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Sun Life Critical Illness Insurance Review
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.
Product
Critical Illness
POLICYADVISOR RATING
Best Critical Illness Insurance If You Must Use A Pen
Sun Life Critical Illness Insurance rating and review
Sun Life is another well-established name in critical illness insurance. Their size and history mean they offer some of the best, most comprehensive coverage for critical illness except for one key factor. Plus, as of 2022, they now have a fully online application process and you can access your policy electronically. This digital access counts as another win in our books!
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Pros and cons
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 and limited pay options available
- Children’s coverage available
- Online application process
- Digital e-policy
Cons
- Limited options for shorter-term coverage
Who is Sun Life?
Sun Life Financial is a truly global insurance company with operations in North, Central and South America, the UK, West Indies, Japan, China, India, and North Africa which extends beyond life insurance, with group, health, and investment products. Sun Life also holds a Caring Company designation from Imagine Canada for its commitment to donate 1% of its pre-tax profit for the betterment of the communities they serve. Fun fact: during World War II, gold reserves and securities belonging to some European countries were secretly moved to Sun Life’s Montreal headquarters for safekeeping during the conflict.
Types of critical illness insurance policies Sun Life offers
Yes, Sun Life does sell critical illness insurance; it is named Sun Critical Illness Insurance. They offer enhanced (26 conditions) and standard (1, 3, or 7 conditions), as well as coverage for dependent children.
Coverage and policy details
Sun Life’s maximum coverage for critical illness insurance is $2.5-million.
They offer coverage for loss of independent existence. They offer partial payouts for 8 different conditions. The payout is typically 15% of the policy up to $50,000. You can make 4 partial claims during your coverage period, but only 1 claim per condition.
Sun Life also offers coverage for 5 additional childhood illnesses.
The survival period (how long you must survive with the illness before you can collect your benefit) is usually 30 days.
Sun Life offers critical illness insurance for 10-year terms, coverage up to age 75, and permanent coverage.
Limited-pay options are available for the 10 and 15 years.
| Product Name | Sun Critical Illness Insurance |
|---|---|
| Critical Illness coverage | Standard, Enhanced, and children’s coverage |
| Available Terms | 10 years and to age 75 and 100 |
| Limited Pay option | Yes, at 10 and 15 years for permanent policies and 15 Pay for Term-to-75 |
| Maximum coverage | Up to $2.5-million |
| Conditions covered | Enhanced – 26 conditions |
| Loss of Independent Existence coverage | Yes |
| Partial payout conditions | 8 Eligible Conditions |
| Partial payment or early detection payment | Yes, 10% up to $50,000. One claim can be made per illness for a maximum of 4 times. |
| Childhood illnesses coverage | Yes, 5 additional childhood illnesses covered. |
| Survival period | 30 days |
| Return of Premium on death | Yes |
| Return of Premium on expiry/cancellation | Yes, after 15 years |
| Second option | No |
| Electronic application | Yes |
| Online account access | Yes |
How do I apply for Sun Life’s critical illness insurance?
You can speak to advisors from the best online life insurance broker in Canada to find the best critical illness insurance product for your needs. If you prefer, you can enter your information and look up quotes using the button below or schedule a call with one of our licensed brokers to apply for Sun Life’s critical illness insurance.
The information above is intended for informational purposes only and is based on PolicyAdvisor’s own views, which are subject to change without notice. This content is not intended and should not be construed to constitute financial or legal advice. PolicyAdvisor accepts no responsibility for the outcome of people choosing to act on the information contained on this website. PolicyAdvisor makes every effort to include updated, accurate information. The above content may not include all terms, conditions, limitations, exclusions, termination, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders. All rights reserved.
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