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Beneva has expanded its individual insurance and financial services offering, introducing additional critical illness coverage, new children’s insurance options and investment products designed to support families at different stages of life.
The changes, announced on October 20, 2026, cover insurance protection, savings and investment solutions, following earlier product improvements introduced during the year.
- Beneva expands critical illness insurance with Enhanced coverage for 26 illnesses and Basic coverage for 4, without increasing premiums.
- New children’s insurance options cover 30 critical illnesses and offer flexible renewal, conversion and exchange provisions.
- Three investment funds and a First Home Savings Account (FHSA) expand savings and investment options for members.
Beneva is Canada’s largest mutual insurance company, serving 3.8 mn members and employing more than 6,500 people. The company operates across Group Insurance, Property and Casualty Insurance, and Individual Insurance and Financial Services. Formed through the combination of La Capitale and SSQ Insurance in 2020, Beneva expanded its presence across Canada through its merger with Gore Mutual in 2026.
The insurer reports $30.3 bn in combined assets and maintains a mutual insurance model based on its predecessor organisations’ cooperative principles.
Beneva expands critical illness and children’s insurance coverage
Beneva has revised its critical illness insurance offering without increasing premiums. The updated range includes Enhanced protection covering 26 illnesses and a Basic option covering 4 illnesses.
The insurer has also eliminated the survival period following diagnosis for certain conditions, subject to risk considerations.
For children aged 17 and under, Beneva introduced a term critical illness insurance option covering 30 illnesses, alongside Term Plus life insurance.
Depending on the product, these policies can be renewed, converted or exchanged without requiring new evidence of insurability. Beneva has also relaxed provisions governing its total disability rider to provide policyholders with greater flexibility.
New investment funds and First Home Savings Account
Beneva has added three funds to its investment account offering: Dividend Growth (TDAM), Canadian Small-cap Equity (TDAM) and Global Innovators (Fidelity).
The funds are available with 75/100 and Enhanced 75/100 guarantees, expanding the investment choices available to financial advisors and members when developing strategies aligned with their financial objectives.
The insurer has also introduced a First Home Savings Account (FHSA) for eligible individuals preparing to purchase their first property.
The FHSA is available through investment accounts and guaranteed interest accounts (GIAs), allowing members to accumulate savings while benefiting from applicable tax incentives. The arrangement also permits eligible products to be combined under a single contract and statement.
“These new products are a testament to our willingness to meet the needs of growing families. Whether it be taking out insurance for a child, reducing the financial burden caused by critical illness or preparing a first-home purchase, we want our products to be relevant, accessible and easy to understand”, said Lara Nourcy, Executive Vice-President and Leader of Individual Insurance and Financial Services at Beneva.
Beneva’s earlier life insurance and investment updates in 2026
The October changes follow several adjustments to Beneva’s individual insurance and investment portfolio earlier in 2026.
In April, the company improved rates and cash values across several permanent life insurance products. It also expanded provisions for its total disability rider, allowing the coverage to be converted or exchanged.
In June, Beneva introduced four new investment accounts, increasing the range of products available to members and financial advisors.
Together, the changes expand Beneva’s insurance protection and financial planning options, covering children’s insurance, critical illness protection, permanent life insurance and savings products.
