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Continuity of life insurance after leaving your employer

There’s a lot to think about when you leave your employer. One important issue is what your options are for continuing your benefits.

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 Financial, you have 2 options to continue your life insurance: a conversion product or rollover products.

Conversion

Conversion is available through a Sun Life Financial advisor. It enables you to 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.

Rollover

Sun Life Financial also 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.

Footnotes

1 Underwriting will occur only when changing from smoker rates on original group policy to non-smoker on new Sun Lifetime Alternative policy.

2 Registered as Financial Security Advisors in the province of Quebec.