Universal Guaranty Life Insurance Company, Ohio: Overview, Customer Service Experiences, Claims, Financial Details , Coverage Options And Services And Products

Consider Universal Guaranty Life Insurance Company (UGLIC), Ohio, if you seek a reliable insurer specializing in medical professional liability.

UGLIC, a UTG, Inc. subsidiary, offers various financial services.

An image illustratiob of the Universal Guaranty Life Insurance Company, Ohio
The Universal Guaranty Life Insurance Company, Ohio: Your most reliable insurer with the best coverage rates for you peace of mind

This comprehensive article reviews UGLIC’s history, products, services, finances, coverage, claims, and customer experiences.

What You Should Know About The Company

UGLIC’s Formation and Ownership

UGLIC, established as a for-profit corporation in Ohio in 1966, stands as a 100% owned subsidiary of UTG, Inc., formerly known as United Trust Group, Inc. The roots of UTG, Inc. trace back to 1987 when a group of physicians in Nebraska founded it with the vision of creating a mutual insurance company providing affordable and high-quality coverage to their peers.

Leadership at UGLIC

Lynnette Matza serves as the Chief Executive Officer and President of UGLIC, bringing over 25 years of experience in the insurance industry. Matza has been a part of UGLIC since 2012, leading a dedicated team of experts in underwriting, risk management, claims, finance, and operations.

Market Presence and Ratings

UGLIC holds a noteworthy 2% market share in the medical professional liability insurance industry, as reported by the National Association of Insurance Commissioners (NAIC). With over 3,000 policyholders, UGLIC operates seamlessly across all 50 states and the District of Columbia. The company boasts an A.M. Best rating of A (“Excellent”), a testament to its robust financial strength and ability to fulfill ongoing insurance obligations.

While the company ceased participating in A.M. Best ratings after 2005, it continues to operate throughout the United States.

As part of the UTG parent company, Universal Guaranty actively engages in various charitable initiatives within the community.

The insurance coverage provided by Universal Guaranty is available in 37 states. However, residents in the following states do not have access to coverage:

-New York
– Michigan
– California
– Wyoming
– Hawaii
– New Jersey
– Maine
– Connecticut
– Florida
– Vermont
– Maryland
– New Hampshire
– Alaska

If you reside in one of these states, you might not be able to secure a Universal Guaranty Life Insurance Company policy, but you can still find competitive rates.

Coverage Options

You can buy life insurance, health insurance, and annuities from Universal Guaranty.

However, there’s no indication that you can buy car insurance or other types of insurance from them.

To get a price estimate from Universal Guaranty Life Insurance Company, you need to contact them directly.

You can call Universal Guaranty customer service at 1-800-323-0050 or reach them by email at customer.service@utgins.com.

Customer Service Experience And Claims

Efficient UGLIC Claim Process

UGLIC is committed to a straightforward and effective claims process, aiming for prompt and fair resolutions. The process comprises the following steps:

1. Report a Claim:

  • Policyholders should promptly report any claim or potential claim to UGLIC via phone, email, fax, or online.
  • UGLIC assigns a claim number and representative to assist the policyholder.

2. Investigate a Claim:

  • UGLIC conducts a comprehensive and unbiased investigation, gathering relevant information such as medical records, witness statements, and legal documents.
  • Ongoing communication and collaboration with the policyholder and their legal counsel occur throughout the investigation.

3. Resolve a Claim:

  • UGLIC evaluates the claim’s merits, determining the optimal course of action.
  • The resolution may involve negotiating a settlement or defending the policyholder in court or arbitration.
  • UGLIC prioritizes the policyholder’s best interests and respects their consent to settle.

Required Claim Documents:

  • Claim Notification Form: Basic information about the incident, policyholder, claimant, and the claim.
  • Medical Records: Documentation of the claimant’s medical history, diagnosis, and treatment.
  • Incident Report: Details and circumstances of the incident leading to the claim.
  • Legal Documents: Initiation or pursuit of legal action, including demand letters, complaints, and settlement offers.

Swift Claim Approvals by UGLIC:

  • UGLIC’s average claim approval time, the duration to process and pay a claim after receiving necessary documents, is faster than the industry average.
  • In 2020, UGLIC’s average claim approval time was 180 days, outperforming the industry average of 240 days, showcasing UGLIC’s responsiveness and efficiency in claims handling.

Services And Products

UGLIC presents a range of insurance products and services tailored to meet the varied needs of medical professionals and healthcare organizations. Here are some of the offerings:

1. Individual Physician Policies:

  • Coverage for independent or small group practitioners.
  • Options include occurrence and claims-made policies, along with tail coverage and prior acts coverage.
  • Discounts are available for part-time physicians, new physicians, and those completing risk management courses.

2. Group Policies:

3. Allied Healthcare Professional Policies:

  • Coverage for non-physician healthcare professionals like nurses, physician assistants, and more.
  • Individual and group policy options, including both occurrence and claims-made policies.
  • Discounts are offered for part-time professionals and completion of risk management courses.

4. Specialty-Specific Policies:

5. International Coverage:

6. Temporary or Short-Term Policies:

  • Coverage for medical professionals needing temporary or short-term solutions (e.g., locum tenens, moonlighters, retirees).
  • Flexible options, competitive rates, and accompanying risk management services for a smooth transition.

Financial Details

UGLIC is dedicated to offering policyholders competitive and budget-friendly rates.

The cost of UGLIC’s premiums varies based on the policy type, state, and specialty. Policyholders can conveniently choose from different payment frequencies, including monthly, quarterly, semi-annually, or annually.

UGLIC accepts payments through check, credit card, or electronic funds transfer.

Discounts and Savings Opportunities

UGLIC provides various discounts and promotions to help policyholders save money and recognize their loyalty. Some notable discounts and offers include:

1. New Business Discount:

2. Claims-Free Discount:

  • A 5% discount for policyholders with a claims-free record spanning at least five years.

3. Risk Management Discount:

  • A 5% discount for policyholders completing an approved risk management course every two years.

4. Part-Time Discount:

  • A substantial 50% discount for policyholders working less than 20 hours per week.

5. New Physician Discount:

  • A 50% discount for the first year, 25% for the second, and 10% for the third for new physicians completing residency or fellowship within the last three years.

6. Referral Program:

  • A rewarding $500 gift card for policyholders referring a new policyholder who purchases a policy from UGLIC.

Efficient Claims Management and Payout Ratio

UGLIC’s claim payout ratio, representing the percentage of premiums paid out in claims, is notably lower than the industry average. In 2020, UGLIC’s claim payout ratio stood at 54.6%, demonstrating efficiency and profitability in claims management compared to the industry average of 65.9%.

FAQs

1. What is the difference between occurrence and claims-made policies?

An occurrence policy covers claims from incidents during the policy period, regardless of when reported. A claims-made policy covers claims reported during the policy period if the incident occurred after the retroactive date.

2. What is tail coverage and when do I need it?

Tail coverage extends coverage after the end of a claims-made policy, allowing reporting of claims if the incident happened before policy termination. It’s necessary when switching to an occurrence policy, or when retiring, selling, or closing a practice.

3. How can I reduce my premium costs?

To lower premium costs, you can choose a higher deductible or self-insured retention, opt for a lower coverage limit, work part-time, complete a risk management course, remain claims-free, refer a new policyholder, or switch from another carrier.

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Conclusion

UGLIC stands as a trusted and reliable insurance company specializing in medical professional liability.

Tailoring its offerings to various medical professionals and healthcare organizations, UGLIC provides a range of products and services.

The company is known for its competitive rates, flexible options, and responsive service.

With robust financial strength, a low claim payout ratio, and a speedy claim approval process, UGLIC ensures reliability.

Positive customer reviews and ratings from diverse sources attest to high levels of satisfaction and loyalty among clients.

For those seeking medical professional liability insurance, UGLIC emerges as an excellent choice.

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