Claim upon death
How to file a death claim?
- Contact your advisor; or
- Contact our Customer Service Department; or
- Fill out the Claimant’s Statement Death Claim form, sign it and send it to our head office along with a copy of the Death Certificate from the government or the funeral home. Note that if the spouse rollover option is chosen, a new application also has to be filled out, signed and sent to our head office.
What happens once I have filed a claim?
- Upon receipt of the documents, the file is analyzed. If additional documents are needed, we will contact either the advisor and/or the claimant.
- Once the file has been analyzed, a settlement cheque is issued, if applicable and the contract is terminated. In the case of a spouse rollover, the invested money is transferred to the spouse, honoring the in-force certificates
What is a spousal rollover?
- In the case of a registered contract, and if the designated beneficiary is the spouse of the deceased, it is possible to ask for a spouse rollover. In most cases, we keep the same contract and transfer the ownership to the spouse but iff requested by the spouse, we can transfer the money to a pre-existing contract already owned by that spouse.An equivalent certificate is then created in the surviving spouse’s contract and the deceased’ contract is terminated. A rollover allows the surviving spouse to avoid the payment of income tax on the settlement money. . However, the income tax is deducted when a withdrawal is requested on a registered contract.
- For a TFSA contract, if the surviving spouse is the designated beneficiary, they can become the new owner of the investment contract. Upon becoming the new owner of the contract, the surviving spouse gains the TFSA contributions at the time of the claim. However, it is important to mention that the TFSA contribution rights of the deceased stops at the time of death.
Total or partial contract cash out
How may I cash in my contract?
- Contact your advisor; or
- Contact our Customer Service Department; or
- Fill out the Cash Value Request form, sign it and send it to our head office.
- Note that, in some instances, it is impossible to buy back a contract. For example, certain types of contracts (i.e.: LIRA, LIF) have very specific rules concerning withdrawals. Another example is that some products are designed to be cashable only at the end of the term. Please contact your advisor or our customer service if you have any doubts or questions.
What is the impact of cashing in my contract?
- There is no penalty when cashing in a certificate at the end of its term. The “no penalty” period is valid for 10 business days following the certificate’s maturity date.
- Some products can be cashed in before their maturity date. However, cashing in a certificate before the end of the term may incur a penalty. Please contact your advisor or our customer service for more details.
- In the case of a registered contract, there is an income tax deduction. The withholding tax depends on the amount withdrawn as well as the owner’s province of residence. Moreover, at the end of the fiscal year in which de withdrawal was made, a tax statement will be sent to the owner of the contract in order for them to add said amount on their income tax declaration.
- For nonregistered and TFSA contracts, there is no income tax deduction.
Do I have to send the original documents?
Copies of the documents are accepted by mail, fax or email except for the following ones for which the original has to be provided:
- Investment applications (CIG or Mercury funds)
- Official transfer forms (i.e.: T2033, T2151…)
How does the guaranteed interest rate work?
The guaranteed interest rate must be requested by email and is valid for a limited time only. The interest rate guarantee is applicable on the amount of the deposit and not according to the type of investment.
Are UV Direct accounts available outside of Quebec?
Our UV Direct account product is only available within the province of Quebec since we are registered only with the Quebec Deposit Insurance Corporation (QDIC, not the CDIC, for the rest of Canada). This product is protected by the QDIC, which is different than the other life insurance and GIC products which are protected by Assuris (Uniflex and Mercury Segregated Funds).
Are UV Insurance investment products available in Canada?
Our investment/retirement products (GIC, Segragated funds and Annuities) are available in all of Canada except for Newfoundland and Labrador, Yukon, Nunavut, and Northwest territories.
Is it possible to transfer money from a GIC to a UV Direct account, internally?
You first have to cash in your GIC for which a cheque will be issued and mailed to you. Secondly, you must open your UV Direct account online, which will then be linked to your bank account. Once both accounts are linked, you will be able to transfer the money from your bank account to your UV Direct account. Note that the UV Direct account can only be used for nonregistered funds.
Can a direct deposit be requested when cashing in?
This option is not available at the moment.
What is the procedure when filling out an application for a minor?
If the child is 14 years or older, they will be the owner of their contract. We recommend that the child’s trustee signs the application form as well. For a child under 14 years of age, only the signature of the trustee is required.
Which instructions can be sent by email?
- Change in the RRIF installments (requested amount, payment date, frequency: annual or monthly)
- Request for a portfolio interest rate adjustment
- Terminate or reactivate the P.A.D. (pre-authorized debit)
- Terminate or reactivate the automatic transfers between the daily interest account and the chosen investment product.
Special quote request
How to request a guaranteed interest rate?
- Funds transferring from another financial institution: we need to receive a copy of both the filled-out application and the transfer form. The guaranteed interest rate is valid for a 30-day period, starting from the reception date of the documents which can be sent by email. To be applicable, we must receive the money within that period. Note that the highest interest rate between the guaranteed one and the one in effect upon receipt of the cheque is granted.
- Personal cheque: we need to receive a copy of the filled-out application and a copy of the cheque. They can be sent by email. The guaranteed interest rate is valid for a 7day period. To be applicable, we must receive the cheque within that period and it must be cashable upon receipt. Note that the highest interest rate between the guaranteed one and the one in effect upon receipt of the cheque is granted.
- Renewal of a GIC certificate: an email or the Guaranteed Interest Rate form (EQC033) is accepted. The type and term of the GIC product need to be specified. The guaranteed interest rate is valid for a 28-day period following receipt of the request. Note that the guaranteed interest rate requested will be granted regardless of the one in effect on the date of renewal.
Is it possible to open a TFSA UV Direct account?
No, since the funds cannot be registered.
Is it possible to do an E-transfer to purchase an investment product?
This option is not available at the moment. A cheque is required to purchase an investment product.