Beneva has revamped its critical illness insurance, added children’s coverage options and introduced a First Home Savings Account (FHSA), the insurer said in a release issued Tuesday.
The release dates the improvements to Oct. 20. They span individual insurance as well as savings and investment solutions.
Beneva describes itself as Canada’s largest mutual insurer. Its 2025 results release cites 3.8 million members and $30.3 billion in combined assets, following its January merger with Gore Mutual.
Without affecting premiums, Beneva said it revamped its critical illness coverage. An Enhanced option now covers 26 illnesses, and a Basic option covers four.
By comparison, PolicyAdvisor’s 2026 review listed Basic at three conditions and Enhanced at 25. Beneva also removed the survival period after diagnosis for certain illnesses, where risk permits.
For children aged 17 and under, Beneva added a term option covering 30 critical illnesses. It also added a Term Plus life insurance option. Both can be renewed, transformed or exchanged without proof of insurability, depending on the product. The insurer also relaxed its total disability rider rules.
Three funds joined Beneva’s investment accounts: Dividend Growth (TDAM), Canadian Small-cap Equity (TDAM) and Global Innovators (Fidelity). They are available with 75/100 and Enhanced 75/100 guarantees.
Beneva introduced the Enhanced version in 2025 alongside a Term Plus revamp. The insurer has described it as offering an extended death benefit with automatic annual resets.
The FHSA is available with investment accounts and guaranteed interest accounts. Eligible members can pool these products under one contract and one statement.
The CRA says FHSA contributions are generally tax-deductible, and qualifying first-home withdrawals are non-taxable. The CRA lists insurance companies among FHSA issuers. Participation room is $8,000 in the first year, with a $40,000 lifetime limit.
“These new products are a testament to our willingness to meet the needs of growing families,” said Lara Nourcy, Beneva’s executive vice-president and leader of individual insurance and financial services. She said the goal is for products “to be relevant, accessible and easy to understand.”
Beneva also improved rates and cash value on several permanent life products in April. It launched four new investment accounts in June.
For advisors, the update puts child coverage, critical illness protection and first-home savings under one insurer. The release does not give premium rates or product eligibility details.
