Protection for your long-term goals
Sun Par Protector II is permanent life insurance (whole life insurance) that provides long-term cash value and death benefit growth to meet your estate planning needs.
You should consider this product if:
- You want affordable permanent protection that provides guarantees with opportunities for growth and flexibility
- You want an opportunity for long-term tax preferred cash value growth
- You are looking for estate protection
- You would like to create a financial foundation for your children or grandchildren
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
- $25,000 for ages 0 – 17
- $50,000 for ages 18 – 85
Sun Par Protector 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 Protector 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 Protector 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 Protector II, guaranteed cash values will typically begin at the end of year 5. 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.
You can also access the cash value of your policy through a withdrawal, if you have selected paid-up additional insurance or dividends on deposit as your dividend option.
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 make 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.
Withdrawals may be subject to taxation.
The plus premium benefit allows you to pay an additional premium to make the most of tax-preferred cash value growth. Any plus premium benefit payment you make is used to buy paid-up additional insurance. This amount is in addition to the paid-up additional insurance being purchased by dividends.
Optional Benefits (Non-participating)
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 Protector II (one insured person)
Sun Par Protector II (joint first-to-die)
Sun Par Protector II (Joint last-to-die, premiums to first death)
Sun Par Protector II (Joint last-to-die, premiums to second death)