Website maintenance starting Friday April 19 @ 9pm ET
The secure site and tools will be temporarily unavailable starting Friday April 19 @ 9pm until 9pm on Saturday April 20 ET for system maintenance. Thank you for your understanding.
Website maintenance starting Friday April 19 @ 9pm ET
The secure site and tools will be temporarily unavailable starting Friday April 19 @ 9pm until 9pm on Saturday April 20 ET for system maintenance. Thank you for your understanding.
Sun Life Par gives Clients the opportunity to participate in earnings from one of the strongest Par accounts in Canada. With choice, flexibility and guarantees, it helps preserve Clients’ growing wealth.
This video is also available in French and Simplified Chinese.
Sun Par Protector II is a participating life insurance policy that offers three guranteed premium payment options, five dividend options and a variety of optional benefits.
Target client profiles: May be ideal for clients ages 45 - 60 looking for:
Guaranteed premium payment options and issue ages | Single Life pay: 0 - 85 10 pay: 0 - 85 20 pay: 0 - 80 |
Joint 18 - 85 18 - 85 18 - 80 |
||
Coverage options |
|
|||
Premium bands | $25,000 - $49,999 ages 0 - 17 $50,000 - $99,999 $100,000 - $249,999 |
$250,000 - $499,999 Premium rates for amounts above $15,000,000 are subject to reinsurance and underwriting reviews |
||
Underwriting classes | Non Smoker | Smoker | Juvenile | |
Dividend options |
|
|
||
Guaranteed cash values | Typically begin at the end of year 5 | |||
Policy loans | From $250, up to 100% of the total cash value less one year’s interest, less any existing indebtedness may be borrowed from your policy. | |||
Non-forfeiture options |
||||
Policy fees and payment methods |
|
|||
Optional benefits | ||||
Plus premium benefit |
|
|||
Additional non-par benefits |
|
|
||
Special Features | Living Benefit |
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 II may be a smart solution for parents or grandparents looking to provide their children or grandchildren with a strong financial foundation through guaranteed, lifetime protection.
Speak to clients who have their own life and health insurance needs covered, their retirement savings plans well underway and additional funds available to protect their children, beyond their regular and future financial commitments. When you're considering what solution to recommend for children, consider the coverage need and ensure the solution fits the need and the budget.
Being a participating whole life policy, Sun Par Protector II can earn policyholder dividends. Sun Par Protector II is expected to provide compound growth over time through paid-up additional insurance, stable returns and tax-preferred cash value growth.
Here are some resources to help you start the Sun Par for Children conversation with Clients.
The plus premium benefit allows the client to pay an additional premium to make the most of tax-preferred cash value growth.
Issue ages: | Base life | Additional life |
---|---|---|
T10: | 18 - 75 | 0 - 75 |
T10 with RPB: | 18 - 65 | 0 - 65 |
T15: | 18 - 70 | 0 - 70 |
T20: | 18 - 65 | 0 - 65 |
T30: | 18 - 55 | 0 - 55 |
Accidental death benefit (ADB)
Child term benefit (CTB)
Total disability waiver benefit (TDB)
Owner waiver death benefit
Owner waiver disability benefit
Owner waiver death and disability benefit
Guaranteed insurability benefit (GIB)
Business value protection benefit (BVPB)
With Sun Par Accumulator II and Protector II, policyholders have the opportunity to earn dividends on the base insurance portion of their plan. Policyholder dividends are paid annually, on the policy anniversary date, and are not guaranteed. For more information please refer to the Advisor guide or policy.
Paid-up additional insurance (PUA)
Any dividends credited to the policy are used to purchase paid-up additional insurance which is added to the base insurance amount, creating another layer of permanent protection. This layer, as well as the base insurance amount is the basis for earning dividends, resulting in a compounding effect of dividend earning potential. The paid-up additional insurance has a cash value accumulating over time on a tax-preferred basis.
Enhanced insurance
The enhanced insurance dividend option enables clients to establish a permanent life insurance policy in a cost-effective manner. On each policy anniversary any policy owner dividend credited is used to purchase a combination, determined by Sun Life, of yearly term insurance and paid-up additional insurance. This combined amount of insurance is equal to the enhanced insurance amount set out in the client's policy. Any paid-up additional insurance purchased is added to the existing paid-up additional insurance, creating another layer of permanent insurance. In addition to the base insurance amount, each layer is the basis for earning dividends, resulting in a compounding effect for dividend earning potential.
The maximum enhanced insurance amount depends on the insured person's issue age, smoking status, coverage type, and premium payment period. The minimum enhanced amount is $1,000.
Annual premium reduction
This dividend option can provide clients with a cost-effective way to pay their premiums. We use any policy owner dividends credited to the policy to reduce the premium for the next policy year. If in the future the policy owner dividends exceed the annual premium, then the excess is held in the withdrawable premium fund. This dividend option is only available if the client is paying premiums on an annual basis.
Dividends on deposit (DOD)
With this dividend option, any policy owner dividends credited to the policy are automatically deposited into an account similar to a savings account with Sun Life. The policy owner dividends in this account earn interest daily at a rate we determine. The interest is compounded annually and clients have access to these dividends at any time. Any interest earned is taxable.
Cash payment
This option gives the client the opportunity to receive their annual dividends in cash. All or a portion of the cash dividends may be taxable as income.
With the Plus premium benefit, Clients can increase the amount of paid-up additional insurance in their policies and make the most of the tax preferred cash value growth available with participating life insurance.
Clients can make changes to the Plus premium benefit within our administrative guidelines. In some cases, limited underwriting questions will be required.
For policies issued before 2017, some changes are not permitted as they’ll cause the policy to lose its grandfathered status.
The time frame of 5 years mentioned in the chart below is referencing a rule that is administrative only. Consult the contract for further details.
Note: Any plus premium increases are subject to our retention and capacity limits and may be subject to underwriting to obtain additional capacity
Plus premium change | Policies issued before January 1, 2017 (G2 tax rules) |
Policies issued after January 1, 2017 (G3 tax rules) |
||
---|---|---|---|---|
Allowed? | Additional underwriting? | Allowed? | Additional underwriting? | |
Add at issue | n/a | n/a | Yes | No |
Add within 5 years of issue date | n/a | n/a | Yes | No |
Increase within 5 years of issue date | n/a | n/a | Yes | No |
Decrease then increase up to maximum within 5 years of issue date | n/a | n/a | Yes | No |
After 5th policy anniversary - Decrease then increase back to original amount within 5 years of decrease | Yes | No | Yes | No |
After 5th policy anniversary - stop payments and restart within 5 years at same or lower premium level | Yes | No | Yes | No |
Add more than 5 years after issue | No | n/a | Yes | Limited questions |
Increase more than 5 years after issue | No | n/a | Yes | Limited questions |
After 5th policy anniversary - Decrease then increase back to original amount more than 5 years after decrease | No | n/a | Yes | Limited questions |
Decrease then increase up to maximum more than 5 years after issue | No | n/a | Yes | Limited questions |
After 5th policy anniversary - Stop payments and restart more than 5 years after stopping | No | n/a | Yes | Limited questions |
Add Plus premium at conversion less than 5 years from original term policy issue date |
n/a | n/a | Yes | No |
Add Plus premium after a conversion less than 5 years from original term policy issue date | n/a | n/a | Yes | No |
Add Plus premium at conversion more than 5 years from original term policy issue date | n/a | n/a | Yes | Limited questions required if Net Amount at Risk (NAAR) of new plan plus any remaining term coverage (if applicable) exceeds original Term face amount. |
Add Plus premium after a conversion more than 5 years from original term policy issue date | No | n/a | Yes | Limited questions |
Adding, restarting or increasing the Plus Premium benefit and limited underwriting is required:
Complete form E110 - Application for policy change, reinstatement and/or reconsideration of rating.
Adding, restarting, increasing or decreasing the Plus premium benefit and no additional limited underwriting is required:
You or the Client can call or email us with the details of the request and we will make the change.
Limited underwriting questions
The following questions are found in the additional evidence required section of application E110 (Application for policy change, reinstatement and/or reconsideration of rating)
Has the proposed insured ever been treated for or had any symptoms or indication of:
When completing the application, if your client answers 'yes' to any of the above questions, you will need to provide additional information where possible. Underwriting will assess these details when determining insurability for the requested dividend option. Sun Life may request additional evidence.
Additional information on the Plus premium benefit administrative guidelines:
Ages | Total insurance face amount with Sun Life |
---|---|
0-1 | $500,000 |
2-20 | $5,000,000 |
21-45 | $7,500,000 |
46-70 | $10,000,000 |
71-80 | $7,500,000 |
81-85 | We’ll refer any amount to underwriting |
Sun Par Protector II, Sun Par Accumulator II and Sun Par Accelerator
Without providing evidence of insurability, clients can:
We will require the answer to limited underwriting questions below for the following transactions:
If limited underwriting questions are required, complete form E110 - Application for policy change, reinstatement and/or reconsideration of rating
Limited underwriting questions
When completing the applications, if your client answers 'yes' to any of the questions, you will need to provide additional information where possible. Underwriting will assess these details when determining insurability for the requested dividend option. Sun Life may request additional evidence.
1 If enhanced insurance is elected as the dividend option, the maximum face amount includes the base amount plus the enhancement.
Splitting Joint Par policies
We will allow Clients to split their Joint life policies into new single life policies at attained age and current rates without providing new evidence of insurability. The following criteria must be met:
This benefit is offered on Sun Life Assurance Company of Canada life insurance products and is a non-contractual arrangement that we may approve at our discretion on a case-by-case basis. If an insured person is diagnosed with a terminal illness, an application can be made by the policy owner for a lump sum advance of 50% of the insurance amount, to a maximum of $100,000. The lump sum, plus interest, is deducted from the death benefit when paid. This benefit follows the rules of the living benefit program in effect when the policy owner applies to receive the benefit.
Sun Par Accumulator II 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.
May be suitable for clients ages 50+ looking for:
Guaranteed premium payment options and issue ages | Single Life pay: 0 - 85 10 pay: 0 - 85 20 pay: 0 - 80 |
Joint 18 - 85 18 - 85 18 - 80 |
||
Coverage options | Single Life
Joint last-to-die, premiums to first death (life pay only) |
|||
Premium bands | $250,000 - $499,999 $500,000 - $999,999 |
$1,000,000 - $25,000,000* Premium rates for amounts above $15,000,000 are subject to reinsurance and underwriting reviews |
||
Underwriting classes | Non Smoker | Smoker | Juvenile | |
Dividend options | Paid-up additional insurance
|
Annual premium reduction
Dividends on deposit Cash payment |
||
Guaranteed cash values | Typically begin at the end of year 1 | |||
Policy loans | From $250, up to 100% of the total cash value less one year’s interest, less any existing indebtedness may be borrowed from your policy. | |||
Non-forfeiture options |
||||
Policy fees and payment methods |
|
|||
Optional benefits | ||||
Plus premium benefit |
|
|||
Additional non-par benefits |
|
|
||
Special Features | Living Benefit |
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 II is a smart solution for parents or grandparents looking to provide their children or grandchildren with a strong financial foundation through guaranteed, lifetime protection.
Speak to clients who have their own life and health insurance needs covered, their retirement savings plans well underway and additional funds available to protect their children, beyond their regular and future financial commitments. When you're considering what solution to recommend for children, consider the coverage need and ensure the solution fits the need and the budget.
As a participating whole life policy, Sun Par Accumulator II can earn policyholder dividends. Sun Par Accumulator II provides compound growth over time through paid-up additional insurance, stable returns and tax-preferred cash value growth.
The plus premium benefit allows clients to pay an additional premium to make the most of tax-preferred cash value growth.
Term insurance benefit (TIB)
Issue ages: | Base life | Additional life |
---|---|---|
T10: | 18 - 75 | 0 - 75 |
T10 with RPB: | 18 - 65 | 0 - 65 |
T15: | 18 - 70 | 0 - 70 |
T20: | 18 - 65 | 0 - 65 |
T30: | 18 - 55 | 0 - 55 |
Accidental death benefit (ADB)
Child term benefit (CTB)
Total disability waiver benefit (TDB)
Owner waiver death benefit
Owner waiver disability benefit
Owner waiver death and disability benefit
Guaranteed insurability benefit (GIB)
Business value protection benefit (BVPB)
With Sun Par Accumulator II and Protector II, policyholders have the opportunity to earn dividends on the base insurance portion of their plan. Policyholder dividends are paid annually, on the policy anniversary date, and are not guaranteed. For more information please refer to the Advisor guide or policy.
Paid-up additional insurance (PUA)
Any dividends credited to the policy are used to purchase paid-up additional insurance which is added to the base insurance amount, creating another layer of permanent protection. This layer, as well as the base insurance amount is the basis for earning dividends, resulting in a compounding effect of dividend earning potential. The paid-up additional insurance has a cash value accumulating over time on a tax-preferred basis.
Enhanced insurance
The enhanced insurance dividend option enables clients to establish a permanent life insurance policy in a cost-effective manner. On each policy anniversary any policy owner dividend credited is used to purchase a combination, determined by Sun Life, of yearly term insurance and paid-up additional insurance. This combined amount of insurance is equal to the enhanced insurance amount set out in the client's policy. Any paid-up additional insurance purchased is added to the existing paid-up additional insurance, creating another layer of permanent insurance. In addition to the base insurance amount, each layer is the basis for earning dividends, resulting in a compounding effect for dividend earning potential.
The maximum enhanced insurance amount depends on the insured person's issue age, smoking status, coverage type, and premium payment period. The minimum enhanced amount is $1,000.
Annual premium reduction
This dividend option can provide clients with a cost-effective way to pay their premiums. We use any policy owner dividends credited to the policy to reduce the premium for the next policy year. If in the future the policy owner dividends exceed the annual premium, then the excess is held in the withdrawable premium fund. This dividend option is only available if the client is paying premiums on an annual basis.
Dividends on deposit (DOD)
With this dividend option, any policy owner dividends credited to the policy are automatically deposited into an account similar to a savings account with Sun Life. The policy owner dividends in this account earn interest daily at a rate we determine. The interest is compounded annually and clients have access to these dividends at any time. Any interest earned is taxable.
Cash payment
This option gives the client the opportunity to receive their annual dividends in cash. All or a portion of the cash dividends may be taxable as income.
With the Plus premium benefit, Clients can increase the amount of paid-up additional insurance in their policies and make the most of the tax preferred cash value growth available with participating life insurance.
Clients can make changes to the Plus premium benefit within our administrative guidelines. In some cases, limited underwriting questions will be required.
For policies issued before 2017, some changes are not permitted as they’ll cause the policy to lose its grandfathered status.
The time frame of 5 years mentioned in the chart below is referencing a rule that is administrative only. Consult the contract for further details.
Note: Any plus premium increases are subject to our retention and capacity limits and may be subject to underwriting to obtain additional capacity
Plus premium change | Policies issued before January 1, 2017 (G2 tax rules) |
Policies issued after January 1, 2017 (G3 tax rules) |
||
---|---|---|---|---|
Allowed? | Additional underwriting? | Allowed? | Additional underwriting? | |
Add at issue | n/a | n/a | Yes | No |
Add within 5 years of issue date | n/a | n/a | Yes | No |
Increase within 5 years of issue date | n/a | n/a | Yes | No |
Decrease then increase up to maximum within 5 years of issue date | n/a | n/a | Yes | No |
After 5th policy anniversary - Decrease then increase back to original amount within 5 years of decrease | Yes | No | Yes | No |
After 5th policy anniversary - stop payments and restart within 5 years at same or lower premium level | Yes | No | Yes | No |
Add more than 5 years after issue | No | n/a | Yes | Limited questions |
Increase more than 5 years after issue | No | n/a | Yes | Limited questions |
After 5th policy anniversary - Decrease then increase back to original amount more than 5 years after decrease | No | n/a | Yes | Limited questions |
Decrease then increase up to maximum more than 5 years after issue | No | n/a | Yes | Limited questions |
After 5th policy anniversary - Stop payments and restart more than 5 years after stopping | No | n/a | Yes | Limited questions |
Add Plus premium at conversion less than 5 years from original term policy issue date |
n/a | n/a | Yes | No |
Add Plus premium after a conversion less than 5 years from original term policy issue date | n/a | n/a | Yes | No |
Add Plus premium at conversion more than 5 years from original term policy issue date | n/a | n/a | Yes | Limited questions required if Net Amount at Risk (NAAR) of new plan plus any remaining term coverage (if applicable) exceeds original Term face amount. |
Add Plus premium after a conversion more than 5 years from original term policy issue date | No | n/a | Yes | Limited questions |
Adding, restarting or increasing the Plus Premium benefit and limited underwriting is required:
Complete form E110 - Application for policy change, reinstatement and/or reconsideration of rating.
.
Adding, restarting, increasing or decreasing the Plus premium benefit and no additional limited underwriting is required:
You or the Client can call or email us with the details of the request and we will make the change.
Limited underwriting questions
The following questions are found in the additional evidence required section of application E110 (Application for policy change, reinstatement and/or reconsideration of rating)
.
When completing the application, if your client answers 'yes' to any of the above questions, you will need to provide additional information where possible. Underwriting will assess these details when determining insurability for the requested dividend option. Sun Life may request additional evidence.
Additional information on the Plus premium benefit administrative guidelines:
Ages | Total insurance face amount with Sun Life |
---|---|
0-1 | $500,000 |
2-20 | $5,000,000 |
21-45 | $7,500,000 |
46-70 | $10,000,000 |
71-80 | $7,500,000 |
81-85 | We’ll refer any amount to underwriting |
Sun Par Protector II, Sun Par Accumulator II and Sun Par Accelerator
Without providing evidence of insurability, clients can:
We will require the answer to limited underwriting questions below for the following transactions:
If limited underwriting questions are required, complete form E110 - Application for policy change, reinstatement and/or reconsideration of rating
Limited underwriting questions
When completing the applications, if your client answers 'yes' to any of the questions, you will need to provide additional information where possible. Underwriting will assess these details when determining insurability for the requested dividend option. Sun Life may request additional evidence.
1 If enhanced insurance is elected as the dividend option, the maximum face amount includes the base amount plus the enhancement.
Splitting Joint Par policies
We will allow Clients to split their Joint life policies into new single life policies at attained age and current rates without providing new evidence of insurability. The following criteria must be met:
This benefit is offered on Sun Life Assurance Company of Canada life insurance products and is a non-contractual arrangement that we may approve at our discretion on a case-by-case basis. If an insured person is diagnosed with a terminal illness, an application can be made by the policy owner for a lump sum advance of 50% of the insurance amount, to a maximum of $100,000. The lump sum, plus interest, is deducted from the death benefit when paid. This benefit follows the rules of the living benefit program in effect when the policy owner applies to receive the benefit.
Sun Par Accelerator is a participating permanent life insurance policy that offers a short guaranteed premium commitment of 8 years, as well as guaranteed cash values in early years.
Target client profiles: Can be ideal for clients ages 30 to 50 looking for:
Guaranteed premium payment option and issue ages |
Single |
Joint 18 - 65 |
Coverage options |
Single Life
Joint last-to-die, premiums to second death |
|
Premium bands |
$250,000 - $499,999 Premium rates for amounts above $15,000,000 are subject to reinsurance and underwriting reviews |
|
Underwriting classes |
Non-smoker |
|
Dividend options |
|
|
Guaranteed cash values |
Typically begin at the end of year 1 |
|
Policy loans |
From $250, up to 100% of the total cash value less one year's interest, less any existing indebtedness may be borrowed from the policy. |
|
Non-forfeiture options |
Automatic premium loan |
|
Policy fees and payment methods |
|
|
Optional benefits |
||
Additional non-par benefits |
|
|
Special features |
|
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 a client will govern the relationship between Sun Life and the policy owner.
Sun Par Accelerator may be a smart solution for parents or grandparents looking to provide their children or grandchildren with a strong financial foundation through guaranteed, lifetime protection.
Speak to clients who have their own life and health insurance needs covered, their retirement savings plans well underway and additional funds available to protect their children, beyond their regular and future financial commitments. When you’re considering what solution to recommend for children, consider the coverage need and ensure the solution fits the need and the budget.
As a participating whole life policy, Sun Par Accelerator can earn policyholder dividends. Sun Par Accelerator provides compound growth over time through paid-up additional insurance, stable returns and tax-preferred cash value growth.
Term insurance benefit (TIB)
Issue ages: | Base life | Additional life |
---|---|---|
T10: | 18 - 75 | 0 - 75 |
T10 with RPB: | 18 - 65 | 0 - 65 |
T15: | 18 - 70 | 0 - 70 |
T20: | 18 - 65 | 0 - 65 |
T30: | 18 - 55 | 0 - 55 |
Accidental death benefit (ADB)
Child term benefit (CTB)
Total disability waiver benefit (TDB)
Owner waiver death benefit
Owner waiver disability benefit
Owner waiver death and disability benefit
Guaranteed insurability benefit (GIB)
Business value protection benefit (BVPB)
Enhanced insurance
With Sun Par Accelerator enhanced insurance is the only dividend option available at issue. At each policy anniversary any policy owner dividend credited is used to purchase a combination (that we determine) of yearly term insurance and paid-up additional insurance. This combined insurance is equal to the total insurance amount set out in the client's policy. Any paid-up additional insurance purchased is added to the existing paid-up additional insurance. The paid-up additional insurance is added to the base, creating another layer of permanent insurance. The base insurance amount is the basis for earning dividends, resulting in a compounding effect for dividend earning potential.
The enhanced insurance amount for Sun Par Accelerator is set by us at issue – the client can't choose their enhancement amount.
Sun Par Accelerator
Clients can convert any amount of term insurance to a Sun Par Accelerator plan without having to provide evidence of insurability. The total of the new Sun Par Accelerator base + the enhanced insurance amount must not be greater than the original term face amount.
This benefit is offered on Sun Life Assurance Company of Canada life insurance products and is a non-contractual arrangement that we may approve at our discretion on a case-by-case basis. If an insured person is diagnosed with a terminal illness, an application can be made by the policy owner for a lump sum advance of 50% of the insurance amount, to a maximum of $100,000. The lump sum, plus interest, is deducted from the death benefit when paid. This benefit follows the rules of the living benefit program in effect when the policy owner applies to receive the benefit
Questions?
Connect with the Insurance Sales Support team for help with participating insurance sales:
1-800-800-4786
Want to share this information on social media? Select the appropriate link below.
© Sun Life Assurance Company of Canada. All rights reserved.