Sun Life Critical Illness Insurance Review - PolicyAdvisor
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Sun Life Critical Illness Insurance Review

SUMMARY

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.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
5 min read
IN THIS ARTICLE

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: you must submit your application by paper and fully hand-written. For that reason alone, we can’t award Sun Life full marks in 2021.

Product

Critical Illness

AM BEST RATING

A+

POLICYADVISOR RATING

Best Critical Illness Insurance If You Must Use A Pen

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

Cons

  • Paper form – no electronic app
  • Limited options for shorter-term coverage
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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.

Does Sun Life sell critical illness insurance?

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.

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 No
Online account access No

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What critical illness insurance coverage and terms does Sun Life offer?

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.

Does Sun Life’s critical illness insurance offer return of premiums?

Yes, Sun Life offers return of premiums on death, and they offer return of premium on expiry or cancellation of the policy after 15 years.

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.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
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The information above is a brief representative summary for indicative purposes only. It does 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.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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