Sun Permanent Life



Sun Permanent Life is a simple permanent protection solution. It offers four guaranteed premium payment options, including three limited pay options. Sun Permanent Life provides guaranteed cash values beginning in policy year 3 and a guaranteed death benefit. The guaranteed return of premium on death optional benefit, available with the 15 and 20 pay options, gives Clients the opportunity for an increasing death benefit, with all premiums paid included in the death benefit.

Product overview

Sun Permanent Life at a glance
Coverage options
  • Single life
  • Joint first-to-die, two lives - includes Survivor benefit and Automatic survivor benefit
  • Joint last-to-die premiums to second death, two lives
  • Joint last-to-die premiums to first death, two lives
Issue limits
  • Minimum:
    Single life:
    Ages 0 to 64: $25,000 to $25,000,000
    Ages 65 to 85: $10,000 to $25,000,000
    Joint:
    All ages: $25,000 to $25,000,000
    Coverage amounts under $25,000 are available if you’re converting or exercising the full amount.

  • Maximum: $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.

Premium options and issue ages

Premium option
Life Pay
10 pay
15 pay
20 pay

Single
0 - 85
0 - 85
0 - 85
0 - 80

Joint
18 - 85
18 - 85
18 - 85
18 - 80

Rate bands
  • $0 to $49,999
  • $50,000 to $99,999
  • $100,000 to $249,999
  • $250,000 - $499,999
  • $500,000 - $999,999
  • $1,000,000+

Special quotes are available for amounts in excess of $10,000,000.

Premium payment mode and policy fees

Premium mode
Annual
Monthly

Policy fee
$25
$2.25

Smoking status
  • Non-smoker, smoker or juvenile
Guaranteed cash values
  • Beginning in year three
  • Included with all coverage and premium options
Premium funds
  • Withdrawable premium fund
Policy loans
  • Minimum loan amount: $250
  • Maximum loan amount: The net cash value less one year's interest
Non-forfeiture options
  • Automatic premium loan
  • Reduced paid-up
Optional benefits
  • Guaranteed return of premium on death benefit (15 and 20 pay options only)
  • Accidental death benefit
  • Guaranteed insurability benefit
  • Total disability waiver benefit
  • Owner waiver death benefit (death, disability or death and disability)
  • Child term benefit
  • Business value protection benefit
  • Term insurance benefit
    • T10, T10 with Renewal protection, T15, T20, T30
Special features
  • Living benefit
Sample policy pages
Optional benefits

Guaranteed return of premium on death benefit (ROPD)

  • Available with the guaranteed 15 and 20 pay premium options only.
  • All premiums paid for the policy (including premiums for optional benefits) are included in the death benefit paid to the beneficiary.
  • Once premiums are paid the increase in death benefit is vested and guaranteed. Premiums waived as a result of a Total disability waiver or Owner waiver benefit are not included in the death benefit.
  • Issue ages: 0-50
  • Availability: Single Life / Joint first-to-die / Joint last-to-die
  • This benefit isn't available: On joint plans if any other optional benefit is selected
    • On single life plans:
      • If a Term insurance benefit on a on additional life is selected
      • If the Business value protection benefit is selected
      • If Total disability waiver is selected
      • If Guaranteed insurability is selected
      • If Accidental death benefit is selected
      • If Child term benefit is selected
      • If Owner waiver benefit is selected
    • On both single and joint plans
      • After issue
      • Or for substandard risk

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
  • Costs are level and are payable until the benefit expires
  • 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 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 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 55th 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 risk.

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 risk.

Term insurance benefit

Issue ages:Base Life Additional life
T10:18 - 750 - 75
T10 with RPB:18 - 650 - 65
T15:18 - 700 - 70
T20:18 - 650 - 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.
  • Minimum benefit amount: $50,000
  • Maximum benefit amount - Base life: $15,000,000 minus the basic insurance amount per insured.
  • Maximum benefit amount - Additional life: $15,000,000 per insured.
  • 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's 75th birthday.
  • Available after issue, subject to underwriting requirements.
  • Optional Renewal protection benefit (RPB)
    • 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.
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.

Administrative information
Splitting Joint policies

We will now 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:

  • The request to split a Joint life plan must be received within 90 days of obtaining a signed legal separation, divorce or dissolution of business partnership.
  • Splitting of Joint plans will be available for currently sold Joint First-to-Die or Joint Last-to-Die permanent life insurance products, and for currently sold Joint First-to-Die Term life insurance products. Splitting of Joint plans will not be allowed on plans sold prior to January 1, 2017.
  • The new single life plans will be the same type of policy as the original Joint plan. If the same type of policy is not available, Sun Life will determine what type of plans can be issued.
  • The face amount of the new single life plans can be no greater than 50% of the original Joint life base plan or a proportional split if more than 2 lives were insured on the Joint plan.M
  • Premiums for the new plan(s) must be received at the time of application.
  • Upon splitting of the Joint plan, a full taxable disposition will occur. Any cash surrender value or fund value, less any outstanding loans or premiums, will be paid to the policy owner(s). This may result in tax implications, including increasing taxable income.