Sun Life Term Life Insurance

A great benefit of term life insurance is that most plans are very flexible and affordable. It also allows the insured to convert to permanent coverage despite changes in your lifestyle or finances.

What is Term Life Insurance?

One of the simplest types of life insurance, a term life plan, allows the insured to maintain the insurance costs for a fixed duration of time, called a term, post whose expiry the insured can renew the contract for another term. In the situation the insured dies during the term, the beneficiaries are entitled to a tax-free payout.

Types of Term Life Insurance:

Sun Life Go Simplified Term Life Insurance Plan

What is Sun Life Go Simplified term life insurance?

It’s the simplest insurance plan out there. Why? Because all you need to do is answer three questions! While your application is under review, the plan provides you with basic coverage. One of the simplest types of life insurance, a term life plan, allows the insured to maintain the insurance costs for a fixed time, called a term. After the term has expired, the insured can renew the contract for another term. In the situation the insured dies during the term, the beneficiaries are entitled to a tax-free payout.

Why this plan?

  • There is a flat cost for 10 years

  • Three coverage values to choose from

    • $50,000

    • $75,000

    • $100,000

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Sun Life Go Simplified term life insurance can be right for you if:

  • You want to start your life insurance plan quickly without any hassle

  • You don’t want to go through an extensive application process

  • You need a lower amount in terms of coverage

  • You want to work with professionals who have a strong understanding of insurance.

How does the costing work for this plan?

The simplified plan is for people who are looking to get coverage without having to walk through hoops. One thing to keep in mind about life insurance plans is that if you are willing to go through an extensive process, you can get a lower premium. Since our plan requires you to answer only three questions, it means that the premium value will be a little higher than other products. If you are not comfortable with the premium, we have other options available for you.

Policy Details

Eligibility

  • Your age should be between 18-69 years

  • You must be a registered citizen of Canada

Note: If the information provided during the application process is found to be incorrect, your claim can be denied or cancelled.

Guaranteed Premiums

Sun Life Go Simplified Term Insurance plan provides a guarantee in terms of premium values. We promise the value of your premium will not change for the first 10 years. After the 10th year, the contract is liable to be renewed every year. The premiums will increase based on your age; your health will not be taken into account. A renewal notice will be provided to you 30-days in advance.

Coverage Value:

We offer the following coverage amounts for the Sun Life Go Simplified Term Life Insurance plan.

  • $50,000

  • $75,000

  • $100,000

Term Duration:

The Sun Life Go Simplified Term Life Insurance Plan has a term of 10 years.

Exclusions and limitations:

  • In the case of death by self (suicide), we will not be liable to pay the policy amount for the first two years of the term. The policy is actionable regardless of whether the insured has any mental or emotional illnesses. The monthly payments will be returned to the beneficiary after deducting administration fees.

  • In the scenario that you have applied for more than one Go Simplified Term Life Insurance plan, we will be liable to cover you only for a total sum of $100,000.

We are not liable to pay benefits during the first 90 days if:

  • The insured takes their own life. This will hold true whether the insured was diagnosed with mental or emotional illnesses or did not intend or understand the consequences of their actions.

  • Any of the following situations hold true on the date of signing your application

    • You were not able to perform your daily activities or work-related activities for more than two weeks due to illness or injury.

    • Were diagnosed or displayed symptoms of cancer in the past 12 months

    • Were a victim of a heart attack or stroke in the past 12 months

    • Were admitted to a hospital, a nursing home, a sanitarium, a psychiatric facility, or any other health-related facility within the last 45 days.

Additional Benefits:

Temporary Coverage

The Sun Life Go Simplified Life Insurance plan is designed to provide coverage to the applicant while their application is under review. This is a temporary coverage that will come into effect and stay in effect till we have made our decision on your application.

In the situation the applicant dies before we have made our decision on the application, we will be paying the claim equivalent to the coverage requested. This payment is subject to the following terms and conditions.

a) What is considered as the start date of the temporary insurance policy?

The temporary coverage commences when

  • You have submitted the application for insurance

  • You have provided relevant financial and payment information

b) What is considered as the end date (termination) of the temporary insurance policy?

  • The insurance policy applied for has commenced

  • We have provided information regarding the rejection of your application

  • We request more information for your application and do not receive any within 30 days of the request.

  • 90 days post your application submission

  • The date we receive a cancellation request from your end

  • The date our offer or insurance plan is declined by you

  • The date the death benefit has been paid

What is the amount we pay under this policy? (Conditions)

If the applicant is under the age of 69, we are liable to pay a maximum death benefit of $1,000,000 under any Canadian LIC policy or the total amount applied for by using this application.

Certificate of temporary insurance sample.

Living benefit:

A living benefit is available to the insured if they have less than 24 months to live. The payout we are liable to deliver can only be up to 50% of the agreed-upon insurance amount. The approval for the living benefit plan is subject to our discretion and the program rules that are in effect at the time of application for this benefit.

Once the required documents have been received and verified and the policy is approved by us, we will issue the payment. Once we receive a death claim on this policy, the coverage amount will be provided to the beneficiary after the deduction of the living benefit issued and the interest accrued

Sun Life Go Term Life Insurance

What is Sun Life Go Term Life Insurance?

If you are looking for an affordable plan with short-term coverage that is easy to apply for, then the “Sun Life Go Term Life” Insurance could be the right choice for you. The coverage limit is up to $1 million, and it can last for a period of 10 to 20 years.

Why this plan?

  • The monthly cost will stay the same for 10 to 20 years

  • Instant coverage is available while the application is in review

  • The application process is very simple and quick

The Sun Life Go Term Life Insurance is right for you if:

  • You want coverage of $1 million or less, that can be bought in units of $25,000

  • You don’t want to go through an extensive application process

  • You want a policy that is easy to renew

  • You want a short term length of 10 to 20 years

  • You want to be able to cancel it at any time

How does the costing work?

The Sun Life Go Term Life Insurance plan has an affordable premium that stays the same for a duration of 10-20 years. If you are looking for a plan that can be applied for in minutes, requires you to answer only a few questions and is hassle-free then this is the right plan for you.

Policy Details:

Eligibility:

  • You must be between the ages of 18 and 69

  • You must be a citizen of Canada

  • Please note: If the information provided is found to be false during the review process or during payout, your claim could be denied or cancelled.

Easy Renewal:

We completely understand how much of a hassle renewing policies can be. With The Sun Life Go Term Life Insurance, this is one problem you will not have to face. It renews automatically at the end of the term selected by you. The premium stands to change as the age of the applicant is now higher than when they had registered for the policy. The increased premium stays constant for the rest of the renewed term.

A notice will be provided 30 days prior to the renewal date.

Exclusions and limitations:

  • In the case of death by self (suicide), we will not be liable to pay the policy amount for the first two years of the term. The policy is actionable regardless of whether the insured has any mental or emotional illnesses. The monthly payments will be returned to the beneficiary after deducting administration fees.

  • In the scenario that you have applied for more than one Go Simplified Term Life Insurance plan, we will be liable to cover you only for a total sum of $1 million

We are not liable to pay benefits during the first 90 days if:

  • The insured takes their own life. This will hold true whether the insured was diagnosed with mental or emotional illnesses or did not intend or understand the consequences of their actions.

  • Any of the following situations hold true on the date of signing your application

    • You were not able to perform your daily activities or work-related activities for more than two weeks due to illness or injury.

    • Were diagnosed or displayed symptoms of cancer in the past 12 months

    • Were a victim of a heart attack or stroke in the past 12 months

    • Were admitted to a hospital, a nursing home, a sanitarium, a psychiatric facility, or any other health-related facility within the last 45 days.

Additional Benefits:

Temporary Coverage

Sun Life’s Go Term Life Insurance plan is designed to provide coverage to the applicant while their application is under review. This is a temporary coverage that will come into effect and stay in effect till we have made our decision on your application.

In the situation the applicant dies before we have made our decision on the application, we will be paying the claim equivalent to the coverage requested. This payment is subject to the following terms and conditions.

a) What is considered as the start date of the temporary insurance policy?

The temporary coverage commences when

  • You have submitted the application for insurance

  • You have provided relevant financial and payment information

b) What is considered as the end date (termination) of the temporary insurance policy?

The temporary coverage policy will end due on the day the following situations occur, depending on whichever takes place earliest.

  • The insurance policy applied for has commenced

  • We have provided information regarding the rejection of your application

  • We request more information for your application and do not receive any within 30 days of the request.

  • 90 days post your application submission

  • The date we receive a cancellation request from your end

  • The date our offer or insurance plan is declined by you

  • The date the death benefit has been paid

What is the amount we pay under this policy? (Conditions)

If the applicant is under the age of 69, we are liable to pay a maximum death benefit of $1,000,000 under any Canadian LIC policy or the total amount applied for by using this application.

Certificate of temporary insurance sample.

Living benefit:

A living benefit is available to the insured if they have less than 24 months to live. The payout we are liable to deliver can only be up to 50% of the agreed-upon insurance amount. The approval for the living benefit plan is subject to our discretion and the program rules that are in effect at the time of application for this benefit. Once the required documents have been received and verified and the policy is approved by us, we will issue the payment. Once we receive a death claim on this policy, the coverage amount will be provided to the beneficiary after the deduction of the living benefit issued and the interest accrued on the original coverage amount. The monthly payments agreed upon will not change.

Sun Spectrum Term Life Insurance

What is sun spectrum term life insurance?

If you are looking for a life insurance that provides flexible coverage then this is the one for you. This term life insurance can function as a debt or mortgage cover, and even as an income replacement for your family post your demise. It provides peace of mind and financial security to your loved ones.

Why this plan?

  • It has an affordable premium

  • The premiums do not change for the duration of your term

  • It is renewable till a policy anniversary that occurs closest to your 85th birthday.

  • It can be converted to permanent life insurance before you turn 75 years old.

The Sun Spectrum Term Life Insurance is right for you if:

  • You are looking for an affordable and flexible coverage

  • You want to provide security for your family in terms of income replacement, and debt or mortgage security

  • You want to be able to convert the policy to permanent whenever you like

  • You are a business owner or are looking to protect a key employee’s value

How does the costing work?

The Sun Spectrum Term Life Insurance policy is fairly priced in terms of premium. The premium decided on will remain constant till the end of the term. The minimum amount of coverage provided for this policy is $50,000 and the maximum is $15,000,000. It has the option to select terms in 10, 15, 20, or 30 year durations.

Plan Details:

Guaranteed Premiums:

The premiums are constant till the end of one term and increase automatically at the renewal date. This increase is done at guaranteed rates as well.

Guaranteed Conversions:

This policy allows the insured to convert the format to permanent at any time. It does not require the insured to resubmit any application regardless of their health, occupation or lifestyle. It is convertible only before the insured reaches 75 years of age.

Guaranteed Death Benefit:

The death benefit will not change for the duration of the term that has been chosen by the insured.

Renewable:

The policy is fully renewable until the insured reaches 85 years of age. If there is a policy anniversary which occurs right before the insured reaches 85 years of age, it will be considered as the last date of renewal.

Policy Coverage:

The Sun Spectrum Term Life Insurance Policy offers a minimum coverage of $50,000 and a maximum coverage of $15,000,000.

Term Duration:

The policy is renewable for 10, 15, 20, or 30 year terms. This is dependent on the insured individual’s age during every renewal.

Additional Benefits:

Living Benefit

The insured can claim 50% of their payout amount, up to a fixed amount of $250,000 if they are diagnosed with a terminal illness. This amount will be paid out in lump and at the discretion of the company. It is a non-contractual benefit they provide.

Survivor Benefit On Joint “First-to-die”:

If you have taken a joint insurance plan, then within 90 days of the death of one insured person, the surviving individual can convert the plan to a life insurance format without having to go through a medical check up.

Automatic Survivor Benefit On Joint “First-to-die”

If both insured parties in a joint insurance plan die within 90 days of each other, the base coverage amount will be paid out twice.

Optional Benefits:

Child Term Insurance Benefits:

This benefit allows your children or future children to be covered under an insurance protection until they reach 25 years of age. Your children will be able to purchase additional insurance without having to provide medical proof of insurability.

Total Disability Waiver Benefit:

If, during the course of the term, the insured individual becomes completely disabled, the insurance coverage will still be valid and the insured will not be required to pay premiums or for optional benefits.

Guaranteed Insurability Benefit:

This benefit allows the insured individual to purchase more life insurance without having to worry about providing medical evidence for the same.

Accidental Death Benefit:

The beneficiaries of this policy will be provided an additional death benefit if the insured passes away as a result of an accident.

Renewal Protection Benefit:

If the insured is looking to purchase more insurance in the future, they can choose to pay an additional premium during the term of the current insurance plan to claim lower premiums later. This turns out to be a more affordable option for individuals when compared to a Sun Term 10 plan that has been purchased without this benefit.

Owner Waiver Disability Benefit:

If the policy owner becomes totally disabled during the course of the term, the company will be liable to pay the premium for the insurance as well as other optional benefits.

Partner Protection Benefit:

If your business has three or more partners, you can utilise this benefit to provide insurability if one of the partner dies. This benefit allows the surviving partners to purchase additional insurance after the death of the first insured without having to provide medical evidence of their eligibility.

Business Value Protection Benefit:

With this benefit, the insured can increase the coverage for their business as its value grows. The owner can also purchase additional coverage based on the value of the company or business without providing medical evidence of insurability.

Sample Policies:

If you would like to view a sample of how the policy may be termed, please use the below links. This document is only a sample and the provisions mentioned here may or may not apply to your policy as well. The insurance policy that you choose is an agreement between you, as an individual, and us as a company.

Sun Spectrum Term Life Insurance (Single Coverage)

Sun Spectrum Term Life Insurance (Joint First-to-die Coverage)

Additional Features:

Term Optional Benefits

Sun Term Life Insurance:

What is Sun Term Life Insurance?

Sun Term Life insurance is a protection plan that provides flexible terms. It works great for people looking for an income replacement or mortgage and debt protection. It can help provide a sense of security to your family.

Why this plan?

  • You want to stay within a comfortable budget

  • You want a policy that can be converted to a permanent insurance policy

  • You want the benefit of having guaranteed premiums

The Sun Term Life Insurance Plan is right for you if:

  • You are looking for an insurance coverage with affordable and guaranteed premiums

  • You want to provide a sense of financial security to your family

  • You want to provide a replacement for income or for debt protection needs

  • You want the benefits of a non-permanent insurance

  • You want to protect your business or a key employee

Plan Details:

Guaranteed Premiums:

The premiums will be automatically renewed at the end of every term. These will be according to the guaranteed rates.

Guaranteed Conversions:

This policy allows the insured to convert the format to permanent at any time. It does not require the insured to resubmit any application regardless of their health, occupation or lifestyle. It is convertible only before the insured reaches 75 years of age.

Guaranteed Death Benefit:

The death benefit will not change for the duration of the term that has been chosen by the insured.

Renewable:

The policy is fully renewable until the insured reaches 85 years of age. If there is a policy anniversary which occurs right before the insured reaches 85 years of age, it will be considered as the last date of renewal.

Policy Coverage:

The Sun Term Life Insurance Policy offers a minimum coverage of $250,000 and a maximum coverage of $15,000,000.

Term Duration:

The policy is renewable for 10, 15, 20, or 30 year terms. This is dependent on the insured individual’s age during every renewal.

Additional Benefits:

Living Benefit

The insured can claim 50% of their payout amount, up to a fixed amount of $250,000 if they are diagnosed with a terminal illness. This amount will be paid out in lump and at the discretion of the company. It is a non-contractual benefit they provide.

Survivor Benefit On Joint “First-to-die”:

If you have taken a joint insurance plan, then within 90 days of the death of one insured person, the surviving individual can convert the plan to a life insurance format without having to go through a medical check up.

Automatic Survivor Benefit On Joint “First-to-die”

If both insured parties in a joint insurance plan die within 90 days of each other, the base coverage amount will be paid out twice.

Optional Benefits:

Child Term Insurance Benefits:

This benefit allows your children or future children to be covered under an insurance protection until they reach 25 years of age. Your children will be able to purchase additional insurance without having to provide medical proof of insurability.

Total Disability Waiver Benefit:

If, during the course of the term, the insured individual becomes completely disabled, the insurance coverage will still be valid and the insured will not be required to pay premiums or for optional benefits.

Guaranteed Insurability Benefit:

This benefit allows the insured individual to purchase more life insurance without having to worry about providing medical evidence for the same.

Accidental Death Benefit:

The beneficiaries of this policy will be provided an additional death benefit if the insured passes away as a result of an accident.

Renewal Protection Benefit:

If the insured is looking to purchase more insurance in the future, they can choose to pay an additional premium during the term of the current insurance plan to claim lower premiums later. This turns out to be a more affordable option for individuals when compared to a Sun Term 10 plan that has been purchased without this benefit.

Owner Waiver Disability Benefit:

If the policy owner becomes totally disabled during the course of the term, the company will be liable to pay the premium for the insurance as well as other optional benefits.

Partner Protection Benefit:

If your business has three or more partners, you can utilise this benefit to provide insurability if one of the partner dies. This benefit allows the surviving partners to purchase additional insurance after the death of the first insured without having to provide medical evidence of their eligibility.

Business Value Protection Benefit:

With this benefit, the insured can increase the coverage for their business as its value grows. The owner can also purchase additional coverage based on the value of the company or business without providing medical evidence of insurability.

Sample Policies:

If you would like to view a sample of how the policy may be termed, please use the below links. This document is only a sample and the provisions mentioned here may or may not apply to your policy as well. The insurance policy that you choose is an agreement between you, as an individual, and us as a company.

Sun Term life insurance (one insured person)

Sun Term life insurance (joint first-to-die)

Additional benefits

Sun Term life insurance - Optional benefits

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