Sun Life Insurance Review
Discover if insurance through Sun life Financial is right for you!
7 Minute read
Originally published: February 7, 2022
Updated: January 19, 2024
Sun Life Insurance Review
Discover if insurance through Sun life Financial is right for you!
7 Minute read
Originally published: February 7, 2022
Updated: January 19, 2024
Sun Life Insurance is one of the best life insurance providers in Canada. With a financial strength rating of A+ from AM Best Company, they are financially stable with flexible and highly customizable policies that can be accessed easily online but have higher premiums then comparable insurance companies. Our review finds that Sun Life Financial has a rating of 4/5 stars from us.
In this article:
Company Overview
Sun Life Financial was founded in 1865 in Montreal, Quebec, and has been operating for over 150 years. Upon their launch, they primarily sold insurance but have since expanded to offer many forms of wealth solutions and health programs.
They employ 50,000 employees all around the world with just shy of 2700 advisors operating in 1100 communities found in Canada. They boast over CAD $1.3 trillion in assets under management and $234 billion in assets under administration as of 2023. Sun Life aims to help their clients achieve lifetime financial security and live healthier lives.
Sun Life Insurance Pros
Flexible and highly customizable policies
High stability with a great financial strength rating
Large variety of term period offerings with easy exchanges
Options for no-medical life insurance
Sun Life Insurance Cons
Costly premiums compared to other providers
Lacking high-quality customer service
Check out this helpful guide that demonstrates how monthly premium rates through Sun Life Financial are affected by age and smoking-status.
Sun Life Insurance Products
In Canada Sun Life Financial offers term life insurance and permanent life insurance. Policies that fall into these categories have different benefits and options, coverage amounts, and premium payment options. Keep reading to discover which policy is best for you.
Sun Life Term Life Insurance
Sun Life offers four different term life insurance products to customers with coverage amounts and term lengths varying between plans. The available products are as follows:
SunTerm
Coverage: $250,000 – $15,000,000
Length of coverage: 10, 15, 20, or 30 years
Issue ages:
- Term 10: 18-75
- Term 15: 18-70
- Term 20: 18-65
- Term 30: 18-55
Coverage options:
- Single life policies
- Joint first-to-die policies
- Multiple life policies
Can convert to permanent life insurance
SunSpectrum
Coverage: $50,000 – $15,000,000
Length of coverage: 10, 15, 20, or 30 years
Issue ages:
- Term 10: 18-75
- Term 15: 18-70
- Term 20: 18-65
- Term 30: 18-55
Coverage options:
- Single life policies
- Joint first-to-die policies
- Multiple life policies
Can convert to permanent life insurance
Sun Life Go
Coverage: $100,000 – $1,000,000
Length of coverage: 10 or 20 years
Issue ages:
- Term 10/Term 20: 18-69
Coverage options:
- Single life policies
Can not convert to permanent life insurance
Sun Life Go Simplified
Coverage: $50,000 – $100,000
Length of coverage: 10 years
Issue ages:
- Term 10: 18-69
Coverage options:
- Single life policies
Can not convert to permanent life insurance
Sun Life Permanent Life Insurance
Sun Life offers three different types of permanent life insurance policies: participating and non-participating whole life insurance as well as universal life insurance. Eligibility and coverage amounts differ between plans so keep reading to discover which product is best for you.
Non-participating Whole Life Insurance:
Sun Life’s non-participating whole life insurance products offer lifetime coverage with some plans including a cash value option, which can grow tax-preferred throughout the lifetime of the policy. Non-participating whole life plans do not offer dividends to policyholders.
Sun Life Go Guaranteed Life Insurance
Coverage: $5,000 – $25,000
Length of coverage: Whole life
Issue ages: 30-74
Coverage options:
- Single life
Premium payment options:
- Monthly until age 95
No cash value
SunSpectrum Permanent Life II
Coverage: $10,000 – $10,000,000
Length of coverage: Whole life
Issue ages: 0-85
Coverage options:
- Single life
- Joint first-to-die
- Joint last-to-die
Premium payment options:
- 10 pay
- 15 pay
- 20 pay
- Life pay
Guaranteed cash values
Participating Whole Life Insurance
Sun Life’s whole life insurance offers lifetime coverage with plans including a cash value option, which can grow tax-preferred throughout the lifetime of the policy. Participating whole life plans also offer dividends to policyholders.
Sun Par Protector II
Coverage: $25,000 – $15,000,000
Length of coverage: Whole life
Issue ages: 0-85
Coverage options:
- Single life
- Joint first-to-die
- Joint last-to-die
Premium payment options:
- 10 pay
- 20 pay
- Life pay
Guaranteed cash values with potential dividends
Sun Par Accumulator II
Coverage: $250,000 – $15,000,000
Length of coverage: Whole life
Coverage options:
- Single life
- Joint first-to-die
- Joint last-to-die
Premium payment options:
- 10 pay
- 20 pay
- Life pay
Guaranteed cash values with potential dividends
Sun Par Accelerator
Coverage: $250,000 – $15,000,000
Length of coverage: Whole life
Issue ages: 0-65
Coverage options:
- Single life
- Joint first-to-die
- Joint last-to-die
Premium payment options:
- 8 Pay
Guaranteed cash values with potential dividends
Universal Life Insurance
Sun Life’s universal life insurance offers lifetime coverage with a policy fund that allows policyholders flexibility and control over their cash value investment.
SunSpectrum Universal Life II
Coverage: $25,000 – $5,000,000
Length of coverage: Whole life
Coverage options:
- Single life
- Joint first-to-die
- Joint last-to-die
Premium payment options: Flexible payment options
Flexible policy fund
SunUniversalLife II
Coverage: $100,000 – $25,000,000
Length of coverage: Whole life
Coverage options:
- Single life
- Joint first-to-die
- Joint last-to-die
Premium payment options: Flexible payment options
Flexible policy fund
Other Sun Life Insurance Products
Alongside life insurance, Sun Life Financial also offers different forms of insurance such as personal health and dental insurance, long-term care insurance, and travel insurance.
Health Insurance
While Canadians enjoy free healthcare, getting health insurance in Canada through an insurance provider such as Sun Life can help cover health-care related costs that aren’t traditionally covered by the government. Sun Life Financial offers four different types of health insurance: personal health and dental insurance, disability insurance, critical illness insurance, and long-term care insurance.
The critical illness insurance offered by Sun Life Financial comes in two different plans. The first plan does not require a medical exam or blood work with instant online approval and offers $25,000 or $50,000 in coverage for the most common critical illnesses in Canada. The second plan is more comprehensive and covers eligible adults and children with $25,000 to $3,000,000 in coverage with Term 10, Term 75, and Term 100 plans available.
Travel Insurance
Travel insurance is a type of insurance policy that covers any unexpected medical expenses, theft or loss of documents, or translation services that might be needed while traveling.
Sun Life Insurance Customer Reviews
Sun Life Financial clients typically report that they are satisfied with their experience. The following is the feedback most shared about this provider:
Customers often feel confident with the security of working with such an established and trusted firm.
Customers appreciate the wide range of flexible term and permanent life insurance options
Customers looking for specific life insurance coverage enjoy the diverse riders and options available.
However, some customers found that:
The customer service is sometimes lacking with miscommunication errors.
There were potential difficulties when reaching out to the company with concerns about policies.
Frequently Asked Questions (FAQs) About Sun Life Financial
There is no one size fits all option when it comes to choosing a life insurance provider. Each life insurance provider has specialties it excels in and areas it could improve on. If you’re confused about which provider best meets your needs, you always have the option of contacting a life insurance expert who can explain what options and choices are available to you. When working with a broker you get access to expert financial knowledge with no cost to you. Feel free to contact us for help finding an insurance provider in Ontario, Alberta, or British Columbia.
Sun Life financial is a well established and reliable provider of life insurance in Canada. They are well known for having a variety of flexible insurance policies that meet a wide range of needs for those looking to purchase insurance.
Both universal life insurance and whole life insurance are permanent policies that cover policy holders for the rest of their lives, meaning there is a guaranteed death benefit. The difference has to do with the possible investment options. Universal life insurance offers more flexibility to policyholders when it comes to building and investing cash value whereas in a whole life insurance policy the insurer is responsible for investing and growing the cash value fund. Participating whole life insurance policies also offer the chance for dividends to be paid to policyholders based on cash value investment success but have higher premiums to reflect this.
Whether you need term or permanent insurance is dependent on a multitude of variables. Permanent insurance tends to be more expensive as it covers the rest of your life and is therefore guaranteed to pay out a death benefit. Term insurance is a great option for those looking for shorter term coverage. For more information, check out our guide on How to Determine Your Life Insurance Needs Based on Your Age and Life Stage.
Get In Touch With Us Today
If you want to learn more about Sun Life Financial and what other providers might be right for you, reach out to one of our life insurance experts! At Protect Your Wealth, we’ve been providing expert advice on insurance solutions since 2007. We offer help for Canadians interested in no medical life insurance, critical illness insurance, term life insurance, permanent life insurance, and more. As your Life Insurance broker and financial planner, we will work with you to create a personalized plan that best represents the needs of you and your loved ones.
Contact us online or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta, and British Columbia, including areas such as Toronto, Edmonton, and Vancouver.
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