Protection for your long-term goals

Sun Par Protector is permanent life insurance (whole life insurance) that provides a higher long-term total cash value and total death benefit to meet your estate planning needs. Coverage amounts range from $50,000 to $10 million.

You should consider this product if:

  • You want cash value and death benefit growth over the long term
  • You want to make sure that your estate transfers intact to your beneficiaries
  • You would like to access the cash values in the future to supplement your retirement income

Plan details:

Premium payment options

  • Life pay
  • 20 pay
  • Pay to age 65

Coverage options

  • Single life
  • Joint first-to-die
  • Joint last-to-die, premiums to the last death
  • Joint last-to-die, premiums to the first death

Minimum amount

  • $50,000

Maximum amount

  • $10,000,000

Dividend options

You can select 1 of 5 dividend options to meet your unique goals with Sun Par Protector.

Any dividends credited to your policy are used to purchase additional insurance, which is paid up. You don't have to pay additional premiums for this extra insurance. This additional amount of insurance is also participating; it can also earn dividends and has cash value. With this compounded growth, your death benefit and cash values can increase overtime.

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.

With enhanced insurance you can choose from 2 guarantee periods. The guarantee periods guarantee your enhanced insurance amount for the guarantee period regardless of the performance of dividends. You can choose either a lifetime or a 10-year guarantee:

Lifetime:

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.

10-year guarantee:

The enhanced insurance amount is guaranteed for the first 10 years of the policy. If the dividends we credit to the policy are not enough to pay for the yearly term insurance required, we will surrender any previously purchased paid-up additional insurance for its cash value to make up the amount owing. At any time during the first 10 years, if the combination of surrendered paid-up additional insurance and dividends can’t cover the cost of the yearly term insurance, we guarantee the total death benefit will remain intact during that time.

Starting on the 11th policy anniversary, if the combination of dividends and surrendered paid-up additional insurance are not enough to cover the cost of yearly term insurance, we will reduce the remaining yearly term insurance to the amount that may be purchased at that time. Your death benefit will decrease. We will let you know in advance if the projected dividend will not be enough to pay for the yearly term insurance needed to maintain your death benefit. This will give you the opportunity to pay the additional premium needed to maintain your death benefit amount.

The enhanced insurance dividend option also gives you the flexibility to convert the yearly term insurance portion of the enhanced insurance to a permanent insurance policy. After you convert your yearly term insurance, the dividend option automatically changes to paid-up additional insurance. We use any future dividends we credit to your policy to purchase more paid-up additional insurance.

This dividend option is available if you choose to pay your premiums annually. It can provide a cost-effective way for you to pay the premiums. We use dividends we credit to your policy to reduce your premiums for the next policy year. If the dividends we credit are more than the premium amount, we will deposit the excess into a withdrawable premium fund. The withdrawable premium fund earns interest daily. You can withdraw money from this fund when you need it or use it to cover future premium payments.
Any dividends we credit to the policy are automatically deposited into an account that is similar to a savings account with Sun Life Financial. You have access to these dividends at any time. Dividends on deposit earn interest daily and are compounded annually, at an interest rate we set.

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.

Additional benefits

Sun Par Protector and Sun Par Accumulator provide you with access to cash when you need it most. The total cash value of your policy is made up of guaranteed cash values, as well as non-guaranteed cash values:

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.

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 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.

Withdrawals may be subject to taxation.

If the insured person is diagnosed with a terminal illness, you may be eligible to take a lump sum advance equal to 50% of the death benefit, to a maximum of $100,000. This is a non-contractual benefit offered by Sun Life Financial at our discretion.

Optional benefits

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.

Non-participating benefits

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.

Provides you with the opportunity to purchase additional protection to cover a temporary need. You can also purchase this benefit to cover another person, such as a spouse, family member or business partner. You can renew this benefit and convert it into another eligible life plan.
Provides insurance protection for your children and future children until each child reaches age 25. Your children insured under this benefit will be able to purchase additional insurance for an amount of up to 5 times the amount of the child term insurance benefit, without providing additional medical information.
Provides an additional death benefit to the beneficiary if the insured person dies due to an accident.
This benefit continues coverage if the insured person becomes totally disabled. You will not have to pay premiums for the base insurance amount and any additional benefits. This benefit is automatically included for juvenile plans, ages 0-17. Premiums and coverage will begin on the policy anniversary nearest to the child's 21st birthday.
With this benefit, if the policy owner becomes totally disabled, we will pay premiums on the base insurance amount and any optional non-participating benefits.
With this benefit, if the policy owner dies, we will pay premiums for the base insurance amount and any optional non-participating benefits.
Provides you with the option to buy additional insurance protection without providing medical information. You can purchase coverage every 3 years or with family changes such as marriage or the birth of a child.

Sample policies

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 (one insured person)

 Sun Par Protector (joint first-to-die)

 Additional benefits