Union of Canada Life Insurance began in 1863 as a fraternal society, and it has the distinction of being one of the oldest organizations of its kind in North America. In 1983, Union of Canada was converted into a mutual life insurance company. Union of Canada has been providing insurance to residents of Ontario since 1863, residents of Quebec since 1911, residents of New Brunswick since 1959, and residents of Prince Edward Island since 1983. Some of the organizations that Union of Canada belongs to include CLHIA and ASSURIS. Union of Canada is a CMHC approved lender, and its annual gross revenue is more than $11 million. Some of the products that Union of Canada has to offer include accident insurance, life insurance, annuities, mortgage insurance and mortgage loans.
The majority of the life insurance products sold by Union of Canada fall into the categories of term life insurance and permanent life insurance. Union of Canada’s term life insurance is available as a 5 year or 10 year plan. You have the option of renewing your term life insurance after the coverage has finished.
Participating whole life insurance is a kind of permanent insurance that provides coverage for a lifetime plus accumulated dividends. Anyone between the ages of 0 and 70 is eligible to apply for this policy, as long as they’re looking for more than $25,000 in coverage. Non-participating whole life insurance is another form of permanent life insurance that offers lifetime coverage, but instead of dividends, it provides a higher cash surrender value. People between the ages of 15 days and 70 years can apply for the policy, and the minimum amount of coverage required is $25,000. Progression 15 is another kind of permanent life insurance; the major difference with this policy is that after 15 years, you can choose to have the policy fully paid-up. Three more kinds of permanent life insurance are Select Life, Ultra-Life and Ultra-Life Plus. With Select Life, the minimum amount of coverage is $200,000, and with Ultra-Life and Ultra-Life Plus, the minimum amount of coverage is $25,000. You must be between the ages of 18 and 70 to apply for these types of permanent life insurance.
Typically, to purchase an insurance policy, the insurance company will require you to undergo a medical exam. However, Union of Canada offers a permanent life insurance policy that allows you to skip the medical exam. This type of policy is great for people who have medical problems that would make it difficult or expensive for them to get regular insurance. Anyone between the ages of 45 and 75 can apply for this type of insurance, and the amount of coverage can be anywhere between $5,000 and $25,000. Under this plan, premiums can be fully paid-up within 20 years.