Sun Life insurance products
Sun Life has a strong life insurance product offering, including term life, whole life (both participating and non-participating), and universal life insurance.
Sun Life term life insurance has four products but they can be separated in two - the SunSpectrum/SunTerm products, and the two Sun Life Go products. The former products are typical term life policies, available for terms of 10, 15, 20 or 30 years, renewable until age 85 and convertible to permanent until age 75 - they only differ by their maximum and minimum coverage amounts. The Go products are simpler and require less personal or medical information, non-renewable for 10 or 20 year terms. Because less information is required, premiums are higher and policies are not convertible to permanent life insurance.
Sun Life permanent insurance is one of the simplest of its product lines, but that isn’t saying much! There’s a guaranteed whole life insurance product that will cover Canadian residents aged between 30 and 74 for up to $25,000. There are also two versions of a standard permanent life insurance policy, with different minimum coverage amounts. The latter policies both have a range of optional extras, including limited payment terms with term-to-100 options, joint and single plans, policy loans, living benefits, accidental death benefits, and many more.
Sun Life participating life insurance comes in three varieties, each providing the ability to accumulate cash values in addition to your premiums. The difference between each product is essentially how fast the cash value accumulates, including one policy that is fully paid up within eight years! Accumulating cash value quickly results in more flexibility, but it also means higher premiums in the short term. The policies that accumulate cash value slower do have additional limited payment options, however, and all of them are available as single or joint policies.
Universal life insurance from Sun Life is one of the most flexible universal policies available, alongside the offering from Manulife. Three separate products, ranging from a simple fund plus coverage option up to a policy targeted at business owners, each offer amazing flexibility of life insurance policy as well as of tax-advantaged investment strategies. As with all universal life insurance policies, however, these policies are the most expensive on offer, and are best suited to high net worth individuals.