Sun Life Illustrations Quick Tips - Quick Compare

The Situation:

When using Sun Life Illustrations for Sun Term or Sun Critical Illness Insurance you may be able to quickly compare different premium options for a particular case using the Quick Compare feature.

How to access the Quick Compare feature:

  • Launch Sun Life Illustrations and select Sun Term or Sun Critical Illness Insurance.
  • Enter the client, coverage and other illustration details in the user interface.
  • While on the Plan Design tab, the Quick Compare can be found at the bottom of the Illustration Summary screen. In the Quick Compare section, click on the box next to Show.

The Quick Compare feature is not available in the following situations:

  • Illustrations with multiple coverages.
  • Illustrations where the coverage amount is solved based on a specified premium.
  • Illustrations for Universal life or Par products because of their complexity.

Tip:  If the message "Current illustration values are not up to date" appears, click Refresh to ensure the quick compare values are up-to-date. The Print Quick Compare button will be active when the values are updated.

Print Quick Compare report:

  • The illustration calculations need to be refreshed for the user to be able to print the Quick Compare report.
    If the Print Quick Compare button is disabled, manually refresh the illustration.
  • This report will compare the initial premium as well as premiums at pre-defined anniversaries.
  • The Quick Compare report will be generated in the language selected in the Report Design tab.

Sun Critical Illness Insurance (Sun CII) Quick Compare:

In addition to the information above, you should be aware of the following regarding the Sun CII Quick compare.

  • When illustrating Sun CII, your Payment period may be either limited pay or non-limited pay. The Quick Compare information that you see will depend on the Payment period you have selected in the Coverage details section. If you have selected a limited payment period (such as 10 or 15 years), the comparison will include all of the limited payment period options. If you have selected a non-limited payment period (such as to age 75 or to age 100), the comparison will include all of the non-limited payment period options. See examples below.
Limited pay options: Non-limited pay options:
Term 75 with payments for 15 years, Term 10 with payments to age 75,
Lifetime with payments for 15 years, or Term 75 with payments to age 75, or
Lifetime with payments for 10 years Lifetime with payments to age 100
  • Sun CII has an optional benefit called the Return of premium on cancellation (or expiry). If you have selected this benefit, then the cost of this benefit will be displayed in the Quick Compare.
    Important! The ROPC/E premiums that are displayed are already included in the total policy premium directly above it. You do not need to add the 2 premiums together.

Quick Compare information should not be used as the only basis for making decisions about what term and premium duration to apply for. It is highly recommended that you illustrate the desired option and thoroughly review the Product report to understand how coverages and premiums change over time.