Sun Par Accumulator II Life Insurance

Lifetime protection with early cash values

Sun Par Accumulator II is permanent life insurance (whole life insurance) that provides cash value in the earlier years while still providing long-term cash value and death benefit growth to meet your estate planning needs.

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You should consider this product if:

  • You are interested in accessing the cash value in the early years of the policy coupled with the benefits of long-term growth.
  • You would like to be able to leave money for your children and grandchildren
  • You want a business insurance solution that provides high early cash values and long-term growth
  • You want to protect your estate while being able to access cash value throughout your lifetime

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Plan details:

Premium payment options

  • Life pay
  • 10 pay
  • 20 pay

Coverage options

  • Single life
  • Joint first-to-die
    • Survivor benefit and Automatic survivor benefit are included
  • Joint last-to-die, premiums to first death (life pay only)
  • Joint last-to-die, premiums to second death

Minimum amount

  • $250,000

Maximum amount

  • $15,000,000

Dividend options

Sun Par Protector II offers 5 dividend options for you to choose from based on your unique goals for protection now and in the future.

Any dividends credited to your policy are used to purchase additional insurance, which is paid up — meaning you don't have to pay additional premiums for this extra insurance. This additional amount of insurance is also participating; it can also earn dividends and has cash value. With this compounded growth, your death benefit and cash values can increase overtime.

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.

This dividend option is available if you choose to pay your premiums annually. It can provide a cost-effective way for you to pay the premiums. We use dividends we credit to your policy to reduce your premiums for the next policy year. If the dividends we credit are more than the premium amount, we will deposit the excess into a withdrawable premium fund. The withdrawable premium fund earns interest daily. You can withdraw money from this fund when you need it or use it to cover future premium payments.

Any dividends we credit to the policy are automatically deposited into an account that is similar to a savings account with Sun Life Financial. You have access to these dividends at any time. Dividends on deposit earn interest daily and are compounded annually, at an interest rate we set.

This option lets you receive annual dividends in cash.

Additional features

Sun Par Accumulator II gives you access to cash when you need it most. The total cash value of your policy is made up of guaranteed cash values and non-guaranteed cash values:

Guaranteed cash value:

Sun Par Accumulator II will provide you with a guaranteed cash value. Your guaranteed cash values are 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 Accumulator II, 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:

Depending on the dividend option you choose, non-guaranteed cash values 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 or when dividends are left on deposit. Non-guaranteed cash values also include the value of the paid-up additional insurance purchased by any plus premium benefit payments.

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.

You can also access the cash value of your policy through a withdrawal, if you have selected paid-up additional insurance or dividends on deposit as your dividend option.

Paid-up additional insurance:

Any paid-up additional insurance purchased as a result of dividends credited to your policy has a cash value associated with it. Surrendering the paid-up additional insurance allows you to access this cash value. When you take a withdrawal, both the total cash value and the total death benefit will be reduced.

Dividends on deposit:

Withdrawals from dividends on deposit are made from the savings account held outside your policy. It includes accumulated dividends we credit to the policy and any accrued interest.

Withdrawals may be subject to taxation.


This benefit is offered on Sun Life Assurance Company of Canada life insurance products and is a non-contractual arrangement that we may approve at our discretion on a case-by-case basis. If an insured person is diagnosed with a terminal illness, an application can be made by the policy owner for a lump sum advance of 50% of the insurance amount, to a maximum of $100,000. The lump sum, plus interest, is deducted from the death benefit when paid. This benefit follows the rules of the living benefit program in effect when the policy owner applies to receive the benefit.

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.

Optional benefits

The plus premium benefit allows you to pay an additional premium to make the most of tax-preferred cash value growth. Any plus premium benefit payment you make is used to buy paid-up additional insurance. This amount is in addition to the paid-up additional insurance being purchased by dividends.

Optional Benefits (Non-participating)

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 gives you the opportunity to 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 to 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

With this benefit, if the owner of the policy is not the insured person, and the policy owner becomes totally disabled, we will pay the premiums for the insurance and any optional benefits.

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.

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 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.

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.

Additional feature

Get participating life insurance

Step 1: Find an advisor

An advisor can help you determine the right life insurance for your needs. Talk to your advisor or find one near you to help answer your questions – there is no cost to talk to an advisor.

Step 2: Meet with your advisor

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 additional information to help recommend the policy that’s right for you, get together some basic information about your income, assets and liabilities.

Step 3: Apply for coverage

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.