Discover our Enhanced Individual Insurance Offer
Submitted by Krishan on March 14, 2025 - 9:49am
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PDF version Discover our Enhanced
Individual Insurance Offer |
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Our individual insurance offer is evolving to better meet the needs of a more diverse clientele.
On April 15, we'll unveil several new features, including improvements to our critical illness insurance. Our goal? To give you even greater flexibility to meet the varied needs of your clients.
To start, here's a glimpse of some of the changes to come. More updates will be shared with you for the April 15 launch. Stay tuned! |
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Return of Premiums
Adjustments that Make a Difference New! 15-Year Return of Premiums (ROP 15) for Critical Illness
You’ve asked for it, here it is. The 15-year Return of premiums for critical illness, available upon cancellation or expiry.
ROP 15 allows you to recover 100% of the premiums paid, without interest, starting on the 15th policy anniversary. Moreover, a partial refund is available from the 5th anniversary, based on a new ROP schedule.
This ROP option is available for the T75 Basic, T75 Enhanced and T75 Child.
Less Restrictions, More Flexibility for ROP 20
Good news! The 55-year age eligibility requirement for the Return of premiums is removed from policies issued as of April 15. What's more, we've improved the ROP schedule by adding a partial refund starting on the 5th anniversary.
ROP 20 continues to be offered on the same products.
ROP 15 and ROP 20 Return Options - Three Return of premiums options are available: Return of premiums at expiry, Return of premiums on cancellation or at expiry and Return of premiums on Death.
- The client must choose between Return of premiums at expiry or Return of premiums on cancellation or at expiry.
- You can also combine this option with Return of premiums on death.
- Within the same contract, two policyholders with a critical illness product can choose different ROPs.
New Terms for the Annual Policy Fee Refund
Starting April 15, the annual policy fee refund will only apply in certain situations when requesting a Return of premiums (ROP).
Eligible for the annual policy fee refund at the time of the ROP request if - The policy includes 1 insured person and 1 coverage
Not eligible for the annual policy fee refund at the time of the ROP request if - The policy includes 1 insured person and 2 or more coverages
- The policy includes 2 or more insured persons, with one or more coverages
Note that a single policy fee applies to all coverages, resulting in savings compared to separate policies. |
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Assistance Benefit: Even more comprehensive and accessible support for your clients
At Beneva, our clients’ health is paramount. The Assistance Benefit is included free of charge in many insurance policies. It provides expert advice and referrals in the event of a health problem. We have expanded this offer to provide even better support. - All assistance services are now available to the entire family (spouse and children) as soon as the policy is issued.
- All services are now accessible without requiring a prior diagnosis of serious illness or disability (previously, a full diagnosis was required).
- The $750/year/family limit for mental health assistance is eliminated.
- These changes apply to all products that include the Assistance Benefit for both new and existing policies:
- Critical illness (Basic, Enhanced, Child)
- Children’s endorsement benefit (Critical illness rider for children)
- Critical illness rider available on Term Plus, Permanent Life and Universal Life insurance
- Total Disability Rider available on Term Plus
Please note - Assistance Benefit is provided by AXA Assistance.
- The Assistance Benefit | DIND0073 brochure for clients will be updated for the April 15 launch.
- The clause detailing Assistance Benefit will be removed from the policy. Instead, a marketing brochure will be attached to policies eligible for Assistance Benefit.
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Get even more with the Loan Insurance Solution with Term Plus The Loan Insurance Solution combines three key protections: term life, critical illness and disability insurance. This guarantees your clients the ability to maintain their loan payments in case of an unexpected event. As of April 15, we will be including four additional financial commitments to those already covered by the total disability rider, for both new and existing policies: - Alimony
- Applicable for (1) a spouse, (2) a spouse with child(ren) or (3) children (youngest must be 18 or under).
- A copy of the judgment confirming the amount of alimony is required.
- Lease - Residential or Commercial Premises
- The lease must be in the name of the policyholder(s).
- For commercial premises, the insured's business must occupy the building, and its income must be generated by the activity carried out on the premises.
- School and Municipal Taxes
- Condominium Fees
Our offer is one of the most comprehensive on the market, allowing more clients to access full protection in the event of disability.
Find out more.
Reminder
The client opting for the total disability rider can choose between: - With guarantee - proof of loan upon purchase
- Without guarantee - with proof of loan upon claim
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Transition Rules
The following transition rules apply to both product updates announced today, and to those launching on April 15. |
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Commission Adjustment - New Remuneration Schedule
A new remuneration schedule will take effect on April 15 to reflect the changes announced above.
Consult it now on the Beneva Advisor Centre. You’ll find it in two places: - Life, Critical Illness, and Disability insurance tile – La Capitale – Documentation Centre
- Savings and Investment tile – Beneva – Documentation
Additional announcements will be made between now and April 15, building on what we've already shared.
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| The Individual Insurance Team |
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Beneva Inc., financial services firm, authorized distributor by Beneva Inc.
TM Beneva name and logo are registered trademarks of Beneva Group Inc. used under licence.
© 2025, Beneva. All rights reserved.
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