Is sun life a good insurance company? Yes, Sun Life’s term life insurance policy provides coverage during the time you need it. It is easier to understand, more flexible, and cheaper than permanent life insurance.
For these reasons, most people invest in a fixed life plan to ensure the future of their family. Sun Life Financial Canada is one of the four largest life insurance companies in Canada and offers a variety of term life plans, which includes a non -medical examination life insurance.
Continue reading our integral review of is sun life a good insurance company for more information about your term life plans.
Table of Contents
Pro
- Strong financially
- Non-medical terms life plans are available
- Convertibility up to 75 years
- A wide selection of optional accessories
Cons
- More expensive than some comparable term life plans
- No digital policy option
Who is solar life insurance?
Established in 1865, Sun Life Financial Inc. (also known as Sun Life Assurance Company) is among the world’s greatest life insurers. Currently, based in Toronto, they are a key international financial organization with a presence in many markets, including, among others, Japan, Hong Kong, China, India, Australia, Malaysia, and Vietnam. In addition to insurance, Sun Life Financial is highly appreciated in the wealth and asset management niche and sells its products through more than 112,000 advisors.
Reviews: Is Sun Life A Good Insurance Company?
Therefore, you may wonder what Sun Life clients have to say.
Unlike many insurers, there are no reviews for Sun Life Financial Canada on Google. However, his registration in Insureye is not much to write about. The insurer has a score of 2.3 out of 5 (decreased since last year). While it is mediocre, this score is better than what some of Canada’s main insurers could handle.
When everything is said and done, online reviews do not paint the complete picture. It is more likely that people complain about mediocre service than write a brilliant review when things go well. For this reason, take customer ratings with a pinch of salt and not base your decision to buy a policy only on them.
Products and characteristics
Term life insurance is often known as the purest way of life insurance since your concern is to pay the benefit for death to your beneficiary, nothing more. This life insurance coverage does not include those bells and whistles, as an investment component, which only pushes its cousins. The coverage, however, is available for a fixed period, called the policy term.
Sun Life Insurance Company offers four different fixed life plans to meet different financial needs.
1. SunTerm
This is the most popular life plan of Sun Life Financial and comes with all the standard characteristics, such as the benefit of premium and death of guaranteed level.
Characteristics:
• The following terms are available (depending on the age of the applicant): 10, 15, 20, or 30 years
• Prima benefit and guaranteed level death. That is, the premium rate and the benefit of death will not change during a policy period
• Guaranteed Renewability. The insurer can renew the policy for 85 years without presenting a good health test
• Guaranteed conversion. The insured can convert the fixed life plan into full life insurance at 75 without insurance proof
• The amount of the available coverage is $ 250,000 to $ 15,000,000
• You can exchange better 10 and bell 15 for a longer-term policy, such as better 20 or bell 30, without a further medical subscription
• You can buy the plan as an individual policy or to cover multiple lives
• Ability to add several passengers for more complete coverage
• It comes with a non -contractual life benefit where the insurer can issue 50% of the nominal value of the policy or $ 250,000, which is lower, while the insured is still alive if the latter develops a terminal disease
2. SunSpectrum term insurance
This plan is quite similar to the Suinterm insurance, but it has a much lower minimum coverage amount: $ 50,000 compared to $ 250,000.
Characteristics:
• The following terms are available (depending on the age of the applicant): 10, 15, 20, or 30 years
• Prima benefit and guaranteed level death.
• Guaranteed Renewability. The insurer can renew the policy for 85 years without presenting a good health test
• Guaranteed conversion. The insured can convert the fixed life plan into a permanent one at 75 without insurance proof.
• The amount of the available coverage is $ 50,000 to $ 15,000,000
• You can exchange a 10 and Sun Term 15 policy for a longer-term policy, such as benterm 20 or benterm 30, without insurance proof
• You can buy the plan as an individual policy or to cover multiple lives
• Ability to add several cyclists
• Includes a non -contractual life benefit where the insurer can issue 50% of the nominal value of the policy or $ 250,000, which is lower, while the insured is still alive in case of diagnosis of terminal disease
3. Sun Life Go Life Term
This is a simplified life insurance coverage plan. As such, it does not require a medical exam; Simply answer some health questions to see if it qualifies. While it is more expensive than a totally subscribed policy, Sun Life Canada is an excellent option for all those who want rapid approval without undergoing a medical examination.
Characteristics
• The following terms are available: 10 and 20 years
• Available for applicants between the ages of 18 and 69
• Guaranteed Level Prize
• The amount of the available coverage is $ 100,000 – $ 1 million
• automatically renew at the end of the term of politics
• Benefit of a terminal disease. If he develops a terminal disease and is less than 24 months to live, the insurer can pay a living benefit of up to 50% of his benefit for death
• A 30-day free appearance period. If you cancel this life insurance policy within 30 days of your problem, Sun Life Insurance Company will reimburse the total amount
• Ability to add temporary coverage, which provides immediate coverage and covers it until its real policy enters into force
• simpler online process
• Does not include runners available with Sun Ter and Sun Spectrum
4. Sun Life Go Simplified Life Insurance Term
This simplified life insurance plan is ideal for people with underlying health problems that make them not eligible for standard life insurance. The plan renounces the medical examination and requires that you answer only three simple health questions. However, premium rates are much higher than other fixed life plans offered by Sun Life Financial.
Characteristics
• The available term is 10 years
• The amount of the available coverage is $ 50,000, $ 75,000, or $ 100,000
• Benefit of terminal disease included. Sun Life can pay up to 50% of the amount of your life insurance in case of a terminal disease
• Ability to add temporary coverage. It provides instant coverage, while Sun Life Financial reviews and processes its application.
• simpler online process
• A 30-day free appearance period. Receive a complete refund if you cancel the policy within 30 days of your problem.
• Does not include other running runners with totally subscribed fixed life insurance plans
Riders offered by solar life – Is Sun Life A Good Insurance Company?
Yes, Sun Life is a good insurance company, Life insurance passengers are accessories that allow you to customize your policy and obtain certain benefits not available in the basic plan. Sun Life Financial offers many cyclists, including the following:
• Total disability insurance resignation: with this rider in place, you will be exempt from paying future disability insurance premiums if completely disabled.
• Children’s insurance: provides coverage for all your children until they turn 25. Your children can then buy additional insurance without a medical subscription.
• Guaranteed Insurance Benefit: It allows you to buy additional insurance without presenting good health.
• Occusal death benefit: The beneficiary will receive an additional benefit in cash in addition to the amount of the benefit of death if he dies due to injuries suffered in a covered accident.
FAQ – Is Sun Life A Good Insurance Company?
Is Sun Life Insurance suitable for me?
There is no unique answer to this question since the correct life insurance policy for each person depends on their individual circumstances and needs. However, some factors to consider by deciding whether Sun Life Insurance is suitable for you include the company’s financial stability, the types of coverage offered, and the cost of premiums.
How does Sun Life Insurance compare with other insurance companies?
Sun Life Insurance offers a variety of insurance products that include life, health, dental and disabled insurance. They have a wide network of suppliers and a team of experienced professionals to help you choose the appropriate coverage for your needs. They are a financially stable company with a long payment history and a good reputation for customer service.
Sun Life Insurance is a good option for people looking for a reliable and established insurance company.
Conclusion: Is Sun Life A Good Insurance Company?
Sun Life Financial is a much-respected insurer with a solid history. Sun Life offers a group of fixed life insurance plans to meet different risk profiles and coverage needs. Solar life rates, although they are not the cheapest, have a competitive price and their financial grades are the first category. If you are looking for a fixed life plan, Sun Life is a name that must add to your list.