The cooperative, Services de santé du Québec, was founded in 1944 based on the discontentment of Dr. Jacques Tremblay with the inability of the working class to afford proper medical coverage. The initials of the name (SSQ) are now used to represent the company. Over the years, SSQ has grown from a small cooperative to a comprehensive insurance and financial services organization. As of 2010, SSQ manages $4.7 billion in assets, has over one million clients, employees over 1,600 individuals and is poised to continue growing at a steady pace.
On January 1, 2012, SSQ Life Insurance Company completed the acquisition of AXA Life Insurance Inc. SSQ expects the acquisition to strengthen its position in the insurance industry, primarily in Canada. Through SSQ Financial Group, the company has evolved into a comprehensive financial services organization that provides clients with a range of products and services tailored for their personal financial situation.
SSQ offers term life insurance as an affordable option that provides flexible protection. Individuals can choose a life insurance plan with a period of 10 or 20 years, or coverage until the age of 70. SSQ term life insurance is beneficial for individuals who need life insurance coverage for a predetermined time.
Permanent Life offered by SSQ provides life insurance coverage for the life of the insured person, regardless of the individual’s health status. Two options exist under SSQ’s permanent life insurance – Whole Life 20 and Whole Life 100. Whole Life 20 is a plan with premiums payable over 20 years. Whole Life 100 is a plan with premiums payable until age 100. Both options have significant cash values that appreciate over time. Under Permanent Life, SSQ also offers Term 100. This policy is designed to be affordable while offering life insurance coverage for a longer time period than the other term life insurance policies.
Universal life insurance offered through SSQ allows individuals to take advantage of life insurance coverage and a savings plan within a single policy. The plan also has tax benefits, allowing an individual to accumulate savings without paying taxes. The two universal life plans offered by SSQ include Universal Life Protection and Universal Life Investment.
In addition to life insurance, SSQ Financial Group also offers group insurance coverage for employers and similar organizations. Common features of group coverage include a health insurance benefit, dental care insurance benefit, health capsule and basic drug prescription plan. Critical illness, disability and an employee assistance program are also available through SSQ Financial Group. Individuals needing financial guidance beyond life insurance can find assistance through SSQ for auto and home insurance, investment and retirement plans and real estate management and development.