Sun Life Insurance
- A.M. Best: A+
- Fitch: N/A
- Moody’s: Aa3
- S&P Global: AA-
Sun Life Insurance Company has been in the business of providing financial coverage products for its customers ever since 1865.
The company was initially founded by Mathew Hamilton Gault, who obtained a charter for The Sun Insurance Company of Montreal.
Gault’s vision was to create an insurance carrier that would essentially contribute to the economic growth and prosperity of the newly-forming country of Canada.
Table of Contents
- Sun Life Background
- Life Insurance Products
- Other Available Products
- Pros & Cons
- Financial Ratings
- Is Sun Life for You?
Sun Life Insurance Background
The company grew and prospered very quickly, and by the 1880s, Sun Life started to expand worldwide – and, by 1920, Sun Life had operations in 55 countries, including the U.K. and Hong Kong. In 1895, Sun expanded on to the United States, where it is today headquartered.
While the operations of Sun Life Insurance Company were heavily affected by World War ll, it was still able to help families of its policyholders by taking special measures to honor their life insurance claims.
Throughout the years, Sun Life has acquired other insurance and financial companies, such as Massachusetts Financial Services (MFS). And, due to these acquisitions, the company has been able to expand even further. It also worked with keeping its technology updated so as to better serve its customers.
By 2005, Sun Life was named to the inaugural list of The Global 100 Most Sustainable Corporations in the World, by Corporate Knights, for excellence in social, environmental, and strategic governance practices, and it has also appeared on the list in many of the years following.
In 2015, Sun Life celebrated its Sesquicentennial – 150 years since its initial founding. During that same year, the company announced its plans to acquire the Employee Benefits business of Assurant, Inc. The transaction, which closed in early 2016, created the sixth largest group benefits business in the United States.
Products Offered By Sun Life Insurance
Sun Life Insurance Company provides a long list of financial and insurance offerings for both individual consumers and companies.
In terms of individual life insurance coverage, the following types of protection are offered via Sun Life:
Term Life Insurance Coverage
Term life insurance is judged the most basic type of life insurance protection.
That is because, with term life insurance, the insured is provided a death benefit, but without any cash value or additional savings build-up within the policy. Thus, term life insurance can often be more affordable as compared to a permanent type of protection.
With term life, coverage is purchased for a specific timeframe, or “term.” These term policy options are typically from five to 30 years in length. Many of the best life insurance companies will also offer a yearly, renewable term life option.
The amount of the coverage and the premium price will remain set throughout the life of the policy. However, after the initial term has elapsed, the premium that is charged can be raised, based on the insured’s then-current age, health condition and lifestyle choices, such as if you are a smoker.
Most are required to undergo a medical exam when applying for a life insurance policy, unless you have chosen to apply for a no medical exam policy, which will, in turn, come with a higher premium rate.
Permanent Life Insurance Coverage
Permanent life insurance coverage offers death benefit protection, as well as a cash value component.
As its name suggests, permanent life insurance is designed for covering an individual permanently, for the remainder of his or her life – provided that the premium continues to be paid.
Oftentimes, the amount of the premium that is charged will be locked in and cannot increase – even as the insured becomes older and/or if they contract an adverse health condition, which will make them a high-risk to insure.
The funds that are in the cash value of a permanent life insurance policy can grow on a tax-deferred basis. This means that there will be no tax due over time as the money grows.
The policyholder will need to pay tax, however, if or when they withdraw funds from this account. The funds may be either borrowed or withdrawn for any reason.
Group Life Insurance Coverage
The company also offers group life insurance benefits for any size of an organization.
This can help a company to add tangible value in terms of an overall rewards program – which in turn, can help companies in attracting and keeping good, quality employees.
Some of the life insurance and life insurance-related products that are offered to businesses include:
- Basic Life and Accidental Death & Dismemberment (AD&D)
- Optional Life and AD&D
- Dependent Life Insurance Coverage
- Voluntary Life and AD&D
- Voluntary AD&D
- Specialized plans for small businesses
In addition, every plan that is offered is also complemented with an optional Employee Assistance Program, or EAP, that is provided by ComPsych, the nation’s premier provider of EAP services, and a partner of Sun Life.
Through its group life insurance offerings, Sun Life Insurance Company provides an array of affordable plan designs – and, many of the coverage options are portable, meaning that an employee can take the coverage with him or her if they leave their employer group.
In addition to the coverage, there are also various additional options that may be included.
For example, with the waiver of premium option, coverage can continue – without the payment of the premium – if an insured becomes totally disabled, according to the terms of the policy.
Also, if an employee has been diagnosed with a terminal illness, he or she will be able to access a portion of their insurance proceeds while they are still alive. These funds can then be used for paying medical bills, paying living expenses, or any other need that the individual sees fit.
Sun also offers a list of additional value-added services for the employees in its benefit plans, such as emergency travel assistance, identity theft protection, claimant support services, and much more.
Other Available Products
In addition to life insurance coverage, Sun Life also offers additional financial and protection products that can help its clients in growing and keeping their wealth.
Additional Products for Businesses Include:
- Accident insurance
- Critical illness insurance
- Specified disease insurance (New York)
- Dental insurance
- Disability insurance
- Stop-loss insurance
Additional Products for Individual Clients:
- Accident insurance
- Short-term disability insurance
- Long-term disability insurance
- Critical illness insurance
- Dental insurance
Pros & Cons
- excellent financial ratings
- great customer service
- several policy options
- no online quoting tool
- lack of website presence
Ratings and Better Business Bureau Grade
Because of Sun Life’s strong and stable financial position and the expedient return of claims, the company has earned impressive ratings from the insurer rating agencies, including:
- AA- (Very Strong) from Standard & Poor’s
- A+ (Superior) from A.M. Best Company
Although Sun Life Insurance Company is not an accredited company via the Better Business Bureau (BBB), the BBB has provided the company with an overall rating of A+. This is on a grade scale of A+ through F.
Is Sun Life Insurance Company for You?
Working alongside an independent agency or brokerage to find optimum rates for coverage is a great idea. This will allow you to easily and directly compare the policies and premium prices from multiple insurance carriers and make an informed decision about which policy is best for you.
We would be honored to assist you in this process. Making the best purchasing decision involves many details, but we make this process as smooth and understandable for you as possible. The best part? All of this can be handled from the comfort of your own home. Simply fill out the quote form on this page.
Purchasing the right life insurance coverage is incredibly important, but it doesn’t have to be overwhelming. There is a perfect plan for you, and we would be glad to help you find it.