On February 2, 2012, the Ontario Superior Court of Justice ordered the winding-up of Union of Canada Life Insurance (the “Company”) and appointed an independent third party, Grant Thornton Limited, to act as liquidator (the “Liquidator”).
This web site has been set up by the Liquidator to provide the Company’s stakeholders and interested parties—including policyholders, agents, reinsurance companies, creditors, prospective purchasers and employees and retirees—with the details on how this event may impact them.
If you’re a policyholder with Union of Canada Life Insurance, Assuris—the not-for-profit-organization that protects Canadian policyholders in the event their life insurance company fails— is committed to providing its protection to policyholders.
More detailed information on how your benefits are protected can be found on the Assuris Web site, or if you call the Assuris Information Centre toll free at +1 866 878 1225.
The Liquidator is working closely with Assuris to transfer the Company’s business to another life insurance company as soon as possible. Every effort will be made to transfer all the policies under terms and conditions similar to those to which they are presently subject. Policyholders should continue to pay their premiums to ensure that they are eligible for Assuris’ protection. Policyholders who do not continue to pay their premiums payments will not be eligible for Assuris’ protection and transfer to a new insurer.
Please note that benefits may be available under policies which cannot be replaced if the policy is terminated. For this reason, we believe it is in the best interest of policyholders to continue to pay their premiums when they come due.
We encourage all policyholders to review their policy and contact us through one of the methods located to your right should they have any questions. Further information for all stakeholders is available by clicking on the buttons below.