Term for Diabetes

Advisor use only

Sun Life Term Insurance for Diabetes: calculating the Client’s premium

Essential Term, Achievers Term and Bridge Term cannot be illustrated using Sun Life Illustrations because they’re only available once the underwriting assessment is complete. Sun Life Illustrations because they’re only available once the underwriting assessment is complete.

To determine the premium the Client will pay for these products, input the Client details using the Evolve Term product within Sun Life Illustrations. Then, follow the process for the corresponding product below.

Note: in all scenarios, ensure the Diabetes button is set to No.

Evolve Term or Essential Term

After underwriting, we may offer the Client their choice of Evolve Term with a rating or Essential Term.

To determine the Evolve Term premium with a rating:

  • Illustrate Evolve Term and input the rating you received from underwriting. The premium amount will be the Client’s Evolve Term premium.

To determine the Essential Term premium:

  • Select Evolve Term and input the Essential Term offer rating you received from underwriting for an Essential Term offer. The premium amount will be the Client’s Essential Term premium.

Remember: Remember to select a term length between 5 and 20 years. 

For example:

  • Underwriting determines the Evolve Term premium is to be rated 200%
  • Essential Term can be offered with a rating of 150%

To illustrate:

  1. Choose Evolve Term from the product selection menu
  2. Input the client details
  3. Make sure the Diabetes button is set to No
  4. Click the Client Rating checkbox, then select the corresponding mortality rating of 200% from the drop down menu
  5. Select the appropriate term length to generate the new premium. This will provide the premium for Evolve Term
  6. Adjust rating to 150% from the drop down menu for the Essential Term premium
  7. The client chooses between Evolve Term and Essential Term

Achievers Term

You can illustrate two scenarios for Achievers Term:

  • The initial premium
  • The premium if the Client does not meet or maintain the health metrics at the first policy anniversary

To illustrate the initial premium:

  1. Ensure the Diabetes button is set to No
  2. Select the term length between 5 and 20 years
  3. Illustrate Evolve Term with a rating of 250% to get the initial premium for Achievers Term

If the client doesn't meet or maintain the health metrics after one year, the policy rating will increase to 400% and the face amount will be reduced by half. To illustrate the premium:

  1. Ensure the Diabetes button is set to No
  2. Select the term length between 5 and 20 years
  3. Illustrate Evolve Term at 400% and reduce the face amount by half

Note: if the Client meets or maintains their health metrics, the initial premium will stay the same for the remaining term duration.

Bridge Term

For this 1-year term solution:

  1. Ensure the Diabetes button is set to No
  2. Illustrate Evolve Term T10 rated at 150%

Note: The Bridge Term policy will not have a rating and will be issued standard, but the premium for Bridge Term will be comparable to an Evolve T10 policy with a rating of 150%.

Remember: This process is for quote purposes only. Please don't provide the Client with the illustration report. Only the initial term length and premiums will be applicable. The illustration will create renewals, but they will not apply to these products. The product name will not match the product being offered.