Home Compare and Review Canada’s Life Insurance Comparison: Sun Life vs. Canada Protection Plan

Canada’s Life Insurance Comparison: Sun Life vs. Canada Protection Plan

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Although offering similar services, Sun Life and Canada Protection Plan differ in some regard. Today, we take a look at the various life insurance products of Sun Life and Canada Protection Plan.

Canada Protection Plan

Canada Protection Plan (CPP) is a major company in no-medical and simplified insurance; there are no medical exams required, and policies are delivered immediately.

At the time of writing, Canada Protection Plan offers five permanent life insurance policies, each with varying term coverage depending on the applicant’s health.

CPP Permanent Life Insurance products

  • Deferred Elite Term: Designed for people with less serious health issues and an excellent choice for persons who have previously been turned down. Coverage ranges from $25,000 to $350,000. Ten, twenty, and twenty-five-year terms are available. This term is renewable until the age of 80 at the end of the term. You can convert it to permanent life insurance until your 70th birthday. Full benefits are not payable until after two years or if death is caused by accident. Accidental death coverage and kid term life insurance are available as optional riders.
  • Simplified Elite Term: This provides coverage from the policy’s commencement date, and there is no medical exam necessary. In addition, premiums are reasonably priced. Designed for people who are in relatively good health, participate in dangerous sports, have been turned down elsewhere, or do not wish to undergo a medical examination. Coverage is up to $500,000. For clients aged 18 to 60, coverage ranges from $25,000 to $500,000, while it is from $25,000 to $350,000 for those aged 61 to 70. Ten, twenty, and twenty-five-year terms are available. The term is renewable until the age of 80 and convertible until age 70. Accidental death benefits and kid term life insurance are available as optional riders.
  • Preferred Term: This is Canada Protection Plan‘s lowest-priced term life insurance product available. Underwriting is required and may include a medical exam. Coverage is up to $1,000,000 with 10-, 20- and 25-years coverage periods. This term is renewable at expiration up until age 80. Convertible, to permanent life insurance, until age 70. Accidental death benefits, child term life insurance and hospital cash benefits are made available as optional riders.
  • Express Elite Term: Designed for healthy individuals who do not wish to commit to a medical exam and want a basic protection plan. Coverage of up to $750,000 for people between 18 and 50, and $500,000 for people between 51 and 60.

There is an option of selecting a coverage term of 20 or 30 years. Zero waiting period as coverage is immediately available. Premium is guaranteed and renewable until the age of 80 and convertible until 70.

  • Preferred Elite Term: An excellent option for those in the best health. However, medical underwriting is required. Up to $1,000,000 in coverage is available for ten, twenty, or twenty-five years.

There is no waiting period as coverage is delivered instantly. Transportation and terminal illness benefits are also available. Premiums are guaranteed, renewable up to 80 years and convertible up to 70 years.

Accessibility and Customer Service

Customer service for Canada Protection Plan is available via a toll-free number and an email address.

You can, however, get a quote on their website in a few simple steps.

Pros

  • Straightforward application process.
  • Most plans do not require medical underwriting.
  • Different coverage periods are available, including 10, 20, 25 and 30-year terms.
  • A wide range of term and permanent life insurance choices are available.

Cons

  • Whole life insurance cash values are inferior compared to other insurance companies and do not include a dividend option.
  • Plans can be costly for those in good health.
  • Maximum coverage is $1 million.
Canada Life Insurance Comparison Sun Life vs. Canada Protection Plan - Best Insurance Online

Sun Life Insurance

Sun Life offers four term life insurance options to her client.

  • SunTerm: Coverage starting at $250,000 with coverage periods spanning 10, 15, 20, or 30 years. A policy can cover up to 5 persons and is convertible to permanent life insurance. Term length, however, differs with age.

Here’s the age range for each term:

  • Term 10: 18-75 years.
  • Term 15: 18-70 years.
  • Term 20: 18-65 years.
  • Term 30: 18-55 years.

All terms include optional benefits such as riders for children’s insurance, premium waivers for total disability, guaranteed insurability, and accidental death benefit.

  • Sun spectrum: A minimum coverage amount of $50,000 and spans a period of 10, 15, 20, or 30 years, depending on your choice. The coverage period varies with age. Below is the age range for each coverage term:
  • Term 10: 0-75
  • Term 15: 0-70
  • Term 20: 0-65
  • Term 30: 0-55

One policy can cater for up to 5 people and of course.

All terms are renewable to age 85 and convertible before age 75.

  • Sun Life Go: This product has a minimum coverage of $100,000. Available in 10 or 20-year terms for those between 18 and 69. Only one person can be covered in this policy. This product does not have any other benefits or riders. It is also not convertible. It, however, has terminal illness benefits included.
  • Sun Life Go Simplified: A non-medical term insurance plan with coverage starting from $50,000. Only a 10-year term is offered to clients aged 18 to 69 years. It can’t cater to more than one person and is not convertible. Terminal illness benefit is available—no optional rides.

Sun Life Permanent Life Insurance

This product is classified into three categories:

  • Whole life insurance
  • Participating life insurance and
  • Universal life insurance

Whole Life Insurance

Two products are offered in this category:

  • Sun Life Go Guaranteed Life Insurance
  • SunSpectrum Permanent Life II

Participating Life Insurance

Customers can choose any of the three products:

  • Sun Par Protector II
  • Sun Par Accumulator II
  • Sun Par Accelerator

Universal Life Insurance

There are three product offerings:

  • SunSpectrum Universal Life II
  • SunUniversalLife II
  • SunUniversalLife Pro

Sun Life Accessibility and Customer Service

You can reach Sun Life’s customer service via call or through the mail. Getting a quote is simplified. All you have to do is follow a few steps to begin the application process on their website.

Pros

  • There are numerous term period options available.
  • By tailoring the policy, Sun Life can accommodate multiple riders.
  • Both medical and non-medical products are available.
  • Security of a well-established and financially stable company.

Cons

  • Higher prices for comparable products.
  • Paper-only policy.
 Sun LifeCPP  
Number of Products  A considerable number of products to choose fromA limited number of products  
Ease of application and processing  Strictly by pen and paper, hence, delay in the processing.  Easy and quick  
Medical Underwriting  Stricter underwriting process for prior health conditions  Most products do not require medical underwriting.    

Conclusion

Choosing the best product and company may be arduous for people unfamiliar with the industry. Working with a life insurance specialist spares you stress and helps you find the best solution to fit your needs. For personalized quotes and advice, we’d recommend you reach out to experts at Insurance Direct Canada – one of the most trusted insurance brokers in Canada.

Other insurance company reviews available at Best Insurance Online for your reference: Foresters Financial review, RBC insurance review, National Bank Insurance review, Manulife Insurance review, etc.

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