Life Insurance From Clarica Life
In 2006, the Clarica Life Insurance Company was fully absorbed by Sun Life Financial, another life insurance company. It took a total of two years to fully integrate Clarica into Sun Life, and only in 2007 did Sun Life officially retire the brand name of Clarica. Clarica started out in 1870 as Mutual Life of Canada, and up until 1999 it was generally known as The Mutual Group. Clarica was based out of Waterloo, Canada, and when Sun Life finished absorbing Clarica, it didn’t forget about Waterloo; Waterloo became the new home of the Canadian branch of Sun Life, while Sun Life’s regional office and corporate headquarters stayed in Toronto.
Life insurance products currently sold by Sun Life include term life insurance, permanent life insurance and universal life insurance. Term life insurance is a type of life insurance that is designed to be low cost and temporary. If you only need life insurance for a specific period of time, this is the life insurance you should be getting. The amount of coverage under your chosen term life insurance policy will not change throughout the life of the policy. The five kinds of term life insurance sold by Sun Life are SunSpectrum Basic Life, SunSpectrum Term, SunSpectrum Joint Term, SunTerm and FutureInsure Term Life Express.
Permanent life insurance will provide coverage for your entire life, and if you’re looking to have life insurance on a long-term basis, it offers a better bang for your buck than term life insurance does. The amount of coverage under your chosen permanent life insurance policy will not change throughout the life of the policy. Sun Life’s permanent life insurance products are SunSpectrum Permanent Life, Sun Limited Pay Life, Sun Par Protector and Sun Par Accumulator.
Universal life insurance can be best described as permanent life insurance plus an opportunity to accumulate tax-deferred savings; that said, although permanent life insurance gives you lifetime coverage, universal life insurance doesn’t always do so. Unlike term or permanent life insurance, you have the option of having the amount of coverage increase or remain level throughout the life of the insurance policy. Sun Life sells two kinds of universal life insurance policies: SunSpectrum Universal Life and SunUniversalLife.