Pandemic impact: 3 services that can help your plan members
We continue to navigate these uncharted waters together – and we’re doing everything we can to support you. We want to highlight three services that can help ease some financial burdens and stress for plan members during the pandemic.
1. New – free access to credit counselling services
Many plan members are facing financial hardship due to the COVID-19 pandemic. This includes the challenge of paying down and managing debt.
We’re pleased to introduce a solution that can help reduce a plan member’s financial stress. We’ve partnered with the non-profit Credit Counselling Society and the Credit Counselling Service of Atlantic Canada, Inc. These organizations now offer free credit counselling and debt management services to plan members. The credit counselling is always free. For debt management, Sun Life is covering the $25 set up fee until August 31, 2020. And the credit counselling organizations are waiving their ongoing monthly fees until September.
Plan members have access to one-on-one financial counselling with an accredited financial counsellor. The appointments are free, confidential and have no impact on a plan member’s credit report.
Plan members also have access to the Debt Management Program. This program helps plan members consolidate debts into one monthly payment they can afford. It can help them become debt-free in a reasonable amount of time – without permanently impacting their credit or record.
To access these services, plan members should tell the credit counselling service that Sun Life referred them. That’s all it takes – we’ll cover any costs until August 31, 2020.
Plan members living in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, NWT, Yukon and Nunavut
Plan members living in
Credit Counselling Society
Credit Counselling Service of Atlantic Canada, Inc./Services Credit Conseil
Please encourage your plan members to act soon if they are struggling with debt. Quick action can prevent debt issues from worsening. It also ensures they take advantage of this service at no cost to them.
The Credit Counselling Society can also provide financial education webinars. These live webinars are available free to any organization until August 31, 2020. You can contact them directly for more information.
2. Financial planning support: Sun Life’s Money for Life Retirement Journey
This is a stressful time for many plan members who are at or near retirement. The current market volatility and economic downturn can raise many financial concerns. We can help plan members examine the impact of the current crisis on their existing plan. We can also help them develop a personal plan for their retirement income.
The Money for Life Retirement Journey is a free program for plan members age 50 to 70. Plan members get personalized telephone support from a Sun Life Retirement Associate. They’ll work with the plan member to prepare a retirement income roadmap. This includes a review of the plan member’s retirement readiness and recommendations to improve it. It helps plan members build savings during their working years and turn those savings into income once they’re retired.
And this support doesn’t end with retirement. Associates can check in with retired employees and provide ongoing guidance. If a retired plan member’s lifestyle changes, a retirement associate will be there to help.
The key decisions plan members make now can make a big difference in achieving their retirement goals. We hope that plan members who are approaching retirement can take full advantage of this free program. It can be valuable support at a very uncertain time.
To book an initial pre-retirement discussion, plan members can call 1-888-999-3978 any business day between the hours of 9 a.m. and 5 p.m. ET.
3. Lumino Health: Stress and Anxiety Guide
Stress and anxiety are at a high point for many during this pandemic. If your plan members – or their loved ones – are feeling stressed or anxious, our resources can help.
The Lumino Health Stress and Anxiety Guide provides information, resources and solutions for a range of mental health concerns. Specifically, it can help plan members:
- Understand stress and anxiety – and learn the signs and symptoms
- Find resources, support and tips to help them manage their stress and anxiety
- Discover Canadian mental health partners that offer resources and solutions they can try
- Connect with the right help for them, either in their community, online or in-person.
We’re here for you
We’ll continue to adapt our support as the situation changes. Please check our COVID-19 plan sponsor website: https://www.sunlife.ca/grscovid. We’re updating it daily. In the meantime, thank you for your continued loyalty and valued partnership. We’re all looking forward to better times ahead.