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© Sun Life Assurance Company of Canada. All rights reserved.
We're glad to inform you that the third-party outage is now resolved. Due to this outage, some of Sun Life’s systems, business teams and external providers experienced disruption. This disruption limited our access to emails as well as the ability to process new insurance applications and other administrative requests. As a result, we’re now ramping back to full operational service over the next few days. We apologize for any inconvenience this might have caused. Again, we thank you for your patience and understanding.
Printable copy: SLF Financial Underwriting Guidelines - Critical Illness
The maximum amount of critical illness insurance available on any one life is $3,000,000. This includes all personal and business insurance combinations in force, pending and applied for with all companies.
Purpose |
Underwriting guideline |
Requirements & notes |
---|---|---|
Income replacement |
Maximum amount of personal insurance available, based on the proposed insured's earned income would be the higher of:
|
Notes:
|
Estate preservation |
Maximum amount we will consider is 50% of the insured's net worth. |
|
Non-income earning spouse |
Maximum amount of personal insurance available for non-income earning spouses would be the higher of:
|
Notes:
|
Retired proposed insureds |
Maximum amount of personal insurance coverage we will consider is:
|
Requirements:
|
Unemployed |
Can be considered for up to $150,000. |
Requirements:
|
Children |
Can be considered for up to $150,000, regardless of the amount of coverage on their parents. Maximum amount of critical illness insurance coverage available:
|
Requirements:
Notes:
|
University or college students and recent graduates |
Can be considered for up to $250,000. |
Requirements:
|
Bankruptcy |
Employed proposed insureds whose bankruptcies have not been discharged can be considered for up to $150,000. |
|
Foreign net worth |
The maximum amount we will consider is 50% of the proposed insured's net worth.
|
Requirements:
Financial:
|
Purpose |
Underwriting guideline |
Requirements & notes |
---|---|---|
Buy-sell |
|
Requirements:
Notes:
|
Key person |
The maximum amount of business insurance coverage available is:
|
Notes:
|
Creditor protection |
We will consider an amount equivalent to the shareholder's responsibility for the debt. |
Requirements:
|
Corporations insuring family members of a shareholder | If the corporation is entirely owned by one person, we’ll consider corporately-owned insurance on the spouse or children of the shareholder, subject to the suggested maximums in our guidelines for personal insurance. | Include a cover letter to explain relationship to the corporation and purpose of coverage. |
© Sun Life Assurance Company of Canada. All rights reserved.