Sun Life is operating with an abundance of care to limit the spread of COVID-19 amongst our employees – and the world around us. Our top priority is the health and well-being of our employees, Clients, advisors, consultants and communities.
We are monitoring the global developments related to COVID-19 and adjusting our processes, practices and procedures as the situation evolves.
We've built our business on managing risks like economic changes.
As the world responds to the COVID-19 health and financial crisis, we know there are many questions about where Sun Life stands financially. We’ve built the foundation of our business on managing risks that may happen due to economic changes. We also have 155 years worth of experience to back it up.
Plan members can reach us by phone Monday to Friday, at 1-877-SUN-LIFE (1-877-786-5433) from 8 a.m. to 8 p.m. ET.
They can also go to mysunlife.ca and live chat with us from 9:00 a.m. to 5:30 p.m. ET.
For Plan members we have launched a page dedicated to COVID-19 on https://www.sunlife.ca/en/covid-19/. Information there will be regularly updated.
Please contact your Group Retirement Services representative for any additional support that you may need.
At Sun Life, we are monitoring global developments related to coronavirus very closely. We are following the guidance of trusted global agencies, as well as medical experts within Sun Life. We are taking precautionary measures with our own employees in order to minimize any potential risk of disruption to servicing our Clients.
Our enterprise-wide business continuity policy governs business continuity (including pandemic planning) and disaster recovery planning for critical business functions performed at all our major business locations. The focus of our plans is to protect the health and safety of our employees, mitigate business and operational disruptions for our Clients and carry out our regulatory and contractual obligations in a responsible manner. The business continuity plan is flexible and can be adapted to a wide range of events.
Our approach includes building contingency plans founded on “all hazards” crisis management, business continuity, and disaster recovery services including support from vital external service providers and external business partners. Response plans include pandemic, facility outages, systems, power outages, etc.
Disaster recovery plans include offsite recovery and back-up data storage facilities. We also employ a dual recovery strategy, which includes redirecting work and/or staff amongst multiple sites, or having staff work-from-home where possible. In some circumstances, elements of our recovery plan include participation of major third party service providers. These elements are governed by contracts, which include service level agreements.
Overall coordination, guidance and compliance monitoring for business continuity across Sun Life is a centralized function, and a crisis management team comprised of senior management across Sun Life with support teams for Human Resources, Legal and Compliance, Communications, Information Technology and Facilities, is responsible for overseeing all aspects of the business continuity and recovery activities.
Our business continuity policy requires all business continuity plans to be tested at a minimum on an annual basis.
COVID-19 has brought a lot of unknowns and uncertainties into our lives. Changes and declines in investment returns can be stressful. If Canadians' financial situation has not changed, experience tells us the best thing to do is stay the course. A well-balanced investment portfolio spreads out risk, which is an important component of a financial plan.
We’ve assembled a dedicated team of subject matter experts who meet daily to review and monitor member and market activity. This allows us to determine when broader rapid response communications are appropriate and enables us to connect with you and plan members quickly through multiple channels.
On March 18, we sent an email to plan members regarding the market downtown. We encourage you to share this flyer with your members. It provides helpful tips on staying the course during volatile markets.
We have also created an informative video about market downturn, gains during recovery, economic disruptions and historical volatility. This video features Mike Schofield, VP Chief Actuary and Chief Risk Officer for Sun Life Canada.
Plan members can also read this article that offers helpful insights and tips about the current market volatility.
To ensure you have the most up-to-date information from our core investment managers, visit their website to find communications related to COVID-19 and market volatility.
Check out this video presentation entitled Coronavirus – the Impact on Portfolios featuring Sadiq S. Adatia, Chief Investment Officer of Sun Life Global Investments.