Sun Life Insurance Review for 2022
I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them.
Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.
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Written by
Chris Huntley
Founder of Huntley Wealth & Insurance Services
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…
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Reviewed by
Rachael Brennan
Licensed Insurance Agent
UPDATED: Feb 14, 2022
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Here’s the Scoop
Sun Life Insurance sells group life policies.
Sun Life Insurance provides term, whole, and universal group plans.
You cannot buy an individual plan through this company.
Employers who want to provide their works with life insurance may be surprised to find that Sun Life, a company hailing from Canada, can appear on a list of life insurance companies in the US. Sun Life’s great insurance products have traveled far from the company’s place of origin and now provide insurance to businesses around the globe.
This company works exclusively to help business owners provide their staff with life insurance coverage. So if you own your own business and are shopping for group life insurance plans, Sun Life Insurance is well worth investigating.
As you read this Sun Life Insurance review, do not forget to enter your ZIP code so you can compare free insurance quotes and find the best policy for you.
Who is the Sun Life Insurance Company?
Founded in 1865 in Canada, Sun Life provides group life insurance plans for employers, including disability coverage, dental insurance, vision insurance, supplementary health benefits, paid medical leave, and paid family leave. Sun Life’s headquarters are based in Toronto, but the company also has offices in:
The United States
The United Kingdom
Ireland
China
Hong Kong
The Philippines
Japan
Korea
Indonesia
India
Singapore.
It is important to note that Sun Life does not sell life insurance plans to individuals, so if you are a business owner looking to provide your employees with life insurance, this may be the right company for you. Now, if you are simply looking for your own life insurance policy, you can shop online to find an insurance company that fits your needs.
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Is Sun Life Insurance a highly rated company?
Sun Life is stable and financially thriving, and it has earned an A+ from A.M. Best to prove it. Now, it must be acknowledged that Sun Life is not a Better Business Bureau (BBB) accredited business entity; however, it does have an A+ rating on BBB. It is also reassuring to see that a Sun Life Philippines complaints form and forms for every other location where Sun Life is available are readily accessible online.
What kind of life insurance policies does Sun Life Insurance offer?
Employers can use Sun Life to provide workers with a term, whole, or universal life insurance plan. While you can apply for more insurance, you will be required to share evidence of insurability, which typically means that you must answer some health questions or even share some of your medical documentation.
Let’s take a closer look at some of the Sun Life Insurance plan details so you can discover which of these policies types is the best fit for your business.
Term Life Insurance
When you purchase a group term life insurance plan, your employees can receive coverage for a predetermined number of years at a set rate.
With Sun Life, you can also buy group term life insurance that has an added benefit — these policies are convertible. A convertible term policy can be changed into a permanent policy at specific points in the term policy’s life. Such policies are intriguing as individuals are given a chance to purchase coverage at a low rate but don’t have to lose out on their coverage once the policy period comes to a close.
Whole Life Insurance
Whole life insurance policies are excellent policies that can provide a guaranteed death benefit in addition to cash value that is accessible while you are alive. While Sun Life does offer group whole life insurance, the company website does not provide much information on the details of such plans. If you are curious about group whole life insurance, it may be in your best interest to reach out to Sun Life directly for a quote.
Universal Life Insurance
Another type of group plan that builds cash value is the Sun Life group universal life insurance plan. Universal life insurance policies are usually tied to the stock market and have a higher chance of increasing a policy’s value. It must be noted that even while the policy’s cash value amount is tied to the stock market, the death benefit is not affected by the stock market’s performance.
How much do Sun Life Insurance policies cost?
The cost of a Sun Life insurance plan can vary upon the size of your business and which type of policy you would like to purchase. The cost of term life insurance policies are usually low in comparison to other policies, and below, you can see the average rate of a 10-year term policy for men and women who have different degrees of health:
10-Year Term Life Insurance Rates by Age
Age and genderGood healthAverage health
20, female$14$18
20, male$17$22
30, female$14$19
30, male$17$22
40, female$20$27
40, male$22$32
50, female$42$54
50, male$51$68
60, female$92$113
60, male$123$167
70, female$230$298
70, male$380$495
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As you can see, a term policy can be quite affordable, but in order to determine how much a Sun Life policy would cost, you must reach out to Sun Life directly for a quote.
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Which Sun Life Insurance product is the best?
When you sit down to determine which Sun Life policy type could be the right fit for your business, you could consider the overall cost, the total amount of coverage available, and the flexibility that comes with each policy. To its credit, Sun Life does provide excellent riders with its policies. These riders include:
Accelerated benefits
Accidental death and dismemberment
Child life insurance rider
Spouse life insurance rider
Waiver of premium rider
Since Sun Life Insurance sells a variety of insurance packages for businesses, you may also want to read a few Sun Life short term disability reviews so you can ascertain if this company can provide you with everything you need to care for your employees.
What You Need to Know About Sun Life Insurance
The Sun Life Insurance Company provides group life insurance plans along with other benefits that can help employers provide for their workers. If you own a business, you can choose either a group term, group whole, or group universal plan through Sun Life. But, of course, if you are trying to purchase a single life insurance policy, you won’t be able to buy one through Sun Life and will need to reach out to other companies like New York Life, State Farm, or Gerber Life.
Now that you have finished reading this Sun Life Insurance review, you will have the tools you need to discern which policies are best for you. Enter your ZIP code to receive free quotes from insurance companies near you today.
