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.
Prepare for life’s unpredictability – Save on Sun Critical Illness Insurance for everyone
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.
Review the Child term benefit on in-force policies
Regularly review in-force life insurance policies with Child term benefit (CTB) attachments to ensure Clients aren’t paying for protection they no longer need.
What is the CTB and when does it expire?
Clients can add the CTB to their plan to provide life insurance for their child/children until a certain age. It protects children named on the application, as well as children born to or adopted by the insured after the policy is issued. This includes stepchildren in some cases.
The child and insured threshold ages vary depending on the product and company of issue. Commonly, the child’s protection is in place until they’re 25 or the insured is 65 or 70. See the policy information for benefit specifics.
Action required! You need to regularly review this benefit with Clients. Otherwise, they may continue paying for it as part of their premium when they or their children have surpassed the eligible age threshold.
PHI and HCC – new rates coming April 1
Reminder – New Personal Health Insurance (PHI) and Health Coverage Choice (HCC) rates for in-force and new business take effect on April 1.
As we shared in December, we review our PHI and HCC pricing on an annual basis. We’re seeing an ongoing increase in claims we’re paying to Clients, which affects our outlook on future claims costs. As a result, new rates will take effect for PHI and HCC starting April 1, 2025.
With this change, we’ve received feedback from advisors asking about the value within Sun Life’s PHI and HCC, especially in comparison to competitors in the market. In recent years, the competitive landscape has changed, and there are more carriers offering a wider variety of plans. Clients have many options. However, Sun Life’s PHI and HCC are more comprehensive in some coverage areas, and while this may result in higher premiums in cases, these products continue to provide quality protection to meet Clients’ unique needs.
Resources:
· Refer to the PHI and HCC premium rate change page for the full details and review the updated PHI and HCC rate cards.
· Help Clients understand the value that quality coverage provides to their overall well-being and financial protection by using:
o Competitive edge to help highlight for Clients the unique value of these products.
o 10 things you need to know about PHI and HCC to outline the top features of Sun Life’s solutions and how they can help meet a Client’s need.
Contact us:
· For in-force business, contact the Customer Care Centre at 1-800-800-4786:
o English Press 1,2
o French Press 2,1,2
· For new business, contact salesdesk@sunlife.com
The 2025 Strategic Partner Program is here
We continue to focus on delivering the highest level of service to top-tier advisors through the Strategic Partner Program. Through this program, advisors can access exclusive benefits and a team of dedicated contacts. It’s designed to support advisors with educational opportunities, dedicated resources, priority services and development tools.
The 2025 program year runs from March 1, 2025, to February 28, 2026.
We’re always working to improve our program and make it one of the best in the industry. This year, we moved to an annual qualification and introduced exciting new benefits to align with industry standards and retain exclusivity of the program. New benefits include a Premier level marketing fund, exclusive webinars and additional education resources.
To learn more visit the Strategic Partner Program page for full details on qualifications, deadlines and benefits.
Questions? Reach out to the Sales Desk or the Strategic Partner Program team.
Visualize term insurance solutions like never before
Upgrade your illustration game with the Term Layering Tool. Show Clients how to cover multiple needs and potentially save money with this easy-to-use tool.
Here’s how the Term Layering Tool can help:
· Addresses specific protection needs with term insurance, for individuals and businesses.
· Visually shows potential savings when using a term layering strategy versus covering all needs with a single policy.
· Supports easier conversations around covering multiple needs.
· Produces a ready-to-print document you can give to Clients.
With Evolve Term, Clients can boost their coverage amount after the first policy anniversary and at key life events with simplified underwriting. It’s adaptable coverage that grows with them.
Head over to the Term Layering Tool page on Suncentral to request access.
New Client story video for the Chinese market
If you have Chinese-speaking Clients, you may know that many of them are new immigrants working hard to build a future for their families in Canada. When faced with uncertainty, they often prioritize protecting their family's financial stability.
Our newly released Client story video shares the real-life experience of a Chinese immigrant couple who faced unexpected hardship. See how having insurance helped them overcome challenges and rebuild their lives.
Share this video with your Chinese-speaking Clients to remind them of the value of insurance in protecting their families in difficult times and the importance of planning ahead.
This video features Mandarin audio and Traditional Chinese and English/French subtitles.
Level up your Client conversations with the next Sun Life CE Series webinar on April 8
Join us for these upcoming sessions:
· Topic 1: Protect what matters most - This session reviews case studies to assess situations and guides you through recognizing Client needs, evaluating the options available and moving forward with a recommendation.
o Date: April 8th, 2025 at 12 PM EST
· Topic 2: Planning and protecting for young families - Planning and protection for young families is an important aspect of an advisor’s role. In many cases the solutions and planning scenarios are simple. However, this presentation will consider different strategies on how to position it for Clients.
o Date: April 8th, 2025 at 1:15 PM EST
Thank you for your continued support.