Great news! Canada has a new life insurance company – Order of United Commercial Travellers, or UCT.
UCT is a fraternal organization. This is a peculiar life insurance company structure meaning that it’s not owned by public or private shareholders. Instead, it’s members own the company. However unlike a mutual company (who’s policyowners also own the company), a fraternal organization exists for charitable and non-profit reasons. Profits from the company are turned back into charity and to the members benefit. It’s an interesting structure, as it frees companies from short term profit. And while one might think that this might also remove the drive for profit, Canadian fraternal organzations are some of the largest and most cash-rich life insurance companies in the country.
I’m excited by their entry into Canada. I work with life insurance companies in both the U.S. and Canada and perceive the Canadian life insurance industry as an oligopoly – a monopoly of numerous companies. American life insurance companies however are hyper-competitive. Some of them will reprice every other month just to maintain their rankings in the premiums comparisons. American companies are also much more interested in attracting business. As we do all of our business non-face to face, we’ve had numerous difficulties with policies and procedures with Canadian life insurance companies – including UCT’s direct competitors. When I spoke to UCT, they immediately reviewed our business model and welcomed our business. No red tape – I spoke to the right person, they listened, considered, and approved.
Their product line is very interesting – and may open some additional opportunities to Canadian consumers. Currently there’s only about 2 companies offering no medical exam term life insurance, and then they only have 10 and 20 year term. UCT arrives with a full slate of no medical exam term life insurance policies including 10 year term, 15 year term, 20 year term, and even a 30 year term. Unlike Canadian no medical exam term life policies, UCT policies are renewable which means you can keep the insurance after the end of the term. Granted the premiums at renewal are exhorbitant – but they are an option. But even better UCT’s no medical exam term premiums are smokin’ hot – creaming the current Canadian companies.
And, it gets better yet. UCT’s no medical exam term life insurance policies are available up to $250,000. Current Canadian no medical exam term policies max out at $100,000 to $150,000.
In addition to renewal premiums on their term policies, UCT has another peculiarity. Their term policies up to $250,000 are no medical exam. Over that number, they are the same policies, but simply add on a medical exam.
UCT also has a permanent whole life no medical exam life insurance policy available up to $25,000 of coverage. Their premiums for this insurance are competitive, typically in the top 5 companies when sorted by premium.
You can quote UCT’s full slate of no medical exam life insurance policies using our online quoting system at the top of this screen.
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