Does Sun Life Insurance Canada Have Everything Under the Sun for YOU?
Sun Life Insurance Canada is one of the largest and most well-recognized brands in the country. They have a history spanning 150 years, an excellent range of products, and solid financials! Sun Life Term Insurance doesn’t offer the most affordable rates in Canada, but they are a solid insurer nonetheless. We give them 4 stars.
Did you know that life insurance isn’t a one size fits all sort of gig?
Just because an insurer works well for one person doesn’t mean it will work well for another.
Is sun life insurance good?
Check out this Sunlife insurance review RIGHT NOW to see.
PROS
CONS
A Word or Two About Sun Life Insurance
Sun Life Assurance Company of Canada is a 150-year-old Canadian-based insurance company.
This well-known insurer is a leader in Group Benefits, Group Retirement Services, and Individual Insurance and Wealth.
With offices in 26 countries, including the United States, the U.K., China, Hong Kong, India, Indonesia, Bermuda, Ireland, Malaysia, the Philippines, and Vietnam…
Sun life financial of Canada reviews show this company is a rockstar!
Hey James - I have no idea where to start when it comes to purchasing life insurance!
You and MANY others. Why would you unless you work in the industry or bought a policy before? So why don't we start with financial ratings...
Sun Life Insurance Canada: Financial Rating
So let’s face it – life insurance is a BIG investment. This is why it’s so important for you to do your homework when it comes to the financial stability of the insurer you choose.
There is nothing worse than paying your monthly premiums for decades only to find out that the insurance company you selected is going belly up!
Protections are in place to make sure you’re not completely SCREWED – but checking out the financial stability of any insurer you’re considering is a very important part of the process.
If you are leaning toward Sun Life Insurance I’ve got some good news. They are a publicly-traded company with over $1.25 Trillion in assets under management as of February 10, 2021! Nice. They also rank #243 on Forbes Global 2000 list – the top two thousand public companies in the world.
AND Sun Life Financial ranks as the third-biggest life insurance company in Canada!
The accolades don’t stop there. Sunlife Life Insurance also boasts an A+ (Excellent) Rating from A.M. Best. Boo Yah!
Sunlife Reviews Customer Thoughts
However, Sun Life insurance customer service receives 1.5 out of 5 stars based on twelve customer reviews through the BBB.
This could have been better. Some of the issues mentioned in the last 12 months are related to advertising, sales, billing, collection, products, and services.
As you can see this is NOT a very straightforward way to select an insurer.
People who are unhappy with an experience, product or service are much more likely to leave a review online than people who are happy. Which makes it even harder for small businesses to earn a great reputation online.
Looking For A Sunlife Life Insurance Quote?
Products
Wow this is looking good James! ...but what products do they sell?
As a life insurance nerd, this is my fave part of any review. Let's take a peek at their products now!
Sun Life Insurance Canada isn’t a one-trick pony. In other words, they sell much more than life insurance.
I’m never sure if this is a pro or a con. YES a vast array of products is interesting and there’s something to be said for one-stop shopping.
Not to mention the fact that quite often there are discounts for people who bundle their insurances.
…BUT the cynical side of me thinks that it might be better to work with a company that specializes in one particular product niche.
It simply means that their energy is focused and not diffuse.
So here are the categories Sunlife Life Insurance has to offer:
Sun Life Permanent Life Insurance
Permanent insurance provides protection until you die. Which is appealing to a lot of people.
There is also a cash value accumulation feature that agents tout. Please remember, permanent insurance (whole or universal life) costs a LOT more than Sun Life term insurance AND it's not the most flexible product if you run into lean times.
If you want to understand more about how it works, read my cash value life insurance article here.
Please call an independent agent today to go through your options BEFORE you sign on the dotted line.
➢ SunSpectrum Permanent Life II
Coverage options
Single Life
- Joint first-to-die, two lives include: Survivor benefit and Automatic survivor benefits
- Premiums to the second death, two lives for joint last-to-die
- Joint last-to-die premiums to first death, two lives
Minimum amount
Single coverage
- $25,000 for ages 0-64
- $10,000 for age 65-85
Joint coverage
- $25,000 for all ages
Maximum amount
- $10 million
➢ Sun Life Go Guaranteed Life Insurance
This product is guaranteed issue life insurance – which means there is no medical exam!
In terms of coverage as you can see the values are light, to say the least.
I would put this in the final expense life insurance category. If you are looking for quick and easy approval and are worried you might not qualify for a fully underwritten policy this might be the right choice for you.
To qualify you must be 30 – 74 years of age and live in Canada.
This policy provides single life coverage for the following face amounts: $5,000, $10,000, $15,000, $20,000, or $25,000
Premiums are Guaranteed to remain level until age 95. Thereafter you are still covered but are no longer required to pay premiums. Now that’s a nice perk.
Other Benefits
• Terminal Illness
• Sun Life may choose to offer a lump-sum advance up to 50% of coverage amount if you encounter a life-ending illness, though it’s not a part of the contract
• 30-day free look – which means within 30 days if you are dissatisfied you can cancel your policy and Sun Life refunds your money
A Word of Warning: If you’re looking for life insurance because you are unwell please beware that this policy has a two year waiting period.
Death within 2 years of the policy issue date means your estate only gets your premiums back minus admin charges!
Universal Life Insurance is another form of permanent life insurance. You receive protection until the day you die, but this product is a bit more flexible. Confused? Find out if Universal Life is the right product for you.
➢ SunSpectrum Universal Life II
This policy provides flexible permanent life insurance protection in addition to the opportunity for tax-preferred growth in savings.
There is also a reduced paid-up feature which allows you to stop making payments any time after age 70.
They also have a bonus if you maintain and grow your policy. Sun Life Insurance offers a wide variety of diversified investment account options.
Coverage options
- Single life
- Joint first-to-die
- Cost of insurance payable to the first death with Joint last-to-die
- Joint last-to-die with cost of insurance payable to the second death
If investing is your thing, Sun Life Insurance offers a number of options for you:
Additional Benefits:
➢ SunUniversalLife II
This policy provides a choice of 5 death-benefit options and 6 cost-of-insurance options.
As with SunSpectrum Universal Life II this product offers a wide variety of diversified investment account options. Check it out!
Coverage Options
- Single life
- Joint first-to-die
- Costs payable to the first death with joint last-to-die
- Joint last-to-die with costs payable to the second death
Death Benefit Options:
Investment Account Options
Features
Sun life whole life insurance is participating Life Insurance in combination with an opportunity for tax-preferred cash value growth.
Your base insurance protection is guaranteed for life as long as premiums are up to date.
You're also eligible to receive dividend payments. This money can be used to buy additional coverage, reduce your annual premium, earn interest or take it as cash. There are three types:
➢ Participating Life Insurance
Sun Par Protector II
Provides permanent life insurance protection combined with long-term cash value and death benefit growth.
Premium payment options
- Life pay
- 10 pay
- 20 pay
Coverage options
- Single life
- Joint first-to-die
- Survivor benefit and Automatic survivor benefit are included
- Joint last-to-die, premiums to first death (life pay only)
- Joint last-to-die, premiums to second death
Minimum amount
- $25,000 for ages 0 – 17
- $50,000 for ages 18 – 85
Maximum amount
- $15,000,000
Dividend options
- Paid-up additional insurance
- Enhanced insurance
- Annual premium reduction
- Dividends on deposit
- Cash payment
Additional features
- Guaranteed cash values
- Policy loans
- Withdrawals
- Living benefit
- Survivor benefit on joint first-to-die
- Automatic survivor benefit on joint first-to-die
➢ Sun Par Accumulator II
Provides permanent life insurance protection, with a focus on higher cash values over the short-term. You still get long-term cash value and death benefit growth.
Premium payment options
- Life pay
- 10 pay
- 20 pay
Coverage options
- Single life
- Joint first-to-die
- Survivor benefit and Automatic survivor benefit are included
- Joint last-to-die, premiums to first death (life pay only)
- Joint last-to-die, premiums to second death
Minimum amount
- $250,000
Maximum amount
- $15,000,000
Dividend options
Sun Par Accumulator II offers 5 dividend options for you to choose from based on your unique goals for protection now and in the future:
Additional features
➢ Sun Par Accelerator
Provides permanent life insurance protection that’s guaranteed to be fully paid-up in 8 years. You also build high cash values over the short-term, as well as long-term cash value and death benefit growth:
Premium payment options
- 8 Pay (Single 0 – 65, Joint 18 – 65)
Coverage options
- Single Life
- Joint first-to-die
- Survivor benefit and Automatic survivor benefit are included
- Joint last-to-die, premiums to second death
Minimum amount
- $250,000
Maximum amount
- $15,000,000
Enhanced Dividend Options
Additional Features
- Guaranteed cash values
- Policy loans
- Living benefit
- Survivor benefit on joint first-to-die
- Automatic survivor benefit on joint first-to-die
Looking For A Sunlife Life Insurance Quote?
Sun Life Term Insurance Products
So term life insurance is by far the most affordable and popular life insurance option out there.
In fact it's my "go to" insurance 90% of the time. Quite simply you get the best bang for your buck with term insurance and you can set it and forget it.
Here are Sun Life Term Insurance Products:
➢ SunSpectrum Term Insurance
SunSpectrum Term Life Insurance allows for a face value between $50,000 and $15 million! They offer typical terms: 10, 15, 20 or 30 years.
They policy is renewable until age 85 and may be converted to permanent insurance until age 75.
Additional Benefits that are offered:
- Living Benefits
- Survivor Benefits on Joint First to Die
- Automatic Survivor Benefit on Joint First to Die
Option Benefits that are offered:
- Child Term Insurance Benefit (CTB)
- Total Disability Waiver Benefit
- Guaranteed Insurability Benefit (GIB)
- Accidental Death Benefit (ADB)
- Renewal Protection Benefit
- Owner Waiver Disability Benefit
- Partner Protection Benefit
- Business Value Protection benefit
➢ SunTerm Insurance
SunTerm Life Insurance coverage allows for a face value between $250,000 to $15 million. Again they offer typical terms: 10, 15, 20 or 30 years.
They policy is renewable until age 85 and may be converted to permanent insurance until age 75.
Additional Benefits that are offered:
- Living Benefits
- Survivor Benefits on Joint First to Die
- Automatic Survivor Benefit on Joint First to Die
Option Benefits that are offered:
- Child Term Insurance Benefit (CTB)
- Total Disability Waiver Benefit
- Guaranteed Insurability Benefit (GIB)
- Accidental Death Benefit (ADB)
- Renewal Protection Benefit
- Owner Waiver Disability Benefit
- Partner Protection Benefit
- Business Value Protection benefit
➢ Sun Life Go Simplified Term Life Insurance
This is simplified issue term life insurance, which means there is no medical exam and you need only answer 3 simple health questions to receive coverage in minutes.
You can get face values of $50,000, $75,000 or $100,000 and your monthly payments are guaranteed to stay the same for the first 10 years.
Eligibility
- You must be between 18 and 69 and live in Canada.
Coverage amounts
- $50,000, $75,000 or $100,000
Term available
- 10 year term
Exclusions
- If you commit suicide within 2 years of the date your policy takes effect the claim won’t be paid. You will get your premiums back minus any fees.
- Total insurance through this product cannot be more than $100,000.
Additional Benefits Offered:
- Living Benefit
- 30 Day Free Look
➢ Sun Life Go Term Life Insurance
This life insurance offering provides face values from $100,000 to $1 million. Monthly payments are guaranteed to stay the same for the first term of 10 or 20 years.
Eligibility
- You must be between 18 and 69 and live in Canada.
Renewable
This policy renews for the same term length you chose without any health questions asked. The premiums increase at renewal, then stay the same for the new term.
Exclusions
- If you commit suicide within 2 years of the date your policy takes effect, your claim is denied. Sun Life Insurance refunds your payments paid up to then, minus any fees.
- Total insurance amount for Sun Life Go products can’t be more than $1 million.
Additional Benefits Offered:
- Living Benefit
- 30 Day Free Look
Looking For Sunlife Life Insurance Quote?
Sunlife Reviews: Rates
 | ||
| Age | $500,000 | $1,000,000 |
| 35 Year Old Male | $35.10 | $61.65 |
| 35 Year Old Female | $28.80 | $49.05 |
| 40 Year Old Male | $40.50 | $95.85 |
| 40 Year Old Female | $52.65 | $71.55 |
| 45 Year Old Male | $82.80 | $154.35 |
| 45 Year Old Female | $59.40 | $112.05 |
| 50 Year Old Male | $141.75 | $259.65 |
| 50 Year Old Female | $95.85 | $182.25 |
| 55 Year Old Male | $236.48 | $470.25 |
| 55 Year Old Female | $176.40 | $344.25 |
| 60 Year Old Male | $469.80 | $859.05 |
| 60 Year Old Female | $322.20 | $633.15 |
| 65 Year Old Male | $718.20 | $1434.15 |
| 65 Year Old Female | $498.60 | $992.25 |
*Sunlife life insurance quotes above are 20-Year Term, standard non-smoker rates as of March 23rd 2021.
Sun Life Insurance Underwriting
Did you know life insurance companies are moving away from medical exams?
Yep! It’s a trend these days and in fact, no exam life insurance is an area that’s in the process of changing. Read my post on no medical insurance to see if it’s a fit for you.
In November 2016, Sun Life Insurance Canada announced a new underwriting process that includes fewer medical tests for applicants and changes to life insurance products.
This change occurred to meet the revised tax rules that came into effect in 2017.
Individuals who apply for life insurance and critical illness insurance will no longer be required to undergo certain medical tests such as electrocardiograms or cardiac stress tests, blood work, HIV testing, or provide urine and saliva samples during the underwriting process.
Tests will only be required for older individuals who apply for larger coverage amounts. Sun Life is performing underwriting based on medical questionnaires, research, and data review to assess the Sunlife life insurance policy risk.
Application Process
Because Sun Life Insurance has an avalanche of insurance products I’m concentrating on their application process for life insurance.
Hey, I have places to go and people to see!
At first, I saw there was a 7 step process and I thought oh no!
Unfortunately, some life insurance companies don’t provide you quick access to their rates. Not the case for Sun Life.
They display rates after you supply VERY little personal information – they don’t even ask you for your email address.
Sunlife Insurance also provides the functionality of comparing terms and types of insurance. COOL! It’s quite honestly one of the best tools I’ve seen on the market.
That being said, these quotes are based on VERY little personal information.
Whether you actually qualify for them is an entirely different thing.
Is Sun Life Insurance Canada Right for YOU?
After reading through Sunlife reviews – here’s the million-dollar question!
Sure Sun Life Insurance is a monster company – one I am sure you are familiar with. They are A-rated and have a fantastic suite of life insurance products.
That said, there are many, many companies who offer similar products…..and Sun Life Term Insurance isn’t the cheapest on the market. Please remember finding a policy that works for you is a very personal process.
If you want to see how much is sun life insurance…..call us today!
"Get Quotes From Sun Life And Other Life Insurance Companies Before You Decide"
All life insurance carriers are not created equal. Each one has its strengths and weaknesses including Sun Life.
That’s why it’s important to do your homework.
So while Sun Life insurance is a great company to consider, it may or may not be the right carrier for you.
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