SUN LIFE FINANCIAL OF CANADA INSURANCE

Sun Life Financial of Canada can trace its roots back to 1865. Sunlife of Canada has operations in key markets around the world, headquartered in Toronto, Canada. 

Sun Life Assurance Company of Canada UK operations are based in Basingstoke. Once Sun Life of Canada was a major sales force in the Uk protection market place with its own direct sales operation.


They assumed the adminstration of many old UK provider plans over the years, as they said it was no longer economical to attract new business through their traditional direct sales route door to door. 

In 2003 Sun Life of Canada sold their group insurance business to UNUM. In 2009, Sunlife Financial of Canada acquired the Uk life operations of Lincoln Financial Corporation. 

In 2020, they now look after the following closed life companies

Note, Sun Life of Canada are not be confused with Canada Life or Sun Life.

SUNLIFE FINANCIAL OF CANADA INSURANCE UK - OLD PRODUCT REVIEW 2020

Although no longer available for new UK protection business, you maybe able to amend or adjust your existing old Sun Life Financial policy by contacting either their customer services or Independant Broker.

SUN LIFE OF CANADA - WHOLE LIFE COVER 

A whole of life policy that will always payout whenever death may occur. Premiums maybe reviewable in the future.

SUN LIFE OF CANADA - MORTGAGE PROTECTION

Designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.

SUN LIFE FINANCIAL OF CANADA LIFE INSURANCE 

Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. Plan can be guaranteed or reviewable premiums.

SUN LIFE OF CANADA - CRITICAL ILLNESS  

Helps ease financial worries if you are diagnosed with a critical illness as specified by Sun Life of Canada.

SUN LIFE OF CANADA - INCOME PROTECTION 

Providing security by way of an income if you are off sick or have an accident or disability.

SUN LIFE OF CANADA - BUSINESS PROTECTION 

Offering company protection for a key person, loan & share protection or an employee dies, is diagnosed with a critical or terminal illness during the term.

SUN LIFE OF CANADA - OVER 50'S LIFECOVER 

A no medical evidence policy that always payout whenever death may occur but only after an initial period.

SUN LIFE OF CANADA ENDOWMENT POLICY 

Offered protection if the policy holder dies or is diagnosed with a critical or terminal illness during the mortgage plan term; designed to provide a lump sum at the end to be used usually toward repayment of an Endowment interest only mortgage loan.

Compare old Sun Life of Canada - Life Insurance against Insurers

SUN LIFE OF CANADA INSURANCE - Frequently Asked Broker Questions

Can you make changes to your Sun Life Financial of Canada life insurance plan ?

In terms of changing your life insurance policy, often you can request some of the following:

• reduce or perhaps extend the period of cover
• decrease or increase the amount of lifecover
• remove indexation option or any specific paid for policy features
• change the collection date of your usual premiums
• remove a life assured from a joint policy
• joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

What if my health or lifestyle changes after I have taken the SunLife of Canada policy out ?

Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's 

How do I make a Death Claim ?

Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed. 

Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.

Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers. 

Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application

If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.

Death Claims, Life Insurance Trusts & Life of Another

Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.

If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another"  then it will just be paid to the survivor. 

However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.

Should I put my Sun Life of Canada Life Insurance policy into Trust ?

If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.

If I started smoking after taking out Sun Life Financial of Canada Life Insurance - Do I need to now tell them ?

If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case. 

Article on: SunLife of Canada Insurance ~ for more visit www.sloc.co.uk *

( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)

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Sun Life Financial of Canada - Life Insurance UK Company Review 2020 

Sun Life Financial
of Canada

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