Sun Life Review for 2024

Sun Life is one of the leading life insurance providers in Canada. The company has been operating for over 150 years and has carved out a strong reputation for providing quality life insurance products and services.

Sun Life Overview

Sun Life Financial is a financial service and insurance company founded in Montreal in 1865. It is currently headquartered in Toronto, Ontario, has more than CAD 1.3 trillion in assets under management, and employs over 40,000 people. 

The company offers an impressive range of products, including term and permanent life insurance, numerous types of health insurance, and several valuable products for asset management, investments, and financial/retirement planning. 

There are even team-oriented health products and wellness solutions such as the Sun Life Group Benefits and the Sun Life card, which you can print out and take to pharmacies to get your prescription filled. 

What’s more, there’s an app for Android and iOS systems, so you can submit claims, check coverage, manage workplace retirement savings, and more.

This review will focus on life insurance at Sun Life and provide an in-depth look at all the available options for the company's term and permanent life insurance.

Sun Life Life Insurance

Sun Life offers two main types of life insurance: term-based and permanent, the latter being further split into whole, participating, and universal insurance. The cost of life insurance can vary depending on numerous factors such as your health status, lifestyle, age, and medical history. You can get a basic quote online, but it’s best to find an advisor in your area and discuss the options pertaining to your case. 

Term Life Insurance

Term insurance plans guarantee the same rates during your insurance term, but the fees will usually go up if and when you decide to renew them. Sun Life Financial offers four plans, with terms ranging from 10 to 30 years and coverage between $50,000 and $25,000,000. 

The four options are: Sun Life Go Simplified, Sun Life Go, SunSpectrum, and SunTerm.

Sun Life Go Simplified 

As the name implies, this is the company’s basic plan. Coverage runs between $50,000 and $100,000, and you can only get up to 10 years before you have to renew it. There is no medical term life insurance, but your premiums are fixed for the entire duration of the insurance contract.

Sun Life Go 

The next option represents an across-the-board improvement over the basic insurance policy. You can now have up to 20 years of life insurance but can still choose a 10-year term if it suits you better. 

Coverage starts at $100,000 and goes up to $1 million. Whichever period you choose, Sun Life claims that your premiums won’t change for the duration of the contract.

One great perk of the Sun Life Go and Sun Life Go Simplified policies is that all customers will get temporary coverage for up to 90 days after submitting their application while they wait for it to be approved or denied.

SunSpectrum

This premium life insurance offers a rich selection of coverage options, ranging from $50,000 to $25 million, with terms of 10, 15, 20, or 30 years. In addition to a guarantee that your premiums won’t change, you can also convert this policy into permanent life insurance as long as you are under the age of 75. 

The policy also offers numerous optional benefits, including child term insurance, total disability waiver, business value protection, and partner protection benefits.

SunTerm 

The last option is SunTerm, which offers nothing more than what we already discussed in this review. The minimum coverage amount is $250,000, while the maximum you can get is $25 million.

As with SunSpectrum, you can switch to a permanent insurance package if you’re under 75. There are various optional perks you can add to your policy, such as renewal protection and guaranteed insurability benefits.

Permanent Life Insurance

Unlike term insurance, permanent life insurance provides coverage for life, ensuring tax-free death benefits for the irrevocable beneficiaries. Sun Life offers three types of life insurance: whole life, participating, and universal.

The main difference here is that whole-life policies offer guaranteed fixed premiums and death benefits, while universal life policies will give you more flexibility and lower premiums. Participating insurance is a type of whole life insurance that offers the option to earn dividends that can reduce your premiums or get you more coverage.

Before becoming a member, you can choose between two policies for whole life insurance or three each for participating and universal life insurance. The perks and limits depend on your chosen plan, so it’s best to get in touch with an assistant for the details. 

Some of the benefits include guaranteed life insurance up to $25,000 with no questions asked in the Sun Life Go Guaranteed life insurance package. There are also up to five dividend options if you choose the Sun Par Protector II participating insurance plan.

Sun Life Pricing

As with most insurance companies on the market, Sun Life isn’t entirely transparent with its pricing scheme, and you’ll have to search thoroughly to get any concrete figures. You won’t get accurate quotes by answering the short online questionnaires either, so it’s best to get in touch with one of the agents in your region. 

Prices and coverage options vary not only by age, health habits, and other similar factors but also by your current location, so you should ask directly. That said, we got a few quotes which are generally in line with the industry averages - men and smokers have to pay more for their life and health insurance since they tend to have shorter lifespans.

For example, men between 30 and 65 on a 20-year term with a $500,000 SunTerm package can expect to pay anywhere from around $33 to $718 and double that if they are smokers. On the other hand, the premiums for women in the same age bracket range from $26 to $498 per month.

Company Reputation

With over 150 years of industry experience and millions of satisfied clients, Sun Life is a household name in life insurance and financial services. it’s no wonder so Canadians consider it their default health insurance option. 

That said, we observed that there are also many negative customer reviews online. Specifically, the company averages just one out of five stars on Better Business Bureau (BBB) and a 1.3 of 5 rating on Trustpilot. Keep in mind that the company has A+ ratings on both BBB and AM Best, and these negative reviews represent a fraction of the company’s clientele throughout the decades.

Sun Life Customer Support

For the best customer service, you’ll want to use the mobile app, which will allow you to get in touch with the agents directly. Otherwise, your best bet is to browse the excellent knowledge base on the site or send the support team a message through the form provided on the website.

Final Thoughts

Sun Life is an insurance company with a positive reputation and a rich tradition, so it’s no surprise that it has become one of Canada’s most popular insurance providers. The company’s life insurance plans offer a variety of options to suit any budget.

If we had to pinpoint where it falls short, it would be the lack of transparency about policy details on the site. That’s why you’ll need to reach out to the support agents to get even a ballpark figure for the cost of your insurance policy.