Sun CII premium discount
Help Clients get the coverage they need and grow your business with a new limited-time premium discount for Sun Critical Illness Insurance (Sun CII). Act soon – this offer ends December 31, 2022.
How it works
- Policy owners who have in-force and settled Sun Life participating, permanent, term or universal life insurance policies from January 1, 2018 to September 30, 2022 are eligible.
- The discount is equal to three months of Sun CII premium when they apply for a new Sun CII policy and we receive the signed application within the offer period. The premium discount will be reflected in the policy terms.
- After the Sun CII policy has been in effect for six months, they’ll get a lump sum payment cheque.
- The life insurance policy must be in effect at the time of the application for Sun CII.
- This offer runs from October 1 to December 31, 2022. Sun CII applications must be signed and received during this time frame.
Want to know more?
Read the Frequently asked questions below for details.
Resources
Use these resources to reach out to eligible Clients and start the conversation about Sun CII.
- For advisors
- Sun CII business owners email template
- Use this template as a starting point to connect with business owners.
- Sun CII non-business owner email template | Simplified Chinese
- Use this template as a starting point to connect with Clients.
- Sun eApp
- Sun eApp makes applying for Sun CII policies easy with features like flexible navigation, application pre-fill and simple eSign. And with expanded pre-approval eligibility, you can tell even more Clients the likely outcome of their application, pending final review.
- For Clients
- Client letter
- For reference, this is the letter we’ll send to Clients who qualify for the premium discount.
- Financial freedom to focus on recovery
- Give Clients an overview of covered illnesses, benefits and unique features of critical illness insurance for adults.
- A smart choice…any way you look at it
- Give Clients an overview of covered illnesses, benefits and unique features of critical illness insurance for children.
Frequently asked questions
- Campaign eligibility and timing
Q: Who is eligible for the Sun CII premium discount?
The Sun CII premium discount is available to a policy owner who:
- settled a life insurance policy from Sun Life between January 1, 2018, and September 30, 2022, AND
- applies for a Sun CII policy between October 1 and December 31, 2022 (must be signed and received).
The life insurance policy must:
- be in-force and settled at the time of the Sun CII application and
- remain in effect at least six months after coverage under the Sun CII policy came into effect.
After the Sun CII policy has been in effect for six months, the policy owner will receive a lump sum payment in a cheque, equivalent to three months of the Sun CII premiums. The premium discount will be reflected in the policy terms. Both the life insurance policy and Sun CII policy must be in effect six months after the Sun CII policy came into effect to qualify for the payment.
Note: Sun CII policies applications submitted before October 1 and subsequently cancelled in order to reapply to qualify for the campaign will not be eligible.
Q: When is the Sun CII premium discount campaign timeframe?
The Sun CII premium discount offer is only available from October 1 until December 31, 2022. Sun CII applications must be signed and received during this time frame.
Q: What ages are eligible for the Sun CII premium discount?
Eligibility is open to all adults who can qualify for Sun CII. Sun CII issue ages are 18 – 65.
Sun CII child policies can also qualify for the premium discount as long as the policy owner also owns an eligible life policy.
The age of the policy owner doesn’t impact eligibility to get the discount.
Q: Does the advisor of record have to be the same advisor for both the life insurance policy and the CII policy?
No. The advisor of record doesn’t affect eligibility.
Q: A Client bought a life policy outside of the eligibility timeframe. They now want to apply for a Sun CII policy during the campaign timeframe. Can you make an exception to give them the premium discount?
No. We won’t make exceptions to the eligibility criteria.
Q: Will the Sun CII premium discount affect advisors’ compensation?
No. There is no impact to compensation.
- Premium discount payments
Q: How is the Sun CII premium discount calculated?
Under the terms of the policy, the discount is equal to three-months worth of the first year of premiums. We calculate the discount amount based on the payment mode selected for the Sun CII policy:
- Calculation for policies with a monthly payment: total monthly premium x 3 = discount amount
- Calculation for policies with an annual payment: (total annual premium / 12) x 3 = discount amount
Q: How is the payment made?
The policy owner(s) will get a lump sum cheque. We’ll send a letter to the Client and notification to the advisor before we send the cheque (see Resources above for the sample Client letter).
Q: When is the payment made?
We’ll issue the cheque after we confirm:
- the policy meets the eligibility criteria,
- both the life insurance policy and the Sun CII policy are in effect, and
- the Sun CII policy is active for six months.
Q: Does the Sun CII premium discount apply to the base insurance premium amounts only? Or to all included benefits (e.g., ROPC/E ROPD WP)?
The discount applies to the whole premium. We base the discount amount on the selected payment mode. This includes the base coverage, optional benefits and the policy fee.
Q: Is there a minimum or maximum amount for the Sun CII premium discount?
No. Under the terms of the Client's Sun CII policy, their premium discount will be the equivalent of three months of their Sun CII premium.
Q: There’s already a discount if Clients pay premiums annually. Will there be an additional discount on the base premium?
No. Under the terms of the Client's Sun CII policy, the discount is equal to three months worth of the first year of premiums. We’ll calculate it based on the payment frequency for the selected policy.
Here’s how we’ll determine the discount amount for monthly and annual payments:
- Calculation for policies with a monthly payment: total monthly premium x 3 = discount amount
- Calculation for policies with an annual payment: (total annual premium / 12) x 3 = discount amount
Q: Who receives the cheque if the payor isn’t the policyowner?
The policy owner will receive the cheque.
Q: What is the tax impact on Clients?
There are no tax implications for Clients.
Q: Are changes in coverage amount/policy changes made during the eligibility period included and available for this promotion?
No. The premium when the coverage went into effect is the basis for the premium discount cheque amount.
- Policy eligibility
Q: Do insureds qualify for the Sun CII premium discount?
No. The insured isn’t eligible. Only the policy owner is eligible for the Sun CII premium discount.
Q: Can a life insurance policy owner’s family get the Sun CII premium discount?
No. Eligibility applies only to the life insurance policy owner. If the policy owner buys Sun CII policies for family members, and they’re the policy owner, the discount applies to those policies.
Q: A joint life policy has two policy owners. Are they both eligible for the Sun CII premium discount?
Yes. Each policy owner can participate in the premium discount campaign. If they each purchase Sun CII policies and meet the other eligibility criteria, they’ll each get the applicable discount for any/all eligible policies.
Q: Does this campaign apply only to newly settled life insurance policies?
The campaign applies to all Sun Life participating, permanent, term or universal life insurance policies settled and in-force between January 1, 2018 and September 30, 2022. This includes conversion and internal replacements. Please note, the policies must be settled and in-force to be eligible for the premium discount.
Q: Are conversions and replacements of life products within the required time period eligible?
Yes. Life insurance policies issued and settled as a result of a replacement or a conversion qualify the policy owner to purchase a Sun CII policy and receive the premium discount.
Q: If the policy has ROPC/E, will the discount amount be deducted from the premium refund available when the option matures?
No. The premium discount doesn’t impact the accumulated returnable premium amount. We’ll mail the premium discount cheque to the policy owner.
Q: What if the life policy is on waiver?
We consider a policy that’s on waiver as in effect. Therefore, the policy owner qualifies for the campaign, so long as the other criteria are met.
Note: if the policy owner is the insured for the Sun CII policy, they may not meet the underwriting requirements to qualify for coverage.
Q: I have a couple where one bought life insurance in 2017 and the other bought life insurance in 2018. Now both want to buy Sun CII policies. Will only the person that bought life insurance in 2018 benefit from the Sun CII premium discount?
Yes. However, the premium discount will apply to both Sun CII policies only if the person who purchased and settled the life insurance policy in 2018 is the policy owner for both Sun CII policies.
Q: When will the Sun CII premium discount be effective?
We’ll apply the discount once the policy has been in effect for six months. This means that if you backdate a policy to retain age, we’ll take that date into account.
Q: Please clarify if the policy owner of the life policy also has to be the policy owner of the new CII policy. For example, if the Client is buying coverage for a spouse, the Client must be the policy owner for the Sun CII policy to qualify for the discount?
Yes. The policy owner of the life plan must also be the owner of the Sun CII plan. Eligibility applies at the policy owner level.
The policy owner doesn’t have to be the life insured, and the life insured can be different from the life insurance policy. For example, if the policy owner purchases Sun CII policies for their children, and they are the policy owner, the discount will apply to those policies.
Q: Is shared ownership allowed?
We allow two owners on Sun CII sold as part of a Shared Ownership agreement. If one of the owners is eligible for the premium discount, then the policy can qualify for the discount. The discount cheque will be sent to the joint owners.
Q: If there is a pending Sun CII case with an in-force life policy that meets the criteria, will this case be eligible for the discount?
No. Pending Sun CII applications aren’t eligible for the premium discount. Although they may settle during the campaign, they don’t qualify because the application was outside of the campaign timeframe.
Sun CII applications submitted before October 1 and subsequently cancelled in order to reapply to qualify for the campaign will not be eligible.
We won’t make exceptions to the eligibility criteria described.
Q: Are there any guidelines around the life insurance policy rating as it differs from Sun CII policy rating?
The applicant must meet our underwriting requirements in order for Sun Life to issue a Sun CII policy. There are multiple factors that affect eligibility for a Sun CII policy. Please review the Pre-underwriting guide for Sun Critical Illness Insurance or reach out to your Sun Life representative for more information.
- Corporately owned policy eligibility details
Q: I have a qualifying corporately-owned life policy and want to present this premium discount. Who will get the Sun CII premium discount if they purchase a Sun CII policy?
If the Sun CII policy is a corporate policy, then the Sun CII premium discount is paid to the corporation.
Q: What is the tax impact if it’s a corporate-owned Sun CII policy?
There are no tax implications.
Questions
Please reach out to your Sun Life representative or email us.