The flexibility you need

SunUniversalLife II Insurance is designed to provide exceptional flexibility to meet both personal and business-related needs. An extensive range of coverage types and benefit options gives you the ability to customize your policy when you first purchase it and adjust it as your needs change over time. And with a wide variety of investment account options available to your policy fund, you have full control of your investment mix.

You should consider this product if:

  • Your investment, tax and insurance needs require a comprehensive solution.
  • You need the security of permanent insurance combined with broad flexibility to meet your changing needs over time
  • You want full control of your investment mix with a wide range of diversified investment account options

Plan details:

Coverage options

  • Single life
  • Joint first-to-die
  • Joint last-to-die with costs payable to the first death
  • Joint last-to-die with costs payable to the second death

Death benefit options

You can tailor your SunUniversalLife II plan to your needs with one of 5 different death benefit options.

Your beneficiary receives either the guaranteed death benefit amount you selected, or the value of your policy fund – whichever is greater. If you want your beneficiary to receive a set amount of insurance, this is the most cost-effective option.
Your beneficiary receives the guaranteed death benefit you selected plus the value of your policy fund.
The Level insurance amount plus indexing death benefit option allows the insurance amount to be increased from 1% to 8% annually. The death benefit is the greater of: the insurance amount and the policy fund value.
With this option, the insurance amount increases by payments made to the policy fund by the policy owner. The death benefit is the greater of the insurance amount and the policy fund value.
This death benefit option has been designed for business owners. With this option, the insurance amount changes to reflect changes to the ACB of the policy. The death benefit is the greater of: the insurance amount and the policy fund value.

Investment account options

SunUniversalLife II offers a wide variety of investment account options, allowing you to design an investment mix that meets your risk profile and savings goals.

Your money earns daily interest at the floating rate effective for that day.

Your interest rate is guaranteed to stay the same. The rate is based on the term you choose - normally, the longer the term, the higher the interest rate.

Available terms: 

  • 1-year 
  • 3-year 
  • 5-year 
  • 10-year 

These investment accounts track the performance of recognized investment funds. Interest for each managed account is calculated daily based on the performance of the investment fund linked to the account.

There are no interest rate guarantees for the managed accounts. Returns may be negative.

This account earns a daily interest rate based on the average yield of a variety of investments including real estate, private fixed income, bonds, mortgages and equities.

Additional features

The policy owner may make one withdrawal from the policy fund each time an insured person becomes disabled due to illness, deteriorated mental ability or terminal illness. Each disability must continue for 60 consecutive days. Please see the policy contract for the definition of a disability.
An early death benefit (EDB) is available when joint last-to-die coverage with the insurance amount plus fund death benefit is selected. A percentage of the policy fund value is payable to the beneficiaries on the first death.
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 $250,000. This is a non-contractual benefit offered by Sun Life Financial at our discretion.
Within 90 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 90 days of each other.
You have access to your savings to give you the flexibility you need. You can withdraw cash or take out a policy loan at any time if there is enough cash value in your policy. Any loan outstanding at the time of death will reduce the total death benefit. Policy loans may be subject to taxation.

Optional benefits

You may be able to add the following optional benefits to your SunUniversal Life II policy, allowing you to further tailor your coverage to your needs:

This benefit lets you 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 to another eligible life plan.
This benefit continues coverage if the insured person becomes totally disabled. You will not have to pay the cost of insurance including costs for any of your optional benefits.
With this benefit, if the policy owner dies, we will pay the cost of insurance including costs for any optional benefits.
With this benefit, if the policy owner becomes totally disabled, we will pay the cost of insurance including costs for any optional benefits.
This benefit combines the coverages provided by the Owner waiver death and Owner waiver disability benefits. When both benefits are purchased a discount is applied to the benefit premium.
Provides an additional death benefit to the beneficiary if the insured person dies due to an accident.
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 without providing additional medical information.
This benefit allows an insured person to buy more life insurance in the future, without providing evidence of insurability.
This benefit was designed specifically for business owners and allows the purchase of additional insurance for insured persons without providing medical evidence. Financial information about the business must be provided that includes details about the fair market value of the business.

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.

 SunUniversalLife II

 SunUniversalLife II (joint first-to-die)

 SunUniversalLife II (joint last-to-die COI to second death)

 SunUniversalLife II Joint last-to-die (COI to first death)

Additional features

 SunUniversalLife II Additional Features