Universal life insurance

An all-in-one way to protect and build your money

Universal Life insurance is one solution that combines 2 important aspects of financial planning:

  1. Permanent insurance protection for lifelong peace of mind, plus
  2. Investment account options that can grow your savings, tax-deferred

How does it work?

  • You choose a guaranteed death benefit amount that will be paid to your beneficiaries when you die.
  • Your payments are deposited to a "policy fund"
  • Any money you deposit over and above what is required for the cost of the insurance can either be:
  • placed into investment accounts to grow-deferred, or
  • used to increase the value of your death benefit

Who is it for?

Compare universal life insurance with:

We find that universal life insurance is a popular choice for:

  • People who have maximized their RRSP contributions
  • Parents and grandparents who want to maximize their estate for their children and grandchildren
  • Business owners looking for a tax-efficient way to protect the value of their business

We offer 2 universal life insurance options:

  SunSpectrum Universal Life SunUniversalLife
  Appeals to people who are comfortable actively managing their insurance within their broader financial plan. Well-suited to people whose investment, tax, and insurance needs require special solutions.
Coverage options
  • Single life
  • Joint first-to-die
  • Joint last-to-die
  • Single life
  • Joint first-to-die
  • Joint last-to-die
  • Multiple life
Death benefit options
  • Level death benefit
  • Death benefit plus policy fund
More details
  • Level insurance amount
  • Insurance amount plus fund
  • Indexed insurance amount
  • Fund builder
More details
Investment account options

Choice of 18 investment options in 5 account types:

  • Floating interest
  • Guaranteed interest
  • Portfolio-managed
  • Mutual fund-managed
  • Indexed

Choice of over 35 investment options in 5 account types:

  • Daily interest
  • Guaranteed interest
  • Managed
  • Indexed
  • FPX index
Includes
  • Access to the policy fund, when disabled
  • Living benefit
More details
  • Access to the policy fund, when disabled
  • Early death benefit
  • Survivorship benefit
  • Living benefit
More details
Options you can choose
  • Term insurance benefit
  • Child term insurance benefit
  • Critical Illness insurance term insurance benefit
  • Disability waiver benefit
  • Parent waiver benefit
  • Guaranteed insurability benefit
  • Accidental death benefit
More details
  • Term insurance benefit
  • Total disability benefit
  • Owner death benefit
  • Owner disability benefit
  • Guaranteed insurability benefit
  • Executive guaranteed insurability benefit
  • Coverage death benefit
  • Accidental death benefit
More details
More information Sample policies Sample policies

Ready to buy?

Find out how universal life insurance fits into your plan.

Speak with an advisor

Questions?

Speak with an advisor

Contact your advisor directly, or find an advisor online.

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Contact us by phone

Call 1 877 SUN-LIFE (1 877 786 5433)
Monday to Friday, 8 a.m. to 8 p.m. ET