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

Canada’s Life Insurance Comparison: Sun Life vs. Desjardins

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Both Desjardins and Sun Life are leading cooperative financial institutions in Canada. They offer similar insurance services, and we will focus on the life insurance services they provide in this comparison.

Desjardins Insurance Review

Desjardin offers quite a collection of life insurance plans. These insurance plans are term life insurance, permanent life insurance, and universal life insurance. Desjardins offers other types of life insurance plans in distinct categories. 

  • Term 10 Life Insurance: In term 10 life insurance, the insurance plan lasts for 10 years until 85 years of age. It can be converted to term 20 or term 30 without medical underwriting. You can also convert it to permanent life insurance up to the age of 70. 
  • Term 20 Life Insurance: It is used as income replacement and debt protection. It can be removed every 20 years and last till age 85. The plan is convertible to Term 30 without insurability proof. You can equally convert it to permanent insurance up to age 70 without medical underwriting.
  • Term 30 Life Insurance: This policy is renewable only after the expiration of the initial term. You cannot exchange it for a longer insurance term, but it is convertible to permanent insurance at 70 years without any guarantee.
  • Term-to-age-65: This nonrenewable plan protects you during the years your financial dependents need it the most. It is only convertible to a permanent life insurance plan up to age 60.
  • Life insurance basic coverage is a permanent life insurance plan available for people aged 50 to 75. The plan has coverage of up to $5000, $7000, $15000, or $20000. You can also access up to 50% of the policy face value if you develop a terminal disease with less than a year to live. The plan also has a 30-day trial period and five times benefit in the event of accelerated death up to 85 years.
  • Life insurance personalized coverage is available for people between 65 to 100 years. The plan has about $1000 to $10 million coverage. There is a requirement for medical tests, and there is an option to stop premium payment and keep up the coverage.
  • Life insurance participating coverage allows you to receive annual dividends when Desjardins makes a profit. You can use the accrued bonus to reduce your overall insurance premium. This plan does not require proof of good health to buy additional coverage.
  • The universal life insurance plan provides coverage and builds your cash value until death.

Desjardins’ accessibility and customer service

You can call Desjardins’ customer service to get a quote, log complaints, or make inquiries. You can also contact Desjardins via fax or email. Desjardins’ customer care services are available 24 hours a day, 7 days a week. 

Pros

  • Excellent suite of life insurance products
  • Possibility of having multiple applicants on one insurance policy 
  • Brilliant for critical illness

Cons

  • Term life premium is quite on the high side.
  • Desjardins does not provide online insurance quotes – you can only get quotes through an agent.
  • The website does not provide enough information on the available coverage amount.

Sun Life Insurnace Review

Sun Life Insurance offers Term Life, Whole Life, Participating Life, and Universal Life insurance policies. Each of these categories is further subgrouped into different types.

  • Sun Life Go Simplified Term Insurance has coverage of $50000, $75000, or $100000 with payments remaining the same for 10 years. All there is to be done to complete the process is to take 3 medical tests.
  • Sun Life Go Term Life Insurance lets you get coverage from $100000 to $1 million, with payments staying the same for 10 to 20 years. Like the Go Simplified Term insurance, you will be required to answer eight health questions, and taking a medical exam may be required. The cost of coverage varies for a $100000 policy when using Sun Life’s quotation tool.
Best Insurance Online - Compare Life Insurance Canada

For example, a 30-year-old person living in Ontario and has not smoked in the past year:

Male
Sun Life Go Simplified Term$24.60/month [10 years]
Sun Life Go Term Life$12.27/month [10 years]
Sun Life Go Term Life$14.27/month [20 years]
Female
Sun Life Go Simplified Term$24.60/month [10 years]
Sun Life Go Term Life$10.05/month [10 years]
Sun Life Go Term Life$12.09/month [20 years]
  • SunSpectrum Term Insurance and SunTerm Insurance are similar insurance plans that Sun Life offers. You can get coverage of about $15 million or $15 million, and the premiums remain the same for up to 30 years. 
  • Sun Life permanent insurance has a coverage of up to $10 million. The participating life insurance covers up to $15 million.

To choose a policy from the last permanent, participating, and universal insurance, you need to talk to your insurer to get an insurance quote.

Sun Life Accessibility and Customer Service

It is easy to get a quote for Sun Life Go Term life insurance and Sun Life go simplified Term like together. All you have to do is follow a few steps to begin the application process on their website. You can get through to the customer service by placing a call through or sending them a mail. Sun Life operates from Mondays to Fridays, 8 AM to 8 PM daily.

Pros

  • It is easy to get a quote for some Sun Life term life insurance products on their website.
  • Sun Life offers multiple insurance products.

Cons

  • The numerous amount of information may be overwhelming and may require professional assistance.
Sun LifeDesjardins
Term Life insurance policy requires a series of medical tests before you can complete your application process.Term Life insurance types do not require medical underwriting while applying for them.
The cost of taking care of terminal disease is covered by critical illness insurance, and the policy allows you to use the money at your discretion.You can access up to 50% of the policy face value if you develop a terminal disease with less than a year to live.
The participating life insurance allows you to receive dividends to reduce your insurance premium, but these dividends are not guaranteed.The participating life insurance allows you to receive annual dividends when Desjardins makes a profit. You can use the accrued bonus to reduce your overall insurance premium.
It is easy to get a quote for some Sun Life term life insurance products on their website.Desjardins does not provide online insurance quotes, quotes can only be gotten through an agent

Conclusion

Desjardins has a broader range of insurance options to choose from. In contrast, Sun Life has a more limited range of choices, but it is easier to choose what they want. To know which one is best for you may require the expertise of professional insurance brokers like Insurance Direct Canada.

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