How To Get A Sun Life Insurance Refund

Sun Life offers a range of insurance services, including health, life, and critical illness insurance. Sun Life's insurance services are available in several countries, including the Philippines, Canada, the United States, and the United Kingdom. Sun Life's website provides information on various topics related to its insurance services, such as filing claims, changing policies, and paying premiums. The website also offers tools and calculators to help individuals plan their financial goals, as well as online portals and mobile apps for customers to manage their policies and claims. While the specific details may vary depending on the region and type of insurance, Sun Life's insurance policies generally cover essential aspects such as health, retirement, and protection against unforeseen events.

What are the requirements for filing a death claim?

The requirements for filing a death claim with Sun Life Insurance vary depending on the location and the specific policy that has been taken out. However, there are some general requirements that are consistent across the board:

• Notify Sun Life about the claim: This can be done by contacting your financial advisor, visiting a Sun Life branch or client service centre, calling the Sun Life customer care number, or mailing your notice to the claims services department.
• Submit the required documents: The specific documents required will depend on the nature of the claim and the policy. However, some common documents that may be needed include the claimant's statement, a certified true copy of the death certificate, and other forms or documents specified by Sun Life. It is important to ensure that all records are organised and up to date, as additional documents may be requested by Sun Life.
• Check beneficiary designations: It is important to ensure that the beneficiary designations on the policy are up to date and consistent with the wishes of the policyholder, especially in cases where there has been a change in status (e.g. from single to married).
• Release of assignment: If the policy was assigned as collateral security for a mortgage or loan, a release of assignment should be filed as soon as the loan is fully paid to update the beneficiary designation.

In the case of death claims, the specific requirements will depend on the amount of the policy, the date of the policy issue, and whether the beneficiary is an individual or an estate.

For policies with a total face amount of life insurance of $150,000 or less, Sun Life may offer an express claim where no claim requirements are needed. However, for policies exceeding this amount, additional requirements may include:

• Named beneficiary requirements: Form E84 - Claimant Statement completed by each beneficiary, death certificate or funeral director's statement, and additional documentation if the death occurred outside of Canada or the United States.
• Estate as beneficiary requirements: Form E84 - Claimant Statement completed by the liquidator, executor, or administrator, death certificate or funeral director's statement, and a notarial copy of the will if the total insurance amount exceeds certain thresholds.

It is important to note that the requirements may vary depending on the specific Sun Life Insurance branch and the individual policy. Therefore, it is always recommended to review the specific policy documents and contact Sun Life directly to confirm the exact requirements for filing a death claim.

How do I change my beneficiary?

To change your beneficiary, you will need to complete the following steps:

If you bought insurance coverage or set up an investment account through your advisor:

Contact your advisor directly. You can find their contact information by going to the Sun Life website and clicking on "Find an advisor". Enter your advisor's last name and their phone number or email address will appear.

You can also call the Customer Care Centre at 1-877-SUN-LIFE (1-877-786-5433), Monday to Friday, 8 a.m. to 8 p.m. ET.

If you have a pension, savings, investments or health benefits through your employer:

To see who your beneficiaries are:

• Sign in to my Sun Life.
• Under Investments, click on my financial centre.
• Under Quick links, choose Beneficiary info.

To change your beneficiaries:

• Sign in to my Sun Life.
• Under Investments, click on my financial centre.
• Under Quick links, choose Beneficiary info.
• Under Update Beneficiary info, click on the Beneficiary designation form button to download the form. Then follow the instructions on the page.

If you are not yet registered, you can register now. You can also call the Customer Care Centre at 1-866-733-8612, Monday to Friday, 8 a.m. to 8 p.m. ET. Please have your coverage card ready. Remember to have your registered email address and password ready to enter into our automated telephone system.

If you have a plan you purchased online:

To change your beneficiaries for online plans, download and print the Beneficiary change request form. Complete the form and then sign and date it. Send the completed form to Sun Life by mail or fax.

How do I collaterally assign my policy?

To collaterally assign your Sun Life insurance policy, you must complete the "Authorization for Assignment/Release of Policy as Collateral" form or the "American Banking Association Collateral Assignment Form", which is available at most financial lending institutions.

The collateral assignment of a life insurance policy is a conditional assignment that appoints a lender as an assignee of the policy. The death benefit is used as collateral for a loan, with the lender having a claim to some or all of the benefit until the loan is repaid.

The advantage of using a collateral assignee is that you can specify that the lender is only entitled to a certain amount, i.e., the amount of the outstanding loan. This allows your beneficiaries to still receive any remaining death benefit.

The borrower of a business loan using life insurance as collateral must be the policy owner, and the policy must remain current for the life of the loan, with the owner continuing to pay all premiums.

Once the loan is fully repaid, the life insurance policy is no longer used as collateral.

How do I reinstate my policy?

To reinstate your Sun Life insurance policy, you will need to:

• Contact Sun Life either by phone or by sending a request. Include the policy number(s) in your communication.
• Provide a reinstatement form.
• Pay the reinstatement cost.
• Provide evidence of insurability, if required.

Note that Sun Life will only reinstate policies that have been lapsed for five years or less. Beyond that, there is no opportunity to reinstate the policy, and coverage remains terminated. The reinstatement provision differs according to each contract, so refer to your contract for more information. You can also reach out to your Sun Life Financial Advisor for more information.

How do I pay for my personal health insurance?

Personal health insurance helps cover unexpected medical expenses and preventive care, ensuring you stay healthy. While provincial health plans cover many health expenses, personal health insurance can help with any gaps that may leave you with big out-of-pocket expenses.

You have two options to pay for your personal health insurance:

• Use your credit card to pay for your coverage. You can pay monthly or annually. Sun Life accepts Visa and Mastercard.
• Have your monthly premiums withdrawn from your bank account.

Payments for personal health insurance begin the day your coverage is approved. The first payment will be withdrawn from your chosen payment method, and you can schedule subsequent payments to be withdrawn monthly from your credit card, annually from your credit card, or from your bank account on the day of the month that you choose.

Frequently asked questions