Sun Life Insurance is one of Canada’s largest and oldest insurance providers. With over 150 years of experience, It offers a wide range of insurance products to individuals and businesses across the country.
This detailed guide will explore Sun Life’s history, financial strength, available insurance options, customer service, pricing, and more. Whether you are looking to buy life, health, disability, critical illness, or other insurance, this review will provide valuable insights to help you make the right choice.
A Brief History of Sun Life Financial
Sun Life Financial (www.sunlife.ca) was founded in 1865 as The Sun Insurance Company of Montreal. It was one of the first insurance companies established in Canada.
Over the decades, Sun Life expanded across Canada and internationally. It went through various mergers and acquisitions, adopting the current name of Sun Life Financial in 2000.
Today, Sun Life Financial is a leading international financial services organization providing insurance, wealth management, and asset management solutions to individuals and corporate clients. Some key facts about the company:
- Headquarters: Toronto, Ontario
- Employees: Over 50,000
- Global Presence: Operations in over 26 countries
- Assets Under Management: $1.3 trillion
Source: https://protectyourwealth.ca/sun-life-insurance-review-canada/
With a long track record and global expertise, Sun Life has built a reputation as one of Canada’s most trusted insurance providers.
Sun Life Insurance Offerings in Canada
Sun Life provides a diverse range of insurance solutions for Canadians across different stages of life. Their major insurance offerings include:
Life Insurance
- Term Life Insurance – Provides temporary death benefit coverage for 10, 15, 20 or 30 years. Sun Life’s term life plans include SunTerm, SunSpectrum Term, SunLife Go Term, and SunLife Go Simplified Term.
- Permanent Life Insurance – Offers lifetime coverage as long as premiums are paid. The options are participating in whole life, non-participating whole life, and universal life insurance plans.
Health Insurance
- Private Health Insurance – Covers healthcare costs not provided by government health plans like prescription drugs, dental, vision care, private hospital rooms, etc. Offered through group benefits plans.
- Disability Insurance – Provides income replacement if injury or illness prevents working. Both individual and group disability policies offered.
- Critical Illness Insurance – Pays out a lump sum benefit after diagnosing a covered critical illness like cancer, stroke, or heart attack. Available for individuals and families.
- Long-Term Care Insurance – Helps pay for home care, assisted living, and nursing home care required in old age or due to disability.
Other Insurance Offerings
- Accidental Death & Dismemberment Insurance
- Travel Insurance
- Creditor Insurance (Mortgage, Loan)
- Pet Insurance
- Special Risk Insurance
This wide range of options from a single insurer makes Sun Life a one-stop shop for many insurance needs.
Sun Life Insurance Plans: Details and Options
Sun Life provides flexible insurance plans that can be customized with optional coverages called riders. Here are some key details about their major insurance offerings:
Term Life Insurance
Sun Life offers four main term life insurance options:
- SunTerm – Basic term life plan with coverage from $250K to $15M for 10, 15, 20 or 30 years. Guaranteed premiums and death benefits.
- SunSpectrum Term – Low-cost option with $50K to $15M coverage. Similar features as SunTerm.
- SunLife Go Term – No medical exam required. Coverage of $100K to $1M for 10 or 20 years. Limited features.
- SunLife Go Simplified Term – No medical exam required. Only provides $50K, $75K or $100K for 10 years. Most limited features.
Term policies can be converted into permanent insurance and include optional riders like accidental death, disability waiver, children’s insurance and more.
Permanent Life Insurance
Sun Life permanent life insurance plans provide lifetime coverage as long as you pay premiums. The options are:
- Whole Life – Offers a death benefit plus cash value savings that grow tax-deferred. This includes participating and non-participating whole life insurance choices.
- Universal Life – Similar to whole life but offers flexible premiums and investment options for cash value growth. Allows adjusting coverage as needs change.
Critical Illness Insurance
Pays out a lump sum upon diagnosis of a covered illness like heart attack, stroke, or cancer. Sun Life’s critical illness insurance options include:
- Enhanced plans covering 26 conditions
- Child coverage for 5 additional conditions
- Choice of 10 or 20-year term lengths
- Maximum coverage up to $2.5 million
- Return of premium on expiry for 15-year terms
Disability Insurance
Replaces income if injury or illness prevents working. Sun Life offers both individual disability policies and group disability benefits as part of employee benefits plans. The coverage includes:
- Choice of own-occupation or any-occupation definitions
- Guaranteed standard issue individual disability insurance
- Employer-paid group LTD insurance with Sun Life
- Option to maintain coverage if leaving group benefits plan
Why Choose Sun Life Insurance?
Here are some of the critical advantages of choosing Sun Life for your insurance needs:
Financial Strength and Stability
With over 150 years of experience, Sun Life has built a strong reputation for financial strength and stability. They have received strong ratings from insurance rating agencies:
- A.M. Best – A+ (Superior)
- Moody’s – Aa3 (Excellent)
- S&P – A+ (Strong)
Customers can depend on Sun Life to deliver on claims and benefits far into the future.
Wide Range of Insurance Solutions
Sun Life offers insurance plans for all life stages and needs – from children to seniors. You can conveniently find multiple insurance solutions from one trusted provider.
Customizable Coverage
Plans like term life and critical illness insurance allow you to customize coverage by adding optional riders. You can tailor protection to your specific situation.
Strong Customer Service
Sun Life is committed to providing excellent customer service. They have won awards for claims, customer, and advisor service. You can expect quality support when you need it.
International Expertise
With operations globally, Sun Life can leverage international expertise and reinsurance to provide robust insurance products to Canadians.
Digital Capabilities
You can conveniently manage your Sun Life insurance online via their website or mobile app. The full-service digital experience makes insurance easy.
For many reasons, Sun Life is considered one of the top insurance providers for all types of coverage in Canada. They provide a combination of financial stability, customized coverage, strong service and accessibility that appeals to consumers.
Cost of Sun Life Insurance in Canada
Insurance premiums from Sun Life vary based on the type of product, amount of coverage, age and health. Here are some average sample rates:
Term Life Insurance
Sun Life’s term life premiums generally fall within the average range but can be costlier than some competitors for those seeking budget coverage.
Monthly premiums for $500,000 of 20-year term life coverage might be:
Sample Monthly Sun Life Term Life Premiums
| Age | $500K Coverage | Male | Female |
| 30 | 20-year term | $33 | $26 |
| 40 | 20-year term | $52 | $40 |
| 50 | 20-year term | $141 | $95 |
| 60 | 20-year term | $469 | $322 |
Exact Sun Life term rates depend on personal factors like age, smoking status and health. Those with existing medical issues may pay higher premiums.
Permanent Life Insurance
Due to the cash value element, permanent life insurance is more expensive than term. Monthly rates for a $500,000 whole-life policy may be in the range of:
Sample Monthly Sun Life Permanent Life Premiums
| Age | $500K Whole Life Coverage |
| 30 | $200 – $250 |
| 40 | $300 – $350 |
| 50 | $550 – $600 |
| 60 | $1300 – $1500 |
Universal life premiums can be lower than whole life at early ages but increase as you get older. Again, your health, lifestyle and product features impact actual pricing.
Group Benefits
Sun Life group benefits are priced per employee. Monthly costs vary based on plan design, but maybe:
Group Benefits Costs Per Employee
| Plan | Monthly Cost Range |
| Life & Disability | $25 – $100 |
| Extended Health | $100 – $300 |
| Dental | $40 – $100 |
Businesses can customize plans based on their budget and benefits priorities. Having more employees lowers the per employee rate.
Sun Life’s pricing is competitive, but you may find lower rates by comparing quotes from other top providers. Make sure you get an apples-to-apples comparison on the exact same coverage.
Comparing Sun Life Insurance to Competitors
Here are some additional details on how Sun Life Insurance compares to competitors Manulife and Canada Life:
Financial Strength
- Sun Life, Manulife and Canada Life have strong financial strength ratings from independent agencies like A.M. Best.
- Sun Life and Manulife have an A+ (Superior) rating from A.M. Best, while Canada Life is a notch lower with an A (Excellent) rating.
- All three insurers have the financial stability to pay out claims far into the future, so customers can depend on them.
Insurance Products
- All three companies offer full insurance, including life, health, disability, critical illness, and long-term care.
- Each insurer offers unique features and options for its insurance plans. For example, Sun Life offers “Go Term” no-medical-exam life insurance.
- Manulife is known for competitive pricing on term life insurance, while Canada Life has focused on enhancing its critical illness insurance offerings.
- For any insurance product, it’s wise to compare options across insurers to find the best fit.
Customer Service
- Sun Life, Manulife, and Canada Life have each won awards for claims, customer service, and innovation.
- For the most part, policyholders report having good experiences dealing with all three insurers.
- Response times and satisfaction when making claims may vary. Checking online reviews can provide insights into customer service.
Digital Experience
- All three companies provide websites, mobile apps and online self-service.
- Sun Life has invested significantly in digital capabilities, allowing customers to purchase insurance, access documents and manage policies online.
- Manulife and Canada Life also have comprehensive online account management but may involve advisors more.
Working with Advisors
- Sun Life has an extensive career agency network. Manulife and Canada Life use independent brokers.
- An advisor with any company can help you identify the optimal insurance solutions for personalized service.
- An independent broker can provide products from all the insurers to compare.
In summary, while the major insurance providers have some differences, they largely have comparable offerings and strengths in areas like financial stability and customer service. Digging into the details of specific insurance plans is key to finding your best option.
How to Get in Touch with Sun Life Insurance
If you are interested in obtaining insurance coverage from Sun Life, here’s how to contact them through various channels:
- By phone at 1-877-786-5433 or at their life insurance contact center.
- By email at [email protected] for general customer service inquiries.
- Fill out a quote form online through their website www.sunlife.ca.
- In-person meetings can be held by visiting a Sun Life Financial Centre or meeting with one of their advisors. There are locations in most major cities across Canada.
- Through a broker – Many independent brokers represent Sun Life products and can assist you.
Reaching out to Sun Life by phone or online can provide you with personalized quotes for your specific insurance needs. Their advisors can answer questions and help you determine the right Sun Life insurance solutions for your personal situation.
Is Sun Life Insurance the Right Choice for You?
With its long history and diverse range of products, Sun Life Financial is undoubtedly one of the top insurance providers in Canada. But is it the right fit for your specific needs?
Here are the main pros and cons to consider when deciding about Sun Life insurance:
Pros of Choosing Sun Life
- Longstanding and well-known company since 1865
- Wide range of insurance solutions for life, health, disability, dental, travel and more
- Among the highest maximum life insurance coverage amounts in Canada ($15 million available)
- Competitive rates on term life insurance
- Ability to convert term life to permanent coverage later
- Strong reputation for financial stability and claims-paying ability
- Good option for high net worth insurance needs
- Quality employer group benefits plans
Potential Downsides of Sun Life
- Permanent life insurance premiums can be expensive
- Customer service ratings are mixed, according to some reviews
- Not all products available for online purchase and quoting
- May find cheaper term life rates from newer online competitors
- Don’t offer niche insurance products like pet insurance
Overall, Sun Life is a great choice for Canadians wanting a well-known industry leader with a broad suite of traditional insurance products. It offers quality coverage and client peace of mind.
Be sure to shop around and compare Sun Life rates to other providers. This will ensure you secure the best value while still getting protection from a reputable insurer.
How to Get Sun Life Insurance Quotes & Purchase Policies
There are several ways to get quotes for Sun Life insurance and purchase coverage:
Work With a Sun Life Advisor
Sun Life has an extensive network of over 6,000 licensed advisors across over 200 Canadian communities. You can meet locally with an advisor to discuss your needs:
- Explain your specific situation.
- Review Sun Life’s various insurance products.
- Receive quotes for coverage tailored to you.
- Complete required medical exams or interviews.
- Submit your application to the underwriting department.
- Sign documents and pay your first premium.
Working with an advisor provides guidance through the buying process. Just make sure to clarify all fees upfront so there are no surprises.
Sun Life Direct
Some products, like term life insurance, can be purchased through Sun Life Direct without an advisor. The process enables you to:
- Get an instant quote online or by phone. Provide details on age, smoking status, health, desired coverage, etc.
- Apply and complete medical requirements online.
- Receive policy approval and documents electronically.
- Pay your premiums through automatic monthly withdrawals.
This direct method offers convenience but has less underwriting flexibility than applying through an advisor.
Group Employee Benefits
If your employer uses Sun Life, you can access group benefits like supplemental health insurance during open enrollment. Premiums are deducted from your pay cheque.
Regardless of how you apply, Sun Life offers many coverage options. Choose whether you prefer the personal touch of an advisor or the ease of direct purchase.
Customer Service and Reviews for Sun Life Insurance
According to most reviews, Sun Life provides decent customer service but has room for improvement. On popular rating sites, Sun Life averages around 3 out of 5 stars.
Here is a summary of common Sun Life customer service pros and cons based on reviews:
Sun Life Customer Service Pros
- Helpful insurance advisors who take time to understand specific needs
- Quick and straightforward claims process
- Fast call center response times
- A strong company reputation provides customer confidence
- Digital insurance cards are available on the Sun Life mobile app
Sun Life Customer Service Cons
- Limited after-hours and weekend support
- Customer support during claims can be hit-and-miss
- Some reports of unclear communication or incorrect policy information from advisors
- Difficult to contact the correct department or person at times
- Call center wait times are occasionally long during busy periods
While Sun Life earns positive marks for insurance advisor professionalism, there are areas for improvement—particularly around claims and call center experiences. Overall, they provide satisfactory support relative to competitors.
Top Alternatives to Sun Life Insurance
Sun Life Financial isn’t the only option for insurance in Canada. Here are some top alternate providers to consider:
Manulife – Offers competitive rates on term life and popular whole life policies. Strong group benefits plans.
Canada Life – Well-rounded provider with affordable permanent life insurance rates.
RBC Insurance – Comprehensive coverage across life, health, home, auto, travel insurance and more.
ivari – Budget-friendly pricing on term life insurance. Simpler underwriting may mean easier approvals.
For many Canadians, going with a well-known brand like Sun Life for insurance provides peace of mind. Their stability, reputation, variety of plans, and customer service make them one of the top choices for all insurance needs.
That said, it is wise to compare Sun Life insurance rates and features with those of other providers. This can help you determine whether another insurer may better suit your budget or insurance priorities.
Use a multi-insurer quote tool to instantly compare Sun Life’s and competitors’ personalized quotes. Or speak with an independent insurance advisor who can objectively guide you to the best policy for your specific needs and preferences.
The Bottom Line
To sum up, Sun Life is a good choice for those who want to seek a financially reliable insurance provider in Canada. However, in terms of flexibility of choices and premiums, there are better options in the market. To have more information, read through our articles about other life insurance companies in Canada, such as BMO Insurance, iA Financial Group, Equitable, Desjardins to have further insights.
If you need a broker which can provide you with quotes from different insurance companies, help you buy a policy or just advice – we’d recommend Insurance Direct Canada.
FAQs related to Sun Life insurance in Canada
How long has Sun Life Financial been in business?
Sun Life Financial was founded in 1865, making it one of the oldest insurance companies in Canada. It has over 150 years of experience providing insurance and financial services to Canadians.
What types of insurance does Sun Life offer?
Sun Life provides a wide range of insurance products including life, health, dental, disability, critical illness, and travel insurance. They also offer group benefits for businesses.
Where is Sun Life headquartered?
Sun Life Financial is headquartered in Toronto, Ontario. It moved its head office from Montreal to Toronto in 1979.
Why choose Sun Life for insurance?
Reasons to choose Sun Life may include their strong financial ratings, long history in Canada, wide range of insurance products, and competitive pricing on term life insurance. Their high maximum coverage limits are also a pro.
When should I get life insurance from Sun Life?
The best time to get life insurance is when you have financial dependents. Common life stages that demand coverage include getting married, having kids, buying a home, or starting a business. Sun Life offers both term and permanent life insurance.
Do I need to meet with an advisor to buy from Sun Life?
Some Sun Life insurance products can be purchased directly online without an advisor. But to access its full range of policies and personalized guidance, working with a licensed Sun Life advisor is recommended.
Can I get Sun Life insurance if I have a pre-existing health condition?
You may be able to qualify for coverage with a pre-existing condition, but Sun Life will factor it into their underwriting. You may need to pay higher premiums or have certain exclusions. An advisor can best advise you on options.
Is Sun Life cheaper than other insurance companies?
Sun Life offers competitive rates but is not the absolute cheapest in all cases. Comparing quotes from a few top providers can ensure you get the best value.
Does Sun Life sell permanent life insurance?
Yes, Sun Life offers several permanent life insurance options including participating whole life, non-participating whole life, and universal life insurance. These provide lifetime coverage.
What optional benefits can I add to my Sun Life insurance policy?
Sun Life allows you to customize your term life insurance with optional riders and benefits like waiver of premium, accidental death, children's term insurance, and guaranteed insurability.
