UV Assurance

Investment-retirement

Investment-retirement - FAQ

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.

Other questions

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)
  • Official transfer forms (i.e.: T2033, T2151…)

For Advisors

How does the guaranteed interest rate work?

*UV Insurance accepts electronic signatures on PDF applications for investments under certain conditions.
Please review the specific measures regarding e-signatures in the Investment-Retirement section

Renewal Transfer New deposit
Valid (calendar days):
45 days 45 days 15 days
Requirements: By cheque By PAD
  • Client’s signature (original is not required) on an instruction letter or on our form “Agreement to guarantee Interest Rate”. 

OR
  • Copies of the application and transfer form with wet signature OR PDF with electronic signature*, by email/fax with contract number if applicable (additional deposit).

OR

  • Email to ir.investment@uvinsurance.ca mentioning client’s name, amount to be received, chosen product and rate requested, expected date of receipt of funds and the delivering institution.

The deposit (transfer cheque) must be received at our offices within 45 days of the guarantee rate request and be cashable within this period.
  • Copies of the application with wet signature.

OR

  • PDF application with electronic signature*, and of the cheque, by email/fax with contract number if applicable (additional deposit).


OR

  • Email to ir.investment@uvinsurance.ca mentioning client’s name, amount to be received, chosen product and rate requested, and expected date of receipt of funds.

The original application (in paper format with wet signature) must be mailed with the cheque. All documents must be received at our offices within 15 days of the guarantee rate request. The cheque must be cashable within this period.
  • Copies of the application with wet signature

OR

  • PDF application with electronic signature* and of the pre-printed cheque specimen, by email/fax with contract number if applicable (additional deposit).


OR


  • Email mentioning client’s name, chosen product and rate requested.

The duly completed documents must be received within 15 days of the guarantee rate request and the debit must be made within this period.
Confirmed rates:  
The highest between the guaranteed rate and the rate in effect on the date of renewal.

 

 The highest between the guaranteed rate, the rate in effect on the date of receipt of the application (wet signature or PDF with electronic signature*) and the rate in effect on the date of receipt of the deposit.

 

 The highest between the guaranteed rate, the rate in effect on the date of receipt of the documents or the highest rate between the date of the rate and the date of reception of documents.

 

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.

Can a direct deposit be requested when cashing in?

We can proceed to a pre-authorized debit in your account as long as a void cheque is attached to your cash value request.

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)
  • Renewals
  • 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

For a deposit of $200 000 or more, please contact our Investment Retirement Department: ir.investment@uvinsurance.ca or your Business Development Director.

Is it possible to do an E-transfer to purchase an investment product?

This option is not available at the moment, but we accept cheques or we can proceed to a pre-authorized debit in your account as long as a void cheque is attached to your application.