PAC terms and conditions

  • The PAC agreement applies only to the method of premium payment. It does not affect any rights or privileges contained in the policies.
  • The Canadian Payments Association Rule H1 sets out certain terms and conditions that must be included in PAC authorizations. These requirements include:
    • date and signature
    • statement about the payor's authority to authorize the account to be debited
    • indicating the category of payment (personal or business). Sun Life Financial has determined that payments are personal. The PAC payor has certain recourse rights if any debit does not comply with the PAC agreement. If a withdrawal is not properly authorized, reimbursement may be requested. Any request must be made in writing to the financial institution within 90 days of the date of withdrawal. To obtain information on recourse rights, payors are directed to contact their financial institution or visit www.cdnpay.ca. If categorized as business, the payor has only 10 calendar days to claim reimbursement.
    • amount, frequency of the withdrawal
    • guidance about cancellation
    • contact information for the payor to contact Sun Life Financial
    • recourse/reimbursement statement
  • Sun Life Financial's authorization also includes a waiver (in bold print in the authorization), where the PAC payor agrees to waive the requirement that Sun Life Financial notify them of the PAC authorization before the first payment is processed, subsequent payments, or any changes to the amount or date of the payment initiated by the PAC payor or the Company.
  • Sun Life Financial may terminate the PAC agreement if any withdrawal is not honoured. The PAC payor may terminate the authorization by giving 10 days written notice to the Company.
  • Sun Life Financial may charge a fee if there is not enough money in the payor's account to pay the PAC withdrawal.
  • The client may make changes to the withdrawal amount, or the account involved, by notifying Sun Life Financial. Notification of authorization may be verbal.
  • The financial institution where the account is maintained will not receive a copy of the authorization and is not required to verify that withdrawals made by Sun Life Financial are properly authorized.
  • Any notices that may be sent to the PAC payor may be sent to the applicant/owner's most recent address that Sun Life Financial has on record at the time a notice is sent.