Sun Life Financial is a Canadian financial services company. Although based in Canada, Sun Life also offers insurance products to international customers. A proud member of the Canadian Life and Health Insurance Association, Sun Life has been selling life insurance in Canada for over 140 years. Sun Life’s main Canadian office is located in Waterloo, Ontario, and its worldwide corporate headquarters are located in Toronto, Ontario. In addition, Sun Life has seven regional offices located throughout the country. Currently, Sun Life employs over 7,500 employees in Canada alone. Sun Life is happy to offer insurance to both individuals and groups. In addition to life insurance, Sun Life also provides a variety of other products and services such as health insurance, annuities, mortgages, education savings, creditor insurance, disability benefits, mutual funds, segregated funds, payroll services, profit sharing plans and estate planning.
Sun Life offers three types of life insurance: term life insurance, permanent life insurance and universal life insurance. The four kinds of term life insurance available with Sun Life are SunSpectrum Basic Life, SunSpectrum Term, SunSpectrum Join Term and SunTerm. Term life insurance, like the name indicates, only covers you for a specific term. Many term life insurance plans, such as SunSpectrum Basic Life, are not renewable after the term is up, but Sun Life’s SunSpectrum Term, SunSpectrum Join Term and SunTerm are renewable at guaranteed rates. The minimum amount of coverage under SunSpectrum Basic Life is $50,000, but the minimum amount of coverage under SunSpectrum Term depends on your age; if the person being insured is under age 17, the minimum amount is $50,000, but if the person is between the ages of 18 and 79, the minimum amount is $100,000. To qualify for SunSpectrum Joint Term, you need to be between the ages of 21 and 65 and require a minimum of $50,000. People who need a lot more coverage should look to SunTerm, which requires you to carry a minimum of $250,000 in coverage.
In terms of permanent life insurance, Sun Life gives consumers two options: regular permanent life insurance and participating life insurance. Regular permanent life insurance provides insurees with stability, as the amount of life insurance and the premiums you’ll be paying are fixed. Participating life insurance provides insurees with policyholder dividends that can be used in a variety of ways.
The two types of universal life insurance that Sun Life offers are SunSpectrum Universal Life and SunUniversalLife. While the SunSpectrum Universal Life plan offers a good 18 different investment options, the SunUniversalLife plan offers far more choices for the ambitious investor with its 35 different kinds of investment options. The SunSpectrum Universal Life plan gives its insurees the option of investing in floating insurance accounts, guaranteed interest accounts, portfolio-managed accounts, mutual fund-managed accounts and indexed accounts; the SunUniversalLife plan also provides access to guaranteed interest accounts and indexed accounts as well as daily interest accounts, managed accounts and FPX indexed accounts.