1-888-601-9980
- UV Term Superior+ offers terms of 10, 15, 20, 25, and 30 years with fixed and guaranteed premiums
- Coverage automatically renews every 10 years after the initial term and can continue until death
- Eligible coverage can be fully or partially converted without new evidence of insurability up to the contract anniversary nearest age 70
- A Severe Loss of Independent Existence benefit is included at no additional cost and can pay 50% of the insurance amount, up to $100,000
UV Insurance offers a flexible term life insurance solution through Term Superior+, with five conventional term lengths ranging from 10 to 30 years. The policy combines fixed and guaranteed premiums with automatic renewability, conversion privileges, a term exchange option, and a built-in Severe Loss of Independent Existence benefit.
Additionally, UV also offers simplified underwriting based on the coverage amount, with Express available for eligible applications up to $150,000 and Immediate available for higher amounts, subject to age and health eligibility.
The cost of life insurance from UV ranges between $11.25 and $80.37 per month for $100,000 in coverage for a 10-year term. Premiums vary based on your age, smoking status, health, coverage amount, selected term, and the type of underwriting you qualify for.
Quick review:
- PolicyAdvisor rating: 5/5
- Best for: Families seeking flexible term lengths, strong conversion, and simplified issue coverage
- Skip if: You need a term longer than 30 years at initial issue or want a broader selection of term lengths
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
About UV Assurance
UV Insurance operates under The Union Life Mutual Assurance Company in Canada and has offered life and health insurance solutions to Canadians since 1889. As a mutual insurance company, UV provides a range of individual insurance products, including term life insurance, permanent life insurance, and critical illness insurance.
UV Insurance’s financial strength (As of 2025)
| AM Best Rating | Not rated |
| Insurance Revenue | $225M |
| LICAT Ratio | 172% |
| Total assets | C$3.2B |
What is UV term life insurance?
UV Term Superior+ is a term life insurance policy offering fixed and guaranteed premiums for a specified period. If the insured passes away while the policy is in force, UV pays a tax-free lump-sum death benefit to the named beneficiary, subject to the policy’s terms and conditions.
Similar to most term life insurance policies, UV Term Superior+ is designed to protect beneficiaries from financial obligations such as mortgages, replace lost income, or cover business obligations if the policyholder passes away unexpectedly.
Unlike permanent life insurance, UV term life insurance policies do not accumulate cash value or pay any policy dividends. The death benefit is usually paid out to the beneficiary tax-free and can be used to pay off debts and other financial obligations. Additionally, Term Superior+ includes a Severe Loss of Independent Existence benefit at no additional cost, along with options to renew, convert, or exchange eligible coverage.
Key features of UV term life insurance
| Feature | Details |
| Term product name | Term Superior+ |
| Term length options | 10, 15, 20, 25, or 30 years |
| Issue ages |
|
| Minimum coverage |
Maximum coverage varies by product and is subject to age, eligibility, and applicable underwriting requirements. |
| Premiums | Fixed and guaranteed |
| Coverage structures | Individual and joint first-to-die |
| Renewability | Automatically renews every 10 years after the initial term; coverage can continue until death |
| Convertibility | Full or partial conversion up to the contract anniversary nearest age 70 |
| Term exchange | T10, T15, T20, and T25 can be exchanged once for a longer initial term during the first five anniversaries |
| Underwriting |
|
| Built-in benefit | Severe Loss of Independent Existence Benefit |
| Optional riders | Child Life, Waiver of Premium, AD&D, Accidental Fracture, Credit Insurance and others |
Who is eligible for UV term life insurance in Canada?
UV Term Superior+ Life Insurance is available to Canadian residents who meet the insurer’s age, residency, and underwriting requirements. Eligibility depends on the selected policy term, coverage amount, and the applicant’s ability to satisfy the insurer’s underwriting requirements.
While UV Term Superior+ uses traditional underwriting, requirements vary by policyholder. Lower coverage amounts may qualify through UV’s Express or Immediate underwriting processes, while larger amounts may require more comprehensive evidence.
Regular underwriting applies at the following coverage amounts:
- Ages 18 to 45: $500,000 or more
- Ages 46 to 55: $350,001 or more
- Ages 56 to 65: $250,001 or more
UV also offers simplified issue underwriting for eligible applicants who fall within certain coverage limits:
- Simplified Issue Express: Available from $10,000 to $150,000, with a $25,000 minimum for Term 10 and Term 15
- Simplified Issue Immediate: Available from $150,001 to $499,999 for ages 18 to 45, up to $350,000 for ages 46 to 55, and up to $250,000 for ages 56 to 65
Types of UV term life insurance plans
UV Insurance offers one primary term life insurance product, Term Superior+, which can be customized with five term length options to match different financial goals and coverage needs. Policyholders can select between Term 10 (T10), Term 15 (T15), Term 20 (T20), Term 25 (T25), or Term 30 (T30), based on their needs.
Premiums are fixed and guaranteed for the entire term of the policy. At the end of the initial term, coverage is automatically renewed every 10 years until death, without submitting additional medical information or underwriting.
In addition, Term Superior+ can be structured in several ways depending on the applicant’s insurance needs. Applicants can choose from the following:
- Individual insurance
- Joint first-to-die insurance
- Rider on whole life insurance coverage
- Rider on term life insurance coverage of a different duration
What is covered under UV Term Superior+ life insurance?
UV Term Superior+ provides a tax-free lump-sum death benefit to your beneficiaries if the insured dies while your policy is in force. Beyond this core role of financial protection, the policy offers several valuable features that make it more flexible than many traditional term life insurance products.
Here are the primary benefits included with UV Term Superior+ policies:
Flexible coverage options
UV offers five term lengths for Superior+ policies, as follows:
- Term 10
- Term 15
- Term 20
- Term 25
- Term 30
These term lengths allow most policyholders to align their coverage with financial obligations, such as mortgages, children’s dependency, business loans, or to replace income.
Guaranteed renewability
At the end of the original term, Term Superior+ automatically renews for successive 10-year periods until the death of the insured. While many insurers have an age limit for renewal, UV allows applicants to keep renewing every ten years until the insured passes away. Additionally, the premiums are guaranteed, ensuring they are level for the term selected. However, renewal premiums are calculated based on factors such as attained age, health status, and other underwriting factors.
Guaranteed conversion
UV Term Superior+ allows eligible policyholders to convert all or part of their term insurance into permanent life insurance without providing a new declaration of insurability. Conversion is available up to the contract anniversary nearest the applicant’s 70th birthday. This is helpful if the policyholder’s health changes later on, allowing them to get permanent coverage without having to apply for new coverage.
Term exchange privilege
Term 10, Term 15, Term 20, and Term 25 policyholders have the option to exchange their existing term coverage for a longer term without providing new evidence of insurability. The policy can be exchanged once for a term with a longer initial premium payment period, allowing the insured to continue coverage if their financial obligations are ongoing or they need extended coverage.
However, the exchange must occur by the fifth contract anniversary from the effective date. Additionally, policyholders can choose between a complete or partial exchange of their policy, offering a greater level of customization.
Built-in Severe Loss of Independent Existence Benefit
One of the key features of UV Term Superior+ is the Benefit for Severe Loss of Independent Existence, which is included at no additional cost with each policy. Eligible policyholders can receive 50% of their insurance amount, up to $100,000, if they meet the policy’s definition of severe loss of independent existence before the contract anniversary date closest to the applicant’s 60th birthday.
UV defines severe loss of independent existence as a total and permanent inability to perform four or six activities of daily living without substantial assistance from another person.
Pros and cons of UV term life insurance
How much does UV Term Superior+ term life insurance cost?
The cost of UV term life insurance ranges between $11.25 and $80.37 for the profiles shown below. Your premiums depend on the coverage amount and personal factors, such as gender, age, smoking status, and health.
Here is a sample monthly term life insurance rate for $100,000 in coverage for a 10-year term:
| Age (in years) | Male (non-smoker) | Female (non-smoker) |
| 20 | $13.50/month | $11.25/month |
| 30 | $13.95/month | $11.70/month |
| 40 | $14.85/month | $12.60/month |
| 50 | $25.38/month | $21.87/month |
| 60 | $80.37/month | $60.39/month |
What riders are available with UV term life insurance?
UV term life insurance can be customized with multiple optional riders, including the Child Rider, Waiver of Premium, Accidental Fracture, and others. These add-ons provide additional protection and benefits for individuals and families, offering well-rounded coverage.
Here is an overview of the riders available with the UV Term Life Insurance policy:
| Rider | Benefits |
| Credit Insurance Rider |
|
| Child Rider (Life Insurance) |
|
| Term Superior+ Rider |
|
| Waiver of Premium (Total Disability) |
|
| Waiver of Premium (Loss of Employment) |
|
| Waiver of Premium (Total Disability or Death) |
|
| Accidental Fracture |
|
| Accidental Death and Dismemberment |
|
| Preapproved Critical Illness Insurance |
|
Can you exchange your UV term life insurance for a longer term?
Yes, UV Assurance provides a one-time term exchange option for Term 10, Term 15, Term 20, and Term 25 policies, subject to the following conditions:
- New term must be longer than the initial term
- Should occur between the first and fifth contract anniversary
The exchange can apply to all or part of the existing coverage and does not require a new declaration or proof of insurability.
Can you convert UV Term Superior+ to permanent life insurance?
Yes. UV Term Superior+ policyholders can convert all or part of their term coverage without providing a new declaration of insurability. This privilege is available until the contract anniversary nearest the insured’s 70th birthday.
This is particularly helpful for applicants at older ages or with deteriorating health, since they might not get permanent coverage through traditional underwriting criteria.
How does UV Insurance compare to other insurance providers?
UV Term Superior+ stands out primarily for the flexibility built into its term life insurance policy. Applicants can choose from five term lengths from 10 to 30 years, along with simplified issue options for eligible applicants and regular underwriting for higher coverage amounts. The policy’s combination of automatic renewal and term-exchange option offers a greater level of customization.
Another notable feature is the built-in Severe Loss of Independent Existence benefit, which offers 50% of the insurance amount, up to $100,000, if the insured meets the policy’s benefit requirements regarding disability. This rider is provided at no additional cost, making it a strong choice for families seeking comprehensive coverage in Canada.
Read our guide to the best term life insurance companies in Canada to compare leading insurers side by side.
Our advisor’s take on UV term life insurance
At PolicyAdvisor, we recently helped a 34-year-old homeowner secure UV Term Superior+ life insurance to protect the family’s finances while the homeowner paid off a car loan and raised young children. They were looking for affordable long-term coverage and qualified for UV’s Simplified Issue Immediate underwriting, allowing them to apply without medical exams or fluid testing.
Client profile
- Age: 34
- Family: Married with two young children
- Primary concern: Mortgage protection and income replacement
- Coverage goal: $450,000 in Term Superior+ life insurance
Why we recommended UV Term Superior+
- Simplified Issue: Immediate underwriting, allowing the applicant to qualify for $450,000 in coverage without medical exams or fluid testing
- 20-year term that closely aligns with the applicant’s remaining mortgage and the children’s expected years of financial dependency
- Term exchange privilege, offering the option to select longer terms within the first five contract anniversaries
- Conversion privilege, allowing all or part of the term coverage to be converted before the applicable age limit
- Built-in Severe Loss of Independent Existence benefit, providing additional financial protection at no extra cost
How to purchase UV life insurance in Canada
PolicyAdvisor’s licensed advisors can help you compare terms offered by UV Term Superior+ based on your age, budget, health, coverage needs, and financial goals.
Whether you are looking to protect your family or secure affordable coverage for a specific period, our advisors at PolicyAdvisor can help you choose the right term length, coverage amount, and optional riders to fit your financial needs.
Frequently Asked Questions
What term lengths does UV Term Superior+ offer?
UV Term Superior+ offers 10-, 15-, 20-, 25-, and 30-year terms. Term 10, Term 15, and Term 20 are available from ages 18 to 65, Term 25 from ages 18 to 60, and Term 30 from ages 18 to 55.
What is the minimum coverage amount for UV term life insurance?
Term 10 and Term 15 start at $25,000 in coverage, while Term 20, Term 25, and Term 30 are available from $10,000.
How long does a UV life insurance application take to get approved?
Approval times for UV life insurance depend on the type of policy. Simplified issue policies can be approved instantly, while fully underwritten policies may take 2 to 6 weeks due to the medical underwriting process.
Can I switch my UV term life policy to a longer term?
Yes, Term 10, 15, 20, and 25 policies can be exchanged once for a longer eligible term during the first five contract anniversaries. Policyholders can extend all or part of their coverage for a desired term.
Can I convert UV term life insurance to permanent coverage?
Yes, UV Term Superior+ can be fully or partially converted to eligible permanent life insurance without providing new evidence of insurability. Conversion is available up to the policy anniversary nearest the 70th birthday of the policyholder.
Are UV Express and Immediate separate life insurance policies?
No, Express and Immediate are underwriting pathways within UV’s Term Superior+. The route depends on factors such as the amount of coverage requested, age, and eligibility.
Can I qualify for UV term life insurance without regular underwriting?
Eligible applicants may qualify through Simplified Issue Express or Immediate, depending on their coverage amount, age, and other factors.
UV Insurance offers Term Superior+, a flexible term life insurance product with multiple terms. The policy features fixed and guaranteed premiums during the initial term, automatic renewal, conversion to permanent insurance, a term exchange privilege, and a built-in Severe Loss of Independent Existence benefit.
