurance claim delays—but I can’t say that with 100% certainty because people are vague.
So, let’s dig deeper and check out more reviews.
Insureye Reviews
The Insureye review for SSQ is terrible, with only 1 out of 5 stars. Most complaints seem to be about poor customer service, with some related to life insurance, group insurance, and critical illness coverage. I will look closely at the complaints to better understand the issues.
Overall, SSQ needs to improve its customer service as many people find it challenging to get the help they need from the company.
SSQ Life Insurance Products
Life insurance is an excellent financial tool for various purposes, such as income replacement, estate planning, and final expense coverage. There are two primary types of life insurance: term and permanent insurance. Most people purchase coverage for income replacement; term insurance works best for this purpose. It is temporary coverage for a specific period when you feel most vulnerable. Since there is no guarantee that your beneficiary will receive a payout, term insurance costs substantially less than permanent insurance.
Permanent insurance, on the other hand, covers you until the day you die, so your loved ones are guaranteed to receive a payout as long as you pay your premiums. This type of policy is much more complex. Besides the cost and the guaranteed payout, the cash value component is one of the main differences between term and permanent coverage.
If you are considering permanent coverage, it is highly recommended that you speak to an independent life insurance agent before buying it. Many different products include investment options, so it is essential to understand what you are buying and how it works.
Let’s take a look at the life insurance products offered by SSQ.
“My View Is That Term Life Is Protection Against Premature Death, While Permanent Life Is Protection Against Mature Death When People In Advanced Age May Encounter Unexpected Financial Calamities, Such As The Loss Of Life Savings Due To Market Conditions, Or Exorbitant Medical Bills Caused By Health Conditions That Were Never Anticipated.”
Is Permanent Life Insurance Too Expensive? Financial Advisor Magazine
SSQ Term Plus Life Insurance
- Coverage amounts not given
- Age limits not given
- Available terms: 10,15, 20, 25, 30, 35 and 40
- Coverage is renewable every 5 years
- Convertible to permanent life insurance with a medical exam
- Insurability benefit: You may increase coverage by 25% up to $100K
- Extreme disability benefit: You may receive up to $250K of your benefit in advance
Options:
- Total disability coverage: Receive a monthly payment to cover debts while you are disabled
- Critical illness coverage: Covers cancer, heart attack, and stroke, receive a lump sum benefit to help you focus on recovery
- Life insurance for children
- Waiver of premium in case of disability
- Accidental death and dismemberment
- Fracture benefit
SSQ Permanent Life Insurance
All of SSQ’s whole-life policies have the following benefits:
- Premiums payable for 20 years or until age 100
- Guaranteed premiums and payouts
- Competitive guaranteed cash values (accumulation by your 10th policy anniversary)
- Reduced paid-up protection (no payments as of the 10th policy anniversary)
- Extreme disability benefit: Receive 50% of the life insurance value if you have an extreme disability
Options:
- Critical illness rider: $20K of coverage for the three most common illnesses
- Child rider: up to age 25
- Waiver of premium in case of total disability
- Accidental death & dismemberment
- Benefit in case of fracture
Variations follow below:
Whole Life 20
- For business owners with key employees
- Individual, multi-life, joint first to die and joint last to die
- Cash Value
Term 100
- Works well for families
- Individual, Multi-Life, Joint First to Die, and Joint Last to Die
SSQ Critical Illness Insurance
Critical illness insurance is growing in popularity. This is because people are living after very serious illnesses. It’s a gap that’s left by life insurance, so the companies rushed to fill it.
If you want to learn more about critical illness click here.
“Critical Illness Insurance Can Cover The Cost Of Replacing Indispensable People Who Are Out Of Work For Extended Periods On Medical Or Disability Leave, While Buy-Sell Agreements Provide Insurance When A Partner In A Business Dies Or Becomes Incapacitated For An Extended Period.”
“It’s All Part Of A Bigger Conversation,” He Says, Starting With An Awareness That Certain People Are Assets To The Business That Will Have To Be Replaced – And Pose A Detriment To The Company – If They Are Absent. “It’s An Important Element Of ‘What If?’ Planning.”
How To Protect Your Business From Upheaval If The Owner Suddenly Dies, Globe & Mail
Basic Critical Illness Insurance
- This policy covers cancer, heart attack and stroke
- 10 or 20-year coverage
- Built-in supplementary benefit – additional payment of up to 10% of the coverage amount up to $50K if you are diagnosed with skin cancer, coronary angioplasty, breast cancer, and prostate cancer
- Assistance benefits which include medical referral, psychological assistance, medical assistance, convalescence assistance, etc
Enhanced Critical Illness Insurance
- This policy covers 25 conditions that include: Alzheimer’s disease, aortic surgery, aplastic anemia, bacterial meningitis, benign brain tumor, blindness, cancer, coma, coronary artery bypass surgery, deafness, heart attack, heart valve replacement, kidney failure, loss of independent existence, loss of limbs, loss of speech, major organ failure on the waiting list, major organ transplant, motor neuron disease, multiple sclerosis, occupational HIV infection, paralysis, Parkinson’s disease, severe burns, stroke
- 10 or 20-year coverage
- Built-in supplementary benefit – additional payment of up to 10% of the coverage amount up to $50K if you are diagnosed with skin cancer, coronary angioplasty, breast cancer, and prostate cancer
- Assistance benefits which include medical referral, psychological assistance, medical assistance, convalescence assistance, etc
Enhanced Childhood Critical Illness Insurance
- This childhood policy covers you for the 25 conditions listed above in the enhanced protection and three additional illnesses that include: autism, cystic fibrosis, muscular dystrophy
- 10 or 20-year coverage
- Built-in supplementary benefit – additional payment of up to 10% of the coverage amount up to $50K if you are diagnosed with skin cancer, coronary angioplasty, breast cancer, and prostate cancer
- Assistance benefits which include medical referral, psychological assistance, medical assistance, convalescence assistance, etc
Application Process
Sadly, I couldn’t find any more information on their products.
Each life insurance company handles its website and application process differently. SSQ opts for a very simple website.
While it’s clean and responsive, I am left with questions.
SSQ does not have an application process. They offer a number for you to call an agent – but that’s about it.
As I have mentioned many times before, you don’t want to speak with a tied agent first. They will invariably try to sell you their products – after all, that’s who pays their bills!
An independent agent does not have that sort of pressure. We work with Canada’s best life insurance companies, so we have a cross-section of options to compare. This translates into savings for YOU!
SSQ Life Insurance – Rates
Well, here we go! This is everyone’s favorite section. Let’s peek at how SSQ compares in terms of price.
BUYER BEWARE! Online estimates are exactly that—estimates. An agent cannot give you completely accurate quotes until they learn about your personal circumstances.
This is simply a guide to give you an idea of what it MIGHT cost you.
For the purposes of this article, I am using standard rates. This is because most people get this rating. I don’t want to advertise Preferred Plus rates only to have people be disappointed when they apply.
The good news is that if you are in terrific health, these premiums may be even more affordable. This is another reason to call Policy Architects today.
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| Age | $250,000 | $500,000 |
| 35 Year Old Male | $21.38 | $33.30 |
| 35 Year Old Female | $16.88 | $25.20 |
| 40 Year Old Male | $29.70 | $48.60 |
| 40 Year Old Female | $21.15 | $35.55 |
| 45 Year Old Male | $46.80 | $77.40 |
| 45 Year Old Female | $33.75 | $55.35 |
| 50 Year Old Male | $74.03 | $130.50 |
| 50 Year Old Female | $54.45 | $89.10 |
| 55 Year Old Male | $128.70 | $230.40 |
| 55 Year Old Female | $91.58 | $161.10 |
| 60 Year Old Male | $245.25 | $435.15 |
| 60 Year Old Female | $164.48 | $308.25 |
| 65 Year Old Male | $383.93 | $718.20 |
| 65 Year Old Female | $258.30 | $498.60 |
*Quotes above are for SSQ Term Plus 20, monthly, Standard Health Class, non-smoker, December 2019
SSQ Life Insurance – Pros
SSQ Has Been Around For a Long Time
This company has a good track record and has been around since 1944. Longevity is a great sign for businesses.
Strong Financial Rating
SSQ Life Insurance has an excellent rating. AM Best upgraded it from an A- to an A this year!
You can feel confident investing in this company’s future.
Competitive Pricing
Their rates are very competitive.
SSQ Life Insurance – Cons
Limited Products
SSQ life insurance doesn’t offer a wide array of products. If you are looking for a more creative approach, this may not be your company.
No Application Process & Minimal Information
SSQ’s website is clean and performs well. From a user experience perspective, it’s easy to navigate. However, I have an issue with the limited information.
Descriptions are basic, and no application process provides an estimated rate quote.
The whole site is designed to get you to call one of their agents.
Poor Reviews
I don’t usually trust online reviews, but many people were upset by their interaction with customer service. It seems SSQ should investigate to find out what is happening.
Also, there were some complaints about life insurance products. If you buy a policy from them, keep this in mind.
Why You Should Call Policy Architects TODAY!
So, if you are looking for life insurance, the best thing you can do is call Policy Architects!
Independent agents have access to the best life insurance companies in Canada, and we can pinpoint the insurer that best suits your needs.
Life insurance isn’t one size fits all. Some bits of information you deem insignificant may save you thousands if you select the right company.
If you are considering getting a life insurance policy through SSQ, call us today to see if you can do better. It costs you nothing and could save you a bomb.
