November 21, 2016
Sun Life Financial announces industry-leading underwriting and product changes
Enhancements include more than $3 million in available HIV life coverage and simplified application process for clients
TORONTO, Nov. 21, 2016 /CNW/ - Sun Life Assurance Company of Canada ("Sun Life") today announced significant individual insurance underwriting changes and enhanced life insurance products in Canada to make it easier and more convenient to access insurance.
The changes include:
- Offering life insurance coverage of more than $3 million for people living with HIV, providing the most coverage for the broadest range of ages in the Canadian industry. Sun Life is rolling out HIV life coverage in other markets around the world. Sun Life has been a proud supporter of the Canadian Foundation for Aids Research (CANFAR) since 1996 and a sponsor of CANFAR's Bloor Street Entertains since 2004.
- Underwriting requirements such as medical exams, ECG, stress ECGs, oral fluid samples and urine HIV tests will no longer be routinely required for either critical illness or life insurance. Sun Life will now only need an application (no fluids or blood samples) from the majority of Canadians applying for these products. Over three-quarters of Sun Life's critical illness insurance clients and half of life insurance clients will benefit from these changes.
- Introducing automatic pre-screening for type 2 diabetes (using A1C test) when blood samples are required. Sun Life has proudly committed more than $17 million in support of diabetes awareness, prevention, care and research initiatives since 2012.
- The transformation of its individual life insurance products making them more straightforward and flexible.
"This collection of underwriting and product enhancements represents some of the most comprehensive changes made in the industry in over a decade," says Kevin Dougherty, President, Sun Life Financial Canada. "As part of our strategy, we are strengthening our commitment to making it easier for clients to plan for lifetime financial security and well-being. We are focused on continuing to develop innovative solutions that help do just that."
Sun Life continually monitors global medical advances to review underwriting requirements and make the client experience easy and helpful. By removing many underwriting requirements, Sun Life is simplifying the application process for Canadians.
Enhanced life insurance products in Canada
In addition to making the mandatory tax exempt rule changes coming into effect January 1, 2017, Sun Life's individual life insurance products are now even easier to understand and use.
- Being the first in the industry to offer clients the opportunity to have guaranteed paid-up participating life insurance policies in as little as eight or 10 years, while having protection for life.
- Offering tailored universal life insurance with two new death benefit options, one targeted toward business owners and the other which gives clients the opportunity to leave their beneficiaries the basic insurance amount plus all payments made to the policy.
- Offering diversified investment account options within universal life, including access to funds managed by Sun Life Global Investments (Canada) Inc.
"The new products demonstrate Sun Life's commitment to understanding Canadians' needs, and will provide them with a more comprehensive suite of insurance solutions that offer flexibility as their needs change throughout their lifetime," says Mr. Dougherty.
Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. Sun Life Financial has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2016, the Sun Life Financial group of companies had total assets under management of $908 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to Editors: All figures in Canadian dollars.
Media relations contact:
Sun Life Financial
SOURCE Sun Life Financial Canada