Product details
Type of insurance
Yearly renewable term insurance.
Renewal
The insurance will renew automatically every year – there is nothing for you to do. You will receive a renewal notice each year along with a letter advising you of any increase in rates or plan changes. This insurance is renewable until the policy anniversary following your/your spouse’s 80th birthday.
Termination
The life insurance ends on the earlier of: the policy anniversary following your/your spouse’s 80th birthday, or the end of the period for which premiums have been paid. Accidental death coverage ends on the policy anniversary following your/your spouse’s 70th birthday.
Automatic insurance decreases
(My Life CHOICE coverage only)
The life coverage will reduce by 50% of the amount you were covered for immediately before the policy anniversary of your/your spouse’s 70th birthday.
For example, if you had coverage of $100,000:
At the policy anniversary following your 70th birthday, the coverage would reduce to $50,000 ($100,000 x .50)
Changes to coverage
Simply contact us and we will tell you how to request a decrease. You may not increase you coverage after you’ve received your policy.
My Life CHOICE life insurance is underwritten and issued by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies.