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Sun Life Insurance Company Review

The purchase of life insurance can be an important addition to most any complete financial plan. That is because the proceeds that are received from life insurance coverage can be used by loved ones and survivors for any number of essential needs – from paying off a home mortgage, paying for the insured’s funeral and other final expenses, and even for paying ongoing living expenses if the insured’s lost income would otherwise put them in a difficult financial situation.

When buying a life insurance policy, it is important to keep a number of key criteria in mind, such as the type and the amount of coverage that you are applying for, and the reputation of the insurance company that you are purchasing the coverage through. For instance, the financial strength of the insurance carrier – as well as its reputation for paying out the claims of its policy holders – can help you to ensure that the funds will be there for those you care about if the unexpected should occur. One insurance company that has a highly positive reputation is Sun Life.

The History of Sun Life Insurance Company

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.

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.

Sun Life Insurance Company Review

Sun Life Insurance Company is today one of the largest, and most well-respected, insurance and financial companies in the world. Through 21 U.S. Presidents, two world wars, and numerous ears of economic volatility, Sun Life Insurance Company has stood strong in helping its clients to protect what they love.

The combination of the company’s capital strength, strong risk management practices, and well-diversified business model has helped this insurer to have an extremely solid foundation, which in turn, allows it to keep its promises to its policyholders.

Sun Life is also very active and involved in the communities in which it serves. For example, its corporate giving program is focused on the prevention of diabetes, as well as its related complications. The employee giving programs are also important to the company, and employees of Sun Life are supported and encouraged to give back to a wide variety of different causes, such as:

  • The United Way
  • Teams for Health

In addition, in 2013, Sun Life launched its “Wake Up” program, which helps Americans to better understand the positive side of benefits, or the “benefit of benefits,” which is to help people in protecting what they love in their lives.

Sun Life Insurance Company Insurer Ratings and Better Business Bureau Grade

Because of Sun Life’s strong and stable financial position and its timely payout of its policyholder claims, the company has acquired some very high ratings from the insurer rating agencies. These include the following:

For Sun Life Assurance Company of Canada:

  • AA- (Very Strong) from Standard & Poor’s
  • Aa3 (High Quality) from Moody’s
  • A+ (Superior) from A.M. Best Company
  • AA (low / Excellent) from DBRS

For Sun Life and Health Insurance Company (U.S.), the ratings provided include:

  • AA- (Very Strong) from Standard & Poor’s
  • A+ (Superior) from A.M. Best Company

In addition, 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.

Over the past three years, Sun Life Insurance Company has closed out a total of 36 customer complaints, of which five were closed out over the past 12 months. Of the total 36 customer complaints, 29 had to do with problems with the company’s product and / or service. Of the remaining complaints, five were regarding billing and / or collection issues, one was regarding advertising and / or sales issues, and the remaining one had to do with delivery issues.

Life Insurance Products Offered By Sun Life

Sun Life Insurance Company offers 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 considered to be the most basic type of life insurance protection. That is because, with term life insurance, the insured is covered with a death benefit, but without any cash value or additional savings build-up within the policy. Because of this, 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 amount of time, or “term.” These term policy options are typically for five years, ten years, 15 years, 20 years, 25 years, or even for 30 years. Many of the best life insurance companies will also offer a 1-year renewable term life insurance option.

The amount of the coverage and the premium price will remain set throughout the life of the term insurance 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 policy holder 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 companies of all sizes. This can help a company to add real 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 complimented with an optional Employee Assistance Program, or EAP, that is provided by ComPsych, the nation’s leading 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.

On top of the life insurance coverage that is provided, 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. These products for businesses include:

  • Accident insurance
  • Critical illness insurance
  • Specified disease insurance (New York)
  • Dental insurance
  • Disability insurance
  • Stop-loss insurance

For its individual clients, Sun Life offers the following:

  • Accident insurance
  • Short-term disability insurance
  • Long-term disability insurance
  • Critical illness insurance
  • Dental insurance

How to Find the Best Rates on Life Insurance Coverage

To find the best rates on life insurance coverage, it can often be necessary to work in conjunction with an independent life insurance agency or brokerage. In doing so, you will be much better able to directly compare the policies and premium prices from multiple insurance carriers – and from there, you can then decide which one will be the best for you and your specific needs.

If you are ready to review the life insurance coverage that you may need, then we can help. We work with many of the top life insurance carriers in the industry today, and we can assist you with getting all of the pertinent details that you will require for making a well-informed purchase decision. We can do so for you quickly and easily – directly from your home computer – and without you having to meet in person with a life insurance agent. When you are ready to move forward, then please just simply take a second to fill out the quote form on this page.

Should you find that you still have any additional questions about Sun Life Insurance Company’s life insurance coverage – or even if you just have a question or concern regarding life insurance coverage in general – please feel free to contact us directly. Our experts can walk you through the life insurance premium quote process, and can also work with you in better understanding life insurance coverage and concepts. We can be reached via phone, toll-free, by dialing 888-229-7522.

We understand that the purchase of the right life insurance coverage through the right insurance provider can seem a bit confusing. There are many different variables to consider – and you want to be sure that you are obtaining the proper type and amount of protection for your needs, and for your family’s peace of mind. We will help in directing you to the right plan. So, contact us today – we are here to help.

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