Sun Life Financial Review
An in-depth Sun Life Financial Review
If you are searching for a life insurance company with a diverse range of products and an outstanding reputation in the industry, then Sun Life Financial is the one for you. The insurance company provides various coverage options in different countries all over the world. Sun Life Financial was founded in Canada but operates primarily in the United States. It also has operations in South America, Asia, and Europe as well. The company has acquired a stellar reputation for delivering great life insurance products and has strong financial strength as well.
Sun Life Financial is renowned for their accident, dental, and vision insurance, apart from their life insurance offerings. We are going to be looking at their life insurance products in this review so that you get a basic idea of what they offer to consumers in the United States.
Our Rating – 4/5 Stars
Sun Life Financial was established in Montreal, Canada, in 1865, and features prominently among the largest life insurance companies around the world. The company has been in operation for over 150 years and has a diverse product range for their consumers in the United States. Sun Life is well known for being the first insurance company to introduce group life insurance in the Canadian market.
They had a significant impact on the Canadian economy and their headquarters in Montreal earned the reputation of being the biggest building in the British Empire. The building played an integral part in history as it was the location used to store gold reserves and the British Crown Jewels for safekeeping. The company was founded by an immigrant and achieved enormous success in a short time. The success of the company ensured that it could spread its operations all around the world, and got it a place on the prestigious Forbes Global 2000, and the Fortune 500 in the United States.
Sun Life Financial has a diverse range of life insurance products among others, and are regarded as one of the best companies offering employee benefits. The company may not get as much recognition as some other big-name insurance companies in the United States, but if you are looking for great life insurance, they are a name that can’t be ignored.
Founded in 1865 in Montreal, under the name of The Sun Insurance Company of Montreal, Sun Life Financial started from humble beginnings. It was founded by an Irish immigrant, who came to Canada in 1842 and was quickly able to maximize his fortunes through this company. The company was a success, and he expanded its operations to the United States, the United Kingdom, Central and South America, China, Japan, and other countries. The expansion of Sun Life grew at an incredible rate, and it went through several acquisitions and mergers.
Sun Life Financial acquired Genworth Financial in 2007, which launched the company into the top 10 list of companies offering employee benefits in the United States. It is the 14th biggest insurance company in the world and has a strong financial foundation. The products sold by Sun Life are done through brokers, who provide accident, disability, life insurance, and other products. No product is sold directly to individuals, and employers prefer to offer voluntary individual benefits or group benefits to employees.
Company Products and Features
Financial Stability and Customer Service Ratings
Sun Life Financial has an impressive financial strength and easily oversaw the worst economic crisis of the century. The company has adopted a four-pillar strategy focused on:
- Complete focus on clients
- Digital advances
- Cautious risk management
That has allowed them to provide superior life insurance products to customers and never fail to complete all claims. The company is very strong and stable financially and has been given outstanding ratings from the leading independent rating agencies around the world.
- M. Best: A+, Superior
- Standard and Poor’s: AA-, very strong
- Moody’s: Aa3, high quality
You can rest assured that there are very few insurance companies in the world that have stronger financial stability and customer service ratings than Sun Life Financial.
Sun Life Insurance Coverage
Sun Life Financial offers a diverse range of options in its life insurance products. We are going to look at some of them to give you a better idea of what to expect from Sun Life insurance coverage:
Ø Term Insurance
Term life insurance offers a great solution to people, who have a lot of financial responsibilities, and they want to safeguard the future of their family. The term insurance options offered by Sun Life Financial are comprehensive and are available at different term rates. There are different term coverage options offered in the term insurance product from Sun Life, which include:
o Sun Spectrum Term Insurance
The Sun Spectrum Term Insurance product provides coverage from $50,000 till $1.5 million. It is ideal for people who want financial security for different periods. The terms begin at 10 years and go up to 30 years for coverage. The great thing is that the premiums will remain same throughout the policy, and policyholders get renewable options till they reach the age of 85.
o Sun Term Insurance
This term life product is like the Sun Spectrum, but the coverage here starts at $250,000 and goes till $15 million. This obviously has higher premiums due to the higher coverage amount.
o Sun Life Go Simplified
If you want term life insurance for a short time, then this is the ideal insurance product for you. Sun Life offers a simplified version of their term life insurance, and it gets quick approval and access. The term period starts at 10 years, and coverage starts from $50,000 and goes till $100,000. There are rules of eligibility for this insurance product, which state that the insurer should have lived in Canada between the ages of 18 and 69, and the policy will renew after 10 years. Premiums will also increase every year in this policy, and the amount will depend on the age of the insurer.
o Sun Life Go Term
This insurance product is a part of the Sun Life Go Simplified insurance product. The same eligibility rules apply here, with the only difference being that coverage extends to $1 million. The monthly premiums will not change for the first 20 years, but that depends on the term selected.
Ø Permanent Life Insurance
When it comes to financial security, most people will want that throughout their life, and that is where permanent life insurance gets its market. The product offers people with life insurance for their entire life and Sun Life Financial offers the following permanent life insurance products:
o Sun Spectrum Life II
The Sun Spectrum Life II life insurance product is simple and offers guaranteed premiums to the insurer. This makes things easier since you know what you must pay every month, with no chance of the costs rising. This insurance policy has a guaranteed payout for beneficiaries if the insurer dies, and has a specified value attached to it as well.
o Sun Life Go Guaranteed
People who experience health issues can run into some trouble when it comes to acquiring life insurance. Sun Life Financial has taken care of that through this product, which offers insurance coverage from $5,000 to $25,000 to everyone, irrespective of their health problems.
Ø Participating Life Insurance
The participating life insurance product has the same benefits as the permanent life insurance product but has an investment value as well. It has a tax-deferred cash value, and even offers payable dividends, which lowers the cost of the product. Sun Life Financial offers different types of this product:
o Sun Par Protector II
The Sun Par Protector II product has a basic participating life insurance policy and allows for growth while offering guaranteed returns. It is a great option for people because it offers financial freedom for the beneficiaries and peace of mind to the insured.
o Sun Par Accumulator II
This insurance product is a part of the Sun Par Protector II but provides faster cash value growth. It is a better option for some people, especially those that are looking to maximize their payouts.
o Sun Par Accelerator
The Sun Par Accelerator has faster premium payments, which also means that the cash value will increase faster, and for a longer term as well.
The main difference in all the participating life insurance policies offered by Sun Financial is mainly down to the speed of the paying premiums. It is a matter of affordability, as some people want to pay faster premiums, while others won’t be able to afford that.
Ø Universal Life Insurance
The Universal life insurance policy offers you with greater security for your financial future and comes with different investment options as well. The payout given to beneficiaries of this policy will be divided, and that will mainly be between tax-preferred savings and life insurance. Sun Life Financial offers you a couple of options in its Universal Life Insurance products:
o Sun Spectrum Universal Life II
The Sun Spectrum Universal Life II product is a basic universal life insurance policy that offers you the chance to pay premiums till the age of 70. You also get to take advantage of impressive cash-value growth and therefore can maximize your savings.
o Sun UniversalLife II
The Sun Universal Life II policy is an extension of the Universal Life coverage offered by Sun Life Financial. It comes with greater options, which can be used based on the needs and wants of the insured. The great thing about this product is that it is an outstanding solution for anyone.
Other Products Offered
Sun Life Financial isn’t only renowned for offering impressive life insurance products. The company has an extensive product lineup for consumers in the United States, which include specialty health insurance products apart from their life insurance offerings. They also provide amazing employee benefits, which has launched them right at the top for organizations offering great employee benefits.
The group benefits market is where Sun Life Financial is head and shoulders above everyone else. They provide an impressive range of products to businesses with comprehensive packages. There are a lot of different insurance products offered by Sun Life, and the most popular ones include the following:
- Dental insurance
- Accident insurance
- Long-term disability
- Short-term disability
- Accidental death
- Critical illness
- Group Life Insurance
- Car and home insurance
- Travel insurance
- Personal health insurance
- Vision insurance
- Stop Loss
Apart from their impressive lineup of insurance products, Sun Life Financial is also renowned for offering a great range of additional products and services. These include the following:
- Financial Planning
- Retirement Planning
- Asset Management
Their impressive lineup of insurance products and strong financial and customer ratings has helped Sun Life Financial to feature prominently among the list of top insurance companies in the United States.
The Bottom Line
If you are looking for great life insurance products from a renowned company, then Sun Life Financial is a great job. They are one of the best life insurance providers and their group policies are the best in the industry. Employers that are looking to offer life insurance to their employees will not find a better insurance provider in the United States.
Sun Life Financial offers great quality in all their coverage options and has an outstanding track record for paying beneficiaries and offering exceptional customer service to everyone.