Ben Nguyen 
Sun Life Financial is one of largest and most trusted insurance companies in Canada. With over 150 years of experience serving Canadians, Sun Life offers a wide range of insurance solutions, including life, health, disability, critical illness, and more.
In this comprehensive guide, we’ll explore Sun Life’s insurance products, costs, customer service, and financial strength and help you determine if their policies are the right fit for your needs.
A Brief Background on Sun Life Financial
Sun Life Financial is a leading international financial services company providing insurance, wealth management, and asset management solutions to individuals and corporate clients.
The company was founded in 1865 as The Sun Insurance Company of Montreal. It was the first company to offer group benefits through an employer in Canada in 1919.
Today, Sun Life Financial has operations in over 26 countries globally. Their headquarters are located in Toronto, Ontario.
According to Sun Life’s 2021 Annual Report, they have:
- Over 1 million insurance clients
- Over $1.44 trillion in assets under management
- 37,000 employees worldwide
- 2,700 advisors across Canada
Sun Life has consistently maintained strong financial strength ratings from independent agencies like A.M. Best. Now that we’ve covered some background, let’s dive into reviewing Sun Life’s main insurance offerings.
What Types of Insurance Does Sun Life Insurance Offer?
Sun Life Financial provides a comprehensive range of individual and group insurance solutions, including:
Sun Life Life Insurance
- Term Life Insurance
- Permanent Life Insurance
- Universal Life Insurance
- Participating Life Insurance
Sun Life Health Insurance
- Critical Illness Insurance
- Disability Insurance
- Dental Insurance
- Health Insurance
- Long-Term Care Insurance
Sun Life Wealth Solutions
- Savings & Income
- RRSPs
- TFSAs
- Mutual Funds
- Annuities
Sun Life Wealth Solutions
- Employee Benefits
- Retirement Solutions
In this detailed review, we will focus specifically on Sun Life’s lineup of individual life insurance policies available to Canadians.
How Do Term Life Policies From Sun Life Insurance Work?
Term life insurance provides pure death benefit protection for a set period of time or “term.” It does not have any cash value accumulation.
Sun Life offers a range of term life insurance policies to suit different budget and coverage needs:
Sun Life Go Term
Sun Life Go Term is a streamlined term life insurance product with simplified underwriting. You do not need a medical exam to qualify. It’s an easy way to get smaller amounts of term life insurance coverage quickly.
Key Features:
- Available Terms: 10, 20 years
- Minimum Coverage: $100,000
- Maximum Coverage: $1 million
- Renewability: Up to the end of the term
- Riders: None
Go Term offers guaranteed level premiums for the 10 or 20 year policy term. It does not offer conversion or renewal options beyond the end of the term. There are also no riders available.
The key benefit of Go Term is the convenience of obtaining coverage without medical underwriting. However, the tradeoff is higher premiums and less flexibility.
Sun Life Evolve Term
Sun Life Evolve Term provides renewable term life insurance with flexible options. You can get coverage ranging from $50,000 up to $25 million for terms between 5 to 40 years, depending on age.
Standout features include:
- Multiple term lengths to suit different needs.
- Increase your coverage at certain life events.
- Premiums are guaranteed not to increase during your term.
- Convertible to permanent life insurance regardless of health changes.
- Can renew coverage until age 85.
Sun Life Go Simplified Term
Sun Life Go Simplified Term is another no medical exam term life insurance option. It has set coverage amounts and further simplified underwriting compared to Go Term.
Key Features:
- Available Terms: 10 years only
- Set Coverage Amounts: $50,000, $75,000, $100,000
- Renewability: Up to the end of the 10-year term
- Riders: None
Go Simplified Term only offers 10 years of coverage. You can select one of the three preset coverage amounts. There is no ability to renew or convert the policy after the 10 year term.
This product appeals to those wanting a small amount of temporary life insurance protection without any medical questions. However, the premiums are much higher than Sun Life’s fully underwritten term policies.
Sun Life Term Costs
Sun Life’s term life insurance premiums are competitive but can be pricier compared to some other top Canadian insurers.
Here are sample monthly costs for a healthy 35-year-old male seeking $500,000 in 20-year guaranteed SunTerm coverage:
| Age | Go Term | Go Simplified Term |
|---|---|---|
| 30 | $43.85 | $83.34 |
| 40 | $79.92 | $109.17 |
| 50 | $203.71 | $249.58 |
| 60 | $582.55 | $583.33 |
Always obtain a personalized quote for the most accurate rates. You can easily compare Sun Life’s prices to other top Canadian life insurance companies like: Manulife insurance, Wawanesa life insurance, RBC life insurance, Canada Life insurance, TD life insurance… using Lifebuzz’s online quoting tool.
How Do Permanent Life Policies From Sun Life Insurance Work?
Permanent life insurance provides lifetime protection as long as you continue paying premiums. It also accumulates cash value that you can borrow against.
Let’s look at the various permanent life insurance options from Sun Life.
Sun Life Whole Life Insurance
Sun Life offers 2 conventional whole life insurance featuring guaranteed premiums, death benefit, and cash values.
SunSpectrum Permanent Life II
SunSpectrum Permanent Life II is a whole life policy providing lifelong coverage along with tax-advantaged cash value growth potential.
Key features:
- Lifelong coverage guaranteed up to age 100+.
- Accumulate cash value to access via loans or withdrawals.
- Coverage amounts from $25,000 up to $10 million.
- Guaranteed level premiums – payments don’t rise as you age.
- Guaranteed cash value starting in year 3.
Sun Life Go Guaranteed Life Insurance
Sun Life Go Guaranteed Life offers guaranteed issue whole life insurance up to $25,000 without any medical exam or health questions.
Highlights include:
- Living benefits rider included free.
- Guaranteed approval regardless of health.
- Permanent lifelong coverage.
- Face amounts from $5,000 to $25,000.
- Level premiums that don’t increase.
Sun Life Universal Life Insurance
Sun Life’s universal life insurance combines permanent protection with investment features. You have flexibility in how the cash portion of the policy performs.
There are two universal life insurance options:
SunSpectrum Universal Life II
SunSpectrum Universal Life II provides lifelong coverage along with investment features. You get both a death benefit and tax-preferred cash value growth.
Key details:
- Permanent coverage from $25,000 up to $5 million.
- Flexible premium payments – pay what you want.
- Wide selection of professionally managed investment accounts.
- Access cash value through withdrawals and loans.
- Scale back your coverage after age 70.
SunUniversalLife II
SunUniversalLife II offers advanced flexibility and options compared to SunSpectrum Universal Life II.
Notable features:
- High coverage amounts from $100,000 up to $25 million.
- Many combinations of death benefit and cost of insurance options.
- Over 20 investment account choices.
- Early death benefit option for enhanced payout.
- Riders like critical illness insurance are available.
A major benefit of Sun’s universal life insurance is the ability to choose investments aligned with your risk tolerance. However, the costs are higher than those of traditional permanent life.
Sun Life Participating Life Insurance
Participating life insurance provides lifetime protection while allowing you to share in the profits of the insurance company through dividends.
Sun Life has three participating life insurance options:
Sun Par Protector II
- Whole life coverage with lifelong protection.
- Balance of guarantees and long-term dividend potential.
- Coverage from $25,000 up to $15 million.
Sun Par Accumulator II
- Whole life focused on building early cash value.
- Mainly used for estate and business planning.
- Coverage between $250,000 and $15 million.
Sun Par Accelerator
- Lifelong coverage guaranteed paid up in 8 years.
- Substantial cash value accumulation in early years.
- For high net worth families and business owners.
- Minimum face amount of $250,000.
These products are designed for large insurance amounts and offer dividend options that can boost gains over time.
Sun Life Permanent Insurance Costs
Here are the estimated monthly costs for a 35-year-old male seeking $250,000 in permanent life coverage from Sun Life:
| Product | Estimated Premium |
|---|---|
| SunSpectrum Permanent Life II | $85 |
| Sun Universal Life II | $193 |
| Sun Par Protector II | $163 |
Permanent life insurance is more expensive than term insurance since you are pre-funding future protection. Costs can vary widely depending on the policy type, coverage amount, age, gender, and health profile.
Always obtain personalized quotes to compare accurate pricing from Sun Life and other insurers.
What are the Pros and Cons of Sun Life Insurance?
Every insurance provider has their own set of advantages and potential drawbacks. Here are key pros and cons to consider with Sun Life:
Pros of Sun Life Insurance
- Established history and strong brand reputation as a leading insurer
- Wide range of term, permanent, and universal life insurance options
- Ability to obtain higher coverage amounts over $1 million
- Participating life insurance products provide dividend upside
- Variety of living benefits and riders available
- Vitality program rewards healthy living with premium discounts & rewards
- Experience dealing with higher net-worth clients
- Access to in-person advisors across Canada
Potential Cons of Sun Life Insurance
- Premiums can be higher than some competitors for the same coverage
- Permanent insurance and investment options tend to have higher fees
- Mixed reputation for customer service and claims response time
- The underwriting process can be stricter, resulting in higher rates or declined applications
- Limited online support – need to call or see an advisor for servicing
- Investment options and flexibility are not as robust as some rivals
While Sun Life undoubtedly has strengths as a trusted national insurer, their products may not offer the best value or experience for all customers.
It’s wise to compare Sun Life’s pricing and features to other top insurers like Manulife, RBC, Canada Life, SSQ before deciding. This ensures you get the optimal blend of coverage, costs, and service.
Features & Riders Offered with Sun Life Insurance
Sun Life insurance policies include a variety of features and optional riders to enhance your coverage for added protection.
Key Features
- Guaranteed Renewability – Sun Life’s term life insurance policies are guaranteed renewable up to age 85 or 100, depending on the product. This allows you to extend coverage as needed.
- Guaranteed Convertibility – Most Sun Life term policies offer conversion to permanent life insurance up to at least age 75, regardless of health changes.
- Coverage Amounts – Sun Life provides higher maximum coverage amounts up to $15 million for high net worth individuals.
- Vitality Program – Policyholders can earn premium savings and rewards for healthy habits like exercising and getting health screenings.
Optional Riders
- Accidental Death Benefit – Provides additional payout if death is due to an accident before age 70.
- Children’s Insurance – Purchase term life insurance for your children until age 25.
- Disability Waiver – Waives premiums if you become disabled and unable to work.
- Guaranteed Insurability – This lets you purchase more coverage in the future without medical underwriting.
- Payor Waiver – Waives premiums if the insured suffers cognitive impairment (e.g. dementia)
Carefully review available base features and optional riders when buying a Sun Life policy to customize your coverage.
Who Buys Sun Life Insurance?
Sun Life insurance products cater well to the following demographics and financial situations:
High Net Worth Individuals
With high maximum face amounts, permanent cash value policies, and add-on “riders” or benefits, Sun Life accommodates estate planning and wealth transfer needs for high net worth individuals (HNWI).
Older Adults Seeking to Convert Term Policies
Sun Life is a strong option for seniors needing to convert term life insurance to permanent coverage. Their policies allow conversion up to age 75, longer than many other providers.
Business Owners
Sun Life’s permanent life insurance offerings with cash value accumulation and dividends can fulfill succession planning, buy-sell arrangements, and other needs business owners have.
Families Wanting Permanent Protection
Participating whole life insurance from Sun Life delivers guaranteed lifelong coverage that is well-suited for family protection needs. The dividends enhance long-term value.
Those Who Prefer In-Person Insurance Purchase
With over 2,700 advisors across Canada, Sun Life makes purchasing insurance in person easy. This may appeal to those who want expert guidance.
How Do You Buy Life Insurance from Sun Life?
You have 3 options to buy life insurance coverage from Sun Life Financial:
Work with a Sun Life Advisor
The primary method is to work with one of Sun Life’s licensed insurance advisors. They can guide you through policy options, provide quotes, and assist with the application and underwriting process.
To find an advisor, visit Sun Life’s website and search for advisors by postal code or city and they can match you with someone local.
Apply Online
Some Sun Life insurance products allow you to get an instant quote online and apply electronically, including:
- Sun Life Go Simplified Term Life Insurance
- Sun Life Go Term Life Insurance
- Sun Life Go Guaranteed Life Insurance
- Express Critical Illness Insurance
However, underwriting approval will require medical exams and providing additional documentation.
Go Through an Independent Broker
You can access Sun Life insurance products through an independent life insurance broker or advisor. They can provide quotes and comparisons from Sun Life and other insurers.
No matter how you start the buying process, expect to go through comprehensive medical underwriting. Be prepared to provide medical history, undergo exams and tests, and potentially provide additional medical records.
Be sure to compare proposed premiums against quotes from other highly-rated life insurance companies. Getting quotes from at least 3 providers ensures you find the best value insurance for your budget and coverage needs rather than just going with the first option.
Is Sun Life Insurance Right for Me?
So when might Sun Life be the best life insurance provider for your needs?
Sun Life Insurance is a good option if you:
- Prefer purchasing through an in-person financial advisor
- Seek permanent cash-value life insurance for savings or investment purposes
- Require high coverage amounts exceeding $1 million
- Have an established relationship with a Sun Life advisor
- Qualify for preferred health underwriting discounts
- Appreciate benefits like the Vitality program
Sun Life Insurance may not be ideal if you:
- Are primarily looking for basic term life insurance
- Want an easy and quick online purchase process
- Seek lowest cost life insurance coverage
- Prefer robust online self-service capabilities
- Have existing health issues that may lead to higher rates or declines
How do you make a Claim with Sun Life Insurance?
Making a claim with Sun Life involves contacting them by phone to start the process.
Steps to make a claim:
- Call Sun Life as soon as possible after the insured’s passing.
- Sun Life will provide you with the appropriate claim forms.
- Complete the claim forms and return them along with the required supporting documents. This may include:
- Proof of death (death certificate).
- Medical records showing the cause of death.
- Beneficiary designation paperwork.
- Sun Life will review the claim and confirm if any other information is needed.
- After claim approval, Sun Life provides payment to the designated beneficiaries.
Tips for smooth claims processing:
- Call to start the process right away after the death occurs.
- Ensure beneficiary designations are up to date so Sun Life knows who to pay.
- Compile and provide complete documentation to avoid delays.
- Follow up if you don’t hear back on your claim within 2 weeks of submission.
What do people like and dislike about Sun Life insurance?
Sun Life earns mixed reviews based on policyholder feedback. Here is an overview of what customers praise and some common complaints.
On aggregate review sites like TrustPilot, Sun Life earns just 1.2 out of 5 stars based on 100+ reviews. On InsurEye, they rated 2.3 out of 5 stars over 500+ reviews.
Positive Sun Life Reviews
Positive Sun Life insurance reviews highlight the company’s longstanding history, flexible products, and ability to provide very high coverage amounts. Customers mention the breadth of options and specialized offerings as advantages.
Negative Sun Life Reviews
Many negative complaints focus on poor customer service experiences, even for long-time customers. Difficulty contacting representatives and extremely long delays for claims handling are issues commonly cited.
Additional gripes mention expensive pricing, complex fee structures, and pushy agents. For simple coverage needs, Sun Life often loses out to smaller insurers on cost.
While reviews paint a mixed picture, prospective policyholders should weigh Sun Life’s financial stability with the potential service and pricing drawbacks mentioned across reviews.
Key Takeaways about Sun Life Insurance
Work with an experienced insurance advisor to determine what Sun Life products may be best suited for your specific financial situation.
With over 150 years of experience, Sun Life Financial is a long-standing leader in the Canadian insurance industry.
Sun Life offers a wide range of life insurance products, including term, whole life, universal life and participating life insurance to suit different needs.
They provide high coverage amounts on life insurance (up to $25 million on some policies) to meet the needs of high-net-worth clients.
Sun Life permanent life insurance policies can be used for estate planning and allow for tax-advantaged cash value growth.
Customer reviews highlight potential frustrations with Sun Life’s customer service and claims handling.
Sun Life’s life insurance premiums tend to be higher than those of some competitors, so be sure to compare quotes before deciding.
Frequently Asked Questions about Sun Life Insurance
Can I get Sun Life insurance if I have a pre-existing health condition?
You may be able to qualify for Sun Life insurance with a pre-existing condition, but you will likely pay higher premiums compared to those with clean medical histories. Sun Life conducts full underwriting, so be prepared to provide medical records.
How do I check the status of my Sun Life insurance claim?
To check the status of a Sun Life insurance claim, you can contact the Sun Life claims team directly via phone, email, or mail. Sun Life does not provide claim status tracking online. Be prepared to provide the deceased's full name, date of birth, policy number, and date of death.
Can I get a copy of my Sun Life insurance policy online?
Sun Life does provide online access to insurance policy documents through their client website. Registering for a my Sun Life account enables you to view, download, and print copies of your full policy, terms and conditions, statements, and other documents electronically.
How do I change the beneficiary on my Sun Life insurance policy?
To change the beneficiary on a Sun Life insurance policy, contact Sun Life via phone, email or mail to request a beneficiary change form. This signed and completed form along with supporting documents confirming your identity will be needed to officially record the beneficiary change.
What is the AM Best rating for Sun Life Financial?
Sun Life Financial currently holds an A+ or "Superior" Financial Strength Rating from AM Best. This indicates Sun Life has a very strong ability to meet their ongoing policy and contract obligations.
Can I renew my Sun Life term life insurance policy?
Most Sun Life term life insurance policies are guaranteed renewable up to age 85 or 100 depending on the specific product. This allows you to extend your coverage in increments. Converting to permanent insurance may also be an option before renewal ends.
Can I manage my Sun Life insurance policy online?
Yes, Sun Life insurance customers can register for an online my Sun Life account to manage their policies digitally. You can view documents, update information, make payments, file claims, track investments, send messages, and more through the Sun Life website.
How do I cancel my individual Sun Life insurance policy?
To cancel a Sun Life insurance policy, contact Sun Life via phone, email or mail. You will need to provide your name, date of birth, policy number and signature. Reasons for cancellation may need to be provided. Any cancellation refund would be based on policy terms.
Where is the head office for Sun Life Financial located?
The corporate head office and operational headquarters for Sun Life Financial are located at One York Street, Toronto, Ontario M5J 0B6. The company previously operated out of Montreal before relocating its head office to Toronto.
Does Sun Life insurance offer an accelerated death benefit rider?
Sun Life does not offer an accelerated death benefit rider for individual life insurance. Some insurers do have this rider allowing access to a portion of the death benefit if diagnosed as terminally ill.
How do I apply for a Waiver of Premium claim with Sun Life insurance?
Contact Sun Life to notify them of your disability and request a Waiver of Premium claim form. Your doctor will need to provide medical evidence of your qualifying disability. Sun Life will determine if you are eligible to stop paying premiums.
What is the grace period for missed Sun Life life insurance premium payments?
Sun Life provides a standard 31-day grace period for late premium payments on individual life insurance policies. The policy stays in effect during this time, but can lapse if unpaid by the grace period expiration.
Can I insure my newborn baby with Sun Life insurance?
You can get life insurance coverage on your newborn child with Sun Life through the Children's Term Rider available on SunTerm policies. This covers newborns starting 15 days after birth until they reach age 25.
Can I purchase Sun Life insurance if I'm not a Canadian resident or citizen?
Sun Life will insure non-Canadian residents and foreign citizens under certain conditions. You must have a valid nexus to Canada, such as employment, assets, or family relations in the country.
How do I send a complaint to Sun Life insurance?
To send a written complaint to Sun Life, you can email them or mail a letter to Sun Life Financial, Customer Relations Department, 227 King St S, PO Box 1601 Stn Waterloo, Waterloo ON N2J 4C5.
Can I insure my parents with Sun Life insurance?
Yes, you can purchase individual life insurance from Sun Life on your parents. Their policies would be separate from yours and require full individual underwriting. Premiums are based on their age and health status.
What is the occupation class rating for Sun Life insurance underwriting?
Sun Life uses an occupation class rating during underwriting ranging from 1 to 6, with 1 being the least hazardous occupations like professional and office workers and 6 being the most hazardous like mining, forestry, or oil/gas.
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