Fact CheckedSun Life Insurance Canada is one of the country’s most well-known brands. It has a 155-year history, an excellent range of products, and solid financials! Sun Life Term Insurance doesn’t offer the most affordable rates in Canada, but it is a solid insurer nonetheless.
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.
A Word or Two About Sun Life Insurance
Sun Life Assurance Company of Canada is a 155-year-old Canadian-based insurance company.
This well-known insurer is a leader in Group Benefits, Group Retirement Services, and Individual Insurance and Wealth.
It has 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!
Sun Life Insurance Canada: Financial Rating
If you are leaning toward Sun Life Insurance, I’ve got some good news. They are a publicly traded company with over $1.44 trillion in assets under management! Nice. They also rank #235 on the Forbes Global 2000 list, the top two thousand public companies worldwide.
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!
Sun Life Products
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. Many products are interesting, and there’s something to say about one-stop shopping.
Not to mention that quite often, there are discounts for people who bundle their insurance.
… but the cynical side of me thinks it might be better to work with a company specializing 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:
1. Sun Life Permanent Life Insurance
Permanent insurance protects you until you die, which appeals to many people.
Agents also tout a cash value accumulation feature. Please remember that permanent insurance (whole or universal life) costs much more than Sun Life term insurance, and it’s not the most flexible product if you run into lean times.
Read my cash value life insurance article here to understand how it works.
➢ SunSpectrum Permanent Life II
Coverage options
Single Life
- Joint first-to-die, two lives include Survivor benefits and Automatic survivor benefits
- Premiums to the second death, two lives for joint last-to-die
- Joint last-to-die premiums
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!
As you can see, the values are light in terms of coverage.
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.
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.
All guaranteed issue products come with a waiting period. If you die within first two years of the policy from health related causes, the death benefit will not be paid out! However, your family will receive a full refund of any premiums paid into the plan.
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 & ➢ SunUniversalLife II
A universal Life policy provides flexible permanent life insurance protection and the opportunity for tax-preferred growth in savings.
A reduced paid-up feature also 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.
It also has the same coverage options as SunSpectrum permanent insurance.
Sun’s whole life insurance provides consumers with an opportunity for tax-preferred cash value growth.
Your base insurance protection is guaranteed for life as long as premiums are current.
You’re also eligible to receive dividend payments. This money can 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 & Sun Par Accumulator II
They provide permanent life insurance protection, long-term cash value, and growth in death benefits.
Premium payment options
- Life pay
- 10 pay
- 20 pay
Coverage options
- Single life
- Joint first-to-die
- Survivor benefits and Automatic survivor benefits 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 Accelerator
Provides permanent life insurance protection guaranteed to be fully paid 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)
2. Term Insurance Products
So, term life insurance is by far the most affordable and popular life insurance option.
Term insurance is my “go-to” insurance 90% of the time. It gives you the best bang for your buck, and you can set it and forget it.
Here are Sun Life’s Three Term Insurance Products:
➢ Sun Life Evolve Term Insurance
SunSpectrum Term Life Insurance has a face value between $50,000 and $25 million and offers typical terms of 5 to 40 years.
The 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 three 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
➢ 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.
Sunlife Reviews: Rates
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| Age | $500,000 | $1,000,000 |
| 35 Year Old Male | $36.00 | $61.65 |
| 35 Year Old Female | $26.55 | $45.45 |
| 40 Year Old Male | $52.20 | $98.55 |
| 40 Year Old Female | $38.70 | $69.75 |
| 45 Year Old Male | $82.80 | $157.95 |
| 45 Year Old Female | $59.40 | $111.15 |
| 50 Year Old Male | $142.65 | $274.05 |
| 50 Year Old Female | $95.40 | $182.25 |
| 55 Year Old Male | $246.15 | $467.55 |
| 55 Year Old Female | $175.50 | $339.75 |
| 60 Year Old Male | $463.50 | $904.95 |
| 60 Year Old Female | $323.55 | $629.55 |
| 65 Year Old Male | $780.30 | $1,475.55 |
| 65 Year Old Female | $544.05 | $1,003.95 |
*Sunlife life insurance quotes above are Evolve 20-year Term, standard non-smoker rates as of July 2024
Sun Life Insurance Canada – Pros & Cons
PROS
- Financial Stability
- Excellent Suite of Insurance Products
- Ease of Sun Life Insurance Application Process
- Customer Service
CONS
- Sun Life Term Insurance is Pricier than Their Competitors
- Conservative Underwriting
- Many Sun Life Insurance Advisors are Captive Agents
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. It is A-rated and offers a fantastic suite of life insurance products.
Many companies offer similar products, and Sun Life Term Insurance isn’t the cheapest on the market. 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”
Not all life insurance carriers are created equal. Each one, including Sun Life, has its strengths and weaknesses.
