Union Insurance Company
Union Insurance Company
7700 Mills Civic Parkway
West Des Moines, IA, 50266
(800) 800 9882
(888) 266 8489
Established on November 20, 1824 as the Scottish Union Insurance Company, Union Insurance Company initially provided insurance on property against loss by fire. In 1877, the company united with the Scottish National Insurance Company and changed its name to the Scottish Union and National Insurance Company. In the next years, the company moved to enlarge its business both at home in United Kingdom and overseas. It established a burglary department in 1905 and started selling accident business the following year.
The company was providing insurance against fire, lightning and explosion, personal accident and illness, burglary and theft, glass breakage, employers’ liabilities, third-party liabilities, transit of securities, fidelity, property owners’ liabilities, motor car risks, horse-driving accidents, marine, life and endowments, annuities and pensions, leasehold and capital redemptions by 1909. By 1927, the company had added wireless installations, householders’ consolidated, boiler explosion, machinery risks and lift accidents insurance. In 1948, it was incorporated as the Scottish Union and National Insurance Company and, in 1959, was acquired by the Norwich Union Fire Insurance Society Ltd. The company’s principal activity was the transaction of short-term insurance business by 1991.
On November 27, 2002, the company changed its name to Aviva Insurance. It was renamed to Union Insurance Company on August 15, 2006. The company does not own stocks; its assets are invested in interest-bearing securities or loans upon real estate.
Union Insurance offers life insurance and annuities. Its term life insurance coverage protects the insured’s family with a death benefit. However, it does not build up a cash value. Universal life insurance, on the other hand, is a versatile insurance policy intended to cover the insured’s entire life. This type of policy can achieve multiple goals through building in value over time and providing flexibility in premiums and income options. In addition, it has a death benefit that can be left to the insured’s beneficiary.
The company’s indexed universal life provides the capability for growth at a higher interest rate, without the risk of being directly in the market. An indexed universal life policy credits interest to the insured’s cash value based to some extent on the upward movement of a major-market stock index, unlike a traditional universal life insurance policy where the insurance company sets the interest rate.
Various options of the company’s offered annuities can be customized for clients and their families. Customers can select how to fund their annuity, how interest is credited to it and how they take payments from it. There are a few distinct types of annuities with different options, for clients to get precisely what they need. Fixed annuity is well suited if the client is retired with a very predictable rate of growth in your annuity. Fixed annuities grow at a rate set annually, but never lower than the definite minimum interest rate settled on at the time the client purchased the annuity. A fixed annuity comes in both the immediate and the deferred type, depending on the insured needs. For fixed indexed annuity, there is the potential for growth at a higher rate without the risk of losing the customer’s principal.