SunSpectrum Universal Life II Insurance

A smart solution

SunSpectrum Universal Life II insurance combines permanent insurance protection with a wide variety of investment account options for tax-preferred savings growth. Coverage can be customized with a variety of optional benefits. We have carefully selected the policy fund investment account options to accommodate your individual risk tolerance.

Getting Started

You should consider this product if:

  • You want a straightforward plan that offers the flexibility to meet your needs today and tomorrow.
  • You are comfortable managing your insurance coverage within your overall financial plan
  • You’d like to be able to have your policy become paid-up in the future.

Support questions

Related resources

Plan details:

Coverage options

  • Single life
  • Joint first-to-die
  • Joint last-to-die with cost of insurance payable to the first death
  • Joint last-to-die with cost of insurance payable to the second death

Death benefit option

SunSpectrum Universal Life II offers the death benefit type known as the Insurance amount plus policy fund. On the death of an insured person, the beneficiary receives the insurance amount plus the policy fund value, less any outstanding policy loans including interest.

Investment account options

SunSpectrum Universal Life offers a variety of investment account options that let you design and investment mix that meets your risk profile and savings goals. You can choose one or a combination of these options:

Your money earns daily interest at the floating rate effective for that day.

Your interest rate is guaranteed to stay the same. The rate is based on the term you choose – normally the longer the term, the higher the interest rate. Available terms: 

  • 1-year 
  • 3-year 
  • 5-year 
  • 10-year

These investment accounts track the performance of recognized investment funds. Interest for each managed account is calculated daily based on the performance of the investment fund linked to the account.

There are no interest rate guarantees for the managed accounts. Returns may be negative.

As a reward to you for long-term funding within your policy, SunSpectrum Universal Life II offers a guaranteed investment bonus. The bonus is payable beginning on the 10th policy anniversary and is based on your policy fund value.

To provide you with additional flexibility, you can elect to reduce your insurance amount and make no further payments as early as age 70. The new insurance amount is fully paid -up and is guaranteed and level for life.

Additional features

The policy owner may make one withdrawal from the policy fund each time an insured person becomes disabled due to illness, deteriorated mental ability or terminal illness. Each disability must continue for 60 consecutive days. Please see the policy contract for the definition of a disability.

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.

You have access to your savings to give you the flexibility you need. You can withdraw cash or take out a policy loan at any time if there is enough cash value in your policy. Any loan that is outstanding at the time of death will reduce the total death benefit. Policy loans may be subject to taxation.

Optional benefits

The following optional benefits may be available to add to your SunSpectrum Universal Life II policy, letting you further tailor your coverage to your needs.

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 the cost of insurance including costs for any of your 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 cost of insurance including costs for any optional benefits.

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 cost of insurance including costs for 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.

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.

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 features

Get universal 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.