Anytime money is going to be spent this should take place in a wise manner. It is also true when someone is going to invest in life insurance. It is well worth doing business with a reliable company. Plus, it is helpful to understand what the Company is offering. With this information, one can make a valuable comparison. Every insurance company has different products they offer. Sunlife is one of the more prominent companies that offer life insurance.
What Kind of Life Insurance Can Sunlife Offer?
Many people reach a time in their life when they have a lot of financial responsibilities. It is during this time they feel a need to have life insurance.
Perhaps they have a family and other obligations such as mortgages and other expenses. They worry about leaving their family in a bad financial position. Which could happen if they were to die?
Term life insurance is a type of insurance that provides a solution. It provides protection for these types of circumstances.
Sun Spectrum Term Insurance
This term insurance package offers coverage between $50,000 all the way up to $15. Million. Customers have the option of different coverage periods. These can begin at ten years of coverage. It can go up to a 30-year term. The premiums always remain the same for the duration of the policy. There are renewable options up until the policyholder is nearing the age of eighty-five. Some individuals like to convert their term insurance when it comes up for renewal. There is an option to do, this but there are conditions as it pertains to the insured’s age.
Sun Term Insurance
This product is close to the Sun Spectrum. The coverage option begins at $250,000. All the way up to $15. Million. The other difference is the way both of these products address specific needs.
Sun Life Go Simplified
For those that are looking for more short-term life insurance, this may be an option. Also, is a simplified version of term insurance. Plus, it is one that is for a quick assessment and quick approval. It has a ten-year period. The premiums will not change during this time. Coverage can be as low as $50,000. Or as high as $100,000. There are eligibility rules for this product. The insured must live in Canada and be between the ages of 18 and 69. After ten years, the policy is renewable. But, the premium increase will take place each year. The increase will be dependent on the age of the insured.
Sun Life Go Term
Sun Life Go Term is an extended version of Sun Life Go Simplified. The criteria are the same. The insurance coverage can be up to one million. But the monthly premiums will stay the same for the first ten years. Plus, also remain the same for the first twenty years. It depends on the term selected.
Permanent Life Insurance
Some want their life insurance needs care for during their entire life. They want this to be simple. A way of doing this is by opting for Permanent life insurance. SunLife is offering some good products for this.
Sun Spectrum Life II
For those looking for a simple life insurance product, the Sun Spectrum Life II meets this need. It meets the priorities of what one looks for in life insurance. There are guaranteed premiums. It means the insured knows exactly what they have to pay every month. There are no increases in the cost. It has a specified value to it. Plus, it is a guaranteed payout to the beneficiary upon the death of the insured.
Sun Life Go Guaranteed
It can be difficult for some people with health issues to get life insurance. SunLife has provided the solution for many in this situation. It is the Sun Life Go Guaranteed product. Interested parties can get life insurance coverage between $5,000. To $25,000 even if they have health issues.
Participating Life Insurance
This form of life insurance has some investment value to it. It includes the benefits of permanent life insurance. But, at the same time, it can have a cash value to it that can be tax-deferred. Dividends may be payable on this type of insurance. These are useful to help reduce the cost of insurance. Or, there are other options available for the use of dividends.
Sun Par Protector II
This product is a typical basic participating life insurance plan. But, is straightforward and has all the basics that one wants with this type of insurance. Also, it allows for growth as well as confidence. It allows the insured to know there is life insurance for the beneficiaries.
Sun Par Accumulator II
The Sun Par Accumulator II is an extension of the SunPar Protector II. It allows for faster access to the cash value of the policy. While at the same time it allows the value to grow.
Sun Par Accelerator
Premium payment is faster. It is one of the benefits that come with this insurance coverage.
The payment options are what allow for this. The cash value increases quicker. Plus, the long-term cash value will continue to grow.
The basic differences in these policies are how fast you want to pay the premiums. It comes down to affordability. Some wish to pay their premiums faster. While others cannot afford to do this.
Universal Life Insurance
Universal life insurance gives the security that comes with permanent life insurance. But it also allows for different investment options. The amounts paid into the policy get divided. The division is between life insurance and tax-preferred savings.
Sun Spectrum Universal Life II
This product meets all the Universal life insurance expectations. Also, it allows for pay up of the premiums before the insured reaches the age of seventy. At the same time, there is growth in savings.
Sun UniversalLife II
This policy is an extended version of Universal coverage. It offers a lot more options. These options are utilized depending on an individual’s wants and needs.
SunLife has a full line of Life Insurance Products that are beneficial to all walks of life.