Union of Canada’s Term Insurance Lineup – Pros and Cons

Posted on February 5, 2008 and updated June 10, 2010 in Life Insurance Canada News 2 min read
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Union of Canada Life Insurance was founded in 1863 and presently operates in Ontario, Quebec, New Brunswick and PEI.

They are one of the few companies in Canada to offer a 5-year term policy. The policy is renewable to age 70 and convertible to age 65. The plan pricing, unfortunately, is uncompetitive.

Case in point: a 45 year-old male non-smoker who receives standard rates would pay $83.92 a month. That same person could buy the same policy with Unity Life for $42.98 a month, and the Unity Life plan is renewable to age 80 and convertible to age 70.

Union of Canada Term 10 is cheaper than its 5-year plan. Looking at the same 45 year-old non-smoker, he would pay $55.84 a month for a 10-year. Nothing to get too excited about—he could get the same policy from Canada Life for $31.95 a month. On the plus side Union of Canada five year and ten year term plans are both convertible to their non participating limited pay Whole Life policies – which are very well positioned in the Canadian marketplace.  They also offer preferred rates on their Term 10 plan to individuals who are in excellent health and have a very good family health history.

Visit our list of Canadian life insurance companies

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