Union of Canada’s Term Life Insurance Lineup: Pros and Cons

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The Ontario Superior Court of Justice has ordered the winding-up of Union of Canada Life, finding that the company had insufficient capital to ensure long-term viability. The court has named Grant Thornton Limited as liquidator.

Union of Canada Life Insurance was founded in 1863 and presently operates in Ontario, Quebec, New Brunswick and PEI.

While they have a somewhat limited Term Insurance Product lineup.  They have an outstanding Permanent insurance Product portfolio including industry leading rates on their non particpating Whole Life policies.

Union of Canada has a Fully Guaranteed Non Particpating Whole Life 10 Pay, 15 Pay and 20 Pay Plan – which is available to insured’s ages 0 to 70. The policies provide lifetime protection and are paid up after 10, 15 or 20 years. These policies all come without Policy Fees.

Their Ultra Life, Ulta Life Plus and Select Life  are available to isnured’s 18 to 70. Minimum premium $200.  Also available with no policy fees and available on a Joint Life basis.