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UL Mutual Health Insurance Plan

Learn about UL Mutual Health Insurance Plan

UL Mutual is one of the oldest insurance companies in Canada, founded in 1889. The insurer is renowned in the financial and insurance service market for its financial strength and moreover, its assets have been growing for more than 25 years. UL Mutual has one of the best solvency ratios in the insurance industry in Canada, over 300%. It offers varieties of services such as personal life insurance and critical illness insurance, group insurance, and investment and retirement, and it is distinguishable by its speed of action, commitment to the community, and human customer service and client proximity.

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What Does UL Mutual Group Benefit Cover?

UL Mutual offers group insurance solutions to various companies and organizations throughout Canada. Furthermore, its group insurance is personalized to suit the needs of the business.

The group insurance benefits are shortly outlined:

  • Life insurance.
  • Life insurance for dependents.
  • Eye care insurance.
  • Dental insurance.
  • Prescription drug insurance.
  • Death and accidental mutilation insurance.
  • Death and accidental mutilation insurance for dependents.
  • Prescription drug insurance.
  • Health insurance.
  • Short-term disability insurance.
  • Long-term disability insurance.
  • Critical illness insurance.
  • Critical illness insurance for dependents.
  • Optional critical illness insurance.
  • Health management account.
  • Optional life insurance, and
  • Cost plus

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What are the Different Health Insurance Plans Offered by UL Mutual

UL Mutual critical illness insurance is the health insurance plan offered by the insurer. It is designed to ensure that the insured does not lose paid premiums, no matter what happens. The insured will be refunded their entire premiums from their 10th anniversary or when they terminate their policy. If the insured dies without using the critical illness insurance, the insured’s beneficiaries will receive 100% of the premiums.

The critical illness insurance includes two insurance products, namely:

  • AdapCI: This covers 24 critical illnesses and 4 non-critical illnesses.
  • AdapCI – Juvenile Plan: This covers 30 critical illnesses and 4 non-critical illnesses.

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News about UL Mutual

UL Mutual has over 250,000 mutualists insured in its insurance policy. It has more than 300% working capital ratio and over $238 million of mutualist assets. Furthermore, the insurer has about $2.1 billion of assets.

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UL Mutual FAQ

What coverage applies to me while traveling?

UL Mutual provides trip cancellation and trip assistance options to cover the insured’s medical needs due to sudden illness or accident while traveling abroad or to another province in Canada. You can find out if this offer applies to you by visualizing your insurance certificate or consulting your certificate.

Next month is my 65th anniversary, what should I do?

For Quebec residents, UL Mutual will send a letter a month before your 65th anniversary. The letter will specify your choice of insurance medication coverage. You can check your RAMQ fact sheet for persons older than 65 to get more information on this offer.

I lost my insurance card, what do I do?

If your insurance card is lost, damaged or stolen, you can preview and print your card anytime in your online member services page.

What is copayment?

Copayment is also known as a deterrent fee. It is the payment required before you can purchase a prescription drug. If your physician prescribes you more than one drug on the same prescription or prescribed a renewable medication to you for a long period of time, the deterrent fee requires you to pay at each transaction at the pharmacy and for every prescribed drug.

What happens if my employment ends?

Your group insurance plan ends when your employment ends. However, you can consult your human resources specialist or scheme administrator to learn more about the conversion privilege applicable to you.

What happens to my coverage if my employer ends the insurance scheme?

If your employer ends the insurance scheme, your group insurance ends. However, if you want to retain your current insurance policy, you can consult your insurance scheme administrator or human resource department about the conversion privilege applicable to you.

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