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UL Mutual Employee Benefit

Learn about UL Mutual Employee Benefit Plan

Protecting your employees should be a topmost priority to your organization. Your employees are the most important asset to your organization and rewarding them at an appropriate time could be the easiest way to keep them motivated and dedicated to your business. You definitely want loyal and dedicated employees. When you motivate and encourage your workers with UL Mutual employee benefit plan, you can be sure that they will go extra miles to do more for your business.

With UL Mutual employee benefit plan, you will not only be able to protect your employees but you can as well protect their family. UL Mutual provides core benefits like health and life insurance. These benefits are necessary for every household and they will ensure that the employees have the needed peace of mind and security.

Furthermore, UL Mutual allows you to customize and design the group benefits plan the way you want. This way, you will be able to create a plan that represents your organizational structure and goals and that will meet the needs of your employees. You can even allow your employees to maintain their coverage after retiring or leaving your company.

To get an immediate UL Mutual employee benefit quote, click here.

UL Mutual Employee Benefit Plan Details

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.

News about UL Mutual Employee Benefit

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.

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UL Mutual Employee Benefit FAQ

What happens if my employer ends the insurance scheme?

The date agreed between UL Mutual and the new scheme marks the end of your group insurance. You can confirm the date from your human resources department or scheme administrator. You can also inquire about conversion privilege from your human resources department or your scheme administrator if you want to retain your current insurance policy.

What happens when my employment ends?

Your last working day will mark the end of your group insurance. You can ask your scheme administrator or your human resources specialist about the applicable conversion privilege.

My employer subscribed to a new insurance company. To whom should I fill my claim with?

In case of a change in your insurance policy, contact your scheme administrator or your human resources department to learn when your new policy is in force. Your claim will be sent to the new insurer if fees have been paid after the policy was in effect. The former insurer will have to handle the claims if the fees have not been paid.

How many prescription drugs can I purchase each time I go to the pharmacist?

Most of your prescription drugs can be renewed up to 90 days. This could be beneficial to you depending on your situation. You can also go once every three months, instead of going every month, if your condition does not require a frequent visit to your pharmacist. Also, if your prescription drugs purchase calls for a copayment, you can save the cost of two copayments over a period of three months.

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

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