Sun Par Accelerator is permanent life insurance (whole life insurance) with the added benefit of having your premium obligations paid up in 8 years. It provides cash value in the earlier years while still providing long-term cash value and death benefit growth to meet your estate planning needs.
|8 pay||0 – 65||18 – 65|
Sun Par Accelerator polices are issued with the enhanced insurance dividend option.
On each policy anniversary, any dividend we credit to your policy is used to purchase a combination of yearly term insurance and paid-up additional insurance. This combined amount of insurance is equal to the enhanced insurance amount in your policy.
Over time, the yearly term insurance is replaced by permanent paid-up additional insurance. In the future, once all of the yearly term insurance has been replaced, any dividends credited to your policy will be used to buy more paid-up additional insurance. At this point your death benefit will begin increasing.
The enhanced insurance amount is guaranteed for life. This means that we will guarantee both the enhanced insurance amount and the base insurance amount, even if dividends in the future are not enough to pay the cost of the yearly term insurance. It is important to remember that even with this guarantee, you must pay all of the premiums required for your policy.
Sun Par Accelerator gives you access to cash when you need it most. The total cash value of your policy is made up of guaranteed and non-guaranteed cash values:
Guaranteed cash value: Sun Par Accelerator will provide you with a guaranteed cash value based on several factors, including the guaranteed death benefit and your age, gender and smoking status. A schedule of guaranteed cash values is included in your policy. With Sun Par Accelerator, guaranteed cash values will typically begin at the end of year 1. The longer you keep your policy, the greater the guaranteed cash value will become.
Non-guaranteed cash value Sun Par Accelerator provides non-guaranteed cash values that will build up in your policy on a tax-preferred basis. These cash values are created by dividends used to purchase paid-up additional insurance.
Policy loans are an easy way to access the cash value of your policy. You can request a policy loan at any time if there is enough total cash value in your policy. A variable interest rate is charged on the amount you borrow. You can repay your loan at any time without penalty. If you do not repay the policy loan, the outstanding loan balance will be deducted from the total death benefit of your policy.
Policy loan may be subject to taxation.
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.
While the base insurance amount and any additional coverage provided through the dividend option you choose is participating, the following optional benefits are not participating. The premiums for these benefits are not taken into account when we make decisions about dividends.
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 another eligible life plan.
This benefit continues coverage if the insured person becomes totally disabled. You will not have to pay premiums for your insurance and any optional benefits.
With this benefit, if the owner of the policy is not the insured person, and the policy owner dies, we will pay the premiums for the insurance and any optional benefits.Place your expanded content here
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.
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.
To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. And because your advisor will need a lot of information to help recommend the policy that's right for you, get together some basic information about your income, assets and liabilities.
Your advisor will handle the paperwork for you. You'll need to submit an application for a policy that will be evaluated by the insurance company. Depending on your age and the type and amount of coverage you want, you will need to answer a medical questionnaire. We may also ask you for additional medical or financial information.