Key takeaways:
- UV's standout policy is its universal life insurance, which provides both a death benefit and a cash value accumulation feature.
- UV Life Insurance also offers riders that can be added to your policy, such as disability income insurance.
- Premiums for UV Life Insurance policies are generally lower than those of other Canadian insurance providers.
Our UV Life Insurance review
Our rating for UV Life Insurance: ★★★★☆ (4/5)
Who is UV Insurance?
- UV Life Insurance is a leading insurance provider based in the United States, with a history dating back more than 100 years.
- The company was founded in 1913 as Universal Life Insurance Company.
- Today, UV Life Insurance offers a wide range of policies from term life insurance to whole life insurance and universal life insurance.
- UV's focus is on providing highly customizable policies that are tailored to meet each person's specific needs.
- This means that whether you're looking for a policy that provides a high death benefit, a policy that allows you to accumulate cash value, or a combination of both, UV Life Insurance has options to fit your needs.
UV Insurance quick facts for 2023
- Headquarters in Drummondville, Quebec
- Founded in 1889
- Employees: 180
- AM Best Rating: N/A
UV Life Insurance rates for 2023
A 20-year term life insurance policy with $400,000 coverage for healthy individuals of different genders and ages varies significantly.
For instance, the estimated monthly premium for a 20-year-old man and woman is $26.28 and $19.08, respectively. But, factors such as medical history, lifestyle choices and family health history may influence your final price.
UV Life Insurance: pros and cons
Pros of UV Life Insurance:
- Highly customizable policies that can be tailored to your unique needs and budget, especially their whole life insurance policies with five different policy options.
- Offers various types of policies, including term life insurance, whole life insurance, and universal life insurance.
- Universal life insurance policy provides a death benefit and cash value accumulation feature, which allows you to potentially generate tax-free income in retirement.
Cons of UV Life Insurance:
- UV Life Insurance's policies may not be the cheapest on the market, and premiums may vary depending on the type of policy and the coverage amount.
- The investment options available for the cash value portion of the universal life insurance policy may have varying degrees of risk, which could impact potential returns.
- As with all life insurance policies, there is the possibility of your premiums increasing over time, especially if you opt for a policy with a renewable term.
- Policyholders may need to undergo a medical exam to determine their eligibility for coverage, which could be an inconvenience for some people.
- Some riders may come at an additional cost, which could increase the overall cost of the policy.
UV life insurance products
1. Term Life Insurance Superior +
- Coverage amount: Starts at $25,000.
- Term lengths available: 10, 20, 25 and 30 years for term life insurance; coverage for permanent life insurance is for your entire life.
- Riders: Accidental death and dismemberment coverage, child insurance coverage, and critical illness coverage.
- Exclusions: Suicide within the first two years of the policy's issuance or reinstatement.
- Renewable or convertible: Renewable every year until the age of 85 or convertible to a permanent life insurance policy.
- Uniqueness: Offers both term life insurance and permanent life insurance policies with customizable options.
2. Whole Life Insurance
- UV offers five types of whole life insurance: Simplified, Guaranteed, Instant Issue, Express Issue, Regular Underwriting
- Simplified Issue: offers up to $150,000 in coverage with no medical exam required.
- Guaranteed Issue: offers up to $25,000 in coverage and only asks a 2 medical questions instead of an exam. This issued policy is available for those ages 16 to 75 and can be applied fully online through their website.
- Instant Issue: offers up to $50,000 in coverage and asks only 6 medical-related questions instead of an exam. If a non-accidental death occurs within the 2-year period of policy issue, the beneficiary will get 50% of the premium amount. Keep in mind most policies don't pay out in the first two years.
- Express Issue: Offers up to $150,000 in coverage with no medical exam required but, you will have to answer 9 medical-related questions. The major perk of this issued policy is that there is no waiting period, once you apply, you're covered!
- Regular Underwriting: Available coverage starts at $150,000 but a medical exam is required.
3. Critical Illness Insurance
- Coverage amount: Starts at $25,000.
- Term lengths available: 10 to 30 years.
- Riders: Return of premium, critical illness recovery benefit, credit insurance rider, waive premiums incase of unemployment, total disability and accidental death and dismemberment coverage.
- Exclusions: Claims arising from a pre-existing medical condition within the first 90 days of the policy's issuance or reinstatement.
- Renewable or convertible: Renewable every ten years until the age of 75 or convertible to a permanent life insurance policy.
- Uniqueness: Covers various critical illnesses, including cancer, heart attack, and stroke.
Bottom line
If you are looking for a life insurance policy that provides both a death benefit and a cash value accumulation feature, UV Life Insurance's universal life insurance policy may be of interest to you. They offer a variety of whole life insurance policies with multiple policies that don't require medical exams. If you're looking for specific, and well-tailored permanent policies with benefits such as non-accidental death benefit payouts, UV is a good place to start.
But, if you're looking for term life insurance with the best bang for your buck, we suggest starting at Wawanesa, BMO, RBC and PolicyMe.
FAQ: UV life insurance
What types of life insurance policies does UV Life Insurance offer?
UV Life Insurance offers term life insurance, whole life insurance, and universal life insurance policies. Each type of policy is designed to meet different financial goals and priorities.
How much coverage can I get with UV Life Insurance?
The coverage amount varies depending on the type of policy and your individual needs. Coverage for life insurance policies starts at $25,000, while coverage amounts for disability insurance, critical illness insurance, long-term care insurance, and health and dental insurance vary based on the policy selected.
What is the difference between term life insurance and permanent life insurance?
Term life insurance provides coverage for a specific period (e.g., 10 years, 20 years), while permanent life insurance provides coverage for your entire life. Permanent life insurance policies also have a cash value accumulation feature that allows you to potentially generate tax-free income in retirement.
Can I customize my UV Life Insurance policy?
Yes, UV Life Insurance policies are highly customizable and can be tailored to meet your unique needs and budget.
Are there any exclusions or limitations to UV Life Insurance policies?
Yes, there may be exclusions or limitations depending on the type of policy and the coverage amount. For example, claims arising from a pre-existing medical condition may not be covered until a certain waiting period has passed.
What riders can I add to my UV Life Insurance policy?
UV Life Insurance offers various riders that can be added to enhance your coverage, including accidental death and dismemberment coverage, child insurance coverage, critical illness coverage, and more.
Do UV Life Insurance policies have renewable or convertible options?
Yes, most UV Life Insurance policies are renewable or convertible. This means that you can renew your coverage or convert it to a permanent life insurance policy at a later date, depending on the policy terms.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
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