UL Mutual has announced that it is launching new products in its life and critical illness insurance lines.
It is introducing a renewable 30-year term life insurance product, which the company says offers among the market’s lowest pricing for coverage of $200,000 and over (up to $2 million). The new T-30 product includes a benefit in case of severe loss of autonomy.
The product is offered to individuals from age 18 to 55 and is renewable every 10 years until death. Preferred rates are available from $250,000.
New critical illness insurance product
UL Mutual is also launching a preapproved critical illness insurance product that covers the three main causes of death in Canada: cancer, stroke, and heart attack. The cost is from $5/month on term and permanent insurance products. It requires no medical exam and pays a $1,000 monthly benefit for a maximum period of 24 months following diagnosis of one of the three illnesses covered. The coverage ends at age 70.
No fluids up to $500,000
UL Mutual also announced that it has changed its requirements for permanent insurance products for clients 55 and under. No medical samples will be required for ages 45 and under for up to $500,000 in coverage and no medical samples are required for ages 46 to 55 for up to $250,000. “The process will be faster for both clients and advisors because medical samples will be replaced by a phone interview,” says UL Mutual.
“We sincerely believe that these new offerings will generate a great deal of interest in our network and help strengthen our position in the market,” says Julie Michaud, Senior Vice President, Personal Insurance and Investment & Retirement.
She added that the UL Mutual’s move to lower its premiums on term products announced last spring has raised awareness about the company’s offerings. “We’re sensing a keen interest in UL Mutual and believe these new products will improve our advisors’ services even further by enabling them to offer top quality products at ultra-competitive rates.”