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Sun Life Critical Illness Insurance Review – Updated 2024
Sun Life Financial sells critical illness insurance with standard (1, 3, or 7 conditions) and enhanced (26 conditions) options and up to $2.5 million in coverage for 10-year terms or to age 75. They have coverage for up to 5 childhood illnesses and generous partial payout options for 8 conditions.
Sun Life is a well known Canadian insurance company. Their critical illness insurance plan is fairly generous, covering up to 26 different conditions and for up to $2.5 million.
In this article, we rate and review Sun Life’s critical illness insurance offering and see how it compares to competitors.
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Sun Life Critical Illness Insurance rating and review
Sun Life is a well-known insurance company. They’ve been around since 1865, and that means they’re an established provider. They sell a variety of insurance products, including:
- Term life insurance
- Permanent life insurance
- Disability insurance
- Private health insurance
- Long-term care insurance
Sun Life provides some of the most comprehensive coverage for critical illness insurance in all of Canada. Coverage is available as a term of 10 years, or something more permanent to cover you up until age 75 or 100. They also cover you for up to $2.5 million.
Sun Life offers 2 tiers of coverage so you can choose the plan that works best for you. Their Standard plan covers either 1, 3, or 7 illnesses, while their Enhanced plan covers up to 26. They also have an option to cover children, which will cover another 5 illnesses that only children normally get.
As of 2022, Sun Life also now has a fully online application process. Plus, they let you access your policy electronically — which a lot of other companies still don’t do. This digital access counts as another win in our books!
Sun Life Critical Illness Insurance pros and cons
Here is what our team ranks as the most and least advantageous features of Sun Life’s critical illness insurance products for most Canadians.
Sun Life Critical Illness Insurance Pros
- The highest number of conditions covered (26 full-payout illnesses)
- Generous partial benefit payouts
- No survival period on most conditions
- Long term care conversion option
- Permanent coverage available
- Limited pay options available
- Children’s coverage available
- Online application process
- Digital e-policy
Sun Life Critical Illness Insurance Cons
- Limited options for shorter-term coverage
Who is Sun Life?
Sun Life Financial is a truly global insurance company. They have offices in North, Central and South America, the UK, West Indies, Japan, China, India, and North Africa. They also sell more than just life insurance — you can get group, health, and investment products from them as well.
Sun Life has been recognized as a “Caring Company” by Imagine Canada because they committed to donate 1% of their pre-tax profits to projects or programs that improve the communities they serve.
⭐ Fun fact: During World War II, some gold reserves and securities that belonged to some European countries were secretly moved to Sun Life’s Montreal headquarters for safekeeping during the conflict.
Sun Life and Health Insurance Company: Quick Facts
- Founded: 1865
- Headquarters: Toronto, Ontario
- AM Best Rating: A+
- Better Business Bureau Accreditation and Rating: No / A+
- Assets: $173.2 billion
- Annual Premiums: $20.9 billion
Is Sun Life Insurance right for you?
Sun Life could be a great choice for your critical illness insurance needs, especially if you need a high amount of coverage. They give you a lot of options for coverage, and the $2.5 million maximum is an enormous amount of coverage compared to what many other providers can offer.
Their policy for giving partial payouts is also fairly generous, and that can be a big help should the need arise.
We rated Sun Life as the Best Critical Illness Insurance If You Must Use A Pen because they mostly sell their insurance products through a large network of representatives that you normally have to meet with in person to buy from.
But, the company has become more modern too. You can now get a policy online if you want the convenience. If you’re the kind of person who insists on doing things offline, though, Sun Life would be our top recommendation for sure.
At PolicyAdvisor, we work with more than 30 of the best insurance companies in Canada. Speak to our licensed advisors and we can help you decide if Sun Life’s products are the best fit for you.
Where to buy Sun Life Critical Illness insurance policies?
You can buy Sun Life Critical Illness insurance on PolicyAdvisor. Use our free quoting tool or click the button below to get personalized quotes instantly. And, you can aslo compare those quotes with some of the other best critical illness insurance companies in Canada.
If you would prefer to speak with a licensed insurance agent, we can help with that too! Our experienced advisors would be happy to speak with you and give one-on-one advice.
Speak with a professional insurance advisor
As Canada’s best online life insurance advisor, we can help you compare and choose the company that matches your needs. Don’t hesitate to speak with our licensed advisors if you need help. We offer no-obligation advice to help you find your best match!
