If you had life insurance through your workplace plan, you may be able to keep that coverage and not have to go through the process of a medical exam to get the best rates possible.
With Sun Life, you have 2 options to continue your life insurance: a conversion product or rollover products.
Replace your life insurance coverage with My Life Choice
Sun Life offers My Life Choice, a plan that allows you to continue your life insurance by simply answering a few health questions to determine your eligibility. With My Life Choice you are able to bring over the same amount of coverage you had in your workplace plan, up to a maximum of $1,000,000. In certain cases you may be able to increase your coverage. An optional Accidental Death Benefit may be available for up to $250,000 in coverage.
Because My Life Choice has an eligibility requirement based on health questions, it can often result in lower premiums for you. For My Life Choice you must enrol within 60 days of the date your workplace plan ends.1
Call 1-877-893-9893 to speak to a licensed Financial Services Consultant2 to discuss your options for a conversion product or My Life Choice. They can also connect you with a Sun Life Financial advisor if you prefer.
Convert your life insurance coverage
A Sun Life Financial advisor can help you convert your life insurance coverage. You may automatically convert up to $200,000 ($400,000 in the province of Quebec) of your life insurance coverage to either a term or permanent life insurance product. This is a guaranteed-issue product without any questionnaire or exam.
For all conversion products, you must enrol within 31 days of the date your workplace plan ends.