Sun Life Financial Review
As with all life insurance companies, Sun Life Financial is in the business of providing financial security to your loved ones in the event of your death.
In this Sun Life Financial review, you’ll learn about the company, what insurance products they offer, and what their financial ratings are.
About Sun Life Financial
Sun Life Financial, or Sun Life Assurance Company of Canada, has been in business since 1865. They were founded by Mathew Hamilton Gault in Montreal, Canada. Mr. Gault had the vision to create an insurance company that would contribute to the prosperity of the newly forming country, Canada. In the 1880’s, Sun Life began its worldwide expansion and by 1920, was operating in 55 countries.
Today, Sun Life Financial serves millions of customers in the United States, Canada, Asia, United Kingdom, and in other parts of the globe. They are one of the largest insurance companies in the world and one of the 2017 Global 100 Most Sustainable Corporations.
The Pros…
Sun Life Financial offers a wide range of life insurance products, services, and enjoys solid financial ratings. Below we get into each and how that benefits you.
Sun Life Financial Products
Sun Life Financial is a huge player in employer-based coverage plans but they also sell individual policies. Since there is no such thing as a ‘one size fits all’ life insurance company, to determine if they’re right for you, you’ll need to consider your financial situation, budget, and health status before you apply.
For example, there are many top-rated life insurance companies, but they all have different requirements and products. Each has different underwriting guidelines that can make a significant impact on coverage and rates.
The only way to know if you’re getting the best coverage, at the best rates, is to compare your options. We’ll get into this further but we make this easy, and do it for our clients every day.
Their life insurance products include:
- Term Life-fixed amount of insurance for a specific time period
- Permanent/Whole Life-covers you for your whole life and some types build cash value over time
- Participating Life-Permanent coverage that can be eligible to receive dividends
- Universal Life-Flexible Permanent Life that combines protection and savings
- Guarantee Issue-a form of no medical exam insurance
Other insurance plans include:
- Personal Health Insurance
- Critical Illness Insurance
- Travel Insurance
- Car and Home Insurance
- Long-Term Care Insurance
- Disability Insurance
- Workplace Health Benefits
- Stop Loss
- Dental
- Vision
Additional Products and Services:
- Investments
- Financial Planning
- Retirement Planning
- Asset Management
Sun Life Assurance Company of Canada Financial Ratings
Sun Life Financial has a reputation for financial strength and has survived during some of our country’s worst economic times. They have accomplished this through their four-pillar strategy of unwavering focus on their clients, innovation, digital advances, and cautious risk management.
One of the most significant concerns for you is the assurance that they will be there when you need them, and will be able to pay out on future death claims.
You can rest assured that they are financially stable. Leading independent rating agencies have rated them high in their ability to pay their financial obligations to policyholders, investors, and shareholders. Their current ratings are:
- M. Best: A+, Superior
- Standard and Poor’s: AA-, very strong
- Moody’s: Aa3, high quality
- DBRS: AA (low), Excellent
Experience as a Sun Life PolicyHolder
Sun Life is one of the rare insurance carriers that permits you to pay your monthly premiums using a regular credit card. This is great for those that like to rack up the rewards and cash back.
While we hope you never have to use your insurance policies, their claims process is known to run smoothly and get things done quickly.
Sun Life Financial Disease Prevention Programs
If corporate giving and community involvement is valuable to you, you’ll be pleased to know that Sun Life Financial is very generous. They are involved in disease prevention programs, charitable giving, employee giving, and volunteerism.
One of their key causes is diabetes prevention. They launched Team Up Against Diabetes in 2012 and have since donated $17 million to community organizations in support of efforts to improve people’s health.
They have teamed up and support the:
- Boston Celtics to fight diabetes through an incentive-based program, Fit to Win
- Kansas City Royals, Strike Out Diabetes and Home Run to Health youth clinic
- American Diabetes Association, Wellness Lives Here workplace program
The Cons…
Sun Life Financial is an all-around great company that sells life insurance products to individuals but has a heaving leaning toward employer-based plans.
Does that mean if you’re an individual shopping for life insurance you should avoid them?
No
However, it does mean is that you should carefully consider your options to make sure you get the best coverage for the best rates.
As we mentioned above, underwriting guidelines vary from company to company, as do rates and coverage options.
How to Choose the Best Life Insurance Company
The only way to know if a company is the best choice for you is to determine what coverage you need, factor in their underwriting guidelines, and compare companies.
For example, when you apply for life insurance, you’re assigned to a rate class. This class determines how much you’ll pay for insurance. The common classes are:
- Best Class/Preferred Plus
- Preferred
- Standard Plus
- Standard
- Table Ratings
Using this example, let’s say you regularly take a particular medication. If you use this drug, Company A may assign you to their Standard rate class. Meanwhile, Company B may assign you to their Preferred rate class and save you a lot of money.
What you Need to Apply for Life Insurance
To get started, you’ll need:
- Health history
- Medications
- Height/weight
- Age
- Lifestyle habits (smoke, drink, fitness level)
- Financial information (income/net worth)
Additional considerations are your:
- Budget
- Family situation
- Business needs
- Idea of how much life insurance coverage you want, what should the death benefit be?
- What type of life insurance are you interested in?
- Be prepared to take a medical exam if you want anything beyond a small amount of term life insurance.
The bottom line…
Sun Life Financial is an excellent possibility and certainly one to consider and you compare life insurance quotes. Yet, to make sure you get the best-individualized coverage at the most affordable rates, other options should not be overlooked.
As an independent agent, we will compare more than 60 insurance companies to ensure you find the best plan, at the lowest rate, and get answers to all your questions. There is no cost or obligation for this service. To begin, fill out the form on our site to view instant insurance quotes and we can get started right away.
The opinions in this article are based on our knowledge of Sun Life Financial at this time. Guidelines and information are subject to change at any time. We are not an employee or agent of Sun Life Financial. The Sun Life Assurance Company of Canada corporate office is located at 1 York Street, Toronto, Ontario M5J 0B6, Canada, Phone 416-979-9966.
