Lifetime protection with early cash values
Sun Par Accumulator II is permanent life insurance (whole life insurance) that provides cash value in the earlier years while still providing long-term cash value and death benefit growth to meet your estate planning needs.
You should consider this product if:
- You are interested in accessing the cash value in the early years of the policy coupled with the benefits of long-term growth.
- You would like to be able to leave money for your children and grandchildren
- You want a business insurance solution that provides high early cash values and long-term growth
- You want to protect your estate while being able to access cash value throughout your lifetime
Premium payment options
- Life pay
- 10 pay
- 20 pay
- Single life
- Joint first-to-die
- Survivor benefit and Automatic survivor benefit are included
- Joint last-to-die, premiums to first death (life pay only)
- Joint last-to-die, premiums to second death
Sun Par Accumulator II offers 5 dividend options for you to choose from based on your unique goals for protection now and in the future.
On each policy anniversary, any dividend we credit to your policy is used to purchase a combination of yearly term insurance and paid-up additional insurance. This combined amount of insurance is equal to the enhanced insurance amount in your policy.
Over time, the yearly term insurance is replaced by permanent paid-up additional insurance. In the future, once all of the yearly term insurance has been replaced, any dividends credited to your policy will be used to buy more paid-up additional insurance. At this point your death benefit will begin increasing.
The enhanced insurance amount is guaranteed for life. This means that we will guarantee both the enhanced insurance amount and the base insurance amount, even if dividends in the future are not enough to pay the cost of the yearly term insurance. It is important to remember that even with this guarantee, you must pay all of the premiums required for your policy.
Sun Par Accumulator II gives you access to cash when you need it most. The total cash value of your policy is made up of guaranteed cash values and non-guaranteed cash values:
Guaranteed cash value:
Sun Par Accumulator II will provide you with a guaranteed cash value. Your guaranteed cash values are based on several factors including the guaranteed death benefit and your age, gender and smoking status. A schedule of guaranteed cash values is included in your policy. With Sun Par Accumulator II, guaranteed cash values will typically begin at the end of year 1. The longer you keep your policy, the greater the guaranteed cash value will become.Non-guaranteed cash value:
Depending on the dividend option you choose, non-guaranteed cash values will build up in your policy on a tax-preferred basis. These cash values are created by dividends used to purchase paid-up additional insurance or when dividends are left on deposit. Non-guaranteed cash values also include the value of the paid-up additional insurance purchased by any plus premium benefit payments.
Policy loans are an easy way to access the cash value of your policy. You can request a policy loan at any time if there is enough total cash value in your policy. A variable interest rate is charged on the amount you borrow. You can repay your loan at any time without penalty. If you do not repay the policy loan, the outstanding loan balance will be deducted from the total death benefit of your policy.
Policy loan may be subject to taxation.
Withdrawals may be subject to taxation.
Paid-up additional insurance:
Any paid-up additional insurance purchased as a result of dividends credited to your policy has a cash value associated with it. Surrendering the paid-up additional insurance allows you to access this cash value. When you take a withdrawal, both the total cash value and the total death benefit will be reduced.
Dividends on deposit:
Withdrawals from dividends on deposit are made from the savings account held outside your policy. It includes accumulated dividends we credit to the policy and any accrued interest.
While the base insurance amount and any additional coverage provided through the dividend option you choose is participating, the following optional benefits are not participating. The premiums for these benefits are not taken into account when we make decisions about dividends.
Read examples of text that can appear in a policy. Not all the provisions apply to every policy – it is for your reference. When we issue a policy it governs the relationship between us and the client. The policy can have provisions that are different from those that you've read here.
Sun Par Accumulator II (one insured person)
Sun Par Accumulator II (joint first-to-die)
Sun Par Accumulator II (Joint last-to-die, premiums to first death)
Sun Par Accumulator II (Joint last-to-die, premiums to second death)