Sun Life is operating with an abundance of care to limit the spread of COVID-19 amongst our employees – and the world around us. Our top priority is the health and well-being of our employees, Clients, advisors, consultants and communities.
We are monitoring the global developments related to COVID-19 and adjusting our processes, practices and procedures as the situation evolves.
An email from Jacques Goulet, President of Sun Life Canada, was sent to plan members about the impact of COVID-19 and how we’re here to help them through these unprecedented times.
We know that you need us now, more than ever. We will provide regular updates on this page to help keep you informed.
We've built our business on managing risks like economic changes
As the world responds to the COVID-19 health and financial crisis, we know there are many questions about where Sun Life stands financially. We’ve built the foundation of our business on managing risks that may happen due to economic changes. We also have 155 years worth of experience to back it up.
A message from Tom Reid, Senior Vice-President, Group Retirement Services
Business Continuity and Pandemic plans
At Sun Life, we are monitoring global developments related to coronavirus very closely. We are following the guidance of trusted global agencies, as well as medical experts within Sun Life. We are taking precautionary measures with our own employees in order to minimize any potential risk of disruption to servicing our Clients.
Our enterprise-wide business continuity policy governs business continuity (including pandemic planning) and disaster recovery planning for critical business functions performed at all our major business locations. The focus of our plans is to protect the health and safety of our employees, mitigate business and operational disruptions for our Clients and carry out our regulatory and contractual obligations in a responsible manner. The business continuity plan is flexible and can be adapted to a wide range of events.
Our approach includes building contingency plans founded on “all hazards” crisis management, business continuity, and disaster recovery services including support from vital external service providers and external business partners. Response plans include pandemic, facility outages, systems, power outages, etc.
Disaster recovery plans include offsite recovery and back-up data storage facilities. We also employ a dual recovery strategy, which includes redirecting work and/or staff amongst multiple sites, or having staff work-from-home where possible. In some circumstances, elements of our recovery plan include participation of major third party service providers. These elements are governed by contracts, which include service level agreements.
Overall coordination, guidance and compliance monitoring for business continuity across Sun Life is a centralized function, and a crisis management team comprised of senior management across Sun Life with support teams for Human Resources, Legal and Compliance, Communications, Information Technology and Facilities, is responsible for overseeing all aspects of the business continuity and recovery activities.
Our business continuity policy requires all business continuity plans to be tested at a minimum on an annual basis.
Pandemic support: 3 services that can help your plan members.
We continue to navigate these uncharted waters together – and we’re doing everything we can to support you. We want to highlight three services that can help ease some financial burdens and stress for your plan members during the pandemic
Weathering market volatility
COVID-19 has brought a lot of unknowns and uncertainties into our lives. Changes and declines in investment returns can be stressful. If Canadians' financial situation has not changed, experience tells us the best thing to do is stay the course. A well-balanced investment portfolio spreads out risk, which is an important component of a financial plan.
We’ve assembled a dedicated team of subject matter experts who meet daily to review and monitor member and market activity. This allows us to determine when broader rapid response communications are appropriate and enables us to connect with you and plan members quickly through multiple channels.
On March 18, we sent an email to plan members regarding the market downtown. We encourage you to share this flyer with your members. It provides helpful tips on staying the course during volatile markets.
Plan members can also read this article that offers helpful insights and tips about the current market volatility.
Insight into what impacts your plan and your plan members
A Group Retirement Savings market update, as at March 2020:
Your plan members ̶ what they’re doing and how they’re coping:
Insights in the time of COVID-19: How group retirement plan members and sponsors are responding
As part of our commitment to keeping you informed, we’re excited to launch a new in-depth report, covering the period of recent market volatility as a result of the COVID-19 health and financial crisis. The report is designed to provide you with a view of broad economic themes, as well as a focus on actions taken by plan members and sponsors. The report contains transactional observations, as well as insights from recent Sun Life surveys. The size of Sun Life’s GRS membership, combined with the scope of our business across all industries and sectors, gives us unparalleled insight into how plan members and sponsors are responding.
- Podcast regarding investment-related behaviour, as at April 2020 (English only)
- Infographic assessing How mental and financial health intersect
Financial Wellness webinars to help plan members through these uncertain times
Our free Financial Wellness Webinars are designed to boost financial literacy and help plan members achieve financial wellness.
Given the recent market conditions due to COVID-19, we’ve added additional sessions to our webinar series. Plan members can register for the sessions by visiting sunlife.ca/mymoney.
We’ve put together promotional materials for you to share with your plan members:
Staying healthy and informed
Lumino Health has resources for Canadians to better understand health problems and find solutions to help address them. The Lumino Health team will continue to compile useful resources where Canadians can access the latest information.
How to stay up-to-date on COVID-19
- Visit the Government of Canada website for general information about COVID-19 in Canada.
- Visit Canada’s Economic Response plan for more information about the Government’s economic response to COVID-19 plan.
- You can also visit the Canadian Life and Health Insurance Association (CLHIA)
Information for plan members
We have launched a dedicated page for plan members at sunlife.ca/covid-19 that we will continually update with the latest information.