The flexibility you need

SunUniversalLife 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 42 investment 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 special solutions
  • You need the security of permanent insurance combined with broad flexibility to meet your changing needs over time
  • You want full control your investment mix with a wide range of diversified investment options

Plan details:

Coverage options

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

Death benefit options

Depending on the death benefit option you choose, the amount of your death benefit may change based on changes in the value of your policy fund. You have 4 choices:

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 death benefit option.

Your beneficiary receives the guaranteed death benefit you selected plus the value of your policy fund.

Your beneficiary receives a death benefit that is adjusted based on a benchmark (e.g. the consumer Price Index) to fight the effects of inflation.

After a set period of time, your cost of insurance goes down and more of the premium payment you deposit in your policy fund is invested. Your beneficiary receives the guaranteed death benefit you selected plus the value of your policy fund. This is a good option if you want to maximize your tax-preferred growth.

Investment account options

Choice of over 42 investment options in 5 account types. The options include:

  • Guaranteed accounts
  • Accounts based on the performance of stock and bond market indices
  • Managed funds

Daily interest is related to the performance of the underlying index or managed funds. Note that investment in these accounts doesn't mean you've bought units or interest in the index or fund.

Access up-to-date investment performance and details about all of our investment account options:

Your money earns daily interest at the 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 
  • 20-year

The interest rate you earn is related to the performance of recognized mutual funds. You have 2 ways to set-up your managed account: 

  • Build a customized portfolio to link your account performance to, by selecting from a wide variety of funds. 
  • Choose an account that tracks a pre-selected group of funds.

An index measures the performance of a representative group of stocks. The interest rate you earn is based on the change in the performance of the index your account tracks. Your options are: 

  • American Equity 
  • American Technology 
  • Canadian Bond 
  • Canadian Equity 
  • European Equity 
  • Foreign Equity 
  • Japanese Equity 
  • Pacific Equity
  • FPX Balanced1 
  • FPX Growth1 
  • FPX Income1

Additional benefits

If you become disabled, you can withdraw money from your policy fund, tax-free, to help ease financial burdens during your recovery. This valuable feature is automatically included in your SunUniversalLife policy.

This feature is designed for people who want joint last-to-die (JLTD) coverage and would like to ensure that the selected beneficiary has access to the policy fund value. Here's how it works: 

  • Any time before the first death of the 2 insured persons under a JLTD coverage with the insurance amount plus fund or fund builder death benefit option, you may elect to pay out some or all of the policy fund value – tax-free – upon the first death. 
  • You can choose a different beneficiary and payout percentage for each insured person. 
  • The insurance coverage remains intact for the surviving insured person and the policy death benefit will be paid out on the last death. The cost of insurance will continue to be charged unless a coverage death benefit (protection option) has been added to the policy.
This feature is available on joint first-to-die (JFTD) coverage only. In addition to the death benefit payout, each survivor of a JFTD coverage will be provided with 31 days of free, convertible term insurance with an insurance amount equal to the original joint coverage. This will allow the survivors to remain covered while they determine whether to buy a new policy or convert the existing coverage to another policy without providing evidence of insurability.
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 protection option ensures that the monthly costs for the insurance on an insured person are waived for a specific period if the insured person becomes totally disabled. 
  • The savings option ensures that a specified amount will be paid into the activity account each month if the insured person becomes totally disabled. (Subject to Sun Life Financial's maximum limits).
  • The protection option ensures that the monthly costs for the insurance are waived for a specific period if the policy owner becomes totally disabled or dies. 
  • The savings option ensures that a specified amount will be paid into the activity account each month if the policy owner becomes totally disabled or dies.
This option pays out an additional death benefit amount if the insured person dies as a result of an accident.
This option guarantees you the right to buy additional insurance on each insured person every 3 years or on family events (i.e. marriage or childbirth/adoption), regardless of health. You select the amount of guaranteed insurability benefit, subject to applicable limits.
This option guarantees you the right to buy additional insurance on each insured person at specific times and for specific amounts elected by you, regardless of health and subject to applicable limits. This option offers more flexibility than the guaranteed insurability benefit option.
This option can provide additional insurance protection that the insured person may need temporarily. You may also include this benefit on another person such as a spouse or a business partner. Term costs are renewable at the start of each term.

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 (includes investment bonus)

 SunUniversalLife (no investment bonus)

 SunUniversalLife MAX (includes investment bonus)

 SunUniversalLife MAX (no investment bonus)

 SunUniversalLife - Additional benefits

 SunUniversalLife (joint first-to-die)

 SunUniversalLife (joint last-to-die)

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