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To help you determine whether Sun Life Insurance is right for you, we reviewed their different products, prices, features and customer feedback.
Sun Life is probably your best bet if you're looking for whole life insurance with cash value for investment purposes. They offer a wide range of permanent policies that offer investment components. For example, their SunPar Protector II product lets you build cash value over a long term.
Sun Life also specializes in universal life insurance, but most Canadians don't need it. The costs go up quickly; expect to pay hundreds of dollars in premiums per month.
Sun Life Financial is an international financial services company founded 150 years ago.
Sun Life Canada offers a wide range of individual (i.e. not group) life insurance products from term to whole and universal life insurance. Let's dive into some coverage options that might suit your financial needs.
Note: Prices have increased across the board for Sun Life policies between April 2023 and July 2023.
*Rates are based on a 35-year-old man seeking $100,000 in Sun Life life insurance coverage. Pricing is based on publicly available rates as of July 2023. Terms and conditions may apply.
Read up on some of the pros and cons of Sun Life life insurance based on their different products.
Read more on Sun Life's types of life insurance below.
Because you're skipping out on the typical application interview with some specific health questions, this product is pricey. You're paying for not sharing possible health risks that might make it hard for you to get ensured.
The bottom line: Because it's very limited in coverage options and has high insurance costs, we don't suggest Sun Life Go Simplified Term.
The bottom line: The flexibility and convertibility options make their term policies attractive, but comparing the monthly premiums of a standard Sun Life individual policy to the industry, the price is much higher.
See how Sun Life's term life insurance prices stack up against the prices of products offered by other term life insurance companies in Canada.
*Prices are based on a 35-year-old woman seeking $500,000 in Sun Life SunSpectrum term life insurance coverage for a 10-year term. Terms and conditions may apply.
Sun Life's Permanent Life product operates like any typical whole life policy.
Offers a variety of features and benefits, including:
Coverage can range from $250,000 to $10,000,000, which is a larger range than the industry average but the reality is most Canadians don't need to take out $10M in life insurance.
Sun Universal Life II is Sun Life's most extensive universal life insurance policy with investment features.
Like their permanent life policy, Sun Life Universal II also features guaranteed lifetime protection with coverage from $250,000 to $10,000,000.
Sun Par Protector II is a whole life policy that operates as any other permanent policy Sun Life Financial offers but with an additional element of cash value accumulation.
For those looking for a policy with a higher cash value growth rate, Sun Par Accumulator II offers a higher rate but only in the most recent periods of your policy. After a while, the cash value growth settles.
Although Sun Life Canada has an excellent range of products, their customer service seems lacking. They have a score of 1.2/5 on Trustpilot and 2.3/5 on InsurEye.
To get a Sun Life life insurance quote, you can get answer a few questions online to get a quote for coverage up to $1,000,000. For coverage over a million dollars or to get personalized advice, you can talk to an advisor to get a Sun Life life insurance quote. But be aware that many customer reviews have suggested that Sun Life advisors can get pushy.
Sun Life Canada also offers assistance through their app called Sun Life Mobile. Their website also has a life insurance calculator that lets you calculate how much life insurance coverage you might need based on your financial stability, if you have any dependents, and what expenses they might have to pay off without you.
Sun Life is your best bet if you're looking for whole life insurance with cash value for investment purposes.
But the caveat here is that most Canadians don't need whole life, especially ones with cash value options.
While it seems very tempting to make some money back, the minimum coverage cost is much higher than any other permanent life insurance policy. Not to mention, the cash value growth is minimal at best.
We only recommend Sun Life for customers who have already maxed out other investment account options like their RRSP or TFSA accounts.
But the average Canadian will find that their rate of returns can be 7.5 times higher just by purchasing a term life policy and coupling it with savings in an RRSP account.
Sun Life insurance offers a range of optional benefits that can help you protect your family's financial well-being. These include:
Sun Life typically pays out life insurance claims within two to four weeks from the date of claim submission. However, this timeline can be affected by various factors such as the type of policy, the amount of life insurance coverage, and any delays in obtaining necessary documentation. It's important to remember that the actual payment may take longer than expected due to administrative processing times.
Sun Life typically approves life insurance claims within one to two weeks from the date you submit your claim form. However, this timeline can be affected by various factors including the complexity of the claim and any delays in obtaining required documents from you or other parties involved.
Some reviews on Trustpilot have even said that after six months, they have still not received their payout from Sun Life.
Sun Life Canada is a reputable insurance provider with a long history and a strong financial standing. They offer a range of insurance products, including life, health, dental, and disability insurance.
However, whether Sun Life Canada insurance suits your needs depends on your circumstances. Most Canadian couples and parents will find that a term life policy will suit their needs and financial state better than a Sun Life whole life insurance policy.
It's essential to consider the policy details, coverage limits, premiums, and exclusions before deciding on any insurance provider.
Sun Life is a well-established and financially stable insurance company with a long history of providing insurance products and services. They are one of the largest insurance providers in Canada and have been in business for over 150 years.
Sun Life has consistently maintained a strong financial rating from various rating agencies regarding financial stability. For example, in 2021, Standard & Poor's (S&P) gave Sun Life a rating of AA- (Very Strong), while Moody's gave them a rating of A1 (Good). These ratings indicate that Sun Life has a strong capacity to meet its financial obligations and is financially stable.
Sun Life has a long history and a solid reputation in the financial industry, which may be reassuring to some investors. They also have a team of experienced investment professionals who manage their products.
But like any investment, risks are involved, and returns are not guaranteed. Considering the fees, investment options, and risks associated with each product is essential before investing. It may also be beneficial to speak with a financial advisor to help determine if Sun Life's investment products align with your financial goals and risk tolerance.
Visit PolicyMe to get critical illness quotes.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
Who we are. (n.d.). Sun Life. https://www.sunlife.ca/en/about-us/who-we-are/
AM Best Affirms Credit Ratings of Sun Life Financial Inc. and Its Subsidiaries. Business Wire. https://www.businesswire.com/news
Disability insurance. Sun Life. https://www.sunlife.ca/en/offer/disability-insurance/