Protection bundle offer

Protection bundle offer

Offer Clients more protection and a discount with CII and any permanent life insurance policy.

Protection bundle offer

Offer Clients more protection and a discount with CII and any permanent life insurance policy.

What is the protection bundle offer?

Between April 1 and June 30, 2024, Clients who submit an application for Critical Illness Insurance (CII) and any permanent life insurance at the same time may be eligible to receive a cheque equivalent to three months of their CII premium, once the policies are in-force for six months.

Qualifying permanent life insurance products for this offer include:

  • Sun Permanent Life
  • Sun Par Protector II
  • Sun Par Accumulator II
  • Sun Par Accelerator
  • Sun Universal Life II

For Clients who purchase more than one CII policy, the discount will be applied to all eligible CII policies.

  • For example, a policy owner purchases a Sun UL II policy. They also purchase two CII policies, one for their spouse and another for their child. Both these CII policies would be eligible for the discount.

The premium discount can be extended to as many Clients as possible with all sales that meet the criteria, including:

  • term insurance to permanent insurance conversions
  • no face amount restrictions

Clients who have existing applications in flight who cancel simply to re-apply and become eligible for the campaign will be excluded. These changes are cumbersome for our operations teams and could impact cycle times. The campaign also does not begin until April 1st and interrupting a Client's coverage and underwriting process via a replacement is a poor Client experience.

The offer could appeal to Clients looking for:

  • protection for their hard-earned savings in the event of a critical illness, and peace of mind knowing costs associated with a critical illness are not personally incurred
  • a permanent life insurance solution that can grow tax-preferred over time, and the comfort of knowing they can protect their estate or cover final expenses at death.

Here’s some recommended resources to get started. Contact our Sales Team for more support and exclusive tools and templates.

For Clients:

For advisors:

  • The owner of both the life and CII policy must be the same.
  • Multiple CII policies purchased by the same owner could be eligible provided the Client also purchased at least one permanent life insurance plan at the same time.
  • If backdating is requested, both the life and the CII policies must be backdated to the same date. Backdating more than six months will not be allowed.
  • The life and CII policies must remain in-force and have premiums paid for six months in order to receive the cheque. The six-month eligibility window begins from the issue date.
  • Conversions from term to permanent insurance where a CII policy is also purchased at the same time will be eligible for the offer.
  • If a Client is approved for the CII policy but declined through underwriting for the life policy, the Client will still be eligible for the premium discount.
  • If optional benefits (e.g. ROPC/ROPD) are chosen with the CII policy, the costs for the optional benefits will also be included in the premium discount.
  • After the six-month eligibility window, we will notify the Client about the three-month premium reduction they will receive. See Sample Client letter and amendment.

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