Sun Life Insurance Review

Sun Life Insurance offers one of the best life insurance policies 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 online easily. Our review finds that they offer minimal term coverage and their lack of transparency to consumers leads to a rating of 3 of 5 stars from us.

In this article:

• Company Overview
• Pros and Cons
• Life Insurance Products
  • Sun Life Term Life Insurance
  • Sun Life Permanent Life Insurance
  • Other Sun Life Insurance Products
  • Sun Life Customer Reviews

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 40,000 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 $125 billion in assets under administration as of 2020. Sun Life aims to “help our clients achieve financial security and live healthier lives.”

Sun Life Insurance Pros

Sun Life Insurance Cons

Sun Life Insurance Products

Sun Life Term Life Insurance

Sun Life offers 4 different term life insurance products to consumers: their standard product Sunterm, SunSpectrum Term Life Insurance, Sun Life Go Term Life Insurance and Sun Life Go Simplified Term Life Insurance.

Sun Life Permanent Life Insurance

Sun Life offers 3 different types of permanent life insurance policies for consideration: whole life insurance, participating life insurance and universal life insurance. Find out more about the differences between Whole Life Insurance and Universal Life Insurance. 

Sun Life Whole Life Insurance

Sun Life’s whole life insurance offers lifetime coverage with possible policy value growth, but this policy does not offer dividends. 

The 2 whole life insurance offerings are:

Participating Life Insurance

Sun Life’s participating life insurance offers lifetime coverage with guaranteed policy value growth. This policy does offer dividends, but they aren’t guaranteed.

The 3 participating life insurance offerings are:

Sun Par Protector II

Sun Par Protector II provides long-term cash value and death benefit growth with 5 dividend options based on your targeted goals.

• Coverage: 
  • Single life
  • Joint first-to-die
  • Joint last-to-die, premiums to first death
  • Joint last-to-die, premiums to second death
• Premium payment options:
  • Life pay
  • 10 pay
  • 20 pay
• Minimum amount:
  • Ages 0-17: $25,000
  • Ages 18-85: $50,000
• Maximum amount: $15,000,000

Sun Par Accumulator II

Sun Par Accumulator II provides long-term cash value and death benefit growth with 5 dividend options based on your targeted goals.

• Coverage: 
  • Single life
  • Joint first-to-die
  • Joint last-to-die, premiums to first death
  • Joint last-to-die, premiums to second death
• Premium payment options:
  • Life pay
  • 10 pay
  • 20 pay
• Minimum amount: $250,000
• Maximum amount: $15,000,000

Sun Par Accelerator

Sun Par Accelerator provides long-term cash value and death benefit growth with an enhanced insurance dividend option.

• Coverage: 
  • Single life
  • Joint first-to-die
  • Joint last-to-die, premiums to second death
• Premium payment options:
  • 8 pay
    • Single: 0-65
    • Joint: 18-65
• Minimum amount: $250,000
• Maximum amount: $15,000,000

Universal Life Insurance

Sun Life’s universal life insurance offers lifetime coverage with guaranteed policy value growth. But this policy does not offer dividends.

The 3 universal life insurance offerings are:

Other Sun Life Insurance Products

Alongside life insurance, Sun Life also offers different forms of insurance to preserve your life.

Health Insurance

Health insurance can protect your finances from healthcare costs which aren’t covered by the traditional government plans.

Sun Life offers 4 forms of health insurance:

• Personal health insurance
• Critical illness insurance
• Long-term care insurance
• Disability insurance

Mortgage Insurance

Mortgage insurance is a form of life insurance that protects your property assets upon death. Sun Life mortgage insurance provides money to your family or beneficiaries to keep coverage as the mortgage is paid off, even if your beneficiary decides to move.

Business Owner Insurance

Business owner insurance protects your partners, employees and family. Sun Life business owner insurance provides for your family if they rely on your business as the main source of income, as well as employees and the business itself.

Sun Life Insurance Customer Reviews

Many Sun Life clients are satisfied with their experience with the company:

However, some customers have been found that:

Get In Touch With Us Today

If you’re not sure of what’s the best insurance plan for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance, including for no medical life insurance, term life, critical illness insurance, or permanent life insurance, since 2007. As your Life Insurance broker and financial planner, we work with you to create a personalized plan for you and your family, or business that covers and meets your needs.

Contact Protect Your Wealth 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, Albert and British Columbia, including areas such as Toronto, Edmonton, and Vancouver. Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today!