Beneva axes Penncorp series products

It announced it will streamline its offerings

Beneva axes Penncorp series products

Insurance News

By Mika Pangilinan

Beneva has announced that it will be ceasing new sales of Penncorp series products as of December 31, 2023. 

 The move aims to simplify Beneva’s offerings and accelerate its pan-Canadian development in the financial services and individual insurance sectors.

 Penncorp series products are distributed by a Capitale Financial Security (LCFS) via independent agents.

 Customers holding Penncorp series products will continue to be protected and receive the same level of service throughout their contracts, Beneva said in a press release.

“Our aim is to provide our customers with a comprehensive offering, tailored to their needs and, above all, based on an experience that is simple from every point of view,” said Lara Nourcy, executive vice president and leader, individual insurance and financial services. 

“Beneva is committed to being kind to employees, customers, agents, and partners who are navigating new circumstances.”

Last July, Beneva announced that it would “significantly reduce” its advertising on Meta after the social media giant declared its intention to remove content by Canadian news outlets from its Facebook and Instagram platforms to comply with Bill C-18.

 Bill C-18 passed into law in late June and requires tech companies to pay Canadian news outlets for content that appears on their platform.

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