Please see below a summary of key Sun Life updates that may have missed your radar. For additional information, please click on the hyperlink in the title.
Lower term rates, best-in-class flexibility
Great news: term insurance rates are dropping. Help more Canadians get the coverage they deserve.
Get ready to help new Clients save on term life insurance. Starting May 26, we’re lowering rates on the following term solutions: - Evolve Term (including additional coverage layers)
- Term Insurance for Diabetes
- Term insurance benefits
What does it mean for Clients? - Leading rates at $2 million and above: we’ve reduced rates by 0-10%, with an average reduction of 1% for ages 18+.
- For all rates under $2 million: we’ve reduced rates by 0-15%, with an average reduction of 2% for ages 18+.
- For T25 and longer terms at $1 million to $1.99 million: we’ve reduced rates by 5-13%, with an average reduction of 7% for ages 18+.
- For mortgage protection: we’ve reduced T25 rates by 5-15% for $500,000 to $999,000, with an average reduction of 9% for ages 18 to 40.
Eligible Clients can begin to increase their Evolve Term coverage
If Evolve Term Clients have had a qualifying life event, they can increase their coverage with simplified underwriting after the first policy anniversary.??
Qualifying life events include: - Marriage or common law union?
- Birth or adoption of a child?
- A new mortgage or refinance (increase)?
- An increase of 20% or more to gross income
Clients will have one year from experiencing the qualifying life event to apply for the additional layer of coverage. The maximum increase amount is 50% of their face amount up to $1M over the life of their policy.
There’s still time to take advantage of the CII premium discount ?
From April 1 to June 30, Clients who buy Sun Critical Illness Insurance (Sun CII) will be eligible to receive a cheque equivalent to a portion of their first year’s premiums. - For an adult policy, we’ll send a cheque equivalent to the cost of three months of premiums (25% of first year’s premiums).
- For a child policy, we’ll send a cheque equivalent to the cost of six months of premiums (50% of first year’s premiums).
Clients only need to buy one policy to be eligible for the offer. Policies must remain in force for one year from the date the policy settles. The discount will be reflected in the terms of the policy(ies) receiving the discount.
Alternate processes for mail in the event of a postal service disruption?
We’re preparing for the possibility of a postal disruption in the coming weeks due to ongoing labour negotiations. At this time negotiations between Canada Post and the Union are still ongoing and mail delivery is not yet impacted.
To ensure business continuity throughout the duration of a postal service disruption, read further here for the steps you may need to take, as well as the processes we’ll be implementing in order to ensure we continue to serve you and Clients.
Increase in fraud targeting Canadians?
We’ve seen an increase in fraud targeting Canadians. In some cases, scammers are impersonating Sun Life employees. These scams use fraudulent phone numbers, websites, or email addresses to appear legitimate.
If you’re contacted by someone who may have fallen victim to this scam, direct them to report it to Sun Life using these steps. If you believe someone is fraudulently impersonating a Sun Life employee, contact 1-888-224-8110 or email enterprise.security@sunlife.com.
Level up your Client conversations by joining our Sun Life CE Series webinar on June 10
Join us for these upcoming sessions: - Topic 1: Buy-sell agreements - structures and considerations - We will review planning aspects for buy-sell agreements including common structures and considerations. We will review both tax and non-tax considerations relating to buy-out structures. Using case study examples, this webinar is aimed to assist you in speaking with your corporate Clients and showcase opportunities to assist in their succession plan.
- Topic 2: Life Insurance Transfers, the ins, the outs and the why - We will review the various tax rules around life insurance transfers. We will look at transfers between individuals, transfers involving corporations and transfers involving trusts. Using case study examples, this webinar is aimed to assist you in identifying potential future transfers and plan for them accordingly.
Thank you for your continued support.
Sun Life Western Canada Team, Independent Insurance Distribution |
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