There are four different kinds of life insurance that Sun Life offers. On the Sun Life website, you will not be able to discover too much information on these plans or the many forms of insurance they cover, which is unfortunate. While Sun Life has some information regarding its group life policies, we could find very little information about individual life policies.
Term Life Insurance
Term life insurance is a great choice for healthy and young individuals or families looking for affordable insurance. Term life insurance offers coverage for a set amount of years, affordable premiums, and a guaranteed death benefit. If the policyholder dies within the period, their beneficiaries are paid this death reward. If they do not live to the end of the period, they may have the option of converting their term insurance into an ongoing policy. Otherwise, the policy will expire at the time that the term expires.
Whole Life Insurance
Whole life insurance is a permanent insurance policy that lasts the duration of your life. The primary distinction between term and whole life insurance is that life insurance creates cash value, which increases at a set interest rate. When the cash value reaches a sufficient amount, it is possible to take a small portion of the funds and apply it as an individual loan. In most instances, you will be able to repay the loan by paying interest, or the loan will be taken from your death benefits.
Universal Life Insurance
As with whole life insurance, universal life insurance can build cash value which can be used to get a loan while living. But universal life insurance offers an option to have a flexible death benefit and an adjustable premium. If your cash reserves are sufficient, it is possible to use the funds to lower the frequency or cost of premiums.
Guaranteed Issue Life Insurance
On Sun Life's website, Sun Life mentions that it provides an insurance policy that guarantees issues. Guaranteed issue insurance doesn't require a medical examination, meaning anyone applying can be approved no matter their condition. The policies that guarantee issues are typically more expensive than standard term or whole life insurance because the underwriter is required to take on more risk without a medical examination.
Available Riders
Life insurance riders are available as optional coverages. They offer protection in certain situations that your normal insurance policy doesn't cover. Sun Life only offers two life insurance riders. They comprise:
Accidental Death Benefit Rider
A rider for accidental death can provide another death reward when the policyholder's death is determined to be accidental. Each insurance company has its term for "accidental," but it typically includes car accidents or slips, drownings, and machine accidents. However, it may not cover instances that would be considered to be dangerous, like skydiving.
Waiver of Disability Rider
An exemption from disability riders permits you to pay off the life insurance premiums if you are completely disabled or sick and in a position to work. To avail of this benefit, you'll be required to show medical evidence that you have been disabled since the policy took effect.
Cancellation Policy
If you buy an insurance policy for life through Sun Life, you can change it anytime. Term life insurance coverage expires after you've stopped paying the cost of the policy, and you will not be required to pay any surrender charges. On the other hand, if you possess a universal or whole life insurance policy, the amount of time your policy has been in existence will determine whether or not you will be subject to a surrender penalty. If you terminate the life insurance policy permanently and get a payment for the value of the cash you have not used, fewer surrender charges will be less.
Price
Since Sun Life Insurance doesn't have an online quote tool or any sample rates, it isn't easy to know the cost of premiums. Keep in mind that each person plays a unique price in life insurance. The premiums are determined by personal elements, such as your health status, age and family history of illness, smoking, age, and the type of insurance you buy.
Another element that affects your life insurance price and the cost is your gender. Males typically pay more than women because they have a shorter life duration. Non-binary applicants can easily obtain life insurance; however, most insurance companies require that you select "male" or "female" when filling out the application, according to your birth date. Since there isn't a policy that is a standard of underwriting for transgender or non-binary people, it is recommended to reach for Sun Life to learn more about the price of life insurance for applicants who are not gender-neutral.
