Sun Life Financial Inc. is a Canadian financial services company. It is primarily known as a life insurance company.
sunlife life insurance company has a presence in investment management with over CAD$1.3 trillion in assets under management operating in a number of countries. Sun Life ranks number 235 on the Forbes Global 2000 list for 2022.
Sun Life completes sale of its UK business
Sun Life begins long-term strategic partnership with UK’s largest long-term savings and retirement business
TORONTO, ON and LONDON, UK, April 3, 2023 /CNW/ – Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced today it has completed the sale of SLF of Canada UK Limited (“Sun Life UK”) to Phoenix Group Holdings plc (“Phoenix Group”) (LSE: PHNX). Headquartered in London, Phoenix Group is the UK’s largest long-term savings and retirement business with more than 12 million customers and £260 billion of assets under administration.
Who is Sun Life Insurance?
Sun Life Financial is an international financial services company founded 150 years ago.
It is the third largest insurer in Canada and is primarily known for its individual insurance products and group benefits. It has an A+ financial strength rating from AM Best.
Sun Life quick facts:
- Sun Life was the first insurance company in Canada to offer group benefits through employers in 1919.
- Sun Life has over 2,700 advisors in over 1,100 Canadian communities.
- Sun Life’s Vitality Program rewards policyholders for healthy living habits with discounts or points that can be redeemed for lifestyle rewards like shopping vouchers or travel discounts.
- Based on their BBB Business Profile, they have a Better Business rating of A+. Still, they are not accredited as of April 2023.
SunLife Life Insurance Calculator
Use our calculator to easily work out how much over 50 life insurance you may need. Fill in the costs that you would like your policy to cover and calculate your ideal cover amount.
Sun Life life insurance rates for 2023
Sun Life Canada offers a wide range of individual (i.e. not group) life insurance products from term to whole and universal life insurance. Let’s dive into some coverage options that might suit your financial needs.
Note: Prices have increased across the board for Sun Life policies between April 2023 and July 2023.
| Coverage options | Monthly payments* |
|---|---|
| Sun Permanent Life | $83.88 |
| SunSpectrum Permanent Life II | $83.88 |
| SunSpectrum Term 10 | $12.42 |
| SunSpectrum Term 20 | $24.93 |
| SunSpectrum Term 30 | $20.16 |
| Sun Universal Life II | $76.17 |
| Sun Permanent Life – 20 Pay | $149.04 |
Key takeaways:
- Sun Life has lots of experience in participating whole life insurance or any policy with an investment component.
- Their whole and universal policies are expensive, but they have the largest dividend scale in Canada.
- Sun Life life insurance is a good option for high-net-worth individuals, offering extra perks like succession planning.
- Sun Life term life insurance prices aren’t very competitive.
Sun Life Insurance Company Overview
Sun Life Insurance Canada deals primarily in life, travel, and health insurance for its personal lines and employee benefits for its commercial lines. Customers looking for personal home and auto insurance can use the Sun Life referral service to get a 10 percent discount on products offered by belairdirect.
Sun Life Insurance offers advantages to its customers such as:
- The financial stability that comes with being a customer of one of the largest insurers in the country
- An international underwriting division that is made up of a diverse group of industry professionals
- Working with an insurance company that believes that it must have a positive impact on every community it services
- A team of financial experts who can help Sun Life customers protect their finances as well as their health
Sun Life Canada’s Insurance Products
Sun Life Canada has a list of insurance products that focus on keeping customers healthy as they grow and protect their wealth. The company also wants happy business clients that are able to offer their employees competitive benefits.
Health Insurance
From short-term medical needs to long-term illness concerns, Sun Life Canada has a complete set of personal health insurance products that apply to every member of the family. The major components of the company’s health insurance lines are:
- Personal health insurance for individuals and families
- Critical illness coverage
- Long-term care protection for a variety of conditions
- Personal disability insurance
Life Insurance
Sun Life Canada is well-known throughout Canada for its customizable life insurance products that can also grow in financial value. Whether you need insurance to cover your short-term plans or a life-long policy that gains equity over time, you will find the coverage you need. The types of life insurance available are:
- Term life
- Permanent (whole) life with the possibility of accrued value
- Participating life with a tax-free investment account
- Universal life with a broad range of investment options
Travel Insurance
The Sun Life Canada travel insurance program helps customers during all types of traveling situations from emergency medical situations to recovering lost luggage. Coverage types include:
- Protection for Canadians traveling domestically or out of the country
- Protection for travelers outside of Canada coming into the country
Mortgage Protection Insurance
Sun Life Canada offers a special mortgage protection program that will pay your mortgage payments if you become too ill to work or pass away unexpectedly.
Small Business Insurance
Sun Life Canada can create a benefits package for your business that includes investment options for retirement accounts and insurance that covers:
- Medication
- Vision care
- Hospital costs
- Paramedical costs
- Medical expenses related to travel incidents
- Dental coverage
- Health insurance programs
- Wellness programs
- Life insurance coverage
What is the SunLife over 50 plan and how does it work?
The SunLife over 50 plan is a life insurance policy which guarantees a cash pay out to your family when you pass away.
For many people, taking out an over 50 plan is an easy and affordable way to help pay for their funeral.
The funds can relieve some financial worry for loved ones at an already difficult time, particularly as the average cost of dying now exceeds £9,600 in the UK.
Sun Life insurance phone number uk – 1800 270 7000
The table below explains the key features of SunLife over 50 life insurance and how it works:
| Feature | Description |
|---|---|
Guaranteed acceptance | You’re guaranteed to be accepted for cover if you’re a UK resident aged 50 – 85 |
No medical questions | During the application process you don’t need to provide any medical information or undergo a medical exam |
Whole of life cover | This type of policy is also known as life assurance or whole of life insurance because it covers you for the rest of your life |
Guaranteed pay out after 12 months | Once your policy has been in place for 12 months (known as the ‘waiting period’), your loved ones are guaranteed a pay out when you pass away, regardless of when that may happen in the future. |
Accidental death benefit | If you pass away during the first 12 months of your policy as a result of an accident, a full pay out will be made |
Fixed monthly premiums from £5 a month | When you take out an over 50 plan your premiums will need to be paid each month to keep cover in place. The amount you pay will depend on your age, smoking status and the sum assured. The cost of your premiums won’t change during the lifetime of your policy |
Fixed pay out amount (sum assured) guaranteed | The maximum pay out is £18,000. The amount you can secure will depend on your personal circumstances and budget |
Sun Life life insurance: pros and cons
Read up on some of the pros and cons of Sun Life life insurance based on their different products.
Pros of Sun Life insurance:
- Sun Life Financial has experienced advisors who can help you with your financial needs. Some of them have been working in the industry for over 30 years.
- Sun Life offers three types of life insurance products that allow you to grow your money over time and earn dividends.
- Sun Life has the highest dividend scale in Canada at 6.25% for one of its life insurance products.
- With Sun Life’s life insurance policies, you can get all the premiums you paid refunded upon your death and the death benefit.
- SunPar Protector II is Sun Life’s most affordable life insurance option that lets you build cash value over the long term. It also has guaranteed cash values.
- Sun Par Accumulator II and Sun Par Accelerator are life insurance options that deliver higher cash values over the short term.
- Sun Life’s Whole Life Insurance policy allows you to access some of your death benefits while you’re still alive, sometimes up to 90%.
Cons of Sun Life insurance:
- They charge higher premiums compared to other insurance companies.
- Their investment options are limited, and their funds are expensive. ETFs may be the most affordable option. Comparing their management fees (MERs) to other providers is essential.
- It’s important to compare this insurance company’s management fees (MERs) with other providers.
- Based on customer reviews, it may be challenging to contact customer service if you have any questions or need to file a claim.
- According to many reviews, customers have experienced delayed claim processing and a lack of updates on their claims, sometimes for months after submitting their claim form.
When will SunLife life insurance pay out?
The SunLife over 50 plan will pay out the full sum assured to your family when you pass away, as long as the initial waiting period has ended.
The waiting period is the first 12 months from the start of the policy. If you pass away due to natural causes during this time, then a full pay out won’t be made.
However, any premiums you’ve paid will be refunded to your loved ones.
If you pass away due to an accident within the first 12 months then SunLife will pay out the full sum assured, (referred to as accidental death cover).
Once the waiting period has ended, you’ll be fully covered for death due to any reason and your loved ones can claim for the full sum assured.
SunLife also guarantee that they pay out 100% of valid life insurance claims, usually within three working days.
How much is SunLife over 50 life insurance?
The cost of SunLife over 50 life insurance ranges from £5 to £74 a month when arranged through Reassured.
Your monthly premium is calculated based on:
- Your age
- Smoking status
- Cover amount (sum assured)
You can choose a monthly payment to suit your available budget.
The maximum pay out amount is £18,000. The amount you can secure will depend on your age and smoking status.
The tables below show an example of prices for a non-smoker and the pay out amount you could get according to your age.
Based on a premium of £15 a month:<>
| Age | 50 | 55 | 60 | 65 | 70 | 75 | 80 |
|---|---|---|---|---|---|---|---|
| Sum assured | £4,528 | £3,985 | £3,521 | £2,915 | £2,193 | £1,561 | £1,125 |
Based on a premium of £35 a month:>
| Age | 50 | 55 | 60 | 65 | 70 | 75 | 80 |
|---|---|---|---|---|---|---|---|
| Sum assured | £10,945 | £9,539 | £8,436 | £6,989 | £5,276 | £3,742 | £2,695 |
You can take out more than one over 50 plan with SunLife but the total premium can’t be more than £100 a month for all policies combined.
Compare quotes to find the right price
Over 50 life insurance quotes vary from insurer to insurer. For this reason, it’s important to compare quotes which could help you to save money.
Why not take advantage of our fee-free, award-winning broker service to compare prices from top UK insurers, including SunLife?
One of our life insurance experts will do their best to help you find a policy to suit your needs and budget.
What is the SunLife Guaranteed Inheritance plan?
The SunLife Guaranteed Inheritance Plan is an alternative life insurance option designed for people over 50[4].
It provides lifelong cover and a guaranteed pay out when you pass away, similar to an over 50s plan.
However, the maximum pay out is higher (up to £50,000) and the application form requires some medical details.
For this reason, it’s best suited to applicants over 50 who are in relatively good health.
SunLife Guaranteed Inheritance Plan key features:
- Available to applicants aged 49 – 75
- Immediate life cover up to £50,000
- Some medical questions asked but no medical exam
- Premiums from £9.55 a month
Please note, Reassured does not currently sell the SunLife Guaranteed Inheritance Plan.
How long will you pay premiums for?
Typically, you’ll need to pay your monthly premium until you pass away.
For this reason, it’s important to choose a monthly amount that suits your budget now, as well as in the future (for example, after you retire).
Any missed payments could invalidate your policy.
Premium cap option
Alternatively, you could choose to customise your SunLife over 50 plan with their premium cap option called ‘PayStop’.
PayStop can be added on to your plan for a slightly higher premium and provides you with a fixed end date for your payments.
You’ll still be covered for the rest of your life but your monthly payments will stop when you reach a certain age.
The table below shows a comparison of standard premium prices and PayStop premium prices for the SunLife over 50 plan. Based on a 60 year old non-smoker:
| Premium type | Age | Example monthly premium | Age at final payment | Sum assured |
|---|---|---|---|---|
| Standard | 60 | £15 | When you pass away | £3,521 |
| PayStop | 60 | £17.55 | 83 years old | £3,521 |
SunLife over 50 plan free gift
New customers who purchase the SunLife over 50 plan directly through SunLife are entitled to receive a free welcome gift.
This is currently a £135 Love2shop gift card, which can be used at various high street retailers including M&S, Boots and Argos.
You’ll be eligible for the free gift when your SunLife plan has been active for 6 months (and your premiums are up to date). This offer expires on the 31/07/24.
Reassured has put together this list of the best over 50 life insurance free gifts in 2024 so you can find out what other offers are available.
Whilst it’s always good to receive a free gift, the most important thing is to ensure that you find the right life cover to suit your needs and budget.
Please note, customers who purchase a SunLife over 50s plans through Reassured will not be eligible for the free gift, but we can help you find our best life insurance deals
SunLife over 50 plan vs One Family over 50 plan
Comparing over 50 life insurance policies can help you make a fully informed decision about which policy is right for you.
In the table below we have compared the main features and benefits of the over 50 plans offered by SunLife vs OneFamily.
OneFamily is an award-winning mutual society and insurer, providing financial services to customers for more than 45 years.
 |  | |
|---|---|---|
| Premiums | £5 – £74 a month | £10 – £75 a month |
| Age limit | 50 – 85 | 50 – 80 |
| Maximum pay out | £18,000 | £20,000 |
| Waiting period | 12 months | 24 months |
| Payment term | Rest of life (or until 88 with PayStop premium cap option) | Until age 90 |
| Free funeral benefit contribution | £250 | £300 |
| Additional policy benefits | Accidental death cover | Accidental death cover Terminal illness cover |
SunLife over 50 plan claims
SunLife pay out 100% of valid life insurance claims, usually within 3 working days.
If you need to make a claim for a SunLife over 50 plan then you can do this in a number of ways.
Telephone: The SunLife life insurance contact number is 0800 008 6060 (open Monday to Friday 08:30 – 17:30)
In writing: The SunLife life insurance postal address is:
SunLife
PO Box 1395
Peterborough
PE2 2TR
United Kingdom
If the plan included the funeral benefit option, then you’ll need to contact the funeral director directly.
Ensure that you have the death certificate and the policy documents ready to hand when making a claim.
For more information visit the SunLife website or contact Reassured.
The Bottom Line
Sun Life Financial Inc., a leading Canadian financial services company, is renowned for its life insurance products. With over CAD$1.3 trillion in assets under management, Sun Life operates globally and ranks 235th on the Forbes Global 2000 list for 2022.
Recently, Sun Life sold its UK business to Phoenix Group Holdings plc, forming a strategic partnership. Founded 150 years ago, Sun Life is the third-largest insurer in Canada and holds an A+ financial strength rating from AM Best.
Sun Life offers a variety of insurance products, including health, life, travel, and mortgage protection, along with specialized insurance for small businesses. Despite higher premiums, Sun Life provides comprehensive policies with investment components, making them ideal for high-net-worth individuals.