UL Mutual Employee Benefit Plan

UL Mutual provides a handful of benefits in its group benefit plan. The group benefit plan includes both core benefits and specific benefits.

The core benefits in the group insurance benefits provide a number of coverages. These include life insurance, life insurance for dependents, death and accidental mutilation insurance, death and accidental mutilation insurance for dependents, short-term disability insurance, long-term disability insurance, health insurance, prescription drug insurance, dental insurance, and eye-care insurance.

Furthermore, UL Mutual employee benefits also include specific benefits. The specific benefits include critical illness insurance, critical illness for dependents, optional critical illness insurance, health management account, optional life insurance, and cost plus. Also, the specific benefits cover health information and navigation program, health risk assessment tool, and manager support and intervention program.

To learn more about UL Mutual employee benefit, click here.

Employee Benefit News

UL Mutual announced in September 2017 that it is launching new products in its life and critical illness lines. The company is introducing a renewable 30-year term life insurance product which offers among the market’s lowest pricing for coverage of $200,000 and up to $2 million. The new T-30 product includes a benefit to cover for a severe loss of autonomy.

The product is offered to individuals from the age of 18 to 55 and could be renewed every 10 years until the person dies. Also, preferred rates are available from $250,000.

Furthermore, the company is launching a preapproved critical illness insurance product that covers three major causes of deaths in Canada, namely, cancer, heart attack, and stroke. The cost is from $5 per month on the term and permanent insurance products, it requires no medical exam and pays $1,000 monthly benefit for a maximum period of 24 months due to one of the three illnesses covered.

UL Mutual announced that it has changed its requirements for permanent insurance products for clients aged 55 and below. Those aged 45 and below are not required to provide medical samples for up to $500,000 in coverage. For those from 46 to 55, medical samples are not required for up to $250,000.

Since medical samples will be replaced by a phone interview, the process will be faster for clients and advisors, the company said. Julie Michaud, Senior Vice President for UL Mutual’s Personal Insurance and Investment & Retirement said that they believe that the new offerings will generate a great deal of interest in their network and help to strengthen their position in the market.

To learn about Canadian UL Mutual employee benefit, click here.