Sun Life Financial – Life Insurance

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About Sun Life Financial

Sun Life Financial is a leading international financial services organization focused on providing financial services to individuals and businesses throughout their lifetime.

Tracing their roots back to 1871, today, the Sun Life Financial group of companies and partners operate in key markets worldwide including Canada, the United States, the United Kingdom, Hong Kong, The Philippines, Japan, Indonesia, India, Bermuda and Chile.

Why Life Insurance?

Help your family maintain its standard of living after you¹re gone with Sun Life Financial. Provide needed liquidity to pay estate taxes so that your wealth transfers efficiently from one generation to the next with Sun Life Financial. Ensure that the business that you¹ve worked hard to establish will continue on with Sun Life Financial. Sun Life Financial Life insurance can help you accomplish all of these goals.Sun Life Financial - Life Insurance

Sun Life Financial Life insurance is an important component of a solid financial plan, and helps to protect your loved ones in the event of your death. The money from the policy, referred to as its death benefit, passes on to your designated beneficiary or trust to provide a critical resource for your family¹s financial needs. Life insurance policy proceeds could mean that your family will be able to avoid selling assets in order to pay remaining bills or estate taxes. And with certain types of policies that are designed to accumulate cash values, you may be able to withdraw funds or borrow against the policy, potentially allowing you to take advantage of financial opportunities or to meet unexpected expenses throughout your lifetime.

Getting You Started

It¹s important to first gather your personal financial information and carefully assess your family¹s expected financial needs. This can be done with the assistance of a highly-skilled insurance professional or financial advisor. Once you have determined the amount of life insurance you think you might need, you¹ll then need to determine what type of insurance works best for you.

If your needs are for a quantifiable period of time, such as until a mortgage is paid off or a child graduates from college, term life insurance may work best for you. If you desire coverage that lasts for your whole life, permanent insurance, such as whole life, universal life, or variable universal life, may best suit your needs. You¹ll also need to determine if you¹ll prefer a single-life policy, where your life is the only one that is insured, or what¹s called a survivorship policy, where you and your spouse apply jointly and the life insurance benefits are transferred at the second death.

Sun Life Financial Life Insurance Products

Term Life Insurance 
Sun Life Financial Term life insurance is usually the most affordable life insurance option available, particularly at younger ages. It allows you to provide protection for your family for a specified amount of time, typically ten or twenty years. It provides temporary coverage and builds no cash value. There are different types of term policies; some have a premium that increases annually, while others provide coverage for a specific period of time with a level premium. And when your needs change, many term policies can be converted to permanent life insurance.

Whole Life Insurance
Sun Life Financial Whole life, or permanent, insurance is aptly named – it offers coverage for your whole life, rather than just for a designated period or term. A level premium is paid annually to keep the policy in effect and provides the policy benefits, including a cash value that increases over the years. The cash value may also grow through dividends that are credited to policies that participate in the company¹s general account performance. The cash value of the policy can be accessed via policy loans or partial surrenders, to provide funds during your lifetime when you may need them – to assist with expenses such as a college education or mortgage.

Universal Life Insurance 
Sun Life Financial Universal life insurance is permanent insurance with the flexibility to meet a variety of needs. Like whole life insurance, it builds cash value.  In addition, it allows you to vary the amount and/or timing of premium payments, as well as to adjust the death benefit amount, within certain limits, to adapt to your changing needs. Your premiums fund the benefits of the policy. A portion of your premium goes to covering the cost of your coverage, while the balance goes into an account value fund, to which interest is credited and from which other ongoing policy charges are deducted.

Variable Universal Life Insurance 
Flexibility is having the time to relax and think about how to spend your day with family and friends ­ and not figuring out how to meet your complex financial planning needs. The Sun Life Financial group of companies lets you do just that. Sun Life Financial offer lifetime solutions to help you secure your future, so you can spend your day doing whatever you want.

Variable universal life insurance (VUL) is a highly flexible product designed to meet a range of personal, estate and business planning needs. Like other types of life insurance, VUL can provide financial security by creating an immediate estate in the event of your death.  These death benefit proceeds can be used in a variety of situations:

• As a source of income to help your family maintain their standard of living.
• To pay estate taxes and efficiently transfer your wealth from one generation to the next.
• To ensure that your business can continue; or, as part of an overall benefits package, to attract and retain key employees.

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