Sun Life Universal Life Insurance

Combining the benefits of a permanent life insurance policy and a savings plan, it provides a broad range of investment options and peace of mind.

What is a universal life insurance policy?

A universal life insurance policy allows you to grow your savings in a tax-preferred way while providing a death benefit for your beneficiaries.

You can deposit the excess payments you make for the premiums in a tax-preferred savings account or use them to increase your death benefit coverage.

Get the best Insurance Quote from Sun Life Insurance

Call 1 844-542-4678 to speak to our advisors.

Universal life insurance is right for you if:

  • You want to build your savings.

  • You want to leave a financial legacy for your children and grandchildren.

  • You want to protect your business in a tax-efficient way.

Types of universal life insurance:

Sun Spectrum Universal Life II Insurance

What is Sun Spectrum Universal Life II Insurance?

A smart solution to help you grow your savings, this policy combines the protection of a permanent insurance plan with a wide variety of investment options.

The policy fund investment account options are carefully selected by taking into account your risk tolerance. You can even customize your coverage using the multiple benefit options provided.

The Sun Spectrum Universal Life II Insurance is right for you if:

  • You want a flexible plan that provides benefits both in the present and the future.

  • You want to combine your insurance coverage and financial plan.

  • You want to be able to have a paid-up policy soon.

Plan details:

Coverage Options:

There are four types of coverage options available with this plan.

  • Single life.

  • Joint first-to-die.

  • Joint last-to-die, where the insurance cost is payable to the first death.

  • Joint last-to-die, where the insurance cost is payable to the second death.

Death benefit option:

Insurance amount plus fund

With this benefit, the beneficiary will receive the coverage amount and the value of the policy fund. Any outstanding loan amount will be deducted from the total value, including interest.

Investment account options

With the Sun Spectrum Universal Life II policy, you can avail a variety of investment options. They are designed to address both your risk profile and saving goals. You can select any one or a combination of the following:

Daily Interest Account (DIA)

The amount you have invested earns interest daily. The rate is a floating rate that is effective for the day.

Guaranteed Interest Account

Your interest rate is determined according to the term you choose. It is guaranteed to stay unchanged for the duration of this term. The rate will increase proportionally to the length of your term.

The available terms are:

  • 1 year

  • 3 year

  • 5 year

  • 10 year

Managed Accounts

A recognized investment fund is linked to your policy. The interest rate for each account fluctuates daily based on the performance of the investment fund. There is no guaranteed investment rate or even a positive one. Sometimes the rate can even be negative.

Investment Bonus

If you fund your policy for a long duration you are eligible to receive a guaranteed investment bonus. This bonus is paid at the start of the 10th policy anniversary. It is based on the value of your policy fund.

Option to elect reduced paid-up insurance

By using this option you can reduce the insurance amount of your policy. This will enable you to stop making payments as early as when you reach 70 years of age. The new insurance amount is paid in full and guaranteed for life.

Sun Universal Life II Insurance

What is Sun Universal Life II Insurance?

Equipped with a vast range of coverage types and benefit options, this policy addresses both business and personal requirements with extreme flexibility. It is fully customizable upon purchase, with the option to make adjustments as your needs change. You also have full control of the investment mix that will be used for your policy fund.

The Sun Universal Life II Insurance is right for you if:

  • You want a solution that addresses your tax, insurance, and investment requirements.

  • You want both security and flexibility in your policy.

  • You want multiple investment options that you can mix as per your need.

Plan Details:

Coverage Options:

There are four types of coverage options available with this plan.

  • Single life.

  • Joint first-to-die.

  • Joint last-to-die, where the insurance cost is payable to the first death.

  • Joint last-to-die, where the insurance cost is payable to the second death.

Death benefit options

The plan can be customized to meet your needs with the following options.

Level insurance amount

With this option, your beneficiary is eligible to receive the death benefit or the policy fund, whichever is higher in value. The most cost-effective way to use this benefit is to set a fixed amount for your payout.

Insurance amount plus policy fund

Your beneficiary will be eligible to receive both the death benefit and the policy fund with this option.

Level insurance amount plus indexing

The insurance amount will increase from 1% to 8% annually with this option. The death benefit will be paid either from the insurance amount or the policy fund value, whichever is greater.

Level insurance plus Return of Payments (ROP)

The policy owner can make payments to the policy fund using this option. The death benefit will be paid either from the insurance amount or the policy fund value, whichever is greater.

Level insurance amount plus adjusted cost basis (ACB)

Designed for business owners, it allows the insurance amount to reflect changes made to the ACB of the policy. The death benefit will be paid either from the insurance amount or the policy fund value, whichever is greater.

Investment account options

With the Sun Universal Life II policy, you can avail a variety of investment options. They are designed to address both your risk profile and saving goals. You can select any one or a combination of the following:

Daily Interest Account (DIA)

The amount you have invested earns interest daily. The rate is a floating rate that is effective for the day.

Guaranteed Interest Account

Your interest rate is determined according to the term you choose. It is guaranteed to stay unchanged for the duration of this term. The rate will increase proportionally to the length of your term.

The available terms are:

  • 1 year

  • 3 year

  • 5 year

  • 10 year

Managed Accounts

A recognized investment fund is linked to your policy. The interest rate for each account fluctuates daily based on the performance of the investment fund. There is no guaranteed investment rate or even a positive one. Sometimes the rate can even be negative.

Sun Life Diversified Account

The account earns interest every day. The rate is based on the average yield received from a variety of investments. The investments can be real estate, bonds, mortgages, equities, and private fixed income.

Sun Universal Life Pro

What is Sun Universal Life Pro?

Designed to help you meet your long-term business planning needs, it helps you maximize shareholder value. It can even help offset liabilities from a growing estate and ensure the transfer of your property to your beneficiaries and heirs efficiently.

The Sun Universal Pro is right for you if:

  • You want to meet your long-term business goals

  • You want to maximize the shareholder value of your business

  • You want a plan that provides security and flexibility to accommodate your needs in the present and future.

  • You want to make the most of tax-preferred cash value growth

  • You want to access policy loans and cash for a long time

Coverage Options:

There are four types of coverage options available with this plan.

  • Single life.

  • Joint first-to-die.

  • Joint last-to-die, where the insurance cost is payable to the first death.

  • Joint last-to-die, where the insurance cost is payable to the second death.

Death benefit options

The plan can be customized to meet your needs with one out of three of the following options

Level insurance amount

With this option, your beneficiary is eligible to receive the death benefit or the policy fund, whichever is higher in value. The most cost-effective way to use this benefit is to set a fixed amount for your payout.

Insurance amount plus policy fund

Your beneficiary will be eligible to receive both the death benefit and the policy fund with this option.

Level insurance amount plus adjusted cost basis (ACB)

Designed for business owners, it allows the insurance amount to reflect changes made to the ACB of the policy. The death benefit will be paid either from the insurance amount or the policy fund value, whichever is greater.

Investment account options

With the Sun Universal Life II policy, you can avail a variety of investment options. They are designed to address both your risk profile and saving goals.

Daily Interest Account (DIA)

The amount you have invested earns interest daily. The rate is a floating rate that is effective for the day.

Guaranteed Interest Account

Your interest rate is guaranteed to stay unchanged for the duration of this term. The term is for 10 years.

Sun Life Diversified Account

The account earns interest every day. The rate is based on the average yield received from a variety of investments. The investments can be real estate, bonds, mortgages, equities, and private fixed income. The interest earned will always be 2% or more.

Testimonials

Trusted by Clients

The Best Canadian Insurance Brokerage

Lalit Kumar

Mrs. Harpreet Puri is always friendly and professional and answers all of our questions with infinite patience. Helped us a lot in our health insurance. She is the best advisor.

Nippurn Kaushal

One of the best service provider in their field. I took a policy for my family and the plan I choose is the best and no other provider had that plan.Extremely satisfied by their services.

Baljeet Singh

Thank You so much for all of the work you did. I appreciated your prompt & honest communications as well as your efforts to make everything go smoothly. It was a pleasure to work with you.

Gurjinder Singh

Thank You so much for all of the work you did. I appreciated your prompt & honest communications as well as your efforts to make everything go smoothly. It was a pleasure to work with you.