Term insurance like you’ve never seen before: details

Help more Canadians with a new suite of affordable, flexible, health-centered solutions. Together, we can help give Clients better solutions – right when they need it most.

Learn about the new solutions

Get comfortable with the new products before the first day of sale on May 13, 2024:

  • CE accredited* self-directed training modules are available now. Learn about Sun Life’s term insurance products to help give you the knowledge, skills and confidence when speaking with a prospect or Client.

If you have questions please contact salesdesk@sunlife.com.

*dependent on province and accrediting bodies. CE credits are not available for the Term for Diabetes training module in Quebec.

Sun Life Evolve Term Insurance details

Evolve Term pricing

Evolve Term will offer leading rates for face amounts of $2M and above.

For face amounts below $2M, pricing will be within 15% of the lowest priced key competitors.

Most cells will experience a rate decrease, however some cells will have rate increases or no change:

  • T10 overall will be more competitive with most cells decreasing rates and small pockets of increases or maintained rates. T10 will be priced within 15% of the lowest priced key competitor across all ages.
  • T20 pricing will bring us more in line with the industry for face amounts of less than $2M, with some decreases and increases.
  • Our T25 rates are competitive with other carriers offering the same term length.
  • New term lengths, like T35, will provide more choice with competitive pricing.

Sun Life Illustrations

On Sunday May 12, when we launch version 6.0.0 of Sun Life Illustrations, all SunTerm saved cases will be converted to Evolve Term on the illustration system.

Any saved SunTerm T10 Renewal protection benefit cases will be converted to Evolve Term 10.

If you would like to retain copies of your SunTerm saved illustrations for your records, generate the Client report before May 12 and save the PDF:

  1. Open Sun Life Illustrations
  2. From the Product selector page, click “Search all saved cases”
  3. From the Saved cases screen, click the Product drop-down button, select “SunTerm” and click “Search”
  4. Open each saved SunTerm case one at a time
  5. Click View report and then save the PDF
  6. If the saved case includes multiple SunTerm illustrations, generate and save the PDF report for each illustration you need to retain.

Sun eApp

Get decisions on your Evolve Term applications up to 50% faster than submitting a paper application. Sun eApp offers a seamless and intuitive way to submit insurance applications so you can focus on Clients.

Effective May 13, 2024, we’re introducing Sun Life Evolve Term Insurance.

SunTerm will not be available for sale as of May 13, 2024.

To ensure a smooth transition, please take a moment to review the following rules:

Application status

What rates and product will apply?

Signed and received before May 13, 2024

We’ll process applications as applied for and use rates in effect before May 13, 2024. SunTerm plan will be issued.

Signed before May 13, 2024 and received before May 24, 2024

We’ll process applications as applied for and use rates in effect before May 13, 2024. SunTerm plan will be issued.

If the Client would like Evolve Term, a new application for Evolve Term won’t be required. The advisor will need to notify the case manager.

Signed before May 13, 2024 and received after May 24, 2024

If the SunTerm product is applied for it will no longer be available for sale. The application will be processed as Evolve Term.

 

Signed on or after May 13, 2024 and received before May 24, 2024

If Evolve Term is applied for: Evolve Term policy will be issued.

If SunTerm is applied for: We’ll process applications as applied for and use rates in effect before May 13, 2024. SunTerm plan will be issued.

Signed on or after May 13, 2024 and received after May 24, 2024

Evolve Term policy will be issued if applied for.

If the SunTerm product is applied for it will no longer be available for sale. The application will be processed as Evolve Term.

Signed on or after May 13, 2024, with a backdate request for a date before May 13, 2024 and received before May 24, 2024

 

If Evolve Term is applied for: Evolve Term policy will be issued.

If SunTerm is applied for: We’ll process applications as applied for and use rates in effect before May 13, 2024. SunTerm plan will be issued.

Signed before May 13, 2024, and

Settled, and

within the 10-day free look

We would have issued the policy using product and rates in effect before May 13, 2024. SunTerm plan will be issued.

If the Client would like Evolve Term, a new application for Evolve Term will not be required. The advisor will need to notify the case manager.

Signed before May 13, 2024, and

Settled, and

past the 10-day free look period

We would have issued the policy using product and rates in effect before May 13, 2024.

A new application will be required if the Client would like the new Evolve Term product.

Changes to term insurance benefit:

  • T10 with renewal protection benefit will no longer be available to add as an optional term insurance benefit on a permanent policy.
  • The rates for the optional term insurance benefits (T10, T15, T20 and T30) will be aligned with Evolve rates.

For more information, please email salesdesk@sunlife.com or call 1-800-800-4786.

Sun Life Term for Diabetes details

Pricing

Our objective is to offer affordable coverage to more Canadians. Rates will be assessed with underwriting based on a number of risk factors like build, control of diabetes, any complications and any other health concerns.

  • Essential term pricing is equivalent to Evolve Term with a 150%-250% rating.
  • Achievers term pricing is equivalent to Evolve Term with a 250% rating. If the Client doesn’t meet the health metrics or doesn’t re-submit labs after 1 year, we’ll reduce the policy face amount by half and increase the policy rating from 250% to 400%. The initial term length will continue.

Previously declined cases

Do you have Clients who were previously declined due to diabetes? Encourage Clients to submit a new application for Evolve Term. We'll assess if the Client is eligible for a Term for Diabetes solution. Unfortunately, we won’t have the ability to provide lists of Clients previously declined due to diabetes.

Effective May 13, 2024, we’re introducing the Term for Diabetes suite of products.

The products include: Essential Term, Achievers Term and 1-Year Bridge Term. Clients cannot apply for these products and may be offered a choice during the underwriting assessment.

As we introduce these products. please take a moment to review the following rules:

Application status

Product applied for

What rates and product will apply

Underwriting decision communicated before May 13, 2024

Sun Term

We cannot offer Essential Term, Achievers Term or Bridge Term. To be reconsidered, the client will have to apply for Evolve Term.

Underwriting decision communicated after May 13, 2024

Sun Term

The Client may be offered one of the following: Essential Term with the option of choosing SunTerm; Achievers Term or Bridge Term.

Underwriting decision communicated after May 13, 2024

Evolve Term

 The Client may be offered one of the following: Essential Term with the option of choosing Evolve Term; Achievers Term or Bridge Term

Underwriting decision communicated after May 13, 2024

Sun Permanent Life

The Client may be offered Achievers Term or Bridge Term.

Underwriting decision communicated after May 13, 2024

Any life insurance product

Any life insurance product applied for may be offered Bridge Term.

Note on Illustrations

  • If a Client discloses they have diabetes, please use the “Diabetes button” on the illustration software to illustrate Evolve to give clients a more realistic expectation for the premium of the final offer (the diabetes button illustrates at 150%)
  • Please refer to the How to Illustrate instructions on the product page of the advisor site to determine the premium if an offer for Essential Term, Achievers Term or Bridge Term is made.

For more information, please email salesdesk@sunlife.com or call 1-800-800-4786.

Sun Life 1-Year Bridge Term details

Sun Life 1-Year Bridge Term will be available to eligible postponed Clients starting May 13, 2024. Unfortunately, we won’t have the ability to offer Bridge Term to Clients who were postponed before May 13, 2024.

Pricing

Bridge Term pricing is equivalent to Evolve T10 with a 150% rating.

Effective May 13, 2024, we’re introducing the Term for Diabetes suite of products.

The products include: Essential Term, Achievers Term and 1-Year Bridge Term. Clients cannot apply for these products and may be offered a choice during the underwriting assessment.

As we introduce these products. please take a moment to review the following rules:

Application status

Product applied for

What rates and product will apply

Underwriting decision communicated before May 13, 2024

Sun Term

We cannot offer Essential Term, Achievers Term or Bridge Term. To be reconsidered, the client will have to apply for Evolve Term.

Underwriting decision communicated after May 13, 2024

Sun Term

The Client may be offered one of the following: Essential Term with the option of choosing SunTerm; Achievers Term or Bridge Term.

Underwriting decision communicated after May 13, 2024

Evolve Term

 The Client may be offered one of the following: Essential Term with the option of choosing Evolve Term; Achievers Term or Bridge Term

Underwriting decision communicated after May 13, 2024

Sun Permanent Life

The Client may be offered Achievers Term or Bridge Term.

Underwriting decision communicated after May 13, 2024

Any life insurance product

Any life insurance product applied for may be offered Bridge Term.

Note on Illustrations

  • If a Client discloses they have diabetes, please use the “Diabetes button” on the illustration software to illustrate Evolve to give clients a more realistic expectation for the premium of the final offer (the diabetes button illustrates at 150%)
  • Please refer to the How to Illustrate instructions on the product page of the advisor site to determine the premium if an offer for Essential Term, Achievers Term or Bridge Term is made.

Please note we can’t offer 1-Year Bridge Term to Clients who were declined before May 13, 2024.

A Client who was previously postponed for coverage should only reapply for life insurance after they’ve completed the reconsideration criteria specified by underwriting. At that time, we’ll assess the Client for the product they applied for.

If we cannot offer the Client the product they applied for, we’d consider the Client for Bridge Term.  

For pending cases where we haven’t communicated a decision by May 13, 2024, we’ll complete our underwriting assessment and consider those cases for Bridge Term and Term for Diabetes (as applicable).

SunTerm closing to new business May 13, 2024

On May 13, 2024 Sun Life Evolve Term Insurance will be available for sale. SunTerm will close to new business on May 13, 2024.

After May 13, you’ll find information about SunTerm on Suncentral under ‘Products no longer sold.’ With the discontinuation of SunTerm, we are also removing the Renewal Protection and Partner Protection optional benefits that were available on SunTerm. The T10 with Renewal Protection Benefit won’t be available for Clients adding a term insurance optional benefit to a permanent policy effective May 13.