Plan details


Plan details - Term Life Insurance

 Eligibility

You are eligible to apply for Term Life Insurance if you:

  • reside in Canada and 
  • are over age 18 and are under age 60.

Your coverage terminates at age 70.

 

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 Effective date

Coverage becomes effective on the first day of the month coinciding with or immediately following the date a completed application is approved by Sun Life Assurance Company of Canada, providing a statement of health is required and is determined to be satisfactory and full premium for the insurance has been withdrawn from your account.

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 Statement of health

All applications are subject to a satisfactory statement of health. You (and your spouse, if applying) must complete a questionnaire outlining your medical history, which will be assessed by Sun Life Assurance Company of Canada to determine if coverage may be issued.

Sun Life Assurance Company of Canada reserves the right to request a medical examination or tests such as a general blood profile (including a blood test for HIV, where permitted) which will be made at no expense to you.

 

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 Beneficiary

Your beneficiary will be your "Estate" for the purposes of this application. At the time of policy issue and delivery, you will have an opportunity to appoint a named beneficiary by providing us with a duly completed and signed Change of Beneficiary form. A blank Change of Beneficiary form will be included with your policy package. The beneficiary of any Spouse coverage is automatically the applicant.

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 Amounts of insurance

Term Life Insurance coverage is available in units of $25,000, with a minimum of $50,000 up to a maximum of $1,000,000.

Term Life Insurance coverage reduces by 50% at age 65 and terminates at age 70.

You can purchase life insurance for your spouse. Subject to a satisfactory statement of health, coverage is available in units of $25,000, with a minimum of $50,000 up to a maximum of $1,000,000.

Your spouse's life insurance coverage reduces by 50% when she/he attains age 65 and terminates when she/he reaches age 70.

 

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 Living benefit

This may be offered as a loan, on a compassionate basis. In the event of terminal illness (e.g. cancer) with a life-expectancy of 12 months, we may provide a lump-sum payment of 50% of the face amount – up to a maximum of $50,000 – which can be used as needed for expenses, such as treatment costs, home care expenses, etc.

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This website provides the highlights but not all the details. The complete terms, conditions, exclusions and limitations governing the coverage are found in the insurance policy issued by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies.

Check our Quote & apply section to get an estimate of the cost for your insurance coverage.