Sun Life Financial life insurance

Sun Life Financial is one of Canada’s largest insurance companies. It offers a comprehensive suite of policies, including life, critical illness, disability and business insurance. Sun Life was founded over 150 years ago in Montreal and now operates in North America, Europe and Asia. It is headquartered in Toronto, Ontario.

What insurance coverage options does Sun Life Financial offer?

Sun Life Financial offers a wide range of individual and group insurance products. Group insurance refers to products or policies you may have through your employer. We will focus on the individual insurance products Sun Life offers. Below are the main categories of Sun Life Financial products.

• Life Insurance

  • Universal life insurance. This is a type of permanent life insurance. This insurance option covers you for life and lets you devote a portion of the premiums you pay toward building up long-term savings.
  • Participating life insurance. Similar to universal life insurance, this covers you for your entire life as long as you pay your premiums. There is generally less flexibility in how your savings are managed inside this type of plan.
  • Term life insurance. This type of insurance allows you to buy coverage for a specific time period – say 5 or 10 years. It is generally the most affordable type of life insurance.
  • Permanent insurance. Get covered for life with permanent life insurance from Sun Life Financial. Some types of permanent life insurance also can build cash value over time – a helpful perk if you’re looking to get covered for the long term.
  • Whole life insurance. A type of permanent life insurance, whole life covers you for your whole life and gives your beneficiaries a tax-free payment after you die. Some whole life insurance plans can build cash value over time.

• Health insurance

  • Personal health insurance. This insurance covers medical expenses usually not covered by a provincial health plan.
  • Critical illness insurance. Critical illness insurance covers costs associated with a sudden, life-altering illness. You receive a lump-sum payment.
  • Disability insurance. This insurance helps provide you with an income if you become injured or sick and can’t work.
  • Long-term care insurance. This insurance helps cover the costs associated with a long-term illness for which you require the care of others.
  • Dental insurance. Get partial or full coverage for all types of dental procedures. This insurance will help keep you from having to dip into your savings or emergency fund to cover your dental expenses.

• Other insurance options

  • Family insurance. Protect your family financially if you or one of your family members dies or becomes ill.
  • Mortgage protection insurance. This insurance is specifically tied to helping you or your family keep making your mortgage payments if you get sick or die.
  • Business owner insurance. This insurance helps you keep your business operating in the event you become injured, seriously ill or die. There are also coverage options for key employees.
  • Workplace benefits. Protect your employees with workplace benefits. Insurance can cover a range of health-related expenses as well as provide insurance coverage and access to programs.
  • Travel insurance. This insurance is designed to help protect you and your family wherever you travel. It protects you from the difficulties that come from unexpected medical expenses.

Benefits and drawbacks of Sun Life insurance

Benefits

• Quotes online. You can get basic quotes for some types of Sun Life Financial products like term life insurance online, although in many cases you may have to contact an adviser to get more detailed information and finalize the purchase.
• Coverage across Canada. No matter where you live in Canada, Sun Life Financial products are available for purchase. That said, you may not always have access to an adviser nearby.
• High credit ratings. Sun Life is rated AA (very strong) by Standard & Poor’s and Aa3 by Moody’s, two well-known credit rating agencies that measure companies by how prepared they are to meet financial liabilities.
• Tools and resources. The Sun Life website has a well-stocked section of articles and tutorials that explain the insurance industry and explore other personal finance topics. There are also numerous online tools such as insurance calculators to help determine how much coverage you may need.

Drawbacks

• No homeowner insurance: Sun Life does not offer homeowners insurance products.
• Can’t file all claims online: If you bought your insurance through an adviser, which in many cases you need to do, you can’t necessarily file your claims online. You need to contact your adviser and initiate the process through him or her.

Sun Life Awards

• Featured in the Corporate Knights’ 2023 Global 100 Most Sustainable Corporations in the World.
• Named one of the Best 50 Corporate Citizens in Canada in 2023 by Corporate Knights.
• Included in the Dow Jones Sustainability North America Index in 2022.

Frequently asked questions about Sun Life insurance

• How do I make or track a claim with Sun Life Financial?

  It depends on the claim you are making and which type of insurance coverage you have. You can make claims for some types of insurance online with your personal account at Sun Life. For many others, you can contact the company by phone to start the process. A full list of options can be found on Sun Life’s website.

• How do I check my coverage or make changes to an existing policy?

  In most cases, you need to contact your adviser to check your coverage or to make changes to an existing policy.

• How do I print my Sun Life insurance coverage card?

  Your coverage card is often used when you are claiming prescription drugs or travelling. You can sign into your personal account on the Sun Life website or use the company’s mobile app to print your coverage card.

Written by

Grant Surridge

Editor

Grant Surridge is an editor at Finder, specializing in finance. He’s worked in journalism and communications for over a decade, his previous roles including business reporter at the National Post and online editor at Reuters. Grant has a Bachelor of Commerce from the University of Manitoba and a Journalism degree from the University of King’s College. Grant is a long-suffering fan of his beloved hometown Winnipeg Jets. See full bio