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Permanent insurance

Adjustable Life

Introduction

  • Issue ages 30 to 70
  • Permanent, non-par policies issued from 1983 to 1994 by Sun Life Financial.
  • Premiums are payable during the lifetime of the insured and the adjustable life benefit is payable at death.
  • The adjustable life benefit, the total disability benefit and premium amounts are adjustable every three years when the policy's cost basis is reviewed. This cost basis is determined based on future expectations of pricing factors such as investment returns, mortality, expenses, taxes, inflation and lapse.
  • Cash value and reduced paid up values are calculated based on the number of units of insurance in-force.
  • Adjustable life policies provide a guaranteed minimum amount, unless the policyholder elects the reduced paid-up option.

Adjustment procedure:

As explained in the adjustment provision of adjustable life policy, the adjustable life benefit, the total disability benefit and premium amounts are adjustable every three years when the policy's cost basis is reviewed. This cost basis is determined according to our future expectations of pricing factors such as investment returns, mortality, expenses, taxes, inflation and or lapses. We refer to the adjustable life benefit as the "basic insurance" benefit and the total disability benefit as the "waiver of premium" benefit in the policy holder annual statement.

If the cost basis has decreased, we will automatically increase the adjustable life benefit per unit without evidence of insurability. We will send the clients a notification letter.

We will also send the clients a notification letter if the cost basis has increased; most clients have the following options:

Option 1: increase the premium and maintain the basic insurance benefit at the current level,

Option 2: maintain the current premium and reduce the basic insurance benefit.

Cash values and paid-up values are also adjusted accordingly.

If the client previously selected to decrease the basic insurance benefit when the cost basis has increased, the only option for all future cost basis increases is a reduction of this benefit. This means the option to increase the premium and maintain the current basic insurance benefit is not available to them. This benefit will never reduce below the minimum stated in the policy.

If the client previously elected the Reduced Paid-Up option, they will automatically receive a decrease on their basic insurance benefit when an adjustment is required because the cost basis has increased. The minimum stated in the policy is forfeited when the Reduced Paid-Up option is elected.

There are four product series: 1983, 1984, 1985 and 1992. Policy fees and modal factors vary by series:

  Series 83 Series 84 Series 85 Series 92
Issue date Jul 1/83 to Mar 31/84 Apr 1/84 to Mar 31/85 Apr 1/85 to Aug 31/92 Sep 1/92 to Feb 11/94
Policy fee $64 $65 $65 $75
Modal factors 0.94 annual
0.48 semi-annual
1/12 monthly
1.00 annual
1.00 annual
0.52 semi-annual
0.09 monthly
1.00 annual
1.00 annual
0.52 semi-annual
0.09 monthly
0.09 monthly
1.00 annual
1.00 annual
0.52 semi-annual
0.09 monthly
0.09 monthly

Cash surrender values

The cash value of the adjustable life policy is the amount available in cash if your client was to cancel their policy (also known as a surrender), a portion of which may be taxable on surrender. The cash value of the policy on each policy anniversary is shown on your client's annual statement.

Since the policy is adjustable every third policy anniversary, cash values beyond the next three years are not guaranteed. Policy loans and any arrears will be deducted from this cash value prior to payment.

Non-forfeiture options

  • Reduced paid-up values available
  • Automatic premium advance – if the available advance is less than the full premium, we will use the advance to keep the policy in force as long as possible.

Riders & benefits

  • Total disability benefit - Waiver of Premium (third party)
  • Accidental death benefit
  • Child protection
  • Spousal protection
Adjustable Life price adjustment - 2016

Adjustable Whole Life price adjustments good news for clients

Every three years we review the pricing factors that determine the cost of Adjustable Whole Life (AWL) policies. Under the provisions of the policy, we may adjust one or more of the death benefit, total disability amount and premium amount based on the positive or negative effect each factor has on the policy.

We recently completed another review and the news is good for the 2,200 remaining AWL policies, issued by Sun Life Financial between 1983 and 1994. Because lower than expected death claims outweighed the negative effect of lower investment returns, we'll increase AWL death benefit values for all policies.

We'll notify affected clients by letter approximately two and a half weeks before their policy's triennial anniversary. We'll send the first set of letters mid-October for policies with an anniversary of November 1, 2016.

We'll use these letters to let clients know that while this adjustment produced good news, it's impossible to predict what the next triennial adjustment might look like. Because the low interest rate environment continues to put pressure on our investment returns, it's possible that we may have to increase their policy premium when we review their policy again in three years.      

Keeping you informed

You'll be notified when we send a letter to any client who has an AWL policy. At the same time we'll post the details on your Activity Centre and secure inbox on the SLF advisor site.   

What does the client letter say? 

The content of the notification letter your client receives is shown in the sample below:

How much is the death benefit adjustment? 

The adjustment to Adjustable Life policies varies by issue age, gender, smoking class and the overall impact of the mortality improvements.

Risk Class

Average death benefit increase

FNS

10.0%

FS

1.5%

MNS

10.0%

MS

10.5%

Is this the last time Adjustable Life policies will be adjusted?

It is not possible to predict if another adjustment will occur. Whether an adjustment is needed continues to depend on our future expectations of the pricing factors which impact the policy's cost basis.

However, as explained in the adjustment provision of the adjustable life policy, the policy is only adjustable every third policy anniversary.

Why are only three years of cash values shown in the client letters?

The cash value of the adjustable life policy is the amount available in cash if your client was to cancel their policy (also known as a surrender), a portion of which may be taxable on surrender. The cash value of the policy on each policy anniversary is shown on your client's annual statement.

Since the policy is adjustable every third policy anniversary, cash values beyond the next three years are not guaranteed. Policy loans and any premium arrears will be deducted from this cash value prior to payment.

Why are only three years of paid-up values shown in the client letters?

The paid-up value of the adjustable life policy is the amount of basic insurance benefit that will remain in force if your client decides to stop making premium payment.

Since the policy is adjustable every third policy anniversary, paid-up values beyond the next three years are not guaranteed. Cash values are used in the calculation of paid-up values, therefore, policy loans and any arrears which impact cash values will also impact paid-up values.

Contact us through the Request centre: Adjustable life repricing - SLF - general - inquire. Please note that you will need to be signed into the secure site, to complete this form.

Adjustable Life price adjustment - 2013

Every three years we review the pricing factors that determine the cost of Adjustable Whole Life (AWL) policies. Under the provisions of the policy, we adjust the death benefit, total disability amount and premium amount based on the positive or negative effect each factor has on the policy.

We recently completed another review and the news is good for the almost 3,000 AWL policies, issued by Sun Life Financial between 1983 and 1994. Because lower than expected death claims outweighed the negative effect of lower investment returns, we'll increase AWL death benefit values for most policies.

How will clients find out about the adjustments?

We'll notify affected clients by letter approximately two and a half weeks before their policy's triennial anniversary. We'll send the first set of letters July 11 for policies with an anniversary of August 1, 2013.

We'll use these letters to let clients know that while this adjustment produced good news, it's impossible to predict what the next triennial adjustment might look like. Because the low interest rate environment continues to put pressure on our investment returns, it's possible that we may have to increase their policy premium when we review their policy again in three years.

Keeping you informed

You'll receive an email from us when we send a letter to any of your clients who have an AWL policy. At the same time we'll post a copy on your Activity Centre. If there is no servicing advisor, the financial centre will receive the notification.

What does the client letter say? 
The content of the notification letter your client receives is shown in the samples below:

Notification letter #1 - Increase in death benefit

Notification letter #2 - No adjustment

How does the adjustable life product work?

As explained in the adjustment provision of the adjustable life policy, the adjustable life benefit, the total disability benefit and the premium amounts are adjustable every three years when the policy's cost basis is reviewed. This cost basis is determined according to our future expectations of pricing factors such as investment returns, mortality, expenses, taxes, inflation and lapses.

If the cost basis has decreased, we will automatically increase the basic insurance benefit per unit, without requiring evidence of insurability. The premium will not change.

How much is the death benefit adjustment? 

The adjustment to Adjustable Life policies varies by issue age, gender, smoking class and the overall impact of the mortality improvements.

  Premium paying policies Premium paying policies Reduced Paid Up policies Reduced Paid Up policies
Average death benefit increase Average death benefit increase

Risk class

Issue ages <= 45 Issue ages> 45 Issue ages <= 45 Issue ages> 45
MNS 13.0% 9.5% 10.0% 5.5%
FNS 9.0% 6.0% 7.0% 3.5%
MSM 20.0% 19.5% 13.5% 10.5%
FSM 14.5% 12.0% 10.5% 5.5%

Is this the last time Adjustable Life policies will be adjusted?
It is not possible to predict if another adjustment will occur. Whether an adjustment is needed continues to depend on our future expectations of the pricing factors which impact the policy's cost basis.

However, as explained in the adjustment provision of the adjustable life policy, the policy is only adjustable every third policy anniversary.

Why are only three years of cash values shown in the client letters?
The cash value of the adjustable life policy is the amount available in cash if your client was to cancel their policy (also known as a surrender), a portion of which may be taxable on surrender. The cash value of the policy on each policy anniversary is shown on your client's annual statement.

Since the policy is adjustable every third policy anniversary, cash values beyond the next three years are not guaranteed. Policy loans and any premium arrears will be deducted from this cash value prior to payment.

Why are only three years of paid-up values shown in the client letters?
The paid-up value of the adjustable life policy is the amount of basic insurance benefit that will remain in force if your client decides to stop making premium payment.

Since the policy is adjustable every third policy anniversary, paid-up values beyond the next three years are not guaranteed. Cash values are used in the calculation of paid-up values, therefore, policy loans and any arrears which impact cash values will also impact paid-up values.

Adjustable Life price adjustment - 2007

Sun Adjustable Life is a non-participating product issued by Sun Life Financial from 1983 to 1994.  The premiums, the adjustable life benefit and the total disability benefit can be adjusted every third policy anniversary.  We refer to the adjustable life benefit as the “basic insurance” benefit and the total disability benefit as the “waiver of premiums” benefit in the policyholder annual statement. 

The last adjustment for these policies was more than 10 years ago, starting with clients with policy anniversaries in January 1995.  Currently, there are about 3,500 adjustable life policies in-force.  About two-thirds will receive a premium increase or the adjustable life benefit decrease at their next triennial anniversary, starting June 1, 2007.

How will clients find out about this re-pricing?

Starting in April 2007, clients who will experience an adjustment (premium increase or basic insurance benefit decrease) will receive a notification letter about 60 days before the policy’s triennial policy anniversary. 

Clients who will not experience an adjustment will also receive a letter informing them that we have reviewed their policy that no adjustment is necessary at this time.  This letter will also advise them of their policy values for the next three years. 

How will I know which of my clients are affected?

At each client’s triennial anniversary, the advisor will receive a copy of the client letter through the Activity Centre

For policies with no servicing advisor please contact the Customer Service Centre at 1-800-786-5433.

What does the client letter say?  
The content of the notification letter your client receives will depend on the choices they made for previous price adjustments and whether they previously elected the reduced paid-up option:

Notification letter #1 is for policyholders who can select between a premium increase or a decrease on their basic insurance benefit.

Here is a sample letter that was sent to clients in the previous price adjustment when cost basis was increased.

Notification letter #2 is for policyholders who, at the time of a previous adjustment, opted to maintain their current premium and automatically receive a reduction on the basic insurance benefit for all future re-pricings where the cost is higher.

Notification letter #3 is for Reduced Paid-Up policyholders who will automatically receive a decrease on the basic insurance benefit.

Notification letter #4 is for policyholders who will not receive any adjustments.

How does the adjustable life product work?

As explained in the adjustment provision of the adjustable life policy, the adjustable life benefit,   the total disability benefit and the premium amounts are adjustable every three years when the policy’s cost basis is reviewed.  This cost basis is determined according to our future expectations of pricing factors such as investment returns, mortality, expenses, taxes, inflation and lapses. 

If the cost basis has decreased, we will automatically increase the basic insurance benefit per unit, without requiring evidence of insurability.  The premium will not change.

If the cost basis has increased, most clients have the following options:

Category 1:  increase the premium and maintain the basic insurance benefit at the current level,
Category 2:  maintain the current premium and reduce the basic insurance benefit
Cash values and paid-up values are also adjusted accordingly.

If the client previously selected to decrease the basic insurance benefit when the cost basis has increased, the only option for all future cost basis increases is a reduction of this benefit.  This means the option to increase the premium and maintain the current basic insurance benefit is not available to them.  This benefit will never reduce below the minimum stated in the policy.

If the client previously elected the reduced paid-up option, they will automatically receive a decrease on their basic insurance benefit when an adjustment is required due to a cost basis increase.  The minimum basic insurance benefit stated in the policy is forfeited when the Reduced Paid-Up option is elected. 

Why are Adjustable Life policies adjusting now?

Although the policy’s cost basis is reviewed every three years, the last time an adjustment occurred was more than 10 years ago.  Since then, investment returns on these policies (and similar policies) have declined.  During the same period, there was improvement in other pricing factors, such as mortality, which offset most of these investment losses.  This meant an adjustment to premium and basic insurance benefit amounts wasn’t necessary. 

At this time, while there continues to be improvement in some pricing factors, the improvement is no longer enough to compensate for the continued lower interest rate environment.  As a result, an adjustment to most Adjustable Life policies is now necessary.

Why will some clients have a different adjustment than others?

The required adjustment to Adjustable Life policies varies by issue age, gender, smoking class and whether the adjustment is achieved through a premium increase or basic insurance benefit decrease.

The overall average for the:

  • Required premium increase is 17 percent ($17 in monthly premium) for policyholders who can choose between a premium increase or basic insurance benefit decrease.
  • Basic Insurance benefit decrease is 7 percent ($3,000 in the basic insurance benefit) for premium paying policyholders who will automatically receive or choose to receive a decrease in the basic insurance benefit.
  • Basic Insurance benefit decrease is 15 percent ($5,000 in the basic insurance benefit) for policyholders previously electing the reduced paid-up (RPU) option.

 

Premium paying policies Premium paying policies Premium paying policies Premium paying policies RPU policies RPU policies

 

Average premium increase Average premium increase Average basic insurance benefit decrease Average basic insurance benefit decrease Average basic insurance benefit decrease Average basic insurance benefit decrease

Risk class

Issue ages <= 50 Issue ages > 50 Issue ages <= 50   Issue ages> 50 Issue ages <= 50 Issue ages> 50
MNS 18% 1% 7% 0% 17% 10%
FNS 53% 25% 18% 9% 36% 17%
MSM 56% 41% 17% 14% 22% 15%
FSM 43% 22% 14% 6% 36% 14%

Is this the last time Adjustable Life policies will be adjusted?

It is not possible to predict if another adjustment will occur.  Whether an adjustment is needed continues to depend on our future expectations of the pricing factors which impact the policy’s cost basis. 

For example, it is possible that the cost basis could decrease.  If this happens, then the basic insurance benefit would increase. Your client’s premium would not be changed.

It is also possible the cost basis could increase again.  If this happens, your client’s premium may increase or the basic insurance benefit may reduce, depending on which option was used for this adjustment.  The basic insurance benefit will never reduce below the minimum stated in the policy, unless the client previously elected the reduced paid-up option.

However, as explained in the adjustment provision of the adjustable life policy, the policy is only adjustable every third policy anniversary. 

Why are only three years of cash values shown in the client letters?

The cash value of the adjustable life policy is the amount available in cash if your client was to cancel their policy (also known as a surrender), a portion of which may be taxable on surrender.  The cash value of the policy on each policy anniversary is shown on your client’s annual statement.

Since the policy is adjustable every third policy anniversary, cash values beyond the next three years are not guaranteed. Policy loans and any premium arrears will be deducted from this cash value prior to payment.

Why are only three years of paid-up values shown in the client letters?

The paid-up value of the adjustable life policy is the amount of basic insurance benefit that will remain in force if your client decides to stop making premium payment.

Since the policy is adjustable every third policy anniversary, paid-up values beyond the next three years are not guaranteed. Cash values are used in the calculation of paid-up values, therefore, policy loans and any arrears which impact cash values will also impact paid-up values.

Will clients receiving Letter #2 or Letter #3 have the option to increase premiums instead of automatically reducing the basic insurance benefit?

Unfortunately this is not an option for these clients.  Simply put, the policy does not allow for it.  The policy provides that a basic insurance benefit decrease is the only option if the client previously chose to decrease the basic insurance benefit instead of receiving a premium increase.  In addition, the election form and confirmation letter from the last adjustment were also clear on the implications of choosing a basic insurance benefit decrease.

Our analysis shows that most policyholders in this situation will be receiving a basic insurance benefit decrease of less than 10%.

Previous election

Previous confirmation

Adjustable Life Paid up at 65
  • Issued from 1959 to 1966
  • Issue ages 10 to 50
  • Participating product
  • The adjustable life paid-up at 65 plan allows for level premiums to be payable until age 65. The face amount is payable on death.
  • At the fifth anniversary, the plan may have been converted to one of the following options:
    1. Policy may have continued as a Sun Life Paid Up at 65. Premiums remain unchanged. This was the automatic option if no other option was chosen.
    2. The plan may have been converted to a Sun Endowment plan to 65 for the same face amount. The premium was increased as outlined in the contract.
    3. The plan may have been converted to a life plan where the original face amount is increased by 10% each year until the face amount was doubled. The premium was increased as outlined in the contract.
    4. The plan may have been converted to a life plan with the same face amount. The premium was reduced as outlined in the contract.
Anticipated Endowment 20

Plan type:

  • Endowment

Years issued:

  • 1971-1979

Issued ages:

  • 15-60

Par plan

  • Anticipated Endowment 20 is a plan with level premiums payable for 20 years.
  • The face amount is payable on death if prior to the end of 20 years.
  • The following payments (endowments) are made if the policyholder is still living on these dates.
  • On the 10th policy anniversary: $200/$1,000 of face amount;
  • On the 15th policy anniversary: $200/$1,000 of face amount;
  • On the 20th policy anniversary: $600/$1,000 of face amount.
  • On the final endowment date, the policy may be converted to a paid-up life plan. Evidence of Insurability is required. The difference between the endowment amount and the cost of the paid-up life insurance is refunded in cash.

Source of Information:

EOS, September, 2003

Child's Deferred Assurance

Plan type:

  • Life

Years issued:

  • 1941-1947
  • 1927-1940*

Issued ages:

  • 0-15

Par plan

  • Child's Deferred Assurance allowed an adult to provide Life insurance for a child without evidence of insurability when he/she attains age 21.
  • The adult controlled the policy until the child reached 21 (maturity date).
  • If the child died prior to the maturity date, the return of premiums plus interest was paid, otherwise the options on the maturity date were:
  1. Life Policy - the same premium continues for life;
  2. Limited Payment Life - the same premium continues to age 50 or 60;
  3. Endowment to 50 or 60 - the same premium continues to age 50 or 60;
  4. Paid Up Life Plan - the endowment paid on the maturity date is used as the single premium.
  • The face amount for each option differs and is outlined in the contract.
  • *The earlier version of the plan sold between 1927 and 1940 does not endow on the maturity date.
  • The same premium continues for Options 1-4 and the face amount differs for each option as outlined in the contract.
  • An additional option is available of surrendering the policy.

Source of information 

EOS - March, 2003

Child Educational Policy
Introduction
  • Purpose is to create a fund for higher education, providing a monthly income for a limited period of years.
  • Participating plan.

Dividend options

  • Premium Reduction
  • Cash
  • Accumulation on deposit.

Premiums

  • Premiums are payable to the end of the endowment term or till the death of the assured.
Benefit available

Total Disability Benefit

  • Issued from age 18 to 55.
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy.
  • Covers only total disability which has existed for a period of not less than 6 months.
  • Definition of disability- Any life insured who becomes disabled by means of bodily injury or disease occurring after payment of the first premium, but before the policy anniversary nearest clients 60th birthday that is prevented from performing any work for compensation or profit for a continuous period of 6 months or more.
  • Benefit does not apply if total disability is the result of intentionally self inflicted injuries, from war or from the hostile action of the armed forces of any country, from service in the military, naval or air forces of any country in a state of war or of armed conflict.

Non-forfeiture option

  • Paid up Extended Term

Additional information

  • Similar to a regular endowment policy on the life of the parent /guardian with a special income settlement arranged to commence at a specified date.
  • Income is payable from the end of the Endowment Term whether or not the assured parent or guardian has survived the endowment period.
  • Neither the premiums nor the benefits depend in any way on the survival of the child.

Source of information

Sun Life Product Guide - January, 1948.

Classic Life 

Introduction

  • Launched in 1996
  • Par
  • Joint plans available
    • - Joint First to die (Life pay and 20 pay only)
    • - Joint Second to die (Life Pay and 20 pay only

Issue Rules

  • Issue Ages:
    • 0 to 80 - Life Pay
    • 0 to 70 - 20 Pay
    • 0 to 44 - Paid-Up at 65
    • 16 to 50 - Graded Premium
  • Rate Bands:
    1. $25,000 to 99,999
    2. $100,000 to 249,999
    3. $250,000 to 499,999
    4. $500,000 to 999,999
    5. $1,000,000 plus

Death benefit

Coverage is level

  • Guaranteed death benefit

Premiums

Premiums payable yearly, semi-annually, monthly

  • Conversion factors: semi-annual .52, monthly .09
  • Policy Fees: $50.00 yearly
  • Guaranteed premiums-two forms - level and graded
  • Premiums payable as follows:
    • Life Pay - premiums payable for life
    • 20 Pay - premiums payable for 20 years
    • Paid-up at age 65 - premiums payable to age 65
    • Graded Premium - lifetime premiums are graded for the first 10 policy years. Initial premium is set at 50% of the ultimate premium.
  • Male/female rates
  • Regular and preferred rates
  • If client is classed as a regular risk, then they will automatically get preferred rates for first 2 years. If they are a smoker and wish to keep these preferred rates, then they must stop smoking within the first year and remain nicotine free for a period of 12 months and not suffer any material change in health status.

Dividend options

  • Paid-Up additions (PUA)
  • Premium reduction
  • Cash
  • Accumulate on Deposit
  • Return of Guaranteed Cash Value - one year term equal to CSV at next anniversary with balance for PUA or PRO (issue ages 16 to 44) -Not available on new apps (effective Jan, 2003)
  • Return of Premium - one year term equal to total premiums paid (issue ages 16 to 44)-Not available on new apps- (effective Jan, 2003)

Cash Surrender Values

  • Guaranteed CSV's commencing on the fifteenth policy anniversary
  • Policy advances available upon request - 90% of total cash value
  • Premium Offset is available

Non-Forfeiture Options

  • Reduced Paid-up values available
  • Extended term insurance available
  • Automatic Premium Advance is the default option

Riders and benefits

  • Accidental Death
  • 5 YRT (18 - 64)
  • 10 YRT (18 - 64)
  • Total Disability Benefit - Waiver of Premium (0 - 55)
  • Plus Premium Waiver Benefit
  • Guaranteed Insurability (0 - 50)
  • Executive Guaranteed Insurability (25 - 60)
  • Child Insurance Benefit
  • Spousal Insurance Benefit (18 - 50)
  • Third Party Waiver of Premium Benefit
  • Premium Death Benefit - Available on Joint Second-to-die policies
    • Upon the death of the life insured, the remaining premiums would be waived for the life of the policy. (16 - 75)
  • Premium Payment Benefit - Available on Joint Second-to-die policies
    • Upon disability of the life insured or death during disability, the remaining premiums will be waived for the life of the policy. (16 - 55)

Other features

  • Enhancement Premium - available with Life Pay version only
    • premium buys combination of paid up additions and one-year term
    • 2 enhancement premium guarantees - ten years OR lifetime
    • enhancement premium is payable for life or until crossover, if earlier
    • the term portion of the enhancement amount may be converted in whole or in part to any eligible permanent insurance plan.
    • the Enhancement feature will cancel if the dividend option is changed, if dividends are withdrawn, if the enhancement premium is discontinued or upon full conversion of term insurance.
  • Plus Premiums
    • Plus premiums purchase paid-up additions
    • maximum calculated based on limits in the Income Tax Act to maintain tax exempt status.
    • can no longer be added or increased after issue (effective Jan, 2003)
    • still available on new app (effective Jan, 2003)
    • The PUA dividend option must be in effect for the Plus Premium feature to apply.
    • The Plus feature will cancel if the dividend option is changed or if the additional premium for the Plus is discontinued
  • Joint Splitting Provision
    • Available if both lives are standard rating
    • Joint life coverage can be split into 2 policies without evidence
    • In the case of Second-to-die, proof is required of a legal separation or divorce
    • Single polices will have 50% of the initial face amount
    • New policies will be issued at current rates and attained ages.
  • Survivorship Insurance
    • Sun Life provides the survivor of a First-to-die policy with 31 days of convertible life insurance without charge.
  • Living Benefit
    • This program allows policy owners to draw on their life insurance provided the life insured is terminally ill and still living for up to 50% of the face value be paid to a maximum of $100k.
Double Protection Plan

Introduction

  • Can be issued on a Par or Non-par basis depending on plan
  • This plan can be issued on the Participating Ordinary Life Paid up at age 65, Preferred Ordinary Life, Preferred Life Paid up at age 65 and Life Anticipated Dividend Plans.
  • Double Protection policies provide for an additional amount of term assurance, equal to the amount of assurance under the base plan.

Years issued

  • 1935-1966

Issued ages

  • 20 to 55

Dividend options

  1. Paid-up additions
  2. Premium Reduction
  3. Cash
  4. Accumulation on deposit

Death benefit

  • Double Protection plans are the same as plans without double protection except that they pay double the face amount on death prior to a age (contract will specify if to age 60 or 65). After the specified age, the premium is reduced and the face amount is paid on death or maturity (depending on the type of product involved).

Conversion privileges

  • Prior to age 55 and if all premiums have been paid, the policy may be converted to one of the following:
  1. The same plan without the double protection, or
  2. Any current participating life or endowment plan.
  • The new plan will be based on the date of conversion using current rates and the insured attained age.

Benefits available

Total Disability Benefit

  • Issued from age 18 to 55.
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy.
  • Covers only total disability which has existed for a period of not less than 6 months.
  • Definition of disability- Any life insured who becomes disabled by means of bodily injury or disease occurring after payment of the first premium, but before the policy anniversary nearest clients 60th birthday that is prevented from performing any work for compensation or profit for a continuous period of 6 months or more.
  • Benefit does not apply if total disability is the result of intentionally self inflicted injuries, from war or from the hostile action of the armed forces of any country, from service in the military, naval or air forces of any country in a state of war or of armed conflict.

Accidental Death Benefit

  • Issued from age 15 to 55.
  • Maximum amount $25,000.
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy.
  • Family Income Benefit or Family Income Special Benefit may be issued in conjunction with this plan.

Source of information

Sun Life Product Guide, Jan 1948.
Eos, March, 2003

Endowment

Plan type: Endowment

Years issued: 1940-1985

Issue ages: 10-70

Could be issued as par or non-par

  • The Endowment plan provides for the face amount to be paid on death or on the endowment date if alive.
  • The endowment date (specified in the contract) may be for a certain number of years from issue or to a certain age.
  • Premiums may be payable to the endowment date, for a limited number of years or in one single premium at issue.
  • In addition to the usual non-forfeiture benefits, the policy may continue as reduced paid-up life. Evidence of Insurability is required.
  • The difference between the endowment amount and the cost of the paid-up life insurance is refunded in cash.
  • On the endowment date, the policy may also be converted to a paid-up life plan.
  • A cash payment may be made in the same manner as under the special non-forfeiture benefit mentioned above.

Source of information: EOS, September 2003

Enhanced Sun 100 Whole Life

Introduction

  • Par

Issue limits

  • Issue ages: 25 to 50
  • Minimum face amount: $100,000 basic policy

Death benefit

  • Base amount is level and guaranteed
  • Enhancement portion guaranteed for 10 years

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Conversion factor(s): semi-annually - .52, monthly - .09
  • Policy fees: $42.50 yearly
  • Guaranteed premiums
  • Level premiums - enhancement portion payable until crossover point
  • Premiums payable for life
  • Male/Female rates available
  • Regular and preferred non-smoker rates

Dividend options

  • Paid-up additions
  • Special Maturity Dividend

Cash Surrender Values

  • Basic plan CSVs guaranteed
  • Enhancement portion CSVs non-guaranteed

Non-forfeiture options

  • Reduced Paid-up values
  • Automatic Premium Advance

Special features

  • Premium offset available

Riders and benefits

  • Accidental Death
  • 5 YRT
  • 10 YRT
  • Term to 65
  • Reducing Term (non-renewable)
  • Guaranteed Insurability
  • Total Disability Benefit - Waiver of Premium
  • Child Protection
  • Spousal Protection
  • Family insurance Benefit

Source: Product brochure, issue date: September 1990

Enhanced Whole Life

No longer for sale, April 1992

Introduction

  • Par

Issue limits

  • Issue ages: 18 to 60
  • Minimum face amount: $10,000
  • Minimum premium: $300 (excluding benefit premiums)

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Guaranteed premiums
  • Level premiums
  • Premiums payable for life
  • Male/Female rates available
  • Smoker/Non-smoker rates available

Dividend options

  • Enhancement
  • Special Maturity Dividend

Cash Surrender Values

  • Guarntaeed CSVs

Non-forfeiture options

  • Reduced paid-up values available
  • Automatic Premium Advance

Riders and benefits

  • Accidental Death
  • 5 YRT
  • 10 YRT
  • Reducing Term
  • Term to 65
  • Guaranteed Insurability
  • Disability Income
  • Child Protection
  • Spousal Protection
  • Family Income Benefit

Other features

  • Premium offset available
  • Policy advances available on a variable interest basis
  • Coverage guaranteed on enhanced portion for 10 years
  • Premium for enhanced portion based on assumed continuation of dividend scale in effect at date of issue
  • * If the dividend option is changed or if dividends are withdrawn or if the additional premium for the enhancement is discontinued or on full conversion of one year term insurance - the policy reverts to a basic Whole Life policy. The default dividend option will be Paid-up Additions (PUA).

Source: Product brochure, issue date, September, 1990

Executive Sun Life

Plan type: Life

Years issued: 1980-1982

Issued ages: 18-70

Par Plan

  • Executive Sun Life is a participating life plan with premiums payable to age 85.
  • This plan was known for its high early cash values.

Source of information: Eos, March, 2003

Graded Premium Life

Introduction

  • Participating policy

Issue limits

  • Issue ages: 18 to 60
  • Minimum face amount: $25,000
  • Minimum premium: $300 (excluding benefit premiums)

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Policy fees: $42.50 yearly (policy fees are not graded)
  • Guaranteed premiums
  • Premiums per thousand are graded, guaranteed and payable for life.- initial premium is 40% of ultimate premium
  • Increases by 6% of ultimate premium each year for 10 years
  • Male/Female - Regular and preferred non-smoker rates, on standard and substandard basis are available

Dividend options

  • Paid-up additions
  • Premium Reduction
  • Cash
  • Accumulation on deposit
  • One Year Term (OYT) - equal to CSV at next anniversary with balance for PUA or PRO.
  • One Year Term (OYT) - equal to total premiums paid
  • Special Maturity Dividend. (Available on most participating policies)
  • Dividends may be applied to a Sun Fund Deposit Annuity, subject to regulations. "Plus" and "Enhanced" versions are also available for some issue ages

Cash Surrender Values

  • Basic plan CSVs guaranteed
  • Reduced paid up values guaranteed
  • Extended Term Values guaranteed

Non-forfeiture options

  • Reduced paid-up values available
  • Extended term insurance available
  • Automatic Premium Advance (automatic option)

Riders and benefits

  • Accidental Death- issue ages 18 - 50
  • 5 YRT- Issue ages 18 - 50
  • 10 YRT- Issue ages 18 - 50
  • Term to 65- Issue ages- 18 - 50
  • Reducing Term (non-renewable)
  • 15 yrs- issue ages 20 - 50
  • 20 yrs- issue ages 20 - 50
  • 25 yrs- issue ages 20 - 45
  • 30 yrs- issue ages 20 - 40
  • Guaranteed Insurability - Issue ages 18 - 37
  • Total Disability Benefit - Waiver of Premium- Issue ages 18 - 50
  • Family Insurance Benefit-Child Protection - Issue ages - Under age 18, with at least one child age 10 or under
  • Family Insurance Benefit-Spousal Protection- Issue ages - 18 - 50
  • Spousal Insurance Benefit - Issue ages 18 - 50
  • Waiver of Premium benefit (third Party) is also available provided there is not term benefit or family benefit

Other features

  • Premium offset available

Source: Product brochure, issue date: April, 1988 & Sept, 1990

Income Endowment

Plan type: Endowment

Years issued: 1940-1982

Issued ages: 0-55

Par plan

  • Income Endowment is a level premium plan that pays the face amount on death if prior to the endowment date.
  • On the endowment date, the endowment amount is payable.
  • The endowment amount is different from the face amount.
  • On the endowment date, the endowment amount may be converted to one of the following annuities:
  1. Life Annuity
  2. Cash Refund Annuity - on death, the excess of the endowment over the annuity payments made to date is paid
  3. Joint and Last Survivor Annuity
  4. Guaranteed Life Annuity for 10, 15 or 20 years.

Source of information: EOS, March, 2003

Income Protection

Plan type: Term

Years issued: 1970-1982

Issued ages: 20-55

Non-par plan

  • Income Protection is a decreasing term plan for 10, 15, 20, 25, 30 or 35 year periods.
  • On death, a monthly income is payable to the beneficiary for the remaining period.
  • The death benefit may be paid in one lump sum, based on the present value of the monthly income that would have been payable (subject to the owner's approval).
  • The policy may be converted without evidence of insurability to a current Life plan up to 5 years before the end of the term. The amount of insurance available for conversion is the present value of the monthly income as of the date of conversion.
  • Accidental death benefit not available on this plan.
  • Guaranteed Insurability Benefit not available on this plan.

Source of information: EOS, September, 2003

Interest Master and Interest Master 100

Payments for this plan are not supported on Advisor Remittance.

Introduction

  • Years issued: 1987-1992
  • Par

Issue limits - Interest Master

  • Issue ages: 0 to 70
  • Minimum face amount: ages 0 to 10 - $ 10,000
  • ages 11 to 17 - $25,000
  • ages 18 to 70 - $25,000
  • Maximum $99,999

Issue limits - Interest Master 100

  • Issue ages: 18 to 70
  • Minimum $100,000

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Conversion factors: semi-annually - divide by 2; monthly - divide by 12
  • Policy fees: $75 yearly
  • Guaranteed premiums
  • Level premiums
  • Premiums payable for life
  • Premiums, net of loading, are credited to the policy.
  • Interest credited monthly
  • Monthly risk charges
  • Monthly admin fee of $6
  • Unisex rates available
  • Regular and preferred non-smoker rates, standard and substandard

Cash surrender values

  • CSVs reflect interest credited and risk charges deducted
  • Guaranteed CSVs

Non-forfeiture options

  • Extended term insurance available
  • Automatic Premium Advance

Withdrawals & loans

  • Partial withdrawals are not allowed
  • Policy advances are available on a variable interest basis

Riders & benefits

  • Accidental Death
  • 5 YRT
  • 10 YRT
  • Term to 65
  • Reducing Term
  • Guaranteed Insurability
  • Total Disability Benefit - Waiver of Premium (third party) - available for addition if there is no term rider or any family benefit

Other features

  • Interest and risk charges are updated each year
  • Coverage may automatically increase to keep the policy exempt. Once increased, it will not decrease. If coverage cannot increase enough to keep policy exempt, cash values will be paid out.
  • Interest is guaranteed to be no lower than 4% and no less than 1% below 90% of the 1 year Government of Canada bonds

Source of information

Product brochures, issue dates: April 87, June 87, Sep 90

Joint Estate

Plan type: Life - Non-par

Years issued: 1971-1991

Issued ages: 20-75

  • Insures 2 lives, with the death benefit being paid out on the second death
  • Minimum face amount is $50,000
  • Policy fee is $150
  • Premiums are guaranteed for life and are payable till the second death based on SEA (single equivalent age)
  • Conversion factors: semi-annual 0.52, monthly 0.09
  • Cash and reduced paid up values are guaranteed and begin at the end of the 10th policy year
  • No additional benefits or riders available
  • Non-forfeiture options are Automatic Premium Advance and Reduced Paid-Up

Source

Sun Life Binder dated March 15, 1987
Sun Life product brochure dated January 1988

Junior Adjustable

Plan type: Par

Introduction

  • Junior Adjustable is a participating life plan with a graded death benefit and level premiums payable for life.
  • At age 21, the death benefit increases automatically to five times the initial face amount without evidence of insurability.
  • At age 21, two other options are available.
  1. The plan may be converted to a life paid-up at age 60 or
  2. An endowment plan (the contract will specify whether to age 60 or 65).
  • If one of these options is selected, the original premium is maintained and the face amount is reduced. If an option is not selected, the plan will continue as a par Whole Life plan for the increased face amount.
  • Notice in writing of the selection of one of the two options must be given to the Company no later than 31 days after the policy anniversary nearest age 21. Consent of the beneficiary may be required.
  • If selection of the non-forfeiture option is made, prior to age 21, provides for level insurance throughout life if this is less than $1,000 per unit; otherwise it provides for insurance of $1,000 per unit to the policy anniversary nearest age 21, increasing thereafter by an amount varying with age at issue and the duration at which the paid-up is elected.

Years issued

  • 1946-1980
  • 1980-1985 *

* Same characteristics as above, but the options are offered at age 18.

Issued ages

  • 0-15

Death benefit

  • If death occurs before the child's 5th birthday, the death benefit is the return of premiums paid, with 5% compound interest.
  • On and after the child's 5th birthday and prior to the policy anniversary nearest age 21, the death benefit is $1000 per unit.
  • On or after age 21, the death benefit is $5,000 per unit except where one of the alternate 2 options were chosen.

Non-forfeiture options

  • Automatic Premium Advance
  • Extended Term

Source of information: EOS, March, 2003

Juvenile Assurance

Introduction

This plan (except single premium policies) is issued on the lives of children prior to the fifth birthday provides for a death benefit in respect of the first $1,000 of face amount as follows:

  • 1 week, but under 1 year $200
  • 1 year but, under 2 years $400
  • 2 years, but under 3 years $600
  • 3 years, but under 4 years $800
  • 4 years, but under 5 years $1,000
  • For the excess of the face amount over $1,000 the death benefit before age 5 is the return premiums paid in respect of such excess with 5% compound interest (for this purpose the face amount under a Junior Adjustable is to be taken as $1,000 per unit.) After the child's fifth birthday the amount payable will be the full face amount, except in those cases where the total insurance is such that the policy is issued with a clause providing for return of premiums with 5% compound interest in the event of death before the tenth birthday. For single premium policies the death benefit before age 5 will be the lesser of the return of the single premium, with 5% compound interest, and the face amount.
  • For policies issued below age 5, paid-up insurance additions dividend option is not available before age 5 and the cash dividend option is automatic if no election is made.
  • Preference is made that the parent is the contractor of the child. Beneficiary payments will be made to contractor or estate. The child should not be named to receive the proceeds of an endowment insurance at maturity if the right to deal with the policy is to be reserved as far as possible to the contractor.
  • Legislation in all Provinces except Quebec makes possible an automatic transfer of ownership a named person upon the death of the contractor.

Source : Eos Software, September 2003

Life Anticipated Dividends

Plan type: Life

Years issued: 1925-1954

Issued ages: 15-70

Par plan

  • Life Anticipated Dividends is a level premium Life plan.
  • Premiums are lower than for a regular life plan because they take into account future dividends.
  • Dividends were not payable for the first 10 or 20 years as outlined in the contract. After that, dividends may be paid.

Source: EOS, September 2003

Life 5 year Minimum Premium Reduction

Plan type: Life

Years issued: 1930-1954

Issued ages: 15-55

Par plan

  • Life 5 Year Premium Reduction is a Life plan with premiums payable for life.
  • The premiums for the first 5 years were lower than the level premium payable from the sixth year on.

Source: EOS - September, 2003

Limited Life Adjustable Options

Plan type: Life

Years issued: 1921-1960

Issued ages: 10-60

Could be issued as par or non-par

  • The Limited Life Adjustable Options plan allows for level premium to be payable for a limited number of years, which depends on the issue age.
  • The face amount is payable on death.
  • At the 5th policy anniversary, the plan may have been converted to one of the following options:
  1. Policy may continue as a Limited Payment Life plan. This was the automatic option. If this option was chosen, the policy has a option to convert to an Endowment plan for the same face amount when premiums cease. The premiums would then continue to the endowment date as outlined in the contract.
  2. The plan may have been converted to an Endowment plan for the same face amount. The amount of the premium stays the same and must be continued to the endowment date as outlined in the contract.
  3. The plan may have been converted to a Life plan where the original face amount is increased annually by 10% each year for 5 years. The amount of the premium stays the same.
  4. The plan may have been converted to a Life Plan. A lower premium is charged as outlined in the contract.
  • Total Disability Benefit: premiums are the same for Options 1, 2, and 3; a special premium is charged for option 4.
  • Accidental Death Benefit: premiums for Option 2, 3, and 4 are the same as those for Ordinary Life.

Source of information: EOS, September 2003

Limited Life, Life 20 and Life Single Premium

Plan type: Life

Years issued: 1921-1960

Issued ages: 10-60

Could be issued as par or non-par

  • The Limited Life Adjustable Options plan allows for level premium to be payable for a limited number of years, which depends on the issue age.
  • The face amount is payable on death.
  • At the 5th policy anniversary, the plan may have been converted to one of the following options:
  1. Policy may continue as a Limited Payment Life plan. This was the automatic option. If this option was chosen, the policy has a option to convert to an Endowment plan for the same face amount when premiums cease. The premiums would then continue to the endowment date as outlined in the contract.
  2. The plan may have been converted to an Endowment plan for the same face amount. The amount of the premium stays the same and must be continued to the endowment date as outlined in the contract.
  3. The plan may have been converted to a Life plan where the original face amount is increased annually by 10% each year for 5 years. The amount of the premium stays the same.
  4. The plan may have been converted to a Life Plan. A lower premium is charged as outlined in the contract.
  • Total Disability Benefit: premiums are the same for Options 1, 2, and 3; a special premium is charged for option 4.
  • Accidental Death Benefit: premiums for Option 2, 3, and 4 are the same as those for Ordinary Life.

Source of information: EOS, September 2003

Opus 1 and Opus 2
Introduction
  • Par
  • Joint plans available with Opus 2
  • Joint first to die
  • Joint second to die

Issue limits

  • Issue ages: 0 to 44 (16 - 44 for Enhancement Premium).
  • Juvenile rates are available for ages 0 -15.
  • Face Amounts: Opus 1 - $25,000 to 99,999
  • Opus 2 - $100,000 to 249,999 (Band 1)
  • Opus 2 - $250,000 to 999,999 (Band 2)
  • Joint coverage - Opus 2
    • Minimum coverage is $100,000
    • Issue ages of each life insured must be between the ages of 16 and 70.
    • Equivalent single age must not exceed 70.

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Conversion factors: semi-annual = .52, monthly = .09
  • Policy Fees: $50.00 yearly
  • Guaranteed premiums
  • Level premiums
  • Premiums payable for life
  • Regular and preferred non-smoker rates

Dividend options

  • Paid-up additions (PUA)
  • Premium reduction (excess in cash)
  • Cash
  • Accumulate on Deposit
  • Return of Guaranteed Cash Value - one year term equal to CSV at next anniversary with balance for PUA or PRO
  • Return of Premium - one year term equal to total premiums paid
  • Special Maturity Dividend
  • For Joint plans the dividend options are limited to;
    • Paid-up additions
    • Premium reduction
    • Cash
    • Dividends left on deposit.

Cash surrender values

  • Basic plan cash values guaranteed
  • Reduced paid-up values guaranteed
  • Extended Term values guaranteed

Non-forfeiture options

  • Reduced paid-up values available
  • Extended term insurance available
  • Automatic Premium Advance
  • Premium offset is available - minimum policy size of $25,000

Riders and benefits

  • Accidental Death (Issue ages 18 - 65)
  • 5 YRT (Issue ages 18 - 64)
  • 10 YRT ( Issue Ages- 18 - 64)
  • Term to 65 (Issue ages 18 - 50)
  • Guaranteed Insurability Issue ages - 0 - 37- ( Minimum GIB allowed is $25,000)
  • Reducing Term Benefit - Issue ages-Reducing Term (non-renewable)
    • 15 yrs- issue ages 20 - 55
    • 20 yrs- issue ages 20 - 50
    • 25 yrs- issue ages 20 - 45
    • 30 yrs- issue ages 20 - 40
  • Total Disability Benefit - Waiver of Premium on Life Insured - Issue ages - 0 - 55
  • Waiver of Premium on Disability on Owner (Issue ages - 20 - 55)
  • Waiver of Premium on Death on Owner (Issue ages - 20 - 60)
  • * Waiver of premium benefits on 3rd party only available if there is no term benefit or family benefit.
  • Children's Insurance Benefit- Level term to child's age 22 or life insured's age 70 - (whichever comes first.)
  • Spousal Insurance Benefit- Level term to spouses age 65.
  • Term Insurance Benefits for Family
  • For Joint Opus 2 plans , only the following Riders are available;
    • Total Disability Benefit - Waiver of Premium on Life Insured - Issue ages - 0 - 55. Coverage may apply to one or both lives.
    • Premium Death Benefit - available only on joint last to die plans- will pay the annual premium for basic coverage upon the death of the first life insured.
    • Premium Payment Benefit - available only on joint last to die plans- will pay the annual premium for the basic benefit, plus the PDB in the event of total disability of the life insured upon the death of the first life insured.
    • Not available with TDB - waiver of premium because they both provide the same total disability benefits.

Other features

  • Enhancement Premium - premium buys combination of paid up additions and one-year term.
    • 2 enhancement premium guarantees - ten years OR lifetime.
    • with 10 year guarantee, if premium and PUA cash values can't fund term after ten years, the enhancement amount is reduced
    • at crossover point (all PUA/no term) dividends on PUA buys additional insurance and payment of enhancement premium ceases.
    • The Enhancement feature will cancel if the dividend option is changed, if dividends are withdrawn, if the enhancement premium is discontinued or upon full conversion of term insurance.
  • Plus Premiums - additional premiums that increase the cash value and death benefit and achieves faster Premium Offset Point.
    • maximum calculated based on limits in the Income Tax Act to maintain tax exempt status
    • The PUA dividend option must be in effect for the Plus Premium feature to apply.
    • The Plus feature will cancel if the dividend option is changed.
  • Opus 1 only- Premium Offset - May be accelerated with the plus premium.
  • Opus 1 only-Tailored Income - Enables eligible policyholders to receive a variable income from their plan at a future date. (Not available on joint plans).
  • Opus 1 only- Living Benefit - provides a loan of up to 50% of the face value should the policyholder become terminally ill. ( Maximum $100,000.)

Sources of information

  • Product brochure, issue date: March, 1992
  • Product brochure, issue date: Feb 1993
  • New information received June 1995
  • New brochure received, issue date January 95, received Oct 95
Opus 10

Product no longer sold as of June 21, 2000

Is a participating whole life plan with a guaranteed graded premium payable for life, a guaranteed death benefit and guaranteed cash values. The plan provides pure whole life insurance with the emphasis on higher face amounts with a lower initial premium. The product is designed to meet the particular needs of the individual who needs permanent protection today but wants to defer some of the cost over the next ten years.

The initial premium starts at 50% of the ultimate premium and increases by 5% of the ultimate premium each year for 10 years. After 10 years the Guaranteed Cash Values of the Opus 10 policy will be the same As Opus 1. The ultimate premium for Opus 10 is higher than the level premium of Opus 1. Premium Offset is available and must be selected at the time of application. At the offset date a formal written election of premium offset must be submitted. The offset date will not occur until a policy has been in force for at least seven years. Under Premium Offset, policies with the Enhancement Premium will use allotted dividends and accumulated PUA surrender values to pay the policy premium and to purchase One Year Renewable Term up to the amount of the enhancement as it stood when the Premium Offset election became effective. High non-guaranteed cash values are possible under this plan as a result of Sun Life's Special Maturity Dividend (SMD). The SMD is paid upon either the death of the insured or surrender of a Sun Life Opus policy. Sun Life's current policy is to pay the SMD on death claims after a policy has been in force for at least 10 years and after 20 years if the policy has been surrendered. The SMD is not a contractual obligation and may be withdrawn at any time.

Introduction
  • Par plan

Issue limits

  • Issue ages: 16 to 50
  • Minimum face amount: $25,000 with a minimum premium of $300 annual excluding benefits.

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Conversion factors: semi-annual = .52, monthly = .09
  • Policy Fees: $50.00 yearly
  • Guaranteed graded premiums
  • Initial premium is 50% of the ultimate premium
  • The premium increases by 5% of the ultimate premium each year for 10 years
  • After 10 years, the ultimate premium is payable for life
  • Premiums payable for life
  • Regular and preferred non-smoker rates

Dividend options

  • Paid-up additions
  • Premium Reduction
  • Cash
  • Accumulation on deposit
  • Special Maturity Dividend

Cash surrender values

  • Basic plan cash values guaranteed
  • Reduced paid-up values guaranteed
  • Extended term values guaranteed

Non-forfeiture options

  • Reduced paid-up values available
  • Extended term insurance available
  • Automatic Premium Advance

Riders & benefits

  • Accidental Death- Issue ages - 18 - 65
  • 5 YRT - Issue ages - 18 - 64
  • 10 YRT - Issue ages- 18 - 64
  • Term to 65 - Issue ages - 18 - 50
  • Non-renewable reducing Term Benefit - Issue ages
    • 15 yrs- issue ages 20 - 55
    • 20 yrs- issue ages 20 - 50
    • 25 yrs- issue ages 20 - 45
    • 30 yrs- issue ages 20 - 40
  • Guaranteed Insurability (Issue ages 0 - 37) - Minimum GIB allowed is $25,000
  • Total Disability Benefit - Waiver of Premium on Life Insured (Issue ages 0 - 55).
  • Waiver of Premium on Disability on Owner (Issue ages 20 - 55)
  • Waiver of Premium on Death on Owner (Issue ages 20 - 60)
  • * Waiver of premium benefits on 3rd party only available if there is no term benefit or family benefit.
  • Term Insurance Benefits for Family
    • Spousal Insurance Benefit - Level term to spouses age 65.
    • Children's Insurance Benefit - Level term to child's age 22 or life insured's age 70 (whichever comes first.)

Other features

  • Premium offset is available - minimum policy size of $25,000
  • Tailored Income - Enables eligible policyholders to receive a variable income from their plan at a future date. (Not available on joint plans).
  • * Neither the enhancement premium nor Plus Premium is available with Opus 10.

Source of information

Product brochure, issue date: April 92.

Opus 20

Opus 20 is participating life insurance which will become fully paid up following payment of premiums for 20 years. This plan provides for 20 years of guaranteed level premiums, guaranteed Death Benefit, and is available with the Plus Premium feature. High non-guaranteed cash values are possible under this plan as a result of Sun Life's Special Maturity Dividend (SMD). The SMD is paid upon either the death of the insured or surrender of a Sun Life Opus policy. Sun Life's current policy is to pay the SMD on death claims after a policy has been in force for at least 10 years and after 20 years if the policy has been surrendered. The SMD is not a contractual obligation and may be withdrawn at any time.

Introduction
  • Par plan
  • No longer sold as of June 21, 2000.

Issue limits

  • Issue ages: 0 to 70
  • Juvenile rates are available from 0-15
  • Minimum volume: $25,000.

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Conversion factor(s): semi-annual - .52, monthly - .09
  • Policy Fees: $50.00 yearly
  • Guaranteed level premiums payable for 20 years. Plan fully paid up at this time.
  • Regular and preferred non-smoker rates

Dividend options

  • Paid-up additions (PUA)
  • Premium reduction (excess in cash)
  • Cash
  • Accumulate on Deposit
  • Special Maturity Dividend

Cash surrender values

  • Basic plan cash values guaranteed
  • Reduced paid-up values guaranteed
  • Extended Term values guaranteed

Non-forfeiture options

  • Reduced Paid-up values available
  • Extended term insurance available
  • Automatic Premium Advance

Riders and benefits

  • Accidental Death (Issue ages 18 - 65)
  • 5 YRT (Issue ages 18 - 64)
  • 10 YRT (Issue ages 18 - 64)
  • Guaranteed Insurability (Issue ages- 0 - 37)
  • Total Disability Benefit Waiver of Premium (Issue ages 0 - 55)
  • Waiver of Premium on policyowner-Disability (Issue ages 20 - 55)
  • Waiver of Premium on policyholder-Death (Issue ages 20 - 60)

Other features

  • Plus Premium is available - the additional premiums are used to increase the dividends
  • Tailored Income - Enables eligible policyholders to receive a variable income from their plan at a future date. (Not available on joint plans).
  • Premium offset

Source of information

Product brochure, issue date: April 92, still current as of Oct 95

Opus 1000

Plan type: Life

Years issued: 1994-1996

Issued ages: 16-75 (Single and Joint Life)

Par

  • Opus 1000 offers large amounts of permanent, participating coverage at the lowest cost.
  • This plan provided a strong competitive advantage in the affluent market.

Joint coverage

  • Coverage was available on either a first-to-die or second-to-die basis.

Sources of information

EOS, September 2003

Opus Access
  • Introduced in January 1994
  • Product no longer sold as of June 21, 2001

Introduction

  • Permanent plan
  • Par
  • Joint plans available: first to die, last to die

Issue limits

  • Issue ages:
    • non-smoker 45 to 75.
    • smoker 45 to 75
    • joint plans: each life between 45 and 75
    • Minimum face amount: $ 25,000.
  • Rate bands
    • $ 25,000 to $9 9,000
    • $100,000 to $249,000
    • $250,000 to $999,999

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Conversion factor(s): monthly (.09) semi (.52)
  • Policy fees: $50 yearly
  • Guaranteed premiums
  • Level
  • Premiums payable for life
  • Pre-payment plan (similar to our premium fund). Offers a guaranteed interest rate of 8% for year 1-10 and 5.5% for years 11-20
  • Male/female rates available
  • Smoker/non-smoker rates available

Dividend options

  • Paid Up Additions (PUA)
  • Premium Reduction
  • Cash
  • Accumulation on Deposit

Enhancement option

  • Enhancement: provides an immediate increase in protection in the form of paid-up additions or one year term or a combination of the two
  • Two guarantee options are available - 10 year guarantee or lifetime guarantee.
  • The Enhancement Premium is payable for life or until the earlier of crossover and election of premium offset (Nothing but paid-up insurance - no longer any term, the dividends from the paid-up additions are used to pay for the enhancement and the enhancement premium ends)
  • The Enhancement feature will cancel if the dividend option is changed, if dividends are withdrawn, if the enhancement premium is discontinued or upon full conversion of one year term insurance.
  • One year term insurance is convertible on an attained age basis to any eligible life plan without evidence of insurability prior to the insured's age 65. The enhancement amount will decrease by the amount of the one year term converted.
  • Plus premiums generate higher dividends. The PUA dividend option must be in effect for the Plus Premium Feature to apply.

Cash surrender values

  • Basic cash values guaranteed

Non-forfeiture options

  • Paid-up values available
  • Extended term insurance available
  • Premium Offset
  • Tailored Income - Enables eligible policyholders to receive a variable income from their plan at a future date. (Not available on joint plans)

Withdrawals and loans

  • Automatic premium advance available
  • Loans allowed

Riders and benefits

  • Accidental Death
  • Waiver of Premium
  • 5YRT
  • 10YRT
  • Term to 65
  • Spousal Protection
  • Child Protection
  • Family Benefit
  • Reducing Term
  • Waiver of Premiums (Third Party) is also available provided there is no term benefit and no family benefit

Source of information

Product brochure, issue date: January 1994

Product brochure, issue date: January 1995

Opus Emerald

Years issued: 1994-1996

Issued ages:

  • 40-75 (Single Life)
  • 40-75 (Joint - both lives must be over 40)

Par

  • Offered large amounts of permanent, participating coverage at the lowest cost, Opus 1000 Emerald provided a strong competitive advantage in the affluent market

Joint coverage

  • Offered large amounts of permanent, participating coverage at the lowest cost, and greater flexibility in certain family and business situations
  • Coverage was available on either a first-to-die or second-to-die basis

Sources of information

Eos, September 2003

Preferred Ordinary Life

Plan type:

  • Preferred Ordinary Life - Issue ages - 10 to 70
  • Preferred life policies on the lives of children under age 10 were not issued
  • Issued as par plans only in amounts over $5000
  • Cannot be issued as a rated plan
  • Issued from 1942 to 1966

Dividend options

  • Paid-up additions
  • Premium Reduction
  • Cash
  • Accumulation on deposit

Non-forfeiture options

  • Paid up Extended Term

Benefits available

Total Disability Benefit

  • Issued from age 18 to 55
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy
  • Covers only total disability which has exsisted for a period of not less than 6 months
  • Definition of disability- Any life insured who becomes disabled by means of bodily injury or disease occuring after payment of the first premium, but before the policy anniversary nearest clients 60th birthday that is prevented from performing any work for compensation or profit for a continuous period of 6 months or more.
  • Benefit does not apply if total disability is the result of intentionally self inflicted injuries, from war or from the hostile action of the armed forces of any country, from service in the military,naval or air forces of any country in a state of war or of armed conflict

Accidental Death Benefit

  • Issued from age 15 to 55
  • Maximum amount $25,000
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy

Source of information
Agents Manual - January, 1948
EOS, Sept, 2003

Preferred Life Paid up at 65
  • Issue ages - 10 to 50.
  • Preferred life policies on the lives of children under age 10 were not issued
  • Issued as par plans only in amounts over $5000
  • Cannot be issued as a rated plan.
  • Issued from 1942 to 1966

Dividend options

  • Paid-up additions
  • Premium reduction
  • Cash
  • Accumulation on deposit

Non-forfeiture options

  • Paid up Extended Term

Benefits available

Total Disability Benefit

  • Issued from age 18 to 55.
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy.
  • Covers only total disability which has existed for a period of not less than 6 months.
  • Definition of disability - Any life insured who becomes disabled by means of bodily injury or disease occurring after payment of the first premium, but before the policy anniversary nearest clients 60th birthday that is prevented from performing any work for compensation or profit for a continuous period of 6 months or more.
  • Benefit does not apply if total disability is the result of intentionally self inflicted injuries, from war or from the hostile action of the armed forces of any country, from service in the military, naval or air forces of any country in a state of war or of armed conflict.

Accidental Death Benefit

  • Issued from age 15 to 55.
  • Maximum amount $25,000.
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy.

Source:
Agents Manual - January, 1948 
EOS, Sept, 2003

Preferred 30 Payment Life
  • Issue ages 10 - 60
  • Preferred life policies on the lives of children under age 10 were not issued
  • Issued as par plans only in amounts over $5000
  • Cannot be issued as a rated plan
  • Issued from 1942 to 1966

Dividend options

  • Paid-up additions
  • Premium Reduction
  • Cash
  • Accumulation on deposit

Non-forfeiture option

  • Paid up Extended Term

Benefits available

Total Disability Benefit

  • Issued from age 18 to 55.
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy.
  • Covers only total disability which has existed for a period of not less than 6 months.
  • Definition of disability- Any life insured who becomes disabled by means of bodily injury or disease occurring after payment of the first premium, but before the policy anniversary nearest clients 60th birthday that is prevented from performing any work for compensation or profit for a continuous period of 6 months or more.
  • Benefit does not apply if total disability is the result of intentionally self inflicted injuries, from war or from the hostile action of the armed forces of any country, from service in the military, naval or air forces of any country in a state of war or of armed conflict.

Accidental Death Benefit

  • Issued from age 15 to 55.
  • Maximum amount $25,000.
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy.

Source of information
Agents Manual - January, 1948
EOS, Sept, 2003

Preferred Life Adjustable Options
  • Issue ages 10 to 60
  • Preferred life policies on the lives of children under age 10 were not issued.
  • Issued as par plans only in amounts over $5000
  • Cannot be issued as a rated plan
  • Issued from 1942 to 1966

Dividend options

  • Paid-up additions
  • Premium reduction
  • Cash
  • Accumulation on deposit

Non-forfeiture options

  • Paid up Extended Term

Benefits available

Total Disability Benefit

  • Issued from age 18 to 55.
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy.
  • Covers only total disability which has existed for a period of not less than 6 months.
  • Definition of disability - Any life insured who becomes disabled by means of bodily injury or disease occurring after payment of the first premium, but before the policy anniversary nearest clients 60th birthday that is prevented from performing any work for compensation or profit for a continuous period of 6 months or more.
  • Benefit does not apply if total disability is the result of intentionally self inflicted injuries, from war or from the hostile action of the armed forces of any country, from service in the military, naval or air forces of any country in a state of war or of armed conflict.

Accidental Death Benefit

  • Issued from age 15 to 55.
  • Maximum amount $25,000.
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy.

Source
Agents Manual - January, 1948
EOS, Sept, 2003

Preferred Security Fund Endowment
  • Years issued: 1952-1979
  • Issue ages: 15-50
  • Plan minimum for ages 15 to 33: $5,000 - then decreases yearly until age 50.
  • Par plan
  • Plan can be issued with a paid up at 65 option.
  • Once plan has been in force for 2 years, client can request a paid-up Endowment Assurance.
  • Once plan has been in force for 2 years, client can request paid-up Life Assurance based on non-forfeiture values.
  • Policy may be written with a Family Income. There were 2 types - Family Income Standard which provided a monthly income of $10 per thousand and Family Income Special which provided a monthly income of $15 per thousand.

Dividend options

  • Paid-up additions
  • Premium reduction
  • Cash
  • Accumulation on deposit

Non-forfeiture options

  • Paid up extended term

Benefits available

Total Disability Benefit

  • Issued from age 18 to 55.
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy.
  • Covers only total disability which has existed for a period of not less than 6 months.
  • Definition of disability- Any life insured who becomes disabled by means of bodily injury or disease occurring after payment of the first premium, but before the policy anniversary nearest clients 60th birthday that is prevented from performing any work for compensation or profit for a continuous period of 6 months or more.
  • Benefit does not apply if total disability is the result of intentionally self inflicted injuries, from war or from the hostile action of the armed forces of any country, from service in the military, naval or air forces of any country in a state of war or of armed conflict.

Accidental Death Benefit

  • Issued from age 15 to 55
  • Maximum amount $25,000
  • Benefit expires at the policy anniversary nearest clients 60th birthday or on maturity of the policy.

Source:
Sun Life plan manual, September 1952

Premier Life

Introduction

  • Par
  • Launched November 1996
  • Joint plans available
    • Joint First to die (Life and 20 Pay)
    • Joint Second to die (Life and 20 Pay)
  • Can be issued in Canadian or U.S. currency
    (If issued in U.S. currency, would not be protected under CompCorp and would receive a lower dividend than policies issued in Canadian dollars )

Issue limits

Issue Ages:

  • 0 to 80 - Life Pay
  • 0 to 70 - 20 Pay
  • 0 to 44 - Paid-Up at 65
  • 16 to 50 - Graded Premium

Rate Bands:

  1. $25,000 to 99,999
  2. $100,000 to 249,999
  3. $250,000 to 499,999
  4. $500,000 to 999,999
  5. $ 1,000,000 plus

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Conversion factors: semi-annual .52,  monthly .09
  • Policy Fees: $50.00 yearly
  • Guaranteed premiums
  • Premiums payable as follows:
    • Life Pay - premiums payable for life
    • 20 Pay - premiums payable for 20 years
    • Paid-up at age 65 - premiums payable to age 65
    • Graded Premium - lifetime premiums are graded for the first 10  policy years. Initial premium is set at 50% of the ultimate premium.
  • Male/female rates
  • Regular and preferred rates

Dividend options

  • Paid-Up additions (PUA)
  • Premium reduction
  • Cash
  • Accumulate on Deposit
  • Return of Guaranteed Cash Value - one year term equal to CSV at next anniversary with balance for PUA or PRO (issue ages 16 to 44)  Not available on new apps effective Jan, 2003
  • Return of Premium - one year term equal to total premiums paid (issue ages 16 to 44) Not available on new apps effective Jan, 2003

Cash Surrender Values

  • Guaranteed CSV's commencing on the third policy anniversary

Non-Forfeiture Options

  • Reduced Paid-up values available
  • Extended term insurance available
  • Automatic Premium Advance is the default option
  • Policy advances available upon request - 90% of total cash value

Riders and benefits

  • Accidental Death
  • 5 YRT (18 - 64)
  • 10 YRT (18 - 64)
  • Term to 65 (18 - 50)  (not available under 20 Pay plan)
  • Guaranteed Insurability (0 - 50)
  • Executive Guaranteed Insurability (25 - 60)
  • Total Disability Benefit - Waiver of Premium (0 - 55)
  • Child Insurance Benefit
  • Spousal Insurance Benefit  (18 - 50)
  • Family Insurance Benefit
  • Waiver of Premium (Allowed if no term and no family benefits)
  • Premium Death Benefit - Available on Joint Second-to-die policies
    • Upon the death of the life insured, the remaining premiums would be waived for the life of the policy.  (16 - 75)
  • Premium Payment Benefit - Available on Joint Second-to-die policies
    • Upon disability of the life insured or death during disability, the remaining premiums will be waived for the life of the policy. (16 - 55)

Other features

  • Enhancement Premium - available with Life Pay version only
    • premium buys combination of paid up additions and one-year term
    • 2 enhancement premium guarantees - ten years OR lifetime
    • enhancement premium is payable for life or until crossover, if earlier
    • the term portion of the enhancement amount may be converted in whole or in part to any eligible permanent insurance plan.
    • the Enhancement feature will cancel if the dividend option is changed, if dividends are withdrawn, if the enhancement premium is discontinued or upon full conversion of term insurance.
  • Plus Premiums
    • Plus premiums purchase paid-up additions
    • maximum calculated based on limits in the Income Tax Act to maintain tax exempt status
    • The PUA dividend option must be in effect for the Plus Premium feature to apply.
    • The Plus feature will cancel if the dividend option is changed or if the additional premium for the "Plus" is discontinued
    • Can no longer be added or increased after issue (Effective Jan, 2003)
    • Still available on new app (Effective Jan, 2003)
  • Joint Splitting Provision
    • Available if both lives are standard rating
    • Joint life coverage can be split into 2 policies without evidence
    • In the case of Second-to-die, proof is required of a legal separation or divorce
    • Single polices will have 50% of the initial face amount
    • New policies will be issued at current rates and attained ages.
  • Survivorship Insurance
    • Sun Life provides the survivor of a First-to-die policy with 31 days of convertible life insurance without charge.
  • Premier Client Bonus
    • The Premier Client Bonus pays the policyowner a bonus of 10% of the guaranteed cash value on the 15th anniversary of the policy and every 5 years after that.
Privilege Security Plan

Introduction

  • Permanent plan
  • Non-par
  • Offered to Sun Life clients in good standing only
  • Joint plans not available

Issue limits

  • Issue ages: 21 to 45
  • Sold by monthly premium amount, either $29.95 for females and $39.95 for males per month

Death benefit

  • Coverage is level to age 55
  • Initial death benefit is decided by the age of the insured
  • Death benefit reduces to 1/3 of this amount at age 55

Premiums

  • Guaranteed premiums
  • Level premiums
  • Premiums payable for life
  • Premiums payable monthly
  • Smoker/Non-smoker rates

Return of premiums

  • Should death occur before the policy anniversary following the Insured's 65th birthday, Sun Life will return 150% of all premiums paid, in addition to the death benefit payable

Cash Surrender Values

  • Guaranteed cash values

Non-forfeiture options

  • None

Withdrawals and loans

  • Loans are available
  • Withdrawals not allowed

Source:
Sun's Privilege Security User's Guide

Protective Life

Plan type: Life

Years issued: 1971-1979

Issued ages: 15-70

Par plan

  • Sun Protective Life is a Life plan with premiums payable for life.
  • This plan was known for its low premiums and cash values.

Source of information:
EOS September 2003

Security Fund Endowment at age 65

Plan type: Endowment

Years issued: 1952-1979

Issued ages: 15-50

Par

  • For this plan the endowment is equal to the total premiums payable under the policy, taken on an annual basis and excluding premiums for supplementary benefits and extra premiums. The Security Fund Endowment plan is similar to a traditional Endowment plan in that it pays the face amount on death prior to the endowment date.
  • It differs from a regular endowment because on the endowment date (specified in the contract), the premiums paid are returned. This amount is different from the face amount payable on death. In addition to the usual non-forfeiture benefits, the policy may continue as reduced paid-up Life. Evidence of Insurability is required. The difference between the endowment amount and the cost of the paid-up life insurance is refunded in cash.
  • On the endowment date, the policy may be converted to a paid-up life plan. A cash payment may be made in the same manner as under the special non-forfeiture benefit mentioned above.

Source of information:
EOS, September 2003

Senior Achiever

Introduction

  • Target the mature market
  • Participating whole life plan

Issue

  • Issue ages 40 to 80
  • Medical exam required to obtain maximum coverage
  • Doctor certificate of good health can be used to obtain coverage
  • Up to $250,000 at issue ages 41-60
  • $150,000 at ages 61-70
  • $50,000 at ages 71-80.

Premiums

  • Initial premiums rates guaranteed for the first 7 years. After which they may increase yearly but only up to the maximums stated in the contract.
  • Maximum premiums increase from years eight to 20 and remain level thereafter.
  • Policy fee - $30

Source:
Brochure May 1996

Special Plans

Plan type: Life

Years issued: 1951-1979

Issued ages: Same as non-special plan

Non-par plan

The word "special" was used for a number of years to identify a product as being non-participating. For example, the difference between a life plan and a special life plan is that the "special" plan had lower premiums and no dividends are available.

Source:
EOS, September 2003

Sun 50 Plus

Introduction

  • Permanent plan
  • Non-par
  • Joint plans not available

Issue limits

  • Issue ages: 50 to 75
  • Minimum face amount: $ 10,000
  • Maximum face amount: $ 25,000

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Guaranteed premiums
  • Level premiums
  • Premiums payable for life
  • Premiums payable annually, semi-annually, monthly
  • Male/female rates available
  • Smoker/non-smoker rates

Cash Surrender Values

  • Guaranteed CSVs

Non-forfeiture options

  • Automatic Premium Advance
  • Reduced paid-up

Withdrawals and loans

  • Loans are available
  • Withdrawals not allowed

Source of information
Sun 50 Plus User's Guide, dated May 1996

Sun 100 Whole Life

No longer available for sale - Apr/92

Introduction

  • Par

Issue limits

  • Issue ages:18 to 70
  • Minimum face amount: $ 100,000

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Conversion factors: semi-annual - .52, monthly - .09
  • Policy Fees: $42.50 yearly
  • Guaranteed premiums
  • Level premiums
  • Premiums payable for life
  • Male/female rates available
  • Regular and preferred non-smoker rates

Dividend options

  • Paid-up additions
  • Premium reduction
  • Cash
  • Accumulation on deposit
  • Special Maturity Dividend
  • One year term

Cash Surender Values

  • Non-guaranteed/Guaranteed CSVs

Non-forfeiture options

  • Reduced paid-up values available
  • Extended term insurance available
  • Automatic Premium advance

Riders and benefits

  • Accidental Death Benefit
  • 5 YRT
  • 10 YRT
  • Reducing Term (non-renewable) - 15, 20, 25 and 30 year terms
  • Term to 65
  • Guaranteed Insurability Benefit
  • Total Disability Benefit - Waiver of Premium
  • Child Insurance Benefit
  • Spousal Insurance Benefit
  • Family Insurance Benefit

Other features

  • Premium offset is available

Source:
Product brochure, issue date: Sept 90

Sun 100 Whole Life Plus

Introduction

  • Participating plan

Issue limits

  • Issue ages: 18 to 60
  • Minimum face amount: $ 100,000

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Premiums payable yearly, semi-annually, monthly.* The PLUS policy is a higher premium, higher dividend version of a basic policy of the same type. The increase in premium is used to fund a higher dividend scale. The higher dividends purchase paid-up insurance. The result is a more rapid and large accumulation of PUA.
  • Premiums payable for life Conversion factors: semi-annual .52, monthly .09
  • Policy fees: $42.50 yearly
  • Guaranteed premiums
  • Level premiums
  • Premiums payable for life
  • Unisex rates available
  • Regular and preferred non-smoker rates

Dividend options

  • Paid-up additions
  • Special Maturity Dividend

Cash Surrender Values

  • Non-guaranteed/Guaranteed CSVs

Non-forfeiture options

  • Reduced paid-up values available
  • Extended term insurance available
  • Automatic Premium advance

Riders and benefits available

  • Accidental Death - 18 - 55 years
  • 5 YRT
  • 10 YRT
  • Reducing Term (non-renewable) - 15 years (20 - 55), 20 years (20 - 50), 25 years (20 - 45), 30 years (20 - 40)
  • Term to 65 - 18 - 64 years
  • Guaranteed Insurability - 18 - 37 years
  • Total Disability Benefit - Waiver of Premium - 18 - 55 years
  • Child Protection - under age 18, at least one age 10 or under
  • Spousal Protection - 18 - 50 years
  • Family Insurance Benefits

Other features

  • Premium offset is available
  • Regular and preferred non-smoker rates on standard and substandard bases

Source:
Product brochures, issue date: April 1987 & Sep 1990

Sun 250 Whole Life

Product no longer available for sale - April 1992

Introduction

  • Participating policy

Issue limits

  • Ages: 18 to 70
  • Minimum face amount: $ 250,000

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Conversion factor(s): semi-annually = 0.52, monthly = 0.09
  • Policy fees: $42.50 yearly
  • Guaranteed premiums
  • Level premiums
  • Premiums payable for life
  • Male/female-regular and preferred non-smoker rates

Dividend options

  • Paid-up additions
  • Premium reduction
  • Cash
  • Accumulation on deposit
  • One Year Term (OYT) - must be requested at time of issue-must be ages - 18 - 55
  • One Year Term (OYT) - must be requested at time of issue-must be ages - 18 - 50 (18 to 40 for Graded Premium Life)
  • Special Maturity Dividend. (Available on most paticipating policies)
  • Dividends may be applied to a Sun Fund Deposit Annuity, subject to regulations, "Plus" and "Enhanced" versions are also available for some issue ages

Cash Surrender Values

  • basic plan CSVs guaranteed
  • reduced paid up values guaranteed
  • extended term values guaranteed

Non-forfeiture options

  • Reduced paid-up values
  • Extended term insurance available
  • Automatic Premium Advance

Riders and benefits

  • Accidental Death (issue ages 18 - 65)
  • 5 YRT (Issue ages 18 - 64)
  • 10 YRT (Issue ages 18 - 64)
  • Term to 65 (Issue ages 18 - 50)
  • Reducing Term (non-renewable)
  • 15 yrs (issue ages 20 - 55)
  • 20 yrs (issue ages 20 - 50)
  • 25 yrs (issue ages 20 - 45)
  • 30 yrs (issue ages 20 - 40)
  • Guaranteed Insurability (Issue ages 18 - 37)
  • Total Disability Benefit - Waiver of Premium (Issue ages 18 - 55)
  • Family Insurance Benefit-Child Protection (Issue ages under age 18, with at least one child age 10 or under)
  • Family Insurance Benefit-Spousal Protection (Issue ages- 18 - 50)
  • Spousal Insurance Benefit (Issue ages 18 - 50)
  • Waiver of Premium benefit (third Party) is also available provided there is not term benefit or family benefit

Special features

  • Premium offset available
  • 'Plus' and 'Enhanced' versions available for some ages
  • Policies issued below age 18 are charged regular rates, upon attaining age 18, on completion and Company acceptance of a non-smoker declaration, the premium rate will be reduced to the preferred non-smoker rate for the original issue age.

Source:
Product brochure, issue date: April 1988 and September 1990

Sun 250 Whole Life Plus

Introduction

  • Par
  • This is a higher premium/dividend version of Sun's 250 Whole Life plan.
  • Policy reverts to a basic policy of the same type if the dividend option is changed, if the additional premium for the "Plus" feature is discontinued, or if premium offset takes effect.

Issue limits

  • Issue ages: 18 to 60
  • Minimum face amount: $ 250,000

Death benefit

  • Coverage is level
  • Guaranteed death benefit

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • The increase in premium is used to fund a higher dividend scale. The higher dividends purchase paid-up insurance. The result is a more rapid and larger accumulation of PUA
  • Conversion factors: semi-annual .52, monthly .09
  • Policy Fees: $42.50 yearly
  • Guaranteed premiums
  • Level premiums
  • Premiums payable for life
  • Male/female rates available
  • Regular and preferred non-smoker rates

Dividend options

  • Paid-up additions
  • Special Maturity Dividend

Cash surrender values

  • Non-guaranteed on PUAs
  • Guaranteed CSVs on base plan

Non-forfeiture options

  • Reduced paid-up values available
  • Extended term insurance available
  • Automatic Premium advance

Riders and benefits

  • Accidental Death Benefit
  • 5 Year Renewable Term
  • 10 Year Renewable Term
  • Reducing Term (non-renewable) for 15, 20, 25 and 30 year terms
  • Term to 65
  • Guaranteed Insurability Benefit
  • Total Disability Benefit - Waiver of Premium ( This rider is not available if there is a term rider or Family Benefit)
  • Third Party Waiver of Premium
  • Child Insurance Benefit
  • Spousal Insurance Benefit
  • Family Insurance Benefit

Other features

  • Premium offset is available

Source:
Product brochure, issue date September 1990

Sun Life Whole Life & Whole Life Plus

Introduction

  • Par

Issue Limits

  • Issue Ages:
    • Whole Life- 0 to 70
    • Whole Life Plus- Ages 0 to 60.
  • Minimum Face Amount: Whole Life- $ 10,000
    • Whole Life Plus- ages 0 to 10-$10,000
    • Whole Life Plus- ages 11 to 60-$25,000

Death Benefit

  • Coverage is level.
  • Guaranteed death benefit.

Premiums

  • Premiums payable yearly, semi-annually, monthly.
  • Conversion factor(s): semi-annual- .52, monthly- .09.
  • Policy Fees: $42.50 yearly.
  • Guaranteed premiums. (Whole Life Plus premiums will be higher).
  • Level premiums.
  • Premiums payable for life . (Additional premium for "Plus" feature is payable for life or until Premium Offset elected.)
  • Male/Female- Regular and preferred non-smoker rates.

Dividend Options

  1. Paid-up additions
  2. Premium Reduction
  3. Cash
  4. Accumulation on deposit
  5. One Year Term (OYT)- must be requested at time of issue-must be ages- 18 - 55
  6. One Year Term (OYT)- must be requested at time of issue-must be ages- 18 - 50. (18 to 40 for Graded Premium Life).
  7. Special Maturity Dividend. (Available on most participating policies)

Cash Surrender Values

  • Basic Plan cash values guaranteed.
  • Reduced paid-up values guaranteed.
  • Extended Term values guaranteed.

Non-Forfeiture Options

  • Reduced Paid-up values available.
  • Extended term insurance available.
  • Automatic Premium Advance.

Riders And Benefits

  • Accidental Death- Issue ages- 0 - 65.
  • 5 YRT & 10 YRT
    • Whole Life- Issue ages- 0 - 64
    • Whole Life Plus- Issue ages- 18 - 60
  • Term to 65- Issue ages- 18 - 50
  • Reducing Term (non-renewable)
    • 15 yrs- issue ages 20 - 55
    • 20 yrs- issue ages 20 - 50
    • 25 yrs- issue ages 20 - 45
    • 30 yrs- issue ages 20 - 40
  • Guaranteed Insurability - Issue ages- 0 - 37
  • Total Disability- Waiver of Premium- Issue ages- 0 - 37- (Also available Third Party provided there is no term benefit or family benefit).
  • Spousal Insurance Benefit- Issue ages- 18 - 50
  • Family Insurance Benefit-Spousal Benefit- Issue ages- 18 - 50.
  • Child's Benefit- Issue ages - Under age 18 with at least one child age 10 or under.

Other Features

  • Whole Life - Premium offset available:
    • age 0 to 44 min $25,000
    • age 45 to 49 min $20,000
    • age 50 to 59 min $15,000
    • age 60 to 70 min $10,000
  • Whole Life Plus- no age restrictions or benefit amount restrictions listed.
  • Policies issued under age 18 are charged regular rates. Upon attaining age 18, on completion and acceptance
    of a non-smoker declaration, the premium rate will be the preferred non-smoker rate for the original issue age.

Source Of Information

  • Product Brochures, issue date: April, 1988 & Sept 1990
Sun Limited Pay Life

Sold between May 2005 and December 31, 2016
Replaced by SunUniversalLife II on January 1, 2017

Rates

Looking for information about Changes to Sun Universal Life and Sun Limited Pay Life pricing?

Target client profiles: Sun Limited Pay Life is ideal for families and juveniles or for estate and financial planning. Sun Limited Pay Life is suited to clients who want a guaranteed minimum payment for a guaranteed period of time, or clients who want to invest additional funds to increase their death benefit or tax-deferred savings growth.

Selling features: Sun Limited Pay Life provides the ability to guarantee coverage by making required payments over a chosen period of time with the option to take advantage of tax- deferred growth with investment accounts. Features include: payment to age 65, a child term benefit option, guaranteed insurability benefit, and a long-term managed portfolio account which offers a diversified pool of assets, stable returns , and a guaranteed minimum interest rate.

PDFs

Statements

Sample policy pages

The following policy wording is provided solely for your convenience and reference. It is incomplete and reflects only some of the general provisions that may be found in some of our insurance policies. We periodically make changes to policy wording and therefore this incomplete sample may not duplicate the wording of any actual issued policy. It is not to be construed or interpreted in any manner as a contract or an offer to contract. The actual policy issued to any given client will govern that relationship.

Sun Par Accumulator

Sold between June 28, 2010 and December 31, 2016
Replaced by Sun Par Accumulator II on January 1, 2017

Target client profiles:  Sun Par Accumulator may be ideal for clients looking for the comfort of early cash values coupled with the benefits of long-term growth. It may be ideal for pre-retirees looking for estate protection combined with cash value they can access throughout their lifetime.

Selling features: Sun Par Accumulator is a participating permanent life insurance policy that offers two guaranteed premium payment options, four dividend options and a variety of optional benefits.

PDFs

Sample policy pages

The following policy wording is provided solely for your convenience and reference. It is incomplete and reflects only some of the general provisions that may be found in some of our insurance policies. We periodically make changes to policy wording and therefore this incomplete sample may not duplicate the wording of any actual issued policy. It is not to be construed or interpreted in any manner as a contract or an offer to contract. The actual policy issued to any given client will govern that relationship.

Sun Par Protector

Sold between June 28, 2010 and December 31, 2016 
Replaced by Sun Par Protector II on January 1, 2017  

Target client profiles: Sun Par Protector may be ideal for clients looking for estate protection, an opportunity for long-term, tax-preferred cash value growth or ways to enhance their cash flow during their retirement years.

Selling features: Sun Par Protector is a participating permanent life insurance policy that offers three guaranteed premium payment options, five dividend options and a variety of optional benefits.

PDFs

Sample policy pages

The following policy wording is provided solely for your convenience and reference. It is incomplete and reflects only some of the general provisions that may be found in some of our insurance policies. We periodically make changes to policy wording and therefore this incomplete sample may not duplicate the wording of any actual issued policy. It is not to be construed or interpreted in any manner as a contract or an offer to contract. The actual policy issued to any given client will govern that relationship.

Survivor Income Protection

Introduction

  • Available from 1980-1984
  • This policy will provide a secure source of monthly income to maintain a acceptable standard of living. Typical monthly expenditures such as rent, mortgage, utilities and living expenses can be easily related to Survivor Income. The death benefit on this plan can also be taken as a escalating annuity to help meet increases in the costs of these monthly expenses.

Issue ages

  • 20-45
  • Issue age plus term of policy may not exceed age 80.

Term

  • Coverage periods of 20, 25, 30, 35, 40 years and till age 65 are available.

Minimum size

  • 10 units or $100 monthly income

Conversions

  • A conversion privilege, subject to an extra premium could be added.

Premiums

  • Choice of level or graded
  • Under graded option, basis initial premium was 77 1/2% of the ultimate, increasing by 2 1/2% for 9 years until the 10th year.

Death benefit

  • Initial income increases by 3%, compounded annually, for each completed year at time of death.
  • After income starts, it will again increase by 3%, compounded annually at the end of each year, as measured by date of death.
  • Income will be paid for the Survivor Income Term, less the completed policy years at the date of death.
  • Minimum payout period is 10 years.

Non-forfeiture option

  • Automatic Premium Advance

Dividends

  • Participating Term Insurance
  • Dividend Options 1 - 4 are available on this plan
  • Option 1 is paid up endowment at maturity

Available riders

  • 5 YRT
  • Total Disability Benefit
  • Accidental Death Benefit
  • Guaranteed Insurability Benefit

Source of information:
Hard copy paper, dated July, 1, 1982

Whole Life Non-Par Paid Up at 98

Plan type: Life - non-par

Years issued: 1982-1991

Issued ages: 50-70

  • Premiums payable to age 98.
  • Policy amounts between $50,000 and $99,999 are available.
  • Cash values are the same for males and females, regualr or preferred non smoker.
  • No benefits or riders available
  • Non-forfeiture options are Automatic Premium Advance and Reduced Paid Up.
  • Total Disability Benefit not available on this plan.
  • Accidental Death Benefit not available on this plan.
  • Guaranteed Insurability Benefit not available on this plan.
  • Waiver of premium on death or disability not available on this plan.

Source of information
Sun Life Binder - March 15, 1987
Brochure - 01/88

Term insurance

Joint Reducing Term

Introduction

  • covering 2 lives, designed to insure outstanding balance on loans or mortgages written at a 20% interest rate. For lower rates, the death benefit will be more than the outstanding balance.
  • Benefit is payable on the first death
  • Length of term: 15, 20, 25, or 30 years
  • non-par
  • non-convertible

Issue limits

  • Issue ages: each life must be at least 20 and the protection period plus the age of the older of the two lives cannot exceed 70
  • Minimum face amount: $ 25,000

Death benefit

  • Coverage is decreasing every anniversary
  • Death benefit payable at time of death
  • Interpolation is used to calculate the death benefit applicable at death between policy anniversaries
  • Death benefit is never less than 20% of the initial coverage

Premiums

  • Moderately impaired lives may be considered with an extra premium. These extra premium would be payable:
    • for 9 years on a 15 year protection plan
    • for 12 years on a 20 year protection plan
    • for 15 years on a 25 year protection plan
    • for 18 years on a 30 year protection plan
  • Premium is guaranteed and payable yearly, semi-annually or monthly for the full protection period
  • Policy fee = $55
  • Various rate combinations available according to smoker status and sex of each partner: i.e. Female NS & Female NS = factor .50. Male NS & Female S = factor .75 etc. (See chart in brochure)

Riders and benefits available

  • Total Disability Benefit - Waiver of Premium (covering both lives)
  • Rider rate is multiplied by the same factor as base plan

Source
Product brochure, issue date: April 1987 but still current as of March 1991
Product brochure is still applicable as of October 1995

Mortgage Protection

Plan type: Term

Years issued: 1970-1982

Issued ages: 20-55

Non-par plan

  • Mortgage Protection is a decreasing term plan for 15, 20, 25 or 30 year terms.
  • Premiums are payable for the entire term.
  • The death benefit decreases each year based on a schedule outlined in the policy, however it will never be less than 20% of the initial death benefit.
  • The policy may be converted on an attained age basis to a current life plan. Conversion without evidence of insurability must take place 5 years before the end of the term.
  • Accidental death benefit not available on this plan.
  • Guaranteed Insurability Benefit not available on this plan.

Source of information:
EOS, September, 2003

Reducing Term

Introduction

  • Coverage designed to insure outstanding balance on loans or mortgages written at a 20% interest rate. For lower rates, the death benefit will be more than the outstanding balance.
  • Length of Term 15 - 30 years depending on issue age
  • non-par
  • Convertible without evidence prior to 5 years before the end of the protection period. Amount available for conversion is the death benefit at the date of conversion. Any ratings and extras would be continued in the converted policy.
  • Available as a plan or benefit
  • Benefit (or rider) is available on all life insurance plans except:
    • Adjustable Life
    • Joint Estate
    • Whole Life Non-par
    • Term Plans
    • Plans with Waiver of Premium or Disability
    • Plans with Term Benefits (except SIB, FIB, CIB)

Issue limits

  • coverage available:
    • issue age 20 - 55 - protection period 15 years
    • issue age 20 - 50 - protection period 20 years
    • issue age 20 - 45 - protection period 25 years
    • issue age 20 - 40 - protection period 30 years
  • Minimum face amount: $ 25,000
  • Maximum initial coverage under a Reducing Term Benefit (rider) is limited by the size of the basic policy as follows:
    • protection period 15 years = max benefit per $1000 basic = $4400
    • protection period 20 or 25 years = max benefit per $1000 basic = $5500
    • protection period 30 years = max benefit per $1000 basic = $6100

Death benefit

  • Coverage is decreasing
  • Death benefit between anniversaries found by interpolation
  • Death benefit is never less than 20% of the initial coverage

Premium

  • Moderately impaired lives may be considered with an extra premium. These extra premium would be payable:
    • for 9 years on a 15 year protection plan
    • for 12 years on a 20 year protection plan
    • for 15 years on a 25 year protection plan
    • for 18 years on a 30 year protection plan
  • Premium is guaranteed and payable yearly, semi-annually or monthly for the full protection period
  • Policy fee = $55

Riders and benefits

  • Total Disability Benefit - Waiver of Premium (covering both lives)

Source of information
Product brochure, issue date: April 1987

Yearly Renewable Term

Introduction

  • Non-par
  • Renewable: to age 75 without evidence of insurability
  • Convertible: prior to the anniversary following the insured's
  • 65th birthday without evidence of insurability

Issue limits

  • Issue ages: 18 to 64
  • Minimum Face Amount: $ 25,000
  • rates are not banded

Death benefit

  • Coverage is level

Premiums

  • Premiums are guaranteed
  • Premiums payable yearly, semi-annually, monthly
  • Conversion factor: semi-annually 0.52 and monthly 0.09
  • Policy Fee: $ 55 per year for policy
  • Smoker/non-smoker rates available
  • Male/Female rates available

Riders and benefits available

  • Accidental Death - ages 18 - 64
  • Waiver of Premium - ages 18 - 55
  • Guaranteed Insurability - ages 18 - 37
  • Rates for Accidental Death and Waiver of Premium are the same for male/female and smoker/non-smoker

Source
Company rate book, issue date: April 87 (still current as of March 91)
Company brochure, still current as of January 1995

5 Year Renewable Term

Source of information

  • Company rate book, issue date: Sept 1989 but still current as of March 1991
  • Company rate card, issue date: May 1994, received October 1995
  • LifeGuide Newsletter: February 1998
Introduction
  • Length of term: renewable every 5 years
  • Non-par
  • Renewable: to age 75 without evidence of insurability
  • Convertible: prior to the insured's age 65 without evidence of insurability
  • Any ratings and extra premiums will be continued on renewal or conversion
  • Available as a policy or benefit rider

Issue limits

  • Issue ages: 18 - 64 for plan and benefit
  • Rate bands
    • Band 1 $ 25,000 to $ 99,999 (Benefit only)
    • Band 2 $ 100,000 and over
  • Minimum face amount on policy is $ 100,000

Death benefit

  • Coverage is level

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Conversion factor: semi-annual = .52 monthly = .09
  • Policy fee: $ 75 / year for policy
  • $ 0/year for benefit
  • Rates are the same for both the plan and benefit
  • Renewal Rates are guaranteed
  • Smoker/non-smoker rates available
  • Male/female rates available

Riders and benefits available

  • Accidental Death - ages 18 - 69
  • Total Disability Benefit Waiver of Premium - ages 18 - 60
  • Guaranteed Insurability
  • Rates for AD and TDB-WP are reset each renewal at attained age rates. Rates are the same for male/female, smoker/non-smoker
  • GIB premiums remains level at the rate at issue
10 Year Renewable Term

Introduction

  • Length of term: renewable every 10 years
  • Non-par
  • Renewable: to age 75 without evidence of insurability
  • Convertible: prior to the insured's age 65 without evidence of insurability
  • Any ratings and extra premiums will be continued on renewal or conversion
  • Available as a policy or rider

Issue limits

  • Issue ages: 18 - 64 for plan and benefit
  • Rate bands:
    • Band 1 $ 25,000 to $ 99,999 (benefit only)
    • Band 2 $ 100,000 and over
  • Minimum face amount on policy is $ 100,000

Death benefit

  • Coverage is level

Premiums

  • Premiums payable yearly, semi-annually, monthly
  • Conversion factor: semi-annual = .52 monthly = .09
  • Policy fee: $ 75 /year for policy and $ 0 /year for benefit
  • Rates are the same for both the plan and benefit
  • Renewal rates are guaranteed
  • Smoker/non-smoker rates available
  • Male/female rates available

Conversion credit

For policies issued February 12, 1996 to July 08, 2001

  • When the term insurance has been in force for at least 5 years, a conversion credit will apply to the new policy as follows:
    • On full conversion of life insurance, the credit will be equal to the amount of basic term policy or term benefit premium paid for the term insurance over the previous 12 months.
    • On partial conversion of life insurance, the credit will be prorated based on the proportion of the term insurance converted.

Riders and benefits available

  • Accidental Death - ages 18 - 69
  • Total Disability Benefit Waiver of Premium - ages 18 - 60
  • Guaranteed insurability
  • Rates for AD and WP are reset each renewal at attained age rates. Rates are the same for male/female, smoker/non-smoker
  • GIB premiums remains level at the rate at issue

Source of information

Company rate book, issue date: Sept 1989 but still current as of March 1991
Company rate card, issue date: May 1994, received October 1995
LifeGuide Newsletter: February 1998

Term to 65

Introduction

  • This non-participating term insurance provides convertible plan or rider coverage to age 65. The Term to 65 product is also available as a non-convertible plan for group conversions.
  • Effective July 2001, available as a term rider only and for group conversions only. If it is a rider, it will be cancelled when the basic policy becomes Reduced Paid-Up or goes under Extended Term.
  • Term to 65 plan and riders are not available with other term insurance (except family benefits) nor as a benefit on plans with third party Waiver of Premium on Death and/or Disability (third party).
  • The issue ages are 18 to 50. The plan and rider minimum face amount will vary by distribution channel. The maximum limit for plans and riders are the Company's retention limits.
Rate bands

Band face amounts

  1. $25,000 to $99,999
  2. $100,000 to $249,999
  3. $250,000 to the Company's limits
  • The premium rates and coverage are guaranteed. A $75.00 policy factor is applicable to the term plan only. Annual premiums per $1,000 are the same for both the plan and rider.
  • Regular and preferred rates, on standard and substandard bases are available. Any substandard rating will continue on renewal or conversion.
  • For group conversions, the premium rates to apply are equal to 97% of the current rate rates.

Convertibility

  • Coverage is convertible on an attained age basis to any eligible life plan without evidence of insurability, prior to the insured's 65th birthday. Total Disability Benefit (TDB) may be included in the new policy without evidence if it was included in the original policy. Any Accidental Death Benefit (ADB) or Guaranteed Insurability Benefit (GIB) discontinued in the original coverage because of the conversion may be included in the new policy without evidence, subject to the Company's limits.

Conversion credit (Available on policies issued on or after February 1996)

  • For a conversion made on or after the 5th policy anniversary, the Company will give a discount from its regular premium rates for the new policy during its first year, subject to the following conditions:
  1. If the full amount of term insurance for this policy is converted, the discount will be the sum of the premiums paid on this policy in the 12-month period immediately preceding the date of conversion.
  2. If less than the full amount of term insurance is converted, the discount will be that percentage of a full conversion discount that corresponds to the percentage being converted.
  3. The discount applies only to the first $1,000,000 converted, in one or more conversions, from the policy.
Benefits

Accidental Death Benefit (ADB)

  • Issue ages are 18 to 50 and premiums are payable to age 65.
  • Pays an additional benefit if the life insured dies as a result of an accident as follows:
  1. before the life insured's 70th birthday,
  2. after age 5,
  3. within one year of the accident, and
  4. independently of disease, or medical or surgical treatment.
  • Premium rates are independent of sex and smoking habits. Premium rates are based on attained age and renew at the end of the selected term along with source policy.
  • Minimum benefit is $25,000. The amount of the rider may be less than or equal to the face amount of the basic policy.

Guaranteed Insurability Benefit (GIB)

  • Issue ages are 18 to 37 and premiums are payable to age 45 or when an election is made at age 44 or 45
  • Minimum benefit is $25,000. Maximum amount of GIB is subject to two limitations:
  1. The benefit cannot exceed $50,000, less the sum of GIB amounts in force under earlier policies on the same insured.
  2. The maximum benefit may be any amount up to the face amount of the basic policy, subject to the maximum outlined in the first limit.
  • This benefit permits additional insurance to be purchased on the life insured without evidence of insurability. The additional policy may be any single life permanent plan, subject to the Company's normal minimums for such plans. The first premium is due and must be paid on the effective date that is the date the application is signed. The premium rate and policy will be those in effect on the effective date.
  • The first election can be made any time after two years from date of issue, but no earlier than age 24. Subsequent elections can be made at any time provided two years have passed since the last election, and no later than age 45.
  • Additional benefits are available subject to evidence of insurability. If TDB is included in the original policy, it may be included in a new policy having premiums payable for life without evidence. If a TDB claim is in effect under the original policy, premiums on an additional policy elected under GIB will be waived if that policy has premiums payable for life.
  • Premium rates are independent of sex and smoking habits. Premium rates are based on attained age and renew at the end of the selected term along with the source policy. When TDB is included in the basic policy, there is an additional TDB premium for the GIB.

Total Disability Benefit (TDB)

  • Issue ages are 18 to 50 and premiums are payable to age 60.
  • This benefit provides for the waiver of all premiums due during a period of total disability that begins before age 60 and continues for at least six months. Total disability must be continuous and means the inability of the life insured to carry on his or her own occupation during the first two years of disability and any occupation thereafter. Any due premiums paid within the first six months of disability will be refunded. Total disability lasting less than six months, or resulting from self-inflicted injuries or from hostile actions of armed forces, is excluded.
  • Premium rates depend on sex and smoking habits. Premium rates are based on attained age and renew at the end of the selected term along with the source policy. Available on a regular, preferred, and substandard basis. TDB may be rated or refused even if the basic plan is standard.

Source of information

Eos, January 2004

Term 100

Introduction

Sun Life's T100 product was adapted to the needs of a very competitive marketplace. Thanks to the benefits and the protection it offered and to the minimal requirements in terms of administration, it became an option for clients who wanted more for less. Whether they wanted to protect their investments or benefit from a solid insurance coverage despite having limited resources, the T100 was the solution. SunTerm 100 is a non-participating life plan with a level guaranteed premium and guaranteed death benefit; it was available as a single life policy or as joint coverage (either first or last to die). This product was only offered in Canada, it wasn't sold in Bermuda.

Premium payment options

  • Determined at the time of issue by selecting one of the following options:
    • Advantage 100 reflects a lower level guaranteed premium; it is constant and payable until the insured's 100th birthday
    • Advantage 20 reflects a higher level guaranteed premium for 20 years after which no further premiums are payable
    • Advantage 10 reflects a higher level guaranteed premium for 10 years after which no further premiums are payable

Issue limits

  • Advantage 100 40 to 75 male/female regular and preferred (non-smoker)
  • Advantage 20 20 to 75 male/female regular and preferred (non-smoker)
  • Advantage 10 20 to 75 male/female regular and preferred (non-smoker)
  • SunTerm 100 premium rate bands are:
    • Band 1 for amounts of $50,000 to $99,999 (not available for brokers)
    • Band 2 for amounts of $100,000 to 249,999
    • Band 3 for amounts of $250,000 to the Company's retention limits
  • Minimum issue limit for advisors
    • Advantage 100
      • issue age 40 to 49, $250,000 (single) $ 100,000 (joint)
      • issue age 50 to 59, $100,000 (single) $ 100,000 (joint)
      • issue age 60 to 75, $50,000 (single) $100,000 (joint)
    • Advantage 20
      • issue age 20 to 49, $50,000 (single) $ 100,000 (joint)
      • issue age 50 to 75, $50,000 (single) $ 100,000 (joint)
    • Advantage 10
      • issue age 20 to 49, $50,000 (single) $ 100,000 (joint)
      • issue age 50 to 75, $50,000 (single) $100,000 (joint)

Plan features

  • Advantage 100, Advantage 20 and Advantage 10 policies become fully paid-up life at the end of the specified premium paying period at which time Cash Values will emerge
  • Cash Values will never exceed the Death Benefit Amount and any amounts surrendered are subject to tax to the extent they exceed the policy's Adjusted Cost Basis
  • Policies will not reflect any non-forfeiture provisions, are non-convertible and may be owned by a third party
  • Substandard issues will be expressed as a specified dollar mortality extra; age ratings are not permitted
  • For Advantage 100 cases, the policy can be taken in cash at age 100 (taxes may be applicable) or the policy can remain as paid-up life until death
  • For Advantage 20 cases, after 20 years of premium payment the policy becomes paid-up life and remains so until death
  • For Advantage 10 cases, after 10 years of premium payment the policy becomes paid-up life and remains so until death
  • Cash advances are available if there are sufficient Cash Values present in Advantage 20 and Advantage 10

Benefit availability

Benefit Issue age Single Life Joint 1st Dth Joint 2nd Dth

TDB - WP

40 - 55 Y Y Y *1

ADB

40 - 65 Y N N

5/10 YRT

40 - 64 Y N N

WPDIS *2

20 - 55 Y N N

WPDTH *2

20 - 60 Y N N

PPB

40 - 55 N N Y *4

PDB

40 - 75 N N Y *4

* 1. TDB - WP on one or both lives is available only with PDB
* 2. available only on owners
* 3. joint life benefits can be on one or both lives
* 4. PPB & PDB are not available in combination on the same life

Additional benefit information

  • For Advantage 20, benefit premiums will not be payable after 20 years
  • Except for ADB, Advantage 20 benefit coverages will never exceed 20 years

Cash values

  • Advantage 100: Cash values will be equal to the basic Death Benefit at the policy premium termination date
  • Advantage 20: Guaranteed Cash Values will emerge at the 20th policy anniversary and increase yearly until they equal the basic Death Benefit at the life insured's 100th birthday
  • Advantage 10: Guaranteed Cash Values will emerge at the 10th policy anniversary and will increase yearly until they equal the basic Death Benefit at the life insured's 100th birthday

Policy fee

  • The policy factor for Advantage 100, 20 and 10 is $75.00

Taxation

  • Advantage 100, 20 and 10 are tax-exempt life insurance plans
  • Death Benefits are paid tax-free to the designated beneficiary
  • Cash Values, if withdrawn, are taxable to the extent at which they exceed the policy's Adjusted Cost Basis

Source:
Eos, September 2003

Universal life insurance

SunUniversalLife

Sold between January 1, 2003 and December 31, 2016
Replaced by SunUniversalLife II on January 1, 2017

Rates

Target client profiles: SunUniversal Life may be ideal for individuals who have maximized their RRSP's, business owners looking to maintain the value of their business, and parents or grandparents who want to provide for children or grandchildren.

Selling features: SunUniversal Life provides permanent protection to meet long-term insurance needs along with the opportunity for tax-deferred growth in savings. Other features include a unique cost of insurance discount, investment bonus, and early death benefit on joint last-to-die policies.

PDFs

Investment account fact sheets

Statements

Sample policy pages

The following policy wording is provided solely for your convenience and reference. It is incomplete and reflects only some of the general provisions that may be found in some of our insurance policies. We periodically make changes to policy wording and therefore this incomplete sample may not duplicate the wording of any actual issued policy. It is not to be construed or interpreted in any manner as a contract or an offer to contract. The actual policy issued to any given client will govern that relationship.

Sun UL policy amendments

Sun UL policy amendment effective November 2007

Clients who purchased their SunUniversalLife (Sun UL) insurance policy before January 1, 2004 can now choose to add accounts based on the performance of managed funds to their investment account options.

Sun UL policy amendment effective April 2006

Policyholders who purchased SunUniversalLife (Sun UL) between January 1, 2004 and November 18, 2005, will receive a policy amendment which gives them the choice of adding managed accounts to their list of available investment account options.

Health insurance

Critical illness insurance - 25 illness product sold from September 17, 2012 - October 1, 2017

Features and benefits

Adult plan

Child plan

Issue ages Issue amounts

  • 18 - 65
  • $25,000 - $2,500,000
    • Amounts over $2,000,000 require a special illustration
  • 30 days - 17 years
  • $25,000 - $1,000,000
    • Amounts over $250,000 require a special illustration

Plan types available

  • T10, T75 and T100

Limited payment options

  • 10 pay: T100
  • 15 pay: T75, T100

Age at expiry

  • T10, T75 - policy anniversary nearest age 75
  • T100 - does not expire; policy is paid up at the policy anniversary nearest age 100 and coverage continues

Conversion option

  • T10 can convert to T75 or T100 until the policy anniversary nearest age 65
  • Group 2 illnesses are included (15% up to a maximum of $50,000)
  • ABI and LOIE are only included if they were on the original policy
  • ROPD benefits carry over to the new policy
  • ROPC/E benefit amount carries over to the new policy
  • ROPC/E can be added without evidence

25 covered illnesses - full benefit payout

  • Cancer
  • Heart attack
  • Stroke
  • Coronary artery bypass surgery
  • Acquired brain injury
  • Alzheimer's disease
  • Aortic surgery
  • Aplastic anemia
  • Bacterial meningitis
  • Benign brain tumour
  • Blindness
  • Coma
  • Deafness
  • Heart valve replacement
  • Kidney failure
  • Loss of limbs
  • Loss of speech
  • Major organ failure on waiting list
  • Major organ transplant
  • Motor neuron disease
  • Multiple sclerosis
  • Occupational HIV infection
  • Paralysis
  • Parkinson's disease
  • Severe burns

5 covered childhood illnesses - full benefit payout
Coverage for childhood illnesses ends on the date of the insured person's 24th birthday

  • Not applicable
  • Cerebral palsy
  • Congenital heart disease
  • Cystic fibrosis
  • Muscular dystrophy
  • Type 1 diabetes mellitus

Loss of independent existence (LOIE) - full benefit payout

  • Optional benefit for adult plan - Issue ages: 18 - 65
  • Automatically included in child plans

4 partial payout illnesses - 15% up to $50,000 on each

  • Partial claims do not reduce the face amount
  • One claim is permitted for each illness
  • Cancer - ductal carcinoma in situ of the breast
  • Cancer - stage 1A malignant melanoma
  • Cancer - stage A (T1a or T1b) prostate cancer
  • Coronary angioplasty

Return of premium on death (ROPD)

  • Optional benefit
  • Issue ages: 30 days - 65 years

Return of premium on cancellation or expiry (ROPC/E)

  • Optional benefit
  • Lifetime plans
    • ROP after 15 years
      • Issue ages: 18 - 60
    • ROP at age 65 years
      • Issue ages: 18 - 49
  • Limited pay plans
    • ROP after 15 years
      • Issue ages: 18 - 60
  • Lifetime plans
    • 75% ROP at the later of age 25 or the 15th policy anniversary.
    • Remaining returnable premiums on cancellation at the later of age 40 or the 30th policy anniversary
  • Limited pay plans
    • ROP after age 35

Long-term care (LTC) conversion option

  • Optional benefit
  • Issue ages 18 - 50
  • Must also select LOIE
  • Available for standard risks
  • Not available on limited pay plans
  • May apply between policy anniversary nearest age 18 and policy anniversary nearest age 19.
  • Weekly LTCI benefit = CII amount being converted 200
  • The maximum amount of Sun Critical Illness Insurance (CII) that may be converted is $250,000 per insured person. This provides a weekly LTCI benefit of $1,250.
  • Conversion is available once during the 5 policy years that start on the policy anniversary nearest the insured person's 60th birthday.

Disability waiver benefit

  • Optional benefit
  • Issue ages: 18 - 55
  • Not available

Smoking status

  • Occasional large cigar use may qualify the insured as a non-smoker.
  • Smoker rates begin on the policy anniversary nearest the insured person's 18th birthday.
  • The owner can apply for non-smoker rates on or after the policy anniversary nearest the insured person's 17th birthday.

Best Doctors® services

  • Included
Critical illness insurance - 24 illness product sold from January 26, 2009 - September 16, 2012

Features and benefits

Adult plan

Child plan

Issue ages
Issue amounts

  • 18 - 65
  • $50,000 - $2,000,000
  • 30 days - 17
  • $50,000 - $1,000,000 (special requirements for amounts above $250,000)

Plan types available

  • T10, T75 and T100

Limited payment options

  • 10 pay - T100
  • 15 pay - T75, T100

Age at expiry

  • T10, T75 - age 75
  • T100 - does not expire; policy is paid up at age 100 and coverage continues

Conversion option

  • T10 can convert to T75 or T100
  • Group 2 illnesses are included (15% up to a maximum of $50,000)
  • ABI and LOIE are only included if they were on the original policy
  • ROPD benefits carry over to the new policy
  • ROPC(E) benefit amount carries over to the new policy
  • ROPC(E) can be added without evidence

24 covered illnesses - full benefit payout

  • Alzheimer's disease
  • Aortic surgery
  • Aplastic anemia
  • Bacterial meningitis
  • Benign brain tumour
  • Blindness
  • Cancer
  • Coma
  • Coronary artery bypass surgery
  • Deafness
  • Heart attack
  • Heart valve replacement
  • Kidney failure
  • Loss of limbs
  • Loss of speech
  • Major organ failure on waiting list
  • Major organ transplant
  • Motor neuron disease
  • Multiple sclerosis
  • Occupational HIV infection
  • Paralysis
  • Parkinson's disease
  • Severe burns
  • Stroke

2 additional illnesses - full benefit payout

  • Loss of independent existence (LOIE) and acquired brain injury (ABI)
  • Optional benefit for adult plan; automatically included in child plan
  • Sun Life Financial is the only carrier in Canada offering coverage for ABI

5 covered childhood illnesses - full benefit payout

  • Not applicable
  • Cerebral palsy
  • Congenital heart disease
  • Cystic fibrosis
  • Muscular dystrophy

Coverage for childhood illnesses ends on the date of the insured person's 24th birthday

  • Not applicable
  • Type 1 diabetes mellitus

4 partial payout illnesses - 15% up to $50,000 on each

  • Partial claims do not reduce the face amount
  • One claim is permitted for each illness
  • Cancer - ductal carcinoma in situ of the breast
  • Cancer - stage 1A malignant melanoma
  • Cancer - stage A prostate cancer
  • Coronary angioplasty

Return of premium on death (ROPD)

  • Available on all plan types
  • Optional benefit

Return of premium on cancellation (or expiry) - ROPC(E)

  • Available on all plan types
  • Can be added at conversion
  • Lifetime plans
    • 100% ROP after 15 years
    • 100% ROP at age 65
  • Limited pay plans
    • 100% ROP after 15 years
  • Lifetime plans
    • Automatic 75% return at age 25
    • Remaining and accumulated premiums on cancellation after age 40
  • Limited pay plans
    • 100% ROP after age 35

Long term care (LTC) conversion option

  • Optional benefit
  • Must also select LOIE and ABI
  • Available for standard risks
  • Not available on limited pay plans
  • Optional benefit
  • May apply between policy anniversary following age 18 and policy anniversary following age 19

Weekly LTC benefit = CII amount being converted
200

  • The maximum amount of Sun CII that may be converted is $250,000, providing a maximum weekly LTC benefit of $1,250

Disability waiver benefit

  • Optional benefit
  • Not available

Smoking status

  • Occasional large cigar use may qualify the insured as a non-smoker.
  • Smoker rates begin on the policy anniversary following the insured person's 18th birthday
  • The owner can apply for non-smoker rates on or after the policy anniversary following the insured person's 17th birthday

Best Doctors® services - unlimited access

  • Includes unlimited service to spouse and dependent children
  • Services are not limited to illnesses and conditions covered under the policy
  • Services may be accessed without diagnosis of a covered illness or proof of a claim
  • Services include: InterConsultation, FindBestDoc, FindBestCare and Best Doctors 360°
Critical illness insurance - 24 illness product sold from January 23, 2006 - January 26, 2009

Plan:

Sun Life Financial Critical Illness Insurance plan - 24 illnesses

Introduced:

January 23, 2006

Plan types:

  • Term 10 (T10) - 10 year renewable premiums every 10 years until the policy ends at the policy anniversary following age 75.
  • Term 75 (T75) - Guaranteed level premiums to the age of 75. 15 year limited pay option available, special quote basis (effective January 29, 2007).
  • Lifetime (T100) - Guaranteed premiums to age 100 at which time the policy is paid up. 

15 year limited pay option available, special quote basis (effective January 29, 2007).

Issue limits:

  • Adult age: 20-65
  • Child age: 2-19

Minimum face:

  • Adult: $50,000
  • Child: $50,000

Maximum face:

  • Adult $2,000,000
  • Child $250,000*

* special consideration may be given for child plans with issue limits up to $500,000.

Premium bands:

  • Child
  • Band 1: $50,000 - $99,999
  • Band 2: $100,000 - $249,999
  • Adult
  • Band 1: $50,000 - $99,999
  • Band 2: $100,000 - $249,999
  • Band 3: $250,000 - $499,999
  • Band 4: $500,000 and over

Policy fee:

  • $75.00

Convertibility:

T10 policy may be converted to a Sun CII - T75 policy up to the policy anniversary following the insured person’s 65th birthday.

Covered conditions:

  • Full payout (Group 1):
  • Cancer
  • Heart attack
  • Stroke
  • Coronary artery bypass surgery
  • Aplastic anemia
  • Bacterial meningitis
  • Aortic surgery
  • Heart valve replacement
  • Loss of speech
  • Kidney failure
  • Major organ failure requiring transplant
  • Major organ transplant waiting list
  • Blindness
  • Deafness
  • Occupational HIV
  • Coma
  • Benign brain tumour
  • Paralysis
  • Loss of limbs
  • Severe burns
  • Multiple sclerosis
  • Alzheimer's disease
  • Parkinson's disease
  • ALS and other motor neuron diseases
  • Covered childhood conditions:
  • 24 full payout illnesses
  • 4 partial payout illnesses
  • 5 childhood illness*:
    • Cerebral palsy
    • Congenital heart disease
    • Cystic fibrosis
    • Muscular dystrophy
    • Types 1 diabetes

*Coverage for childhood illnesses ends at age 24

  • Partial payout (Group 2):
    • 10% of benefit amount to maximum of $50,000, one claim per illness. Prior to April 28, 2008 the amount of the partial payout would reduce the CII benefit amount payable upon a Group 1 claim as well as the returnable premium amount calculated for ROPD, ROPC, and ROPC/E. Effective April 28, 2008, partial payouts no longer reduce the face amount or returnable premium amount.
      • Cancer - Ductal carcinoma in situ of the breast
      • Cancer - Stage T1a or T1b prostate cancer
      • Cancer - Stage T1A malignant melanoma
      • Coronary angioplasty

Survival period:

  • Normally 30 days (following diagnosis)
  • Loss of speech: 180 days
  • Bacterial meningitis, Paralysis: 90 days

Benefits and riders:

 Return of Premium Death benefit:

We will pay 100% of the returnable premiums (described below) to the ROPD beneficiary if the insured person dies while the policy is in force and a critical illness insurance benefit is not payable.

  • Issue age 2-65
  • Available on all three plans
  • ROPD cannot exceed the benefit amount

Returnable premiums:

The returnable premium amount is the sum of all premiums paid for the policy, including rated extras and policy fees, plus any amount in the premium fund, minus:.

  • premiums paid for the automatic increase benefit and premiums paid for the automatic increase benefit step-up portion of coverage, if included in the policy
  • any unpaid premiums plus interest
  • (if policy issued prior to April 28, 2008 - payments we paid to Group 2 covered critical illnesses are deducted)

The amount we pay will not be greater than the critical illness insurance benefit amount on the date the policy ends. We will pay either a return of premium benefit or a critical illness insurance benefit, but not both.

Return of Premium on Cancellation/Expiry (ROPC/E) – age 65 (T10 or T75 only):

  • Issue ages 20-49

Cancellation - We will pay the owner 100% of the returnable premiums if they cancel the policy on or after the policy anniversary following the insured person’s 65th birthday and a critical illness insurance benefit is not payable.

Expiry - We will pay 100% of the returnable premiums to the owner if the policy expires (ends) and critical illness insurance benefit is not payable. The policy will expire on the policy anniversary following the insured person’s 75th birthday.

Return of Premium on Cancellation/Expiry (ROPC/E) – 15 years (T10 or T75 only):

  • Issue ages 20-60

Cancellation - We will pay the owner 100% of the returnable premiums if they cancel the policy on or after the 15th policy anniversary and a critical illness insurance benefit is not payable.

Expiry - We will pay 100% of the returnable premiums to the owner if the policy expires (ends) and critical illness insurance benefit is not payable. The policy will expire on the policy anniversary following the insured person’s 75th birthday.

Return of Premium on Cancellation (ROPC) – age 65 (T100 only):

  • Issue ages 20-49

Cancellation - We will pay the owner 100% of the returnable premiums if they cancel the policy on or after the policy anniversary following the insured person’s 65th birthday and a critical illness insurance benefit is not payable.

Return of Premium on Cancellation (ROPC) – 15 years (T100):

  • Issue ages 20-60

Cancellation - We will pay the owner 100% of the returnable premiums if they cancel the policy on or after the 15th policy anniversary and a critical illness insurance benefit is not payable.

Expiry - We will pay 100% of the returnable premiums to the owner if the policy expires (ends) and critical illness insurance benefit is not payable. The policy will expire on the policy anniversary following the insured person’s 75th birthday.

Return of Premium on Cancellation/Expiry (ROPC/E) – age 35 (T10 or T75 only):

  • Issue ages 2-19

Cancellation - We will pay the owner 100% of the returnable premiums if they cancel the policy on or after the policy anniversary following the insured person’s 35th birthday and a critical illness insurance benefit is not payable.

Expiry - We will pay 100% of the returnable premiums to the owner if the policy expires (ends) and critical illness insurance benefit is not payable. The policy will expire on the policy anniversary following the insured person’s 75th birthday.

Return of Premium on Cancellation/Expiry (ROPC/E) – age 35 (T100 only):

  • Issue ages 2-19

Cancellation - We will pay the owner 100% of the returnable premiums if they cancel the policy on or after the policy anniversary following the insured person’s 35th birthday and a critical illness insurance benefit is not payable.

Automatic Increase Benefit (AIB)

If selected, this benefit automatically increases the critical illness insurance benefit by a set amount (25% or 50%) on the 5th and 10th policy anniversary dates. The premium for the AIB is guaranteed at the time of issue and is paid for the first 10 years of the policy.

  • Available on T10, T75 and T100 plans.
  • Issue ages 20-45.
  • Available at issue only.
  • Available on standard risks only.
  • The premium for the AIB step-up portion of the coverage is based on the attained age of the insured person.
  • Premiums paid for AIB are not included in returnable premiums.
  • Premiums paid for AIB step-up portion are not included in returnable premiums.
  • If the owner has more than one CII policy with Sun Life Financial, they can only have the AIB on one policy.
  • Partial payouts for Group 2 illness are calculated based on the coverage amount that is in effect at the time the benefit is payable.
  • Minimum increase is $25,000 per step-up.
  • Maximum increase is $250,000 per step-up.

 Disability Waiver Benefit (DWB)

Issue ages: 20-55

If the insured person is totally disabled for a minimum of 6 months, premiums will be waived for the duration of the disability or until the policy expires.

Proof of disability must be submitted within one year of the date the disability began. If we receive the proof of disability more than one year after the disability began we will only waive premiums for a maximum of 12 months prior to receiving the proof, regardless of when the disability actually started. A full description of the waiver of premium can be found in the policy.

This benefit is not available on child plans. Therefore, if the child has a Sun CII policy in force and wants to add the waiver at age 20, he is required to submit an application for a new policy at that time.

Note: We will not waive premiums if the insured person’s disability begins after the policy anniversary following the insured person’s 60th birthday.

Allowed plan changes:

The following plan changes are allowed if the appropriate forms are submitted.

  • Changing from a smoker to a non smoker
  • Decreasing the benefit amount
  • Decreasing the AIB from 50% to 25%
  • Terminating an optional benefit

Best doctors

  • Available upon suspicion of medical condition
  • In addition a one time use of Best Doctors® services is available at no charge to an immediate family member (spouse, child, parent or sibling) for a covered illness over and above the insured person's access to Best Doctors®   
  • Non-contractual service

*Please refer to the list below for the definitions of an immediate family member;

  • “Spouse” means: spouse through marriage or civil union, or common-law spouse (co-habiting in a marriage like relationship, including same gender relationships)
  • “Parent” means: biological parent, adoptive parent or step-parent
  • “Child” means: natural born, adopted child or step child
  • “Sibling” means: natural born, adopted, half or step-sibling

Plan features that have been changed - effective January 26, 2009:

  1. Introduced Long term care conversion option
  2. Introduced Additional Group 1 illnesses (optional benefit for adult plans, automatically included in child plans starting at the policy anniversary following the child’s 18th birthday) - provides coverage for Acquired brain injury and Loss of independent existence
  3. Increased partial payouts to 15% (max. $50K)
  4. Child issue ages now 30 days – 17 years
  5. Adult issue ages now 18-65
  6. Occasional large cigar smokers may be classified as non-smokers
  7. Child ROPC and ROPC/E benefit has been restructured. It now offers an automatic payment of 75% of returnable premiums on the later of the 15th policy anniversary or following the insured person’s 25th birthday. The owner is paid the balance of the returnable premiums if they cancel the policy on or after the policy anniversary following the later of the 30th policy anniversary or the policy anniversary following the insured person’s 40th birthday and a CII benefit is not payable. If a policy was not cancelled, ROPC/E would offer a payment of the balance of returnable premiums upon expiry if a CII benefit is not payable.
  8. T10 may convert to T100 (or T75)
  9. Limited premium payment options available (automated):
         - T75: 15 pay option
         - T100: 10 pay or 15 pay options
  10. Policy fee reduced to $45
  11. Best Doctors enhancements, unlimited conditions and unlimited access for spouse and dependent children, includes Best Doctors 360° service
  12. Standardized definitions included (effective April 2008)
  13. Removal of the activities of daily living (ADL) requirement from the Parkinson's definition.
  14. Automatic Increase Benefit (AIB) no longer offered
Critical illness insurance - 24 illness product sold from March 11, 2005 - January 23, 2006

Plan 

Sun Life Financial Critical Illness Insurance plan - 24 illnesses 

Introduced

March 11th, 2005

Changed

January 23nd,

  1. Introduced new ROPC/E features for adults and children
  2. Decreased face amount to a $50 000 min
  3. Improved definition wording on some conditions
    (cancer - skin, prostate, ms, congenital heart disease)

Plan Types

Term 10 (T10) -10 year renewable premiums every 10 years until the policy ends at the policy anniversary following age 75.

Term 75 (T75) -Guaranteed level premiums to the age of 75.

Lifetime (T100) - Guaranteed premiums to age 100 at which time the policy is paid up.

Issue Limits

Adult age: 20-65
Child age: 2-19

Minimum face:

  • Adult: $100,000
  • Child: $100,000

Maximum face:

  • Adult $2,000,000
  • Child $250,000

Premium Rate Bands Policy fees

  • Band 1: $100,000-249,999
  • Band 2: $250,000- $499,999
  • Band 3: $500,000 and over

Policy Fee $75.00

Convertibility

T10 policy may be converted to a Sun Life Critical Illness Insurance - T75 policy on or before the earlier of either the policy anniversary following age 60 of the insured, to the end of the 10th policy year.
(November/2005 changed to allow convertability up to the policy anniversary following age 65)

Covered Conditions
Full Payout
(Group 1)

  • Cancer
  • Heart Attack
  • Stroke
  • Coronary Artery bypass surgery
  • Aplastic anemia
  • Bacterial meningitis
  • Aortic surgery
  • Heart valve replacement
  • Loss of speech
  • Kidney failure
  • Major organ failure requiring transplant
  • Major organ transplant waiting list
  • Blindness
  • Deafness
  • Occupational HIV
  • Coma
  • Benign brain tumour
  • Paralysis
  • Loss of limbs
  • Severe burns
  • Multiple sclerosis
  • Alzheimer's disease
  • Parkinson's disease
  • ALS and other motor neuron diseases

Partial Payout
(Group 2)

10% of benefit amount to maximum of $50,000, One claim per illness.

  • Cancer - Ductal carcinoma in situ of the breast
  • Cancer - Stage T1a or T1b prostate cancer
  • Cancer - Stage T1A malignant melanoma
  • Coronary angioplasty

Covered Childhood conditions

  • 24 full payout illnesses
  • 4 partial payout illnesses
  • 5 childhood illness
    • Cerebral palsy
    • Congenital heart disease
    • Cystic fibrosis
    • Muscular dystrophy
    • Types 1 diabetes
    • Coverage for childhood illnesses ends at age 24

Survival Period

  • Normally 30 days (following diagnosis)
  • Paralysis/Multiple sclerosis: 180 days

Benefits and Riders

Return of Premium Death benefit

The Return of Premium Death Benefit is 100% payable to the beneficiary if insured person dies while the policy is in force and a critical illness insurance benefit is not payable.

  • Issue age 2-65
  • Available on all three plans
  • ROPD cannot exceed the benefit amount

The return of premium on death benefit amount is the sum of all premiums paid for the policy, including rated extras.

  • Minus premiums paid for the AIB, if included in the policy
  • Minus any unpaid premiums plus interest
  • Minus payments we paid to Group 2 covered critical illnesses
  • Plus any amount in the premium fund on that date the insured dies

Return of Premium on Cancellation/Expiry (ROPC/E) T10 or T75 only

Expiry - We will pay the returnable premium amount to the owner if the policy ends (expires) on the policy end date shown at the beginning of the policy under the heading "policy particulars" and critical illness insurance benefit is not payable.

Cancellation - We will pay the returnable premium amount if they cancel this policy after it has been in effect for a least 15 years and a critical illness insurance benefit is not payable.

  • Issue ages 20-60
  • Available on T10 and T75
  • 70% payable in year 15
  • 3% increase years 16 to 25
  • 100% year 25
  • ROP cannot exceed benefit amount

Return of Premium on Cancellation (ROPC) Lifetime (T100) only

Cancellation - We will pay the returnable premium amount if they cancel this policy after it has been in effect for a least 15 years and a critical illness insurance benefit is not payable.
Issue ages 20-60

  • Available on Lifetime (T100)
  • 70% payable in year 15
  • 3% increase years 16 to 25
  • 100% year 25
  • ROP cannot exceed benefit amount

Automatic Increase Benefit (AIB)

If selected the critical illness insurance benefit amount automatically increases by a set amount on the 5th and 10th policy anniversary dates. The extra premium for this attachment is payable for 10 years.

  • Issue ages 20-45
  • Available on all plan types T10, T75 and T100.
  • Available in 25% or 50% step-ups, for total increase of 50% and 100% on the original benefit amount respectively
  • Minimum increase is $25,000 per step-up
  • Maximum increase is $250,000 per step-up
  • ROP on cancellation and/or expiry are not available on the AIB portion of the benefit
  • One AIB per insured person
  • The premium for the AIB step-up is payable at the attained age rate. The rate is guaranteed at the tine of issue and does not qualify for ROP

Disability Waiver Benefit (DWB)

If the insured person is totally disabled for a minimum of 6 months, premiums will be waived for the duration of the disability or until the policy expires.

Allowed Plan Changes

The following plan changes are allowed if the appropriate forms are submitted.

  • Changing from a smoker to a non smoker
  • Decreasing the benefit amount
  • Terminating a rider

Best Doctors

  • Services are available any time while the policy is in effect and are not limited to illnesses and conditions covered under the policy
  • In addition a one time use of Best Doctors service is available at no change to an immediate family member (spouse, children, under the age of 18) for a covered illness over and above the insured person's access to Best Doctors
  • Non-contractual service

Sources:

  • Sun Life Critical Illness Insurance Advisor guide 03-05
  • Sun Life Critical Illness Insurance Product at a glance (03/05)
Clarica Long Term Care Insurance sold from Dec 4, 2000 to Dec 11, 2003

Plan details

Issue ages

  • 31-80

Coverage type

 

Comprehensive

When the insured person qualifies for this income-style benefit, we pay it no matter where they live or receive care within Canada or the United States.

With income-style benefits, clients do not need to submit receipts to receive their weekly benefit; they can use the money however they choose.

 

Claim triggers

 

A claim is paid when the insured person:

  • always needs substantial physical assistance or stand by assistance from another person to safely and completely perform two or more of the activities of daily living (bathing, dressing, toileting, moving to or from a bed or chair, continence, and feeding), or
  • has deteriorated mental ability.

 

 

Weekly  benefit amounts

  • Minimum: $150             
  • Maximum $2,000

 

Waiting periods

 

  • 30 days
  • 90 days

 

 

  • 180 days

 

Benefit periods

  • 100 weeks
  • 150 weeks
  • 250 weeks
  • 500 weeks
  • Unlimited

Payment period options

 

  • 15 years         
  • 20 years           
  • Lifetime

 

Return of Premium on Death (ROPD)  

 

  • Returnable amount is based on how long the policy has been in force.
  • Claims are subtracted from the returnable amount
  • There is no return of premium if the policy is on extended term coverage.

 

Inflation protection

 

Every three years an increase in coverage is offered, without new evidence of insurability, based on the increase in long term care costs.

The offer will be priced according to attained age.

Offers are not made if:

  • two offers have been declined,
  • there has been a claim against the policy,
  •  premiums are being waived under the spousal waiver benefit,
  • the policy is paid up, or
  • the insured person has reached age 85.

 

Waiver of premium when claim is approved

 

  • Premiums are not required while benefits are being paid, but premiums are payable during the waiting period.
  • Premiums are also not payable  if we've paid the total number of weeks of the benefit payment period

 

Spousal waiver of premium

 

 

 

 

 

To qualify for this benefit, all required premiums must have been paid on both spouses' policies and both policies have been continuously in effect and without claim for 10 years (or until both spouses have reached age 86 if earlier).

Premiums are waived if:

  • Benefits are being paid on the spouse's policy.
  • The spouse dies (whether or not  they  were on claim at the time).
  • We paid the maximum long term care insurance benefit under the other policy if applicable.

 

Extended term insurance

 

If premiums are not paid, coverage will continue for an additional period of time determined by how long coverage has been in place, age, gender and premium payment period. Benefits will not change.

 

Premium guarantee

 

Premiums are guaranteed on a five year rolling basis.

 

Plan of care

  • Yes

Withdrawable premium fund

  • Yes

Support services

 

LifestageCare™ services

  • It includes  access to a members'- only website and toll-free telephone support service - a national, bilingual service, available 24 hours a day, 7 days a week.
  • It offers clients unbiased information about local, qualified health care and personal care providers that meets their individual and family needs, at every stage of life.

LifestageCare™ is a third-party service and is not a guaranteed part of the LTCI policy. It may be withdrawn or altered at any time.

 

Policy Fees

  • $150.00

Clarica Long Term Care Insurance – Inflation protection offers

We mail Inflation protection offers to qualifying policy owners on every third policy anniversary date.

We make offers every three years unless one of the following conditions applies:

  • the policy owner has refused two offers,
  • the policy owner is receiving or has ever received payments,
  • premiums are currently waived under a Spousal waiver of premium benefit,
  • the policy is paid up and no further premiums are required,
  • the insured person has reached the age of 85, or
  • the policy has changed to extended term insurance.

Why do you send Inflation protection offers?

An Inflation protection offer gives policy owners an opportunity to increase their coverage without evidence of insurability. The cost of the additional coverage is based only on the insured person's current age.

We mail the offer letter and form about 3 months before the policy anniversary date. Clients who wish to accept the offer are asked to reply by returning the form by a specific date (35 days from the mailed date) allowing us time to process the offer before their policy anniversary.

If we haven't received the completed form by the return date

  • we assume the policy owner doesn't want the increased coverage,
  • we decline the offer on the system,
  • the coverage and premium payment remain unchanged, and
  • unless one of the previous conditions applies, we'll mail another offer again in 3 years.

Note: The advisor of record is the relationship manager for the client and will receive a copy of the offer.

Return of premium on death (ROPD)

Table of percentages used to calculate the Return of premium on death benefit


Number of whole years the policy was in effect

Percentage

Number of whole years the policy was in effect

Percentage

Number of whole years the policy was in effect

Percentage

1 year

5%

8 years

40%

15 years

75%

2 years

10%

9 years

45%

16 years

80%

3 years

15%

10 years

50%

17 years

85%

4 years

20%

11 years

55%

18 years

90%

5 years

25%

12 years

60%

19 years

95%

6 years

30%

13 years

65%

20 years or later

100%

7 years

35%

14 years

70%

 

 

Clarica Long Term Care Insurance sold from Dec 12, 2003 to Sep 18, 2005

Plan details

Issue ages

  • 31-80

Coverage type

 

Comprehensive

When the insured person qualifies for this income-style benefit, we pay it no matter where they live or receive care within Canada or the United States.

With income-style benefits, clients do not need to submit receipts to receive their weekly benefit; they can use the money however they choose.

 

Claim triggers

 

A claim is paid when the insured person:

  • always needs substantial physical assistance or stand by assistance from another person to safely and completely perform two or more of the activities of daily living (bathing, dressing, toileting, moving to or from a bed or chair, continence, and feeding), or
  • has deteriorated mental ability.

 

 

Weekly  benefit amounts

 

  • Minimum: $150             
  • Maximum $2,000

 

Waiting periods

 

  • 30 days
  • 180 days
  • 90 days

 

Benefit periods

  • 100 weeks
  • 150 weeks
  • 250 weeks
  • 500 weeks
  • Unlimited

Payment period options

 

  • 15 years         
  • 20 years           
  • Lifetime

 

Return of Premium on Death (ROPD)

 

  • Returnable amount is based on how long the policy has been in force.
  • Claims are subtracted from the returnable amount
  • There is no return of premium if the policy is on extended term coverage.

 

Inflation protection

 

Every three years an increase in coverage is offered, without new evidence of insurability, based on the increase in long term care costs.

The offer will be priced according to attained age.

Offers are not made if:

  • two offers have been declined,
  • there has been a claim against the policy,
  •  premiums are being waived under the spousal waiver benefit,
  • the policy is paid up, or
  • the insured person has reached age 85.

 

Waiver of premium when claim is approved

 

  • Premiums are not required while benefits are being paid, but premiums are payable during the waiting period.
  • Premiums are also not payable  if we've paid the total number of weeks of the benefit payment period

 

Spousal waiver of premium

 

 

 

 

 

To qualify for this benefit, all required premiums must have been paid on both spouses' policies and both policies have been continuously in effect and without claim for 10 years (or until both spouses have reached age 86 if earlier).

Premiums are waived if:

  • Benefits are being paid on the spouse's policy.
  • The spouse dies (whether or not  they  were on claim at the time).
  • We paid the maximum long term care insurance benefit under the other policy if applicable.

 

Extended term insurance

 

If premiums are not paid, coverage will continue for an additional period of time determined by how long coverage has been in place, age, gender and premium payment period. Benefits will not change.

 

Premium guarantee

 

Premiums are guaranteed on a five year rolling basis.

 

Plan of care

  • Yes

Withdrawable premium fund

  • Yes

Support services

 

LifestageCare™ services

  • It includes  access to a members'- only website and toll-free telephone support service - a national, bilingual service, available 24 hours a day, 7 days a week.
  • It offers clients unbiased information about local, qualified health care and personal care providers that meets their individual and family needs, at every stage of life.

LifestageCare™ is a third-party service and is not a guaranteed part of the LTCI policy. It may be withdrawn or altered at any time.

 

Policy Fees

  • $150.00

Clarica Long Term Care Insurance – Inflation protection offers

We mail Inflation protection offers to qualifying policy owners on every third policy anniversary date.

We make offers every three years unless one of the following conditions applies:

  • the policy owner has refused two offers,
  • the policy owner is receiving or has ever received payments,
  • premiums are currently waived under a Spousal waiver of premium benefit,
  • the policy is paid up and no further premiums are required,
  • the insured person has reached the age of 85, or
  • the policy has changed to extended term insurance.

Why do you send Inflation protection offers?

An Inflation protection offer gives policy owners an opportunity to increase their coverage without evidence of insurability. The cost of the additional coverage is based only on the insured person's current age.

We mail the offer letter and form about 3 months before the policy anniversary date. Clients who wish to accept the offer are asked to reply by returning the form by a specific date (35 days from the mailed date) allowing us time to process the offer before their policy anniversary.

If we haven't received the completed form by the return date

  • we assume the policy owner doesn't want the increased coverage,
  • we decline the offer on the system,
  • the coverage and premium payment remain unchanged, and
  • unless one of the previous conditions applies, we'll mail another offer again in 3 years.

Note: The advisor of record is the relationship manager for the client and will receive a copy of the offer.

Return of premium on death (ROPD)

Table of percentages used to calculate the Return of premium on death benefit

Number of whole years the policy was in effect

Percentage

Number of whole years the policy was in effect

Percentage

Number of whole years the policy was in effect

Percentage

1 year

5%

8 years

40%

15 years

75%

2 years

10%

9 years

45%

16 years

80%

3 years

15%

10 years

50%

17 years

85%

4 years

20%

11 years

55%

18 years

90%

5 years

25%

12 years

60%

19 years

95%

6 years

30%

13 years

65%

20 years or later

100%

7 years

35%

14 years

70%

 

 

Sun Long Term Care Insurance sold from Sep 19, 2005 to Dec 06, 2013

Plan details

Issue ages

  • 21-80

Coverage type

Comprehensive

When the insured person qualifies for this income-style benefit, we pay it no matter where they live or receive care within Canada or the United States

 

Facility Care

We pay this income-style benefit if care is provided in a long-term care facility in Canada. A similar  facility in the United States may be considered, subject to our approval.

 

With income-style benefits, clients do not need to submit receipts to receive  their  weekly  benefit; they can use the  money however they  choose.

 

Claim triggers

 

A claim is paid when the insured person:

  • always needs substantial physical assistance or stand-by assistance from another person to safely and completely perform two or more of the activities of daily living (bathing, dressing, toileting, transferring, continence, and feeding), or
  • requires continual supervision to protect their  health.

 

Weekly  benefit amounts

 

 

 

 

  • Minimum (for each coverage selected) : $150
  • Maximum (for all selected coverage): $2,000

If both benefit types are selected, the  comprehensive weekly benefit amount must be at least 50% of the facility care weekly benefit amount.

For example, if the  facility care benefit is $1,000, the comprehensive benefit must be at least $500.

 

Waiting periods

Comprehensive

  • 30 days
  • 90 days

 

Facility Care

  • 0 days (only  available  if both coverage types  are selected)
  • 30 days
  • 90 days

Benefit periods

 

  • 100 weeks
  • 150 weeks

 

  • 250 weeks
  • Unlimited

 

The policy owner may choose a different benefit duration for each benefit type.

 

Payment period options

  • Lifetime
  • The longer of 20 years or to age 55

Return of premium on death (ROPD) 

 

 

 

 

 

 

This optional benefit returns a portion of premiums to the owner of the policy (or the owner's estate) if the insured person dies.

  • Returnable amount is based on how long the policy has been in force.
  • Calculated separately for each benefit type.
  • Claims are subtracted from the returnable amount.
  • Does not include premiums for inflation protection benefit.
  • If both benefit types are selected, this option applies to both.

 

Inflation protection

 

  • Option A

Weekly benefit increases by 3% each policy anniversary - the date the  policy became effective - while the  weekly benefit is payable.

  • Option B

Weekly benefit increases by 2% each policy anniversary if the weekly benefit is not payable.

Weekly benefit increases by 3% each policy anniversary while the weekly benefit is payable.

  • The same option must be chosen  for both benefit types but  it works  independently for each.
  • Increases are compounded annually.
  • No cap on increases.
  • Benefit maximum may exceed $2,000 per week due to inflation protection  increases.

 

Waiver of premium when claim is approved

 

 

  • Premiums  are not required while benefits are being paid, but  premiums are payable during the  waiting period.
  • Premiums are also not payable  if we've paid the total number of weeks in either  the comprehensive or facility care benefit period.

 

Spousal waiver of premium

 

To qualify for this benefit, all required premiums must have been paid on both spouses' policies and both policies have been continuously in effect and without claim  for 10 years (or until both spouses have reached age 86 if earlier).

Premiums are waived if:

  • Benefits are being paid on the  spouse's policy.
  • We've paid the total number of weeks in the comprehensive or facility care benefit period for the spouse's policy.
  • The spouse dies (whether or not  they  were on claim at the time).

 

Extended term insurance

 

 

 

 

 

 

 

 

 

 

 

If premiums are not paid, coverage  may continue for a limited time based on:

  • Base benefit type (comprehensive or facility care)
  • Age at purchase
  • Gender
  • Premium payment period
  • The number  of years the  policy has been in force

 

While extended term insurance is in effect:

  • No return of premium on death benefit is paid
  • No inflation protection increases are made

Premium guarantee

 

Premiums are guaranteed on a five year rolling basis.

 

Plan of care

  • Yes

Withdrawable premium fund

  • Yes

Support services

 

LifestageCare™ services

 

  • It includes  access to a members'- only website and toll-free telephone support service - a national, bilingual service, available 24 hours a day, 7 days a week.
  • It offers clients unbiased  information about local, qualified health care and personal care providers that meets their  individual and family  needs, at every stage of life.

 

LifestageCare™ is a third-party service and is not a guaranteed part of the LTCI policy. It may be withdrawn or altered at any time.

 

Policy Fees

  • $150.00

Return of premium on death (ROPD)

Table of percentages used to calculate the Return of premium death benefit


Number of whole years your policy was in effect

Percentage

Number of whole years the policy was in effect

Percentage

Number of whole years the policy was in effect

Percentage

1 year

5%

8 years

40%

15 years

75%

2 years

10%

9 years

45%

16 years

80%

3 years

15%

10 years

50%

17 years

85%

4 years

20%

11 years

55%

18 years

90%

5 years

25%

12 years

60%

19 years

95%

6 years

30%

13 years

65%

20 years or later

100%

7 years

35%

14 years

70%

 

 

LifeAssist plan

Introduction

  • Critical Illness Plan
  • Introduced - November 1996
  • Premiums are payable to the policy anniversary following age 75
  • Coverage terminates once a claim has been paid, or at age 75, or on the death of the insured.
  • Non-par
  • Available as stand-alone plan on a single life basis only
  • Underwriting - similar to the underwriting for Sun's other life products, but there will be new considerations when it comes to the client's health history.

Covered illnesses

  • Blindness
  • Cancer (90-day exclusion)
  • Coronary artery bypass surgery
  • Deafness
  • Heart attack
  • Kidney failure
  • Major organ transplant
  • Multiple Sclerosis (180-day waiting period)
  • Paralysis (180-day waiting period)
  • Stroke

Definitions

Blindness: Permanent and uncorrectable loss of sight in both eyes, as confirmed by an ophthalmologist registered to practice in Canada. The corrected visual acuity must be 20/200 or worse in both eyes, or the field of vision must be less than 20 degrees in both eyes.

Cancer: A malignant tumor characterized by the uncontrolled growth and spread of malignant cells and the invasion of tissue.

Excluded: Stage A prostate cancer, Dukes' stage A colon cancer, pre-malignant lesions, benign tumors or benign polyps, carcinoma in situ, any skin cancer except malignant melanoma invading into the dermis or deeper, any tumor in the presence of the human immunodeficiency virus. There shall be no coverage under the Insured Condition definition of cancer if any symptom or medical problem, which initiated any investigation leading to the diagnosis of cancer, commenced within 90 days following the policy issue date or any reinstatement date.

Coronary Artery Bypass Surgery: Heart surgery to correct narrowing or blockage of one or more coronary arteries with bypass grafts. The surgery must have been recommended by a consultant doctor who is a certified cardiologist. Excluded: non-surgical techniques such as balloon angioplasty, laser relief of an obstruction, or other intra-arterial procedures.

Deafness: The diagnosis, by a certified otolaryngologist, of the permanent loss of hearing in both ears, with an auditory threshold of more than 90 decibels.

Heart attack: (Myocardial Infarction): The death of a portion of heart muscle resulting from a blockage of one or more coronary arteries. The diagnosis must be based on all of: chest pain, associated new electrocardiographic (ECG) changes; and significant elevation of cardiac enzymes.

Kidney failure: The diagnosis by a doctor of irreversible failure of both kidneys form any cause which necessitates regular treatment by dialysis or kidney transplantation.

Major organ transplant as recipient: A surgery, as the receipt for transplantation of any of the following organs or tissues: heart, liver, lung, kidney or bone marrow.

Multiple Sclerosis: Confirmation, by a consultant doctor who is a certified neurologist, of a definite diagnosis of multiple sclerosis producing at least moderate neurological abnormalities which have persisted for a continuous period of 180 days and resulted in measurable disability. The diagnosis must be supported by modern investigative techniques.

Paralysis: The diagnosis by a doctor of the complete and permanent loss of use of two or more limbs through physical paralysis, for a continuous period of 180 days.

Stroke: The diagnosis by a doctor of a cerebrovascular incident caused by infarction of brain tissue, hemorrhage, or embolism producing measurable neurological deficit persisting for at least 30 days following the occurrence of the stroke. Conditions excluded are: transient ischemic attacks and vertbro-basilar insufficiency.

Waiting period - Provided the Insured is alive, the sum insured will be paid 30 days (longer periods apply for paralysis, cancer, multiple sclerosis) after the initial diagnosis of, or surgery for one of the stated conditions.
 

  • Coverage terminates once a claim has been paid, or at age 75, or on the death of the insured.
  • Non-par
  • Available as stand-alone plan on a single life basis only
  • Underwriting - similar to the underwriting for Sun's other life products, but there will be new considerations when it comes to the client's health history.

Issue limits

  • Issue ages - 16 to 65 (age last birthday)
  • Minimum face amount: $ 50,000.00
  • Maximum face amount: $ 1,000,000
  • The maximum amount of coverage issued will be based on the applicant's employment status and income.
    • Employed and pensioners - 5 times annual income
    • Key person - 3 times annual income
    • At home spouse - 2 times spouse's annual income to a maximum of $ 100,000

Rate bands

  • $ 50,000 to $ 99,999
  • $ 100,000 to $ 249,999
  • $ 250,000 to $ 499,999
  • $ 500,000 to $ 749,999
  • $ 750,000 to $ 1,000,000

Premiums

  • Premiums are level, guaranteed, and payable to the policy anniversary following age 75.
  • Premiums payable annually, semi-annually, and monthly.
  • Conversion factors: .52 .09.
  • Policy fee: $75.00 annually.
  • Non-smoker/smoker rates.
  • Special rating classes may apply.

Riders and benefits available

  • Waiver of Premium - Total Disability Benefit
  • Owner Waiver of Premium - Total Disability and/or Death Benefit
  • Return of Premium (automatic) - The plan provides a return of premium whenever the insured:

1. dies before age 75 and hasn't made a claim OR
2. is diagnosed with cancer within 90 days of the policy issue date or any reinstatement date.

Source:
Sun LifeAssist Product Reference Guide, November 1996

Savings

Guaranteed Investment Account (GIA)

Introduction

A GIA is a deferred annuity designed to accumulate funds. It is considered an annuity because at some point in the life of the contract, the product is expected to turn into a payout type of investment. The GIA is only redeemable at maturity of the investment. The GIA was issued as a non-registered contract, a Registered Retirement Savings Plan (RRSP), a locked-in retirement account (LIRA) or a locked-in RRSP.

Rates

Investment types

There are three different investment types available:

  • compound interest, available for one to ten year terms
  • annual interest, available for one to ten year terms, and
  • daily interest.

Subsequent deposits

The GIA is closed to new sales, however we do accept additional deposits to existing policies. The minimum amount for an investment is $1000.

Interest

Interest rates are subject to change at any time as dictated by market conditions. The interest rate assigned to a guaranteed investment will be the rate in effect on the date of the rate guarantee. A rate guarantee may be used to guarantee the current interest rate for 45 days.

Policy value

The policy value on any date will be the total amount in all investments on that date, including accrued interest.

Policy maturity date

The policy maturity date for RRSPs is December 31st in the year of the annuitant’s 71st birthday. The policy maturity date for non-registered contracts is December 31st in the year of the annuitant’s 90th birthday.

If we do not receive directions prior to the policy maturity date, we will apply the policy value to establish a payout annuity payable for 10 years, and thereafter while the owner lives. If the amount of the monthly annuity payment is less than the amount of our minimum required annuity payment, we have the right to pay the total sum to the owner instead of applying the policy value to provide a payout annuity.

Investment maturities

Each investment will automatically renew for the same term. The owner may also advise us to direct the funds to an investment of a different type and/or term on or before the maturity date.

If renewing for the same term would extend the maturity beyond the contract maturity date, we will direct the funds to an investment of the same type for the longest term available, without going beyond the contract maturity.

Death benefit

Upon the death of the annuitant and receipt of satisfactory proof, we will pay the policy value in effect on the date of death. We will make the payment to the beneficiary listed on the policy records, or to the estate if no beneficiary is listed.

If the policy is a LIRA or locked-in RRSP, we will pay the policy value in accordance with the applicable pension legislation.

Withdrawals and transfers

Withdrawals or transfers from any investment prior to maturity are not allowed.

Statements

GIA statements are issued annually in January.

Investment maturity notices will be sent to the client 45 days in advance of a maturity. Confirmation statements will be sent to the client to confirm a new deposit or reinvestment of a matured investment.

Attachments and benefits

Children's Insurance Benefit

Description:

Children's Insurance Benefit provides level non-convertible term insurance on each child of the primary life insured until the child reaches age 22 or until the primary life insured is 70, whichever is sooner.

Issuing rules:

All children of the life insured under the basic policy are covered, provided:

  • they are under age 18 at issue,
  • they are named in the application, and
  • at least one child is age 10 or under,
  • All children born to the life insured after issue of the benefit will automatically be insured upon attaining age 28 days.
  • Legally adopted children under age 18 will be covered subject to evidence of insurability.
  • Stepchildren of the life insured will be covered on legal adoption and subject to evidence of insurability.
  • Each child is covered for 20% of the Face Amount of the basic policy, or total coverage if enhanced, subject to a minimum of $5,000 and maximum of $25,000.
  • The $25,000 maximum is the combined total amount of Children's Benefit allowed for all policies on any one individual.

Conversion option:

  • When a child's coverage ends, the policy owner has the right to purchase on the life of the child, up to five times the amount of coverage provided by CIB, without evidence of insurability.
  • The new policy may be any eligible plan of insurance then offered by the Company and the amount of insurance must satisfy the Company's limits.
  • Ownership of the policy may subsequently be transferred to the child.
  • Evidence of insurability will be required for any additional benefits to be included in the new policy.

After the death of the base life insured:

  • The Children's Insurance Benefit coverage continues on a paid-up basis after the death of the life insured under the basic policy.
  • Each child covered will become owner of the paid-up coverage on his or her life.

Details of rider:

  • Children who are not a standard risk will be excluded under this benefit.
  • The annual premium is $5.90 per $1000 of CIB coverage and is independent of the number or ages of the covered children.
  • TDB/WP is available only on the life insured under the basic policy. If TDB/WP is included in the basic policy, premiums for CIB will also be waived.
  • This benefit has no effect on the basic policy Guaranteed Values. The owner of the basic policy must be the basic life insured.
  • This benefit is not available under the 20 Pay payment pattern.
Executive Guaranteed Insurability Benefit (GIB)

Description:

Executive GIB is available on Sun UL coverage where the minimum Face Amount is $250,000.
Although the Executive GIB benefit is similar to GIB, the details are quite different. At issue, the designated life insured can choose how many elections are required, exactly when they will be required, and the Face Amount of each election.

Issue Rules:

  • Executive GIB is available at issue ages 25 through 60.
  • The latest election date available is the policy anniversary following age 65.

Benefit limits:

  • The minimum Face Amount for each Executive GIB election is $250,000.
  • The lifetime maximum of all GIB elections must be the lesser of:
    1. 4 times the original Face Amount, and
    2. $4 million.
  • There is a maximum of five elections available and the first election must be at least three years from the date of issue.
Family Insurance Benefit

Description:
The Family Insurance Benefit provides the benefits of both the Spousal Insurance Benefit and the Children's Insurance Benefit. The premium for this benefit is the sum of the premiums for the Spousal and Children's Insurance Benefits.

Spousal Benefit:
The Spousal Benefit provides Level Convertible Term Insurance on the spouse of the primary life insured until the spouse reaches age 65, and is available to spouses aged 18 to 50. Face Amounts must be a minimum of $25,000 and a maximum equal to the Basic Face Amount, or total coverage if enhanced, of the life insured's policy.

Children's Benefit:
The Children's Benefit provides Level Non-convertible Term Insurance on each child of the primary life insured until the child reaches age 22 or until the primary life insured is 70, whichever is sooner. Each child is covered for 20% of the Face Amount of the basic policy, or of total coverage if enhanced, subject to a minimum of $5,000 and maximum of $25,000.

Family security and modified family security benefits

Both the Family Security Benefit and the Modified Family Security Benefit are five-year term riders. In the event of death while either of these benefits is in force, the amount payable at death under the basic policy will be increased by the amount of assurance under the rider.

Renewal and conversion privileges are available. Those for the Modified Family Security Benefit are more restricted than those for the Family Security Benefit, as the former is designed primarily for use in certain borderline and substandard cases when the Family Security Benefit cannot be offered.

Five Year Renewable Term Benefit (5YRT)

Description:

Provides coverage to age 75, guaranteed renewable every 5 years without evidence of insurability at attained age premium rates.

Issue Rules:

  • Available at ages 18-64
  • Regular and preferred non-smoker rates are available on standard and substandard bases
  • Not available on the following plans:
    • Adjustable Life
    • Joint Estate
    • Whole Life Non-Par Paid Up at 98
    • term plans
    • plans with Third Party Waiver of Premium on Death and/or Disability
    • plans with term benefits (excluding SIB, FIB and CIB)
  • Any ratings and extra premiums (due to client's occupation, for example) will continue on renewal or conversion
  • A term benefit is cancelled when a policy switches to Reduced Paid Up or goes under Extended Term

Benefit Limits:

  • Sun 50 - minimum 25K, maximum 5 times the amount of basic insurance
  • Sun 100 - minimum 100K, maximum $249,999
  • Sun 250 - minimum 250K, maximum $499,999
  • Sun 500 - minimum 500K, maximum Sun Life retention limits

*  For term benefits, the basic coverage (or in the case of an Enhanced Life policy, the basic plus enhancement amount) must be at least 25K

New Policy:

  • Coverage is convertible on an attained age basis without evidence of insurability to any eligible life plan, prior to the insured's age 65
  • TDB - WP may be included in the new policy without evidence if it was included in the original coverage
Guaranteed Insurability - Policies issued after January 1, 1980

Benefit permits additional insurance to be purchased on the life insured without evidence of insurability.
The first election can be made at any time after 2 years from date of issue, but no earlier than age 24.
Subsequent elections can be made at any time provided 2 years have passed since the last election, and no later than age 45.

Issue Rules:

  • available at ages 0 - 37
  • male, female, smoker & non-smoker rates available
  • premiums cease at age 45 or when an election is made at age 44 or 45.
  • When Total Disability Benefit (TDB) is included in the basic policy, there is an additional TBD premium for GIB.

Benefit Limits:

  • Minimum benefit $10,000
  • The maximum benefit of GIB is subject to 2 limits: 1) benefit can't exceed $50,000 less the sum of GIB benefit amounts inforce under earlier policies on the same Insured 2) the maximum benefit may be any amount up to the face amount of the basic policy, plus renewable term benefit if any, plus enhancement amount, if any
  • For age 0 - 10, the amount of GIB is not limited to the face amount of the basic policy

New policy:

  • The new policy would be a permanent plan, currently Lifetime Alternative.
  • Additional benefits are available subject to evidence of insurability.
  • Waiver of Premium may be included in the new policy if it was included in the original policy.

NOTE: If a GIB option is exercised and the original policy has the premiums being waived by the Waiver of Premium benefit, premiums on the new policy will also be waived provided it has premiums payable for life.

Guaranteed Insurability - Policies issued before January 1, 1980

Benefit permits additional insurance to be purchased on the life insured without evidence of insurability.
The first election can be made at any time after 2 years from date of issue, but no earlier than age 24.
Subsequent elections can be made at any time provided 2 years have passed since the last election, and no later than age 45.

Issue Rules:

  • available at ages 0 - 37
  • male, female, smoker & non-smoker rates available
  • premiums cease at age 45 or when an election is made at age 44 or 45.
  • When Total Disability Benefit (TDB) is included in the basic policy, there is an additional TBD premium for GIB.

Benefit Limits:

  • Minimum benefit $10,000
  • The maximum benefit of GIB is subject to 2 limits: 1) benefit can't exceed $50,000 less the sum of GIB benefit amounts inforce under earlier policies on the same Insured 2) the maximum benefit may be any amount up to the face amount of the basic policy, plus renewable term benefit if any, plus enhancement amount, if any
  • For age 0 - 10, the amount of GIB is not limited to the face amount of the basic policy

New policy:

  • The new policy would be a permanent plan, currently Lifetime Alternative.
  • Additional benefits are available subject to evidence of insurability.
  • Waiver of Premium may be included in the new policy if it was included in the original policy.

NOTE: If a GIB option is exercised and the original policy has the premiums being waived by the Waiver of Premium benefit, premiums on the new policy will also be waived provided it has premiums payable for life.

Guaranteed Insurability Benefit (GIB) on participating polices

Benefit permits additional insurance to be purchased on the life insured without evidence of insurability.

Options dates:

  • Policies anniversaries nearest to the Insured's 25th, 28th, 31st, 34th, 37th, and 40th birthdays - within 60 days prior to the anniversary
  • Event dates: First marriage, birth or adoption of child under age 15. - Before the later of the 31st day after the next
    anniversary or the 90th day following the event.

New policy:

  • The new policy would be a permanent plan, currently Lifetime Alternative.
  • Additional benefits are available subject to evidence of insurability.
  • Waiver of Premium may be included in the new policy if it was included in the original policy.

NOTE: If a GIB option is exercised and the original policy has the premiums being waived by the Waiver of Premium benefit, premiums on the new policy will also be waived provided it has premiums payable for life.
 

Sun Life - Plus Premium Waiver of Premium

Description:
GIB guarantees the policy owner the right to purchase additional insurance without evidence of insurability every three years, or on family dates, regardless of health. A family date occurs upon the birth of a living child, adoption by or marriage of the life insured. A policy may have either GIB or Executive GIB, but not both, on the same policy.

Issue Rules:

  • Issue ages are 0 to 50.
  • Premium rates are independent of sex and smoking habits.

Benefit Limits:

  • The minimum GIB amount is $25,000. The maximum amount of GIB coverage is the lesser of:
    1. the original face amount, or
    2. $250,000
  • For issue ages 0 to 10, where the Face Amount is less than $100,000, the amount of GIB is NOT limited to the face amount of the basic policy but limited to a maximum of $100,000.
  • There is a maximum of eight elections where the first available election occurs on reaching age 24 and at least three years from the date of issue.
  • The benefit ceases on the policy anniversary following age 55.

Notes:

  • If Total Disability Benefit/Waiver of Premium (TDB/WP) is included in the original policy, it may be included in a new policy without evidence of insurability.
  • If a TDB/WP claim is in effect under the original policy, premiums on an additional policy elected under GIB will be waived if that policy has premiums payable for life.
  • Under 20 Pay, the GIB associated with the Basic Face Amount will continue to the normal expiry date following the premium paying period (premiums are payable to age 70).
Plus Premium Waiver of Premium

This benefit enables the policy owner to select the amount of Plus Premium to be waived upon the disability of
the life insured and/or the death/disability of the policy owner, provided that there is a waiver benefit on the basic policy.

The amount selected may be equal to or less than the Plus Premium amount. If after policy issue, the Plus Premium is reduced or canceled, the PPWB amount will not automatically change. Upon disability of the life insured and/or policy owner, where the PPWB is chosen, the amount of Plus Premium waived will be the PPWB amount.

For Joint Life policies, the PPWB amount can be on one or both lives, but only one PPWB amount will apply if both lives are covered. If both insureds have chosen a waiver benefit with PPWB, and both become disabled, the amount of Plus Premium waived will be equal to one of the PPWB amounts, not both.

PPWB is available for issue ages 0 through 55, and the disability of the life insured and/or the policy owner must commence before age 60 and death must occur before age 70 for the benefit to apply.

Premium Death Benefit

The Premium Death Benefit is available on Joint Second-to-Die policies and applicable to one or both lives. This benefit ensures that the surviving life insured can continue coverage by waiving premiums upon the death of the named life insured, until the end of the premium payment period.

This benefit is available for issue ages 16 through 75.

Premium Payment Benefit

Description:

  • The Premium Payment Benefit is available on Joint Second-to-Die policies and applicable to one or both lives
  • This benefit provides for premium payment by the Company upon disability of the named life insured
  • If death occurs while a disability claim is in effect, this benefit ensures continuing coverage for the surviving life insured by waiving premiums until the end of the premium payment period
  • This benefit is available for issue ages 16 through 55
Spousal Insurance Benefit

Description:

  • Spousal Insurance Benefit provides Level Convertible Term Insurance on the spouse of the primary life insured.
  • The spousal benefit terminates on the policy anniversary that follows the spouse's 65th birthday

Issue Rules:

  • Issue ages are 18 to 50
  • Premiums vary by sex, age at issue and smoking habits
  • Face Amounts available must be a minimum of $25,000 and a maximum equal to the Basic Face Amount, or total coverage if enhanced, of the life insured's policy, subject to the Company's retention limits
  • The spouse insured is the person named in the application for this benefit. Coverage on the spouse is not affected by divorce or remarriage. If coverage on a new spouse is required, the policy owner must first cancel the existing Spousal
  • Benefit and then re-apply for the Spousal Benefit on the new spouse
  • TDB/WP is only available on the life insured under the basic policy. If TDB/WP is included in the basic policy, premiums for SIB will also be waived
  • This benefit does not have any effect on the basic policy guaranteed values. The owner of the basic policy must be the basic life insured
  • This benefit is not available under the 20 Pay payment pattern

Benefit Limits:

  • Spousal Insurance Benefit coverage continues on a paid-up basis after the death of the life insured under the basic policy.
  • The spouse insured becomes the owner of the paid-up coverage

New Policy:

  • While the benefit is in effect, the amount of insurance may be converted on an attained age basis without evidence of insurability, to any eligible plan of insurance. The amount of insurance converted must satisfy the Company's limits. Any balance of Spousal Benefit over the amount converted is automatically canceled. Ownership of the converted policy remains with the policy owner unless transferred. Evidence of insurability will be required for any additional benefits to be included in the new policy.
Ten Year Renewable Term Benefit

Description:
Coverage to age 75, guaranteed  renewable every 10 years without evidence of insurability at attained age premium rates.

Issue Rules:

  • Issue ages 18 - 64
  • Premium rates and coverage are guaranteed.
  • Regular and preferred non-smoker rates:
    • on standard and substandard bases are available. Coverage may be offered on moderately impaired lives
    • or where an extra premium may be required (eg. occupational or aviation). Ratings and extra premiums will
    • continue on renewal or conversion.
  • A term benefit is cancelled when the basic policy becomes Reduced Paid Up or goes under Extended Term.

Conversion:

  • coverage is convertible on an attained age basis to any eligible life plan without evidence of insurability, prior to insured's age 65.
  • TDB-WP may be included in the new policy without evidence if it was included in the original coverage.

Minimums and Maximums:

Plan

Minimum Benefit

Maximum Benefit

Sun 50

$25,000

5 times basic*

Sun 100

$100,000**

$249,999

Sun 250

$250,000**

$249,999

Sun 500

$500,000**

Sun Life Limits

*If basic coverage is between $25,000 and $99,999, the maximum benefit is subject to Sun Life's retention limits instead of 5 times basic
**For term benefits, the basic coverage (or in the case of an Enhanced Life policy, the basic plus enhancement amount) must be at least $25,000

Term to 65

Description:

  • This non-participating convertible term insurance provides coverage to age 65.
  • Term to 65 is cancelled when the basic policy becomes Reduced Paid-Up or goes under Extended Term.
  • Benefit is not available with other Term insurance (except Family Benefits) or as a benefit with Third Party Waiver of Premium on Death and Disability.

Issue Rules:

  • available at ages 18 to 50
  • also available as a non-convertible plan or benefit for group coversions only.

Benefit Limits:

  • Minimum amount is $25,000
  • Maximum amount is based on Sun Life retention limits.

New Policy:

May be converted on an attained age basis to any eligible plan of insurance without evidence of insurability prior to insured's age 65.

Third Party Waiver Of Premiums Benefit

Description:

The Third Party Waiver of Premiums Benefit - Disability is similar to the Total Disability Benefit, except that premiums are waived
if the policy owner (not the life insured) becomes totally disabled before age 60.

Issuing Rules:

The benefit period will not exceed age 70 of the policy owner and is available at issue ages 16 through 55.

Details of Rider:

The Third Party Waiver of Premiums Benefit - Death is similar to the Waiver Disability Benefit (WP/DIS), except that the premiums are waived if the owner dies. As with WP/DIS the benefit period will not exceed age 70 of the policy owner and is available at issue ages 16 to 60.

Waiver of Premiums Benefit (Third Party), is available only if there is no term benefit, family benefit or guaranteed insurability benefit*.

Total Disability Benefit - Waiver of Premiums

Description:

Should the life insured become totally disabled as defined in the policy, future premiums will be waived
(subject to a 6 month waiting period) while the disability continues.

Benefit limits:

  • TDB is available for issue ages 0 through 55 and disability must commence before age 60 for the benefit to apply.
  • Any due premiums paid within the first 6 months of disability will be refunded.
  • Total disability lasting less than 6 months, or as a result of self-inflicted injuries or from hostile actions of armed forces is excluded.
  • Premiums are payable to age 60
  • For children, premiums are payable from date of issue.
  • Premium rates depend on sex and payment pattern. 
  • TDB/WP may be rated or refused even if the basic plan is standard.
  • Under 20 Pay, the TDB ends at the 20th policy anniversary.