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UV Life Insurance Review [2024]
UV’s term life insurance policies have customizable features and a lot of rider options that make them a great, flexible choice for most Canadians. Plus, they give you an additional benefit for extreme disability at no cost — which is rare in Canada.
Mutual insurance company UV may not be as well known in other provinces as in Quebec, where it’s based. But, it is one of Canada’s oldest and largest life insurance providers.
Read our full review below to find out more about UV Insurance, which features they offer, and what we rate their life insurance products.
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Our UV Life Insurance Review and Rating
UV sells a wide range of insurance products, including:
- Term life insurance
- Whole life insurance (non-participating)
- Critical illness insurance
- Children’s insurance
Its Term Superior+ insurance plan is flexible and can be adjusted to meet a variety of needs. Term options range from 10 to 30 years, and policies can be renewed or converted into permanent life insurance coverage later on.
UV gives you life insurance rider options like a child rider and critical illness coverage. And, they give you additional coverage for disability for free with their Severe Loss of Independence Existence benefit. Not many other insurers in Canada offer this type of coverage at no cost.
They also go to fair lengths to offer coverage to people who have health issues. Many of their products are available as simplified issue policies. Simply put (no pun intended), this is a type of life insurance called no medical because it doesn’t make you do a medical examination to get covered. You can only get a certain amount of coverage with no medical policies, though.
UV Insurance pros and cons
Here is what our team ranks as the most and least advantageous features of UV’s term life insurance products for most Canadians.
UV insurance pros
- Quick approval
- Multiple rider options
- Complimentary extreme disability benefit rider (loss of autonomy) rare in the industry
- Options to convert into permanent policy
- Extensive no medical coverage options
- Some express issue no medical policies eligible for instant coverage — no waiting period
- High coverage amounts available
- Fast and easy online application process
- Electronic policy delivery & online access to account
- Mutual values put customer first
UV insurance cons
- Not offered in some Canadian provinces
- Critical illness rider limited to 24 months and only covers 3 health conditions — stroke, heart attack, or cancer
- Health, travel, and disability insurance coverage only available through group policies
- Limited options for converting — only one type of permanent policy available (non-participating)
Who is UV Insurance Company?
UV Financial began as L’Union Saint-Joseph, a mutual company founded in Quebec in 1889 to service the insurance needs of union members. As it grew and expanded, it eventually rebranded as Union Life Mutual Insurance Company, UL Mutual, and UV Assurance. It eventually settled on the UV name it now goes by.
UV Insurance has stayed true to its mutual principles. It sells insurance and financial products through independent advisors across Canada.
UV Life Insurance Company: Quick Facts
- Founded: 1889
- Headquarters: Drummondville, QC
- AM Best Rating: N/A
- Better Business Bureau Accreditation and Rating: No
- Assets: $2 billion
- Annual Premiums: $217 million
How much does UV term life insurance cost?
Premium rates for UV’s term life products can be a bit pricey compared to average prices in the market. They may not be the cheapest, but they’re an affordable option for such high quality. You may find their prices are more about overall value than bottom dollar.
The table below shows some UV term insurance quotes at different ages for their default plan, for a 20-year term and $500,000 in coverage. But keep in mind that prices depend on your personal details and policy options.
You can get personalized UV life insurance quotes and compare it with other companies in seconds using our online platform. Just click the link below the table to get started.
UV Term Insurance Quotes
| Age | Male | Female |
|---|---|---|
| 20 | $31.50/mo | $22.50/mo |
| 25 | $31.50/mo | $22.95/mo |
| 30 | $31.50/mo | $22.95/mo |
| 35 | $33.30/mo | $25.20/mo |
| 40 | $48.60/mo | $35.55/mo |
| 45 | $76.95/mo | $54.90/mo |
| 50 | $135.45/mo | $90.90/mo |
| 55 | $250.20/mo | $170.55/mo |
| 60 | $433.80/mo | $309.60/mo |
*Representative values. Insurance premiums for Term Superior+ based on non-smokers in good health. $500,000 life insurance benefit coverage, 20-year term.
What other insurance policies does UV Mutual offer?
Aside from its term products, UV Insurance Company also sells:
UV has a few different permanent life insurance options that last for your entire life. Their policies have investment options that build cash value, so you can earn growth during your lifetime. But, they don’t pay annual dividends like some other Canadian life insurance companies do.
We’ve rated UV as one of the Best Companies for Whole Life Insurance in Canada. Their whole life plans are also available as no medical insurance options.
- Whole Life High Values — UV’s latest whole life product, designed to build a lot of growth in a short amount of time.
- Adaptable — A standard whole life policy with comprehensive coverage and customizable options.
- Whole Life Pay to 100 Years — A basic plan for whole life coverage, without the option to pay your premiums off early.
Critical illness insurance pays out a one-time lump sum if you get sick with one of the covered illnesses. UV’s critical illness coverage is called AdapCI. It covers up to 24 serious illnesses. And, it’s available as a children’s policy that covers up to 31 critical illnesses.
UV offers a little extra coverage with its critical illness insurance plan. They also cover 4 additional health issues that are not critical. And, they offer extended disability coverage free of charge.
UV has unique child insurance coverage. Their plan bundles life and critical illness insurance for children. Right now, they also have a promotion offering a refund on fees.
Is life insurance from UV right for you?
Term life insurance plans from UV can be a good option for someone who wants well-rounded coverage that can adapt to almost any need. It works well for individuals, families, or business owners.
They’re a pretty good choice for private mortgage insurance. When combined with its coverage for critical illness and credit insurance rider, it packs quite the punch for covering all your bases there. We’ve actually rated them as one of the Best Companies for Private Mortgage Insurance in Canada.
UV is one of the life insurers that could work well for high-income Canadians because they offer a high death benefit amount. But they’re also great for bargain hunters who want high-quality products for a great value. Their policies work well for a cost-saving strategy called laddering.
At PolicyAdvisor, we work with more than 30 of the best insurance companies in Canada. Speak to our licensed advisors and we can help you decide if UV’s products are the best fit for you.
Where to buy UV insurance policies?
You can buy life insurance with UV on PolicyAdvisor.com. Use our free quoting tool or click the button below to get personalized quotes instantly. And, you can also compare those quotes with some of the other top companies for life insurance in Canada.
If you would prefer to speak with a licensed insurance agent, we can help with that too! Our insurance experts would be happy to speak with you and give one-on-one advice.
Speak with a professional insurance advisor
As Canada’s best online life insurance advisor, we can help you compare and choose the company that matches your needs. Don’t hesitate to speak with our licensed advisors if you need help. We offer no-obligation advice to help you find your best match!
