Lifetime protection with early cash values
Sun Par Accumulator is permanent life insurance (whole life insurance) that provides higher cash values in the earlier years in exchange for modest long-term growth. Coverage amounts range from a minimum of $250,000 to a maximum of $10 million.
You should consider this product if:
- You are interested in accessing the cash value in the early years of the policy to bridge a retirement income gap, while ensuring that there is a death benefit in place to protect your estate
- You are a small business owner and need to protect your business from loss due to your untimely death, while ensuring you have some flexibility to meet the changing cash flows of your business
Premium payment options
- Life pay
- 20 pay
- Single life
- Joint first-to-die
- Joint last-to-die, premiums to the last death
- Joint last-to-die, premiums to the first death
You can select 1 of 4 dividend options to meet your unique goals with Sun Par Accumulator.
This option gives you the opportunity to receive annual dividends in cash.
The choice you make in both the premium payment option and the dividend option will affect the values in your policy.
Guaranteed cash value:
Both Sun Par Protector and Sun Par Accumulator will provide you with a guaranteed cash value. Your guaranteed cash values are based on several factors including whether you have chosen Sun Par Protector or Sun Par Accumulator, the guaranteed death benefit, your age, gender and smoking status. A schedule of guaranteed cash values is included in your policy. With Sun Par Protector, guaranteed cash values will typically begin at the end of year 5. If you choose Sun Par Accumulator, the guaranteed cash values will typically begin at the end of year 1 because the premiums for this product are higher. With both products, 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 provided there is enough total cash value in your policy. The maximum policy loan you can take is 100% of the total cash value of your policy, less 1-year's interest, less any existing indebtedness. 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.
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.