Simple lifelong coverage

SunSpectrum Permanent Life Insurance provides simple, straightforward coverage that lasts a lifetime. The minimum amount of coverage depends on your age and the coverage option chosen – the maximum amount is $6 million. The policy also has 2 premium fund options that can be used to help with future premium payments.

You should consider this product if:

  • You want guaranteed protection for life, but aren’t interested in actively managing your coverage
  • You are nearing retirement and are looking for an alternative to group insurance or term insurance due to increasing costs
  • You are looking for affordable premiums and guaranteed lifetime protection

Plan details:

Coverage options

  • Single
  • Joint first-to-die
  • Joint last-to-die

Minimum amount

  • $25,000 for single up to age 49
  • $15,000 for age 50-59
  • $10,000 for age 60-85
  • $100,000 minimum coverage or minimum annual premium of $1,000 for age 21-75
  • $100,000 minimum coverage or minimum annual premium of $1,000 for age 21-85

Maximum amount

  • $6 million


  • Guaranteed premiums for life
  • Guaranteed cash value of the policy as early as year 10
  • Guaranteed death benefit

Investment account options

  • A non-withdrawable premium fund is available, which can be used to hold additional payments now to help with future premium payments. Money in this fund grows tax-preferred and earns interest.
  • A withdrawable premium fund is available which also earns interest, but growth is not tax-preferred.

Additional benefits

If the parent of the insured person becomes disabled we will waive premium payments.
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.
Within 31 days of the death of the first insured person, the surviving insured person may buy life insurance to replace the joint coverage without providing evidence of insurability.
The base coverage amount is paid out twice if both insured persons die together or within 31 days of each other.

Optional benefits

You can add a 5, 10 or 20 year renewable term insurance benefit to your policy. The insured person can be the same as on the base policy, or you can choose another person to insure (as long as the base coverage is on a person 18 or older). Renewal premiums are guaranteed at time of issue.
If you buy this benefit, an additional amount is paid to the beneficiary if the insured person dies as a result of an accident.
With this benefit comes the option of buying insurance on your child’s life under the same policy. It’s available on single life and joint first-to-die policies, where the children of both insured persons are covered.
This benefit allows an insured person to buy more life insurance in the future, without providing evidence of insurability.
This benefit keeps the coverage in place if the insured person becomes totally disabled. With joint policies, you choose which insured person will be covered by the benefit.

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.

 SunSpectrum Permanent Life (one insured person)
 SunSpectrum Permanent Life (joint first-to-die)
 SunSpectrum Permanent Life (joint last-to-die)