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Are you financially prepared to handle the impact of a major illness diagnosis? Imagine facing a critical illness and suddenly being overwhelmed by substantial medical bills. Critical illness insurance can be your financial lifeline, ensuring you can focus on recovery instead of expenses.
UV Insurance offers a critical illness insurance plan that not only covers a broad range of conditions but also provides unique benefits like prolonged disability coverage. Their flexible term length options and built-in premium refund feature set them apart from other providers.
Don’t leave your future to chance. Explore UV Insurance’s critical illness plans today and ensure that you and your loved ones are protected, no matter what comes your way. Start your journey to financial security by comparing UV Insurance with other leading providers and see why it might be the right choice for you.
About UV Life Insurance Company
UV Insurance has a rich history dating back to its founding in 1889 in Drummondville, Quebec. Originally established as a mutual insurance company under the name L’Union Saint-Joseph, it was created with a focus on providing reliable insurance coverage to the local community. Over the past 130 years, UV Insurance has grown from its humble beginnings to become a prominent player in the Canadian insurance industry.
In 1957, the company rebranded as The Union Life Mutual Insurance Company, marking the start of a significant expansion period. During this time, it acquired over 15 other insurance companies and extended its operations beyond Quebec, reaching into Ontario and New Brunswick. This expansion helped solidify its presence across multiple provinces.
By 1985, UV Insurance began focusing on strengthening its community ties, particularly in its hometown of Drummondville. The company actively supported local organizations, which not only bolstered its brand awareness but also deepened its roots in the community.
In recent years, the company underwent another rebranding to become UV Insurance. Today, UV Insurance serves over 150,000 clients and manages assets totalling $2.5 billion. With a workforce of nearly 200 employees, the company continues to offer a diverse range of insurance products, including:
- Term life insurance
- Whole life insurance
- Group insurance
- Payout annuities
Key facts about BMO Life Assurance Company
AM Best Rating: Not rated
Head office: 1990 rue Jean-Berchmans-Michaud, Drummondville, QC J2C 7G7
Website: https://uvinsurance.ca/
Contact phone number: 1-800-567-0988
What Critical Illness Insurance Plans Does UV Insurance Offer?
What is critical illness insurance? It’s a type of coverage that provides a tax-free lump sum benefit if you’re diagnosed with a serious illness covered by your policy. This payment can be used for any purpose, such as covering medical expenses, replacing lost income, or even funding travel expenses for out-of-country treatment.
What does it cover? Critical illness insurance typically covers a range of serious health conditions, with the exact list varying by insurer. Commonly covered illnesses include cancer, heart attack, stroke, and coronary artery bypass surgery. Many policies also cover conditions like kidney failure, major organ transplants, and multiple sclerosis.
Who needs it? Critical illness insurance is particularly beneficial for individuals who may not have sufficient savings to cover the extensive costs associated with a severe illness. This includes those who are self-employed, lack robust employer-provided benefits, or have dependents relying on their income. When combined with long-term disability insurance, critical illness insurance provides comprehensive financial protection during a health crisis.
How much coverage do you need? The amount of coverage you need depends on several factors, including your income, existing savings, and the potential costs of managing a critical illness. As a general guideline, it’s recommended to obtain coverage that equals one to two years of your income. This amount is intended to cover not only medical expenses but also living costs, debt repayments, and other financial obligations during your recovery period.
In summary, critical illness coverage provides crucial financial support when facing a severe illness, making it a valuable consideration for many, especially those who might be vulnerable to the financial impact of such conditions. In the next section, we’ll explore critical illness coverage plans from UV Insurance.
AdapCI
UV Insurance’s critical illness plan, AdapCI, is a standout option for those seeking comprehensive coverage tailored to a wide range of needs. Although the policy lists 24 covered illnesses, it effectively covers 25 conditions. This is because it combines “major organ transplant” and “major organ failure on the waiting list” into a single condition, whereas many competitors treat these as two separate conditions.
The AdapCI plan is available to individuals from 30 days old up to age 65, with coverage amounts ranging from $10,000 to $2,000,000. This broad range ensures that the plan can cater to varying financial needs, whether you are looking for minimal coverage or a substantial safety net.
For children from 30 days old to age 15, AdapCI Juvenile is even more comprehensive, covering an additional seven childhood illnesses such as autism, cerebral palsy, and type 1 diabetes. This brings the total number of covered conditions for children to 32, offering robust protection for young families.
A unique feature of AdapCI is its “extended disability” benefit. If you remain on long-term disability 24 months after being diagnosed with a covered condition, the plan pays 1% of the benefit amount, up to $1,500 per month, for up to 24 months. This benefit provides ongoing financial support during extended recovery periods, which can be crucial for maintaining financial stability.
The AdapCI plan also stands out for its flexible term options. In addition to the standard term-20, term-65, and term-75, it offers unique options like term-25, term-35, term-45, and term-55, allowing you to customize your coverage duration to your specific needs.
Moreover, the plan covers four non-critical illnesses, including coronary angioplasty and stage 1 malignant melanoma, paying 10% of your benefit amount, up to $50,000. This additional coverage for less severe conditions adds another layer of financial protection.
Another significant advantage of AdapCI is its built-in premium refund feature. After 10 years, you can exercise this option to get part of your premiums back, with the refund amount increasing to 100% after the premium payment period ends. This feature adds value and flexibility to the plan, making it an attractive option for those concerned about long-term financial commitments.
Finally, AdapCI includes personalized medical assistance through Teladoc Medical Experts. This service connects policyholders with top medical professionals worldwide for second opinions and treatment recommendations, ensuring you have access to the best possible care.
- Pros:
- UV Insurance's critical illness coverage offers distinctive features that set it apart from competitors, such as the extended disability benefit, a variety of flexible term options, and a built-in premium refund feature.
- AdapCI also has an option for you to purchase permanent insurance that activates after the end of the term. This can be added at issue or at the 3, 5, or 7-year mark, making it particularly beneficial if you develop medical conditions that could increase your risk of a claim later in life.
- AdapCI Juvenile covers seven additional childhood illnesses, which is more than the five typically offered by most other insurance companies.
- The return of premium on death is automatically included at no extra cost.
- Cons:
- The 10% payout for non-critical illnesses is lower than what many other insurance companies offer, as they typically pay 15%.
- AdapCI covers only four non-critical illnesses, which is fewer than what most competitors include in their plans.
- There is a 30-day survival period for all covered illnesses before UV Insurance pays the lump sum benefit, whereas some companies apply this waiting period only to cardiovascular diseases. This results in a longer wait before you receive the benefit.
In summary, UV Insurance’s AdapCI plan offers comprehensive, flexible, and customizable coverage, making it an excellent choice for anyone looking for robust critical illness insurance.
Here is a table showing the key features of AdapCI:
AdapCI | |
|---|---|
Age eligibility | 30 days to 65 years old |
Number of illnesses covered | 25 |
Plan types | Term-20, term-25, term-35, term-45, term-55, term-65, term-75 |
Guaranteed premiums | Yes |
Expiry | Age 25, 35, 45, 55, 65, or 75, depending on the plan |
Coverage limits | $10,000 to $2,000,000 |
Survival period | 30 days for all illnesses |
Partial benefits | Pays 10% of the chosen benefit amount, up to $50,000, for less severe illnesses. Covers four illnesses. Only pays once |
Conversion privileges | No |
Type of underwriting | Fully underwritten. A medical exam may be necessary |
Riders | Accidental fracture, waiver of premium on death or disability, waiver of premium in the event of loss of employment |
Value-added service | Teladoc Medical Experts |
How to purchase | Through a licensed insurance advisor |
What Illnesses Does UV Insurance Critical Illness Insurance Cover?
UV Insurance’s AdapCI plan covers 25 critical illnesses for full payout, four conditions for partial benefits for adults, and seven additional childhood illnesses. Here’s a list of the covered conditions breakdown to help you understand what is included, starting with the 25 illnesses for full payout:
- Aortic surgery
- Aplastic anaemia
- Bacterial meningitis
- Benign brain tumour
- Blindness
- Coma
- Coronary artery bypass surgery
- Deafness
- Dementia, including Alzheimer’s disease
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Life-threatening cancer
- Loss of independent existence
- Loss of limbs
- Loss of speech
- Major organ failure on waiting list
- Major organ transplant
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Paralysis
- Parkinson’s disease and specified atypical Parkinsonian disorders
- Severe burns
- Stroke
For children, AdapCI goes above and beyond by covering seven additional childhood illnesses in addition to the core illnesses. These include:
- Autism
- Cerebral palsy
- Congenital heart disease
- Cystic fibrosis
- Muscular dystrophy
- Rett syndrome
- Type 1 diabetes
Like many other critical illness insurance products, AdapCI extends its coverage beyond the basics by offering payouts for certain conditions detected in their early stages.
For these four specific illnesses, AdapCI provides a partial payout of 10% of your chosen benefit amount, up to $50,000. This early-stage payout can help cover initial treatment costs while the illness is still manageable.
Here are the four conditions that qualify for this partial benefit:
- Coronary angioplasty
- Ductal carcinoma in situ of the breast
- Prostate cancer classified as T1A or T1B
- Stage 1 malignant melanoma
How Much Does UV Critical Illness Insurance Cost?
The cost of critical illness insurance is influenced by several factors, which insurers evaluate to assess the risk associated with providing coverage. Here’s an overview of the key factors that affect premiums:
- Age: One of the most significant factors in determining the cost of critical illness insurance is age. Younger applicants pay lower premiums, as they are perceived to have a lower risk of developing a serious illness. As you get older, premiums increase due to the higher likelihood of encountering health issues. Since premiums are guaranteed when you buy a policy, getting it while you are young will help you save money down the road.
- Gender: Men typically pay higher premiums than women for critical illness insurance. This is due to statistical differences in the likelihood of developing certain illnesses. Men, for example, tend to be at higher risk for heart attacks and strokes, leading to higher rates.
- Smoking status: Smoking is a major factor that drastically increases premiums. Smokers are more likely to develop serious illnesses such as cancer and cardiovascular diseases, making them a higher risk for insurers. Non-smokers enjoy significantly lower rates as a result.
- Medical history: Your personal medical history plays a key role in determining both your eligibility for coverage and the cost of your premiums. If you’ve had previous health issues or have been diagnosed with a condition that could lead to a critical illness, insurers may increase your premiums or, in some cases, deny coverage.
- Family history of hereditary diseases: Insurers ask about the medical history of your immediate family members. If multiple family members have been diagnosed with hereditary conditions like cancer, heart disease, or diabetes, it may increase your premiums or affect your eligibility for coverage.
- Lifestyle choices: Risky lifestyle choices, such as frequent speeding tickets, participating in dangerous hobbies (e.g., extreme sports), drug use, or alcohol abuse, can all lead to higher premiums or even disqualification from coverage. These factors increase the likelihood of illness or injury, raising the insurer’s perceived risk.
- Coverage amount: The amount of coverage you choose directly impacts your premiums. A higher lump sum payout means higher premiums, which is why you should balance your need for coverage with your budget to find the right fit.
- Plan type: The length of the policy also affects its cost. Longer-term policies, such as term-65 or term-75, are more expensive than shorter terms like term-20. This is because longer terms provide coverage for a greater period of time, increasing the likelihood that the insurer will need to pay out a claim.
In summary, a combination of personal factors (like age, gender, and health) and policy-specific choices (such as coverage amount and term length) influence the cost of critical illness insurance. Understanding these factors can help you make an informed decision when selecting the right coverage.
Here is a table that shows the monthly premiums for $100,000 of coverage for a term-20 AdapCI plan for healthy non-smoking men and women in the first 20 years:
Age | Male | Female |
|---|---|---|
25 | $30 | $29 |
30 | $36 | $37 |
35 | $48 | $49 |
40 | $69 | $67 |
45 | $104 | $94 |
50 | $157 | $133 |
55 | $258 | $201 |
60 | $378 | $284 |
How Do You Buy A UV Critical Illness Insurance Plan?
Buying critical illness insurance involves a series of important steps to ensure you get the right coverage for your needs. Here’s a step-by-step guide to help you navigate the process:
- Find a licensed insurance advisor: Seek out a qualified insurance advisor who specializes in critical illness insurance and is licensed to operate in your province. They can provide personalized guidance and help you navigate the process.
- Assess your eligibility: Before applying, conduct a preliminary assessment to determine if you have any pre-existing medical conditions, a family history of illness, or lifestyle risks that could affect your eligibility or premium.
- Apply for coverage: Once you’ve gathered the necessary information, submit your application through your insurance advisor. They will guide you through the application process and ensure all required documents are provided.
- Underwriting process: The insurance company will review your application and conduct an underwriting process to assess your eligibility for coverage. This may involve:
- Medical records: Providing medical records or reports for any pre-existing conditions.
- Medical exam: In some cases, you may be required to undergo a medical exam to assess your overall health.
- Underwriting decision: Based on the underwriting process, the insurance company will make a decision regarding your coverage:
- Standard rates: You may be offered coverage at standard rates if your health and lifestyle are considered average or better.
- Increased premiums: If you have pre-existing conditions or other risk factors, you may be offered coverage at increased premiums.
- Declined application: In some cases, the insurance company may decline your application if your health and lifestyle risks are deemed too high.
- Accept and pay for your policy: If you’re offered coverage, review the policy terms and conditions carefully. Once you’re satisfied, accept the coverage and pay the initial premium to activate your policy. Your coverage will begin on the effective date specified in the policy.
Need A UV Critical Illness Insurance Quote?
Choosing the right critical illness insurance plan can provide you with peace of mind and financial security during difficult times. By understanding your specific needs and comparing options from different insurers, you can find a plan that best suits your circumstances.
Ready to explore your critical illness insurance options? Contact our experienced insurance advisors today for a free, no-obligation consultation. We’ll help you compare plans, find the best coverage, and provide ongoing support to ensure your policy continues to meet your evolving needs.
Contact us at info@briansoinsurance.com or 604-928-1628 or fill out the form below for a quote delivered directly to your inbox.
We also offer comprehensive insurance solutions, including life, disability, health & dental, and critical illness insurance. Let us help you create a personalized plan that protects you and your loved ones.
Get Your Critical Illness Insurance Quote Now
While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
