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Life insurance protects those who depend on you financially. Should the unthinkable happen, life insurance provides your loved ones financial security.
Life insurance solutions might be either a term-based plan (lasting for a specific period) or a permanent life insurance plan.
A UV Life Insurance policy, part of the broader group of Canadian life insurance companies, offers many term and permanent life insurance products to suit different financial needs and budgets. Keep reading for our detailed UV life insurance review to find out more.
Overview of UV Insurance
UV Insurance is a well-established Canadian life insurance company that offers a wide range of insurance products, including term life insurance, permanent life insurance, and critical illness insurance. With over 130 years of experience, they've built a reputation for financial stability and excellent customer service. The company is backed by a network of expert independent advisors who can help clients navigate the complex world of life insurance.
Who is UV Insurance?
Founded in 1889, UV Insurance specializes in offering individual and group life insurance products, including group insurance. They sell life insurance solutions through a network of independent advisors. UV Insurance has built a strong reputation for its long history and innovative financial products.
UV Insurance Facts & Financial Information
Facts about UV Insurance
Founded in 1889
Headquartered at Quebec, Canada
UV Insurance's Financial Information
$2.3 billion in Financial Assets (2023)
~$8 billion in annual insurance premiums
AM Best Financial Strength Rating: N/A
UV Insurance Reviews
Interested in finding out how UV Insurance is seen online?
Unfortunately, we could not find any reviews for them on Google Reviews and Insureye. So, we cannot comment on their customer service.
However, they were ranked Second-Best among Quebec's SMEs in 2020 and ranked among the top 2023 Canada’s Small & Medium Employers.
Products and Features from UV Life Insurance
UV Life Insurance offers a diverse range of life insurance products to meet the individual needs of different people. One of the key offerings is critical illness coverage, which provides financial support through tax-free lump sum benefits when individuals are diagnosed with severe illnesses, ensuring they can manage medical expenses and maintain financial stability during recovery.
Additionally, UV Life Insurance provides critical illness insurance products that offer extensive critical illness coverage for a variety of illnesses, including early-stage conditions and childhood illnesses.
Term Life Insurance
Term Life Insurance Superior+ is UV Insurance’s flagship product. This plan offers protection for 10, 15, 20, 25, or 30 years.
Term Life Insurance Superior+
With UV Insurance, you can purchase term life as a Simplified Issue (Express or Immediate), or a fully underwritten policy (Regular Underwriting)
Simplified issue life policies do not require a blood test or visit to the doctor. This policy is a good choice for those who want to skip the medical examination because of an underlying health issue or because they find it inconvenient.
This policy may also work well for applicants who want quick approval. Fully underwritten policies can take up to six weeks for approval. Not everyone is willing to or can afford to wait that long. If you need life insurance immediately, this plan may be perfect for you.
Express Underwriting (Simplified Issue)
Available to receive right away without medical exam.
- Available for amounts from $10,000 to $150,000
- Available from $25,000 for Term 10 and Term 15
- 30-year term (T30) is available for people between the ages of 18 - 55
Immediate Underwriting (Simplified Issue)
- Available from $150,001 for all ages without requiring a medical exam or an attending physician’s statement
- Based on age, can have a policy of up to $250,000, $350,000, or $499,999
Regular Underwriting
You can buy a fully underwritten policy if you need $500,000 or more in coverage. You will have to undergo a medical test and answer a few health questions to prove eligibility.
Term Life Superior+ plans come with the following features:
- Fixed monthly or annual premiums
- Exchange a 10- or 20-year policy for a 30-year term plan
- Renewable after every 10-year period without any additional underwriting
- Convertible into permanent life insurance until age 70 without proof of good health
- Benefit in the case of severe loss of autonomy
- You may be able to the critical illness rider without any additional underwriting
- Option to add a credit insurance rider
- You may exercise the exchange privilege only once until the 5th policy anniversary
- Before you turn 60, the insurer could issue you 50% of the policy amount if you cannot perform 4 of the 6 activities of daily living
Whole Life Insurance
Whole life insurance, a type of permanent insurance, provides critical illness coverage for your entire lifetime and accumulates cash value, but you must pay extra. With UV Insurance, you can have whole life insurance in three available plans:
- Whole Life High Value
- Adaptable
- Whole Life Pay to 100
All three of these insurance policies come in different issues, including:
- Simplified Issue (Express Issue)
- Regular Underwriting
Simplified Issue (Express Issue)
To avoid a medical exam, consider a simplified issue of a whole life policy. You can purchase coverage for $10,000 to $150,000 under this plan, from ages 0-80 depending on the whole life insurance plan of your choosing.
This plan also does not require a medical exam. However, you will have to answer a few health questions as part of the application process.
- Amounts available from $50,001 to $150,000
- Available for people between the ages of 0 to 75 years
- Eight premium payment options
- Applicants between the ages of 0 to 15 must answer nine eligibility questions. Those who are between the ages of 16 and 75 need to answer 7 health questions
- No waiting period
- Ability to add riders for more comprehensive coverage
- Electronic application
Regular Underwriting
As the name suggests, this plan involves medical underwriting. You will have to undergo a medical exam, and the insurer may also request an attending physician’s statement.
- Available for amounts $150,001 and more
- Available for people between the ages of 0 to 75 years
- No waiting period
- Eight premium payment options
- Option to add riders
- Electronic and paper application
Whole Life High Value
UV's newest whole life insurance policy allows you to pay for a period of 20 years, and be insured for life. You do not need a medical exam for a policy between $10,000-$150,000, and you receive tax-free coverage from $10,000 to $2,000,000. You can purchase this policy any time from age 0 to age 75.
Starting from the tenth year of your policy, you start receiving a cash value. By the age of 65 (or 20 years after your policy begins if you are above the age of 46), you will have accumulated 50% of your policy in cash value. This means that if you purchased the policy for $1,000,000, your cash value will be $500,000.
Adaptable
This life insurance policy is also available from $10,000 to $2,000,000, and contains a Simplified Issue, allowing you to purchase a policy without a medical exam up until $150,000. You can purchase this policy anytime from age 0 to age 75.
You have 8 different options for the duration of your payment period, with the minimum being 20 years, and 20 payment options from birth. The policy also comes with a surrender value that you are able to borrow against, either fully or partially, as early as 10 years into the policy. It is possible to include paid-up insurance.
You also have the ability to turn your Term Life insurance into an Adaptable Whole Life insurance policy once the duration of the Term Life policy is over, earning cash value on it.
Whole Life Pay to 100
Like UV's other Whole Life insurance policies, you can be insured from $10,000 to $2,000,000. Whole Life Pay to 100 also provides Simplified Issue, allowing you to access insurance instantly for up to $150,000 without a medical exam. You can purchase this policy from age 18 to age 80.
This flexible policy allows you to keep your whole life insurance, even when you can't pay premiums. You can access the cash value at the 5th year anniversary of your contract, unlike the previous two Whole Life insurance policies provided by UV, an pay premiums until the age of 100.
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Find the best rates
Compare quotes from the top Canadian life insurance companies and explore various life insurance policies, including whole, universal, and term life insurance.
Critical Illness Insurance
UV Insurance offers two illness insurance plans: AdapCI (24 illnesses) and AdapCI Juvenile (31 illnesses).
The AdapCI plan is for adults and the latter AdapCI Juvenile is for children aged 0-16. For both plans, the coverage amount ranges from $10,000 to $2,000,000. They also include a unique benefit called ‘Prolonged Disability'. You are eligible to receive a monthly benefit payment for up to two years if your disability is prolonged and due to a covered condition.
These plans also offer coverage for 4 non-critical health conditions. In the event of a diagnosis of a non-critical illness, you will receive a lump-sum payment equivalent to 10% of the permanent life insurance policy amount, up to a maximum of $50,000
AdapCI: Critical Illness Insurance Plan
UV Insurance’s AdapCI is a comprehensive critical illness insurance plan that provides coverage for 24 critical illnesses, including cancer, heart attack, and stroke. The plan also covers four non-critical illnesses, including coronary angioplasty and stage 1 malignant melanoma. AdapCI offers flexible term options, including term-20, term-25, term-35, term-45, term-55, term-65, and term-75. The plan also includes personalized medical assistance through Teladoc Medical Experts, ensuring you have access to top-notch medical advice when you need it most.
How to purchase UV Insurance
Purchasing UV Insurance is a straightforward process that can be completed online or through an independent advisor. Clients can choose from a range of insurance products, including term life insurance, permanent life insurance, and critical illness insurance. Whether you are looking for a term life insurance policy to cover a specific period or a permanent life insurance policy for lifelong protection, it has options to suit your needs.
The process of buying UV Insurance
To buy UV Insurance, clients can follow these steps:
- Determine their insurance needs: Assess your financial situation and determine how much insurance coverage you need.
- Choose an insurance product: UV Insurance offers a range of insurance products, including term life insurance, permanent life insurance, and critical illness insurance.
- Get a quote: Obtain a quote online or through an independent advisor.
- Apply for coverage: Submit your application online or through an independent advisor.
- Undergo underwriting: UV Insurance will review your application and medical history to determine your eligibility for coverage.
- Receive approval: Once your application is approved, you will receive your insurance policy.
Underwriting and Approval Process
UV Insurance’s underwriting and approval process typically takes several weeks to several months. The length of time it takes to get approved will depend on the complexity of the client’s application and the amount of coverage they are applying for.
How Long Does it Take to Get Approved for UV Insurance?
The length of time it takes to get approved for UV Insurance will depend on several factors, including the client’s medical history, the amount of coverage they are applying for, and the complexity of their application. On average, it can take several weeks to several months to get approved for UV Insurance. Here are some general guidelines on what clients can expect:
- Simplified issue policies: 1-2 weeks
- Fully underwritten policies: 2-6 weeks
- Complex applications: 6-12 weeks or more
It’s worth noting that UV Insurance offers a range of insurance products, including simplified issue policies that do not require a medical exam. These policies can be approved more quickly than fully underwritten policies.
UV Term Life Insurance Rates
It offers many term life insurance plans. But are they priced competitively?
To find out, we got quotes from the insurer. Our quotes are for 20-year term life insurance with $400,000 in coverage for healthy men and women of different ages.
UV Insurance Review – Price Comparison vs. Competitor Products
Do not forget to compare the rates of different providers when buying term life insurance. Why? Because the premium rates vary (sometimes significantly) from one insurer to another. For example, if you are a 40-year-old man, choosing UV Insurance over Manulife can save you over $1,000 for a 20-year term.
Reasons Why We Like UV Insurance
Long history
UV Insurance has been in for roughly 135 years! If you have a life insurance policy with UV, rest assured your claim will be paid out.
Offers both personal and group life insurance
UV Insurance is one of the few Canadian insurers that sell both personal and group life insurance products as a mutual insurance company. If eligible, group life insurance is a great option since it is either free or more affordable than a personal life policy. Experts recommend buying an individual life policy even if your employer offers group life insurance as part of the employee benefits package.
Simplified issue for amounts up to $150,000
You can buy a term life or whole life insurance policy of up to $150,000 without any medical underwriting.
Plenty of riders
When it comes to offering supplementary benefits, UV Life Insurance is second to none. Their riders list is exhaustive and includes some unique add-ons like the credit insurance rider.
Prolonged Disability benefit
UV Insurance offers a unique critical illness insurance benefit called ‘Prolonged Disability'. If you experience a prolonged disability due to a covered condition before age 65, you will receive a monthly benefit. The monthly payout will be equivalent to 1% of your policy amount or $1,500, whichever is less. The insurer will pay the benefit for a maximum of two years.
Insurance for children
The insurer offers two life insurance plans specifically for children — Early Learning and Juvenile 30/100.
What We Did Not Like About UV Insurance
Does not provide online quotes
It does not offer online quotes, making it harder for you to compare their life insurance rates with those of other insurers.
Does not provide universal life insurance
If you need universal life insurance, UV Life Insurance is not for you.
Conclusion – Is UV Insurance Right for You?
UV Insurance offers term and whole life insurance plans, including a simplified issue. If you are looking for a new life insurance policy, you should include them in your shortlist. Those who want universal life insurance, however, will have to look elsewhere.
See more reviews from top life insurance companies in Canada
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