Permanent life insurance

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Lifetime insurance protection – guaranteed!

Permanent life insurance is an excellent choice if you want lifelong coverage but don't really want to deal with the complexities of universal life insurance.

Key advantages of permanent insurance over term insurance

Permanent insurance costs are usually guaranteed when the policy is first purchased.
Some permanent insurance plans allow you to pay for a limited number of years, then never again. Imagine …you could buy insurance when you're 40, finish paying the premiums when you're 50, and be fully covered for the rest of your life. In contrast, term insurance is virtually always “pay as you go” and you'll be paying premiums while you have the coverage.
Permanent life insurance premiums can be guaranteed level for life (they don't increase as you age, even if your health changes), or they can vary depending on the permanent insurance plan you choose.

We offer 2 permanent life insurance options:

	SunSpectrum Permanent Life	*Sun Limited Pay* Life**
	Simple, straightforward insurance that lasts a lifetime	Lifelong insurance without lifelong payments
Who is it good for?	People who want guaranteed protection for life, but aren't interested in actively managing their coverage People nearing retirement who are looking for alternatives to group insurance at work term insurance, because of increasing premium costs. Younger people, looking for affordable premiums and guaranteed lifetime protection	People who want to pay a guaranteed amount of premium for a guaranteed time People who want to invest money to increase their tax-deferred savings or increase the amount of their death benefit
Guaranteed	Premiums for life Cash value of the policy (as early as year 10) Death benefit	Cost of insurance 10, 15 and 20-year payment periods (payment periods are guaranteed if payments are sufficient to cover the cost of insurance withdrawals) Cash value of the policy (as early as year 5) Death benefit, when minimum premium payments are met and the payment period is over
Minimum amount	Single life: Issue age Minimum 0 to 49 $25,000 50 to 59 $15,000 60 to 85 $10,000 Joint first-to-die: Issue age Minimum 21 to 75 $100,000 or $1,000 min. annual premium Joint last-to-die: Issue age Minimum 21 to 85 $100,000 or $1,000 min. annual premium	Single life: Issue age Minimum 0 to 75 $25,000 Joint last-to-die: Issue age Minimum 16 to 75* $50,000
Maximum amount	$6 million	$10 million
Investment account options	A non-withdrawable premium fund is available, which can be used to hold additional payments now to help with future premium payments. Money in this fund grows tax-deferred and earns interest. An available withdrawable premium fund also earns interest, but growth is not tax-deferred.	A policy fund where you can grow savings tax-deferred. Payments into this fund can be invested in one of 18 investment options. Choice of 18 investment account options in 3 types of accounts: Guaranteed investment accounts Portfolio accounts Index-linked investment account
Includes	Parent waiver benefit Living benefit Joint first-to-die survivor benefit Definition of these included benefits	Owner waiver benefit Living benefit Definition of these included benefits
Options you can choose	Term insurance benefit Accidental death benefit Child term insurance benefit Guaranteed insurability benefit Disability waiver benefit Definition of these options	Total disability benefit Guaranteed insurability benefit Definition of these options
More information	Sample policies	Sample policies

Published: 03/12/2007

Last updated: 03/12/2007