There are different Sun Life permanent life insurance options available, which we’ll explore in this review.
When getting insured, make sure to identify what you need most like choosing between whole life or universal life products.
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44-7393-450-837).
This includes if you are looking for alternatives or a second opinion.
Some of the facts might change from the time of writing, and nothing written here is formal advice. So, potential investors shouldn’t invest or decide not to invest based on this review alone.
Sun Life Whole Life Insurance Options
The insured is covered by their whole life insurance plan so long as the contributions are made on time. In a whole life coverage, the premiums are typically set and the death benefit is guaranteed. The insured may use the money however they see fit or borrow against it.
Permanent life coverage protects you from the moment the policy is paid for until your death. The scheme will continue to exist as long as you keep paying the premiums.
The prices are fixed and assured. Sun Life provides multiple types of permanent life insurance policies which we’ll discuss below.
Non-Participating Life Insurance
Three distinct options for non-participating permanent insurance policies (no dividend) are provided by Sunlife.
Sun Life Go Guaranteed Life Insurance
This plan provides full online application, $5,000 to $25,000 in death benefits, as well as streamlined guaranteed, no-medical whole life protection. It is accessible for those with pre-existing conditions and doesn’t require any health evaluations. People living in Canada between 30 and 74 can avail.
Beneficiaries are guaranteed a death benefit under the policy, regardless of the insured’s date of death.
SunSpectrum Permanent Life II
Up to $25 million are covered by this policy, which doesn’t require active management. It provides single- and multi-pay options for premium payments; terms are 10, 15, or 20 years.
The plan provides policyholders with liquidity by accumulating cash value that can be accessed via loans or withdrawals.
It also enables the inclusion of optional riders to improve cover and configurable death benefit structures like level or increasing benefits.
Sun Permanent Life Insurance
This plan offers coverage amounts of $250,000 to $10 million. It guarantees coverage for life. It also builds up cash value over the years at a guaranteed rate, as with other permanent insurance offerings.
Policyholders have the option of flexible premiums and terms, such as paying for a certain number of years or until they turn 100.
Moreover, the plan provides choices for joint or single life insurance, guaranteeing flexibility to meet the needs of both individuals and groups.
Participating Life Insurance
Participating life insurance policy can earn dividends.
Sun Par Protector II
The purpose of this participating whole life insurance is to offer both growth in the death benefit and long-term monetary buildup. The maximum coverage is $15m.
It might receive dividends as a participating policy, depending on how well the insurer does financially. These dividends can be taken as cash, applied to lower premiums, or used to buy more insurance.
Also, policyholders can choose from different premium payment alternatives.
Sun Par Accumulator II
Policyholders can access funds when needed thanks to early cash values which come after the first year.
It is intended to increase the growth of cash value in the near future by combining tax-favored investment growth with permanent life insurance cover.
It includes choices for standalone or joint first-to-die coverage, with the maximum coverage of $15m.
Sun Par Accelerator
It is guaranteed that participating life insurance coverage will be paid off in full within eight years. It offers both long-term growth in death benefits and high cash values in the short term.
It also provides several ways to make payments, such as life, 10-, and 20-pay plans.
Sun Life Universal Life Insurance Products
This is another type of permanent life policy that offers coverage for the insured’s whole lifetime. To suit your needs, you can modify the death benefit as well as the premiums. They can be changed even after the plan has been put into force.
Interest may accrue on a universal life scheme’s cash value component.
You might be able to continue your term insurance to a permanent one, should you wish to keep your life insurance coverage following your retirement or unemployment.
SunUniversalLife II
This plan provides five different death benefit options, six pricing structures, and four coverage options. It offers flexibility in premium contributions and death benefits to accommodate shifting financial circumstances by fusing investments with permanent life protection.
Policyholders can also select from different investment accounts which are intended to enable tax-favored growth of the policy’s cash value. Options include:
- daily interest accounts
- managed accounts
- guaranteed investment accounts
SunUniversalLife Pro
This product is made with long-term security in mind, especially for professionals and businesses. It emphasizes quicker cash value accumulation in the early years vs other universal life products.
Policyholders are free to decide how long they wish to make premium contributions.
Besides investment accounts, the plan provides both level and increasing death benefits.
SunSpectrum Universal Life II
This policy‘s reduced paid-up clause allows the policyholder to cease making payments after the age of 70. It includes a range of riders, including child riders, premium waivers for disabilities, and benefits for unintentional death.
An assured investment incentive is another feature that rewards you for maintaining and growing the policy.
Pros and cons of SunLife Permanent Life Insurance
Advantages of Sun Life Permanent Life Insurance
- Ensures that beneficiaries obtain a death benefit and offers coverage for the insured’s lifetime.
- Provides a guaranteed payment upon death along with financial security.
- Gradually increases cash value that can be accessed through withdrawals or loans.
- Limited pay options are among the different payment plans offered.
- There’s a prospect for receiving dividends correlated with business performance, which could raise the financial value and lower premiums.
- Additional coverage, like critical illness or accidental death benefits, can be obtained through optional riders.
Disadvantages of Sun Life Permanent Life Insurance
- Typically more costly than term insurance, which could be a turnoff for some people.
- Because of the structure’s potential complexity, some policyholders may find it challenging to comprehend all of the features and advantages.
- Risky, since cash value growth may be reliant on market performance.
- Penalties may apply for early cash value withdrawals, which would lower the total amount received.
- Since premiums have accrued over time, canceling after a number of years might not result in a complete refund.
Pained by financial indecision?
Adam is an internationally recognised author on financial matters with over 830million answer views on Quora, a widely sold book on Amazon, and a contributor on Forbes.
