Sun Par Accelerator

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:

  • permanent protection that’s guaranteed to be fully paid up in eight years
  • estate protection combined with cash values they can access throughout their lifetime
  • asset diversification
  • building a financial foundation for their children

Product overview

Sun Par Accelerator at a glance

Guaranteed premium payment option and issue ages

            Single          
8 pay:  0 - 65         

Joint

18 - 65

Coverage options

Single Life
Joint first-to-die

  • Survivor benefit and Automatic survivor benefit are included

Joint last-to-die, premiums to second death

Premium bands

$250,000 - $499,999
$500,000 - $999,999
$1,000,000 - $25,000,000*
* Special quotes available for cases over $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

  • Enhanced insurance (only dividend option available at issue)
  • Paid-up additional insurance
  • 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 the policy.

Non-forfeiture options

Automatic premium loan

Policy fees and payment methods

  • $25 annually
  • $2.25 monthly pre-authorized cheque (PAC)

Optional benefits

Additional non-par benefits

  • Accidental death benefit
  • Guaranteed insurability benefit
  • Total disability waiver benefit
  • Owner waiver benefit (death, disability or death and disability)
  • Child term benefit
  • Business value protection benefit
  • Term insurance benefit
  • T10, T10 with renewal protection benefit (RPB), T15, T20 and T30

Special features

  • Living benefit
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 a client will govern the relationship between Sun Life and the policy owner.

Sun Par Accelerator for children

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.

Benefits

Optional non-par benefits

Term insurance benefit (TIB)

Issue ages: Base lifeAdditional life
T10:  18 - 750 - 75
T10 with RPB:  18 - 65 0 - 65
T15:18 - 70  0 - 70
T20:18 - 65 0 - 65
T30:  18 - 550 - 55
  • Availability: Single life/Joint first-to-die/Joint last-to-die
  • Expires on the policy anniversary nearest the insured person's 85th birthday, or 85th birthday of the oldest insured person
  • Minimum benefit amount: $50,000
  • Maximum benefit amount - Base life: $15,000,000 minus the basic insurance amount per insured person
  • Maximum benefit amount - Additional life: $15,000,000 per insured person
  • All or part of the TIB death benefit is convertible to permanent life insurance without additional medical evidence, up to the policy anniversary nearest the insured person's 75th birthday
  • Available after issue, subject to underwriting requirements
  • Optional Renewal protection benefit (RBP)
    • Available with T10, allows the client to pay additional costs today in exchange for lower renewal costs, compared to T10 without RPB.
    • Cannot be cancelled or added after issue.

Accidental death benefit (ADB)

  • Issue ages: 0 - 65
  • Availability: Single life/Joint first to die/Joint last to die
  • Minimum benefit amount: $10,000
  • Maximum benefit amount: Lesser of two times the insurance amount, including Term insurance benefits, and $1,000,000 ($250,000 for ages 0-17)
  • Expires at the policy anniversary nearest the insured person's 70th birthday
  • Premiums are level and are payable until expiry of the benefit.
  • Can be added after issue at the policy anniversary only

Child term benefit (CTB)

  • Issue ages: 18 - 55
  • Availability: Single Life/Joint first to die/Joint last to die
  • Child eligibility: 0-18 based on age nearest birthday
  • Covers any child named on the application (born, adopted and stepchildren) and automatically covers children born or legally adopted after the date of application. Stepchildren may be added after issue through an application
  • Minimum benefit amount: $10,000
  • Maximum benefit amount: $30,000 total across all CTB coverages with Sun Life
  • Premiums are payable to the earlier of 20 years and the policy anniversary nearest the insured person's 70th birthday
  • Benefit expires at the policy anniversary nearest the base insured person's 70th birthday 
  • Between the child's 18th and 25th birthdays, the owner will have the right to buy additional life insurance on the life of the child for up to 10 times the amount of the benefit
  • Can be added after issue at policy anniversary only

Total disability waiver benefit (TDB)

  • Issue ages:  0 - 55
  • Availability: Single Life/Joint first to die/Joint last to die
  • Expires at the policy anniversary nearest the insured person's 60th birthday
  • Benefit will waive up to $50,000 of annual premium/COI across all Sun Life policies
  • Premiums will be waived as long as the insured is disabled
  • Cannot be added after issue

Owner waiver death benefit

  • Issue ages: 18 - 60
  • Availability: Single Life/Joint first to die/Joint last to die
  • The owner must be different than the insured person
  • Expires at the policy anniversary nearest the owner's 70th birthday
  • Benefit will waive up to $50,000 of annual premium/COI across all Sun Life policies
  • Premiums will be waived as long as premiums are charged for the insurance amount and optional benefits in the policy when the owner dies
  • Not available when the Business value protection benefit has been selected
  • Cannot be added after issue

Owner waiver disability benefit

  • Issue ages: 18 - 55
  • Availability: Single life/Joint first to die/Joint last to die
  • The owner must be different than the insured person
  • Expires at the policy anniversary nearest the owner's 60th birthday
  • Benefit will waive up to $50,000 of annual premium/COI across all Sun Life policies
  • Premiums will be waived as long as the owner is disabled
  • Not available when the Business value protection benefit has been selected
  • Cannot be added after issue

Owner waiver death and disability benefit

  • Issue ages: 18 - 55
  • Availability: Single life/Joint first to die/Joint last to die
  • This optional benefit combines the coverages provided by the Owner waiver death and Owner waiver disability benefits, at a discount when compared to their individual benefit premiums.

Guaranteed insurability benefit (GIB)

  • GIB allows policy owners to purchase additional life insurance on insured persons at their attained age without providing evidence of insurability.
  • Issue ages: 0 - 45
  • Availability: Single life only
  • Minimum option amount:  $20,000
  • Maximum option amount:  Lesser of insurance amount (including Term insurance benefit and Enhanced insurance amount) and $300,000 across all Sun Life policies
  • Elections are available every 3 years and within 31 days of a special event (marriage, birth/legal adoption of a child)
  • A maximum of 8 elections up to a maximum face amount of $2,400,000 are available
  • Expires at the earlier of the policy anniversary nearest the insured person's 55 birthday or once the maximum amount of elections have been made
  • Not available if the Business value protection benefit has been selected
  • Not available after issue or for substandard risks

Business value protection benefit (BVPB)

  • Allows business owners to purchase additional insurance as their business grows without providing medical evidence
  • Issue ages: 18 - 65
  • Availability: Single Life only
  • Minimum option amount: $250,000
  • Maximum option amount: $2,500,000 across all Sun Life policies
  • Cumulative maximum equal to the lesser of $10,000,000 or 4 times the option amount
  • Options can be exercised annually within 31 days of the policy anniversary for the first 10 years
  • Expires at the earlier of the 10th policy anniversary or once the maximum amount of elections have been made
  • Not available if the Owner waiver or Guaranteed insurability benefits have been selected
  • Not available after issue or for substandard risks

Dividends

Dividend options

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.

Participating whole life insurance facts and figures

The following documents provide an in-depth view of participating life insurance and the Sun Life Participating Account. The booklet provides information on how participating life insurance works, the asset mix of the par account, its stability, strength and prudent management philosophy

The fact sheets complement the information in the booklet and are updated quarterly (available as PDFs only).

You can order the booklet and print the fact sheets to share with clients.

Fact sheets:

as of December 31, 2021:

as of September 30, 2021:

as of June 30, 2021:

as of March 31, 2021:

as of December 31, 2020

as of September 30, 2020

as of June 30, 2020

as of March 31, 2020

as of December 31, 2019

as of September 30, 2019

as of June 30, 2019

as of December 31, 2018

as of September 30, 2018

as of June 30, 2018

as of March 31, 2018

as of December 31, 2017

as of September 30, 2017

Administrative information

Conversions

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.

Accessing your life insurance policy's cash value
Living Benefit

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 $250,000. 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.