To suspend a withdrawal on an existing pre-authorized chequing (PAC) on life, long term care and critical illness insurance and accumulation annuity policies, please use the Request centre form PAC suspension . If the client isn't able to cover an upcoming pre-authorized chequing (PAC) withdrawal, we can offer a 1 month suspension to their PAC arrangement. Only one PAC suspension is allowed within a 4 month time period. No exceptions are made.
The PAC withdrawal can be suspended for the entire PAC arrangement or one or multiple individual payments on the PAC arrangement. The withdrawals will start again the following month as long as a replacing payment is received. If a returned payment fee is owing and not included in the amount of the replacing payment, PAC will cancel. No follow-up is required on your part.
Note: For ULife policies, if the accumulation/policy fund has enough to cover the monthly cost of insurance (COI), a replacing payment is not required.
To ensure that the PAC withdrawal will be suspended on time, 5 business days notice is needed.
For contractual premium payments on life, critical illness and long term care insurance policies:
For Sun UL, Sun UL MAX, Sun Limited Pay Life and SunSpectrum Universal Life
For loans, unpaid premiums plus interest and premium fund payments:
For accumulation annuity policies:
For planned payments:
To suspend a PAC payment:
Note: If a returned payment fee is owing, we will still suspend the PAC arrangement, however, if the fee is not paid, PAC will cancel.
Note: If a returned payment fee is being paid along with premiums/deposits, both must be paid in the same manner.
As some payment methods aren't automatic, giving us notice is important if the client wants to pay: