Sun Life Insurance: Applying For Coverage Simplified

Sun Life offers a range of insurance products, including life insurance, critical illness insurance, long-term care insurance, and disability insurance. The application process for Sun Life insurance involves meeting with a Sun Life advisor, either in person or virtually, to discuss your specific needs and goals. During this meeting, the advisor will help you determine the type of insurance that best suits your requirements. Sun Life offers both term and permanent life insurance options, with the former being temporary coverage and the latter providing lifelong protection. After choosing the appropriate plan, you can proceed with completing the application form and submitting the necessary supporting documents. Sun Life provides digital platforms, such as Sun eApp, to facilitate the application process. It is important to note that Sun Life insurance products are available to Canadian residents, with specific age and health requirements that may vary based on the selected plan.

Meeting in person vs meeting virtually

Meeting in person versus meeting virtually are two options for those applying for Sun Life Insurance. Sun Life Insurance is a policy or contract that guarantees that your beneficiaries will receive a tax-free cash payment, known as a death benefit, upon your death. The company offers both permanent and term life insurance options.

Meeting in person is considered a face-to-face meeting and is the only method recognised as such by Sun Life. This option may be preferable for those who want a more personal and friendly relationship with their insurance agent. Face-to-face meetings can help build trust, especially when dealing with sensitive topics like end-of-life care. Additionally, for those who speak English as a second language, in-person meetings can be easier than communicating via telephone or video call, where connection issues or internet lag can make conversations more challenging.

On the other hand, meeting virtually can be more convenient and flexible for both the client and the insurance agent. Virtual meetings can save commuting time and costs and make it easier to schedule appointments. They also enable agents to serve clients in remote or rural locations. With video conferencing platforms like Zoom, Skype, or Microsoft Teams, it is possible to have face-to-face conversations with people in different cities or countries, building trust and rapport.

Ultimately, the decision to meet in person or virtually depends on the client's and agent's preferences, the level of personal connection desired, and the convenience of scheduling. Both options have their advantages, and with the rise of virtual communication due to the COVID-19 pandemic, it is clear that either method can facilitate effective insurance services.

Permanent and Universal Life insurance

Permanent life insurance is a type of insurance that covers you throughout your life. It is called "permanent" because it covers you as long as you live, and your coverage never expires, no matter your age, health, or history. Your beneficiaries will receive a tax-free death benefit whenever you pass away, provided you've paid your premiums. Over time, your policy can grow in value.

Permanent life insurance is ideal for those seeking lifelong protection, where premiums remain the same and never increase. It is more expensive than term insurance, but most plans offer the same premiums for the rest of your life. Some permanent life insurance plans also come with a cash value, a tax-preferred savings portion. Borrowing or withdrawing funds from this cash value may reduce your policy's death benefit.

Universal life insurance is one of the most flexible types of permanent life insurance for Canadian residents. It offers key financial planning features such as lifelong protection that never expires and opportunities for tax-preferred savings growth. This type of insurance is a great way to help protect your family from financial hardship after your death by maximising your estate and financial value.

With universal life insurance, you can select the amount of premium you pay. You can pay more than needed to keep your policy active so that you have more flexibility in the future when you retire or have less income. The premium may consist of two components: a cost of insurance (COI) amount and a saving component, known as the cash value. The cash value is only accumulated if there is an excess in premium payments and can grow over time. The COI is the minimum amount needed to keep the policy active and will vary by policy based on the policyholder's age, insurability, and the insured risk amount.

To apply for permanent and universal life insurance, you must be a Canadian resident. You can apply for permanent life insurance at age 16, except if you live in Quebec. For universal life insurance, there is no upper age limit, but some products may have other age limitations.

Temporary Insurance Certificate (TIC)

The Temporary Insurance Certificate (TIC) is an important component of the application process for Sun Life Insurance. It provides temporary coverage while you wait for your life insurance application to be reviewed and approved. This temporary coverage ensures that you are protected in case anything happens to you during the waiting period. Here's a detailed guide on TIC:

Eligibility for TIC:

To be eligible for TIC, you must have submitted your life insurance application and paid your first premium. TIC offers instant coverage while your application undergoes underwriting review.

Benefits of TIC:

The main advantage of TIC is that it provides peace of mind during the application process. You are covered from the moment you apply until your life insurance application is approved or denied. This means that if something happens to you during this period, your beneficiaries will be eligible to receive a death benefit.

Cost of TIC:

The cost of TIC depends on the policy you are applying for and other factors. The premium you pay for TIC will be based on your initial life insurance quote. If you decide not to accept the policy or if your application is denied, any premiums paid will be refunded to you.

Duration of TIC:

The duration of your temporary coverage under TIC depends on several factors. It will continue until any of the following occur:

• Your application is approved, and your insurance policy takes effect.
• Your application is denied.
• It has been 90 days since you submitted your insurance application.
• You request to cancel your application.
• You receive an insurance offer but decline it.

Application Process for TIC:

When applying for Sun Life Insurance, you can add TIC before submitting your application. Review the Temporary Insurance Coverage with your client during your meeting. For paper applications, sign the certificate and send a copy to the client via mail, fax, or email. Keep a record of this exchange.

Supporting Documents:

Along with your application, you will need to submit supporting documents. You can use digital signature platforms or send requests for digital signatures using the "Send for eSign" feature. Ensure that you share all documents with your firm and Sun Life. You can submit documents via mail, courier, email, or fax.

Tele-interview for Life and Critical Illness

A tele-interview is a phone interview to help Sun Life gather information that is important for evaluating your life insurance or critical illness insurance application. A member of the Sun Life team will call you to ask questions about your immediate family's medical history.

Tele-interviews can make it easier and faster to do business with Sun Life. For example, a tele-interview, plus the collection of vitals, can replace a paramedical. It's also a good way to share sensitive information.

Before your tele-interview, review the preparation material provided by Sun Life. You may be asked about your doctor's contact information and your family's medical history.

After your tele-interview, Sun Life will use the information you provided to determine your eligibility for critical illness insurance or life insurance. They will contact you if they need to schedule an appointment for medical tests or if they need more information.

Consent to Share

The Consent to Share section is a crucial aspect of the life insurance application process, and it requires careful consideration from the client. Here is a detailed explanation of what it entails:

Understanding Consent to Share

Within the life insurance application, the "Consent to Share" section is where the client can indicate their consent or refusal to share their medical information with their advisor. This consent is entirely optional and is solely at the discretion of the client. It is important to understand that granting consent does not imply any obligation or expectation of sharing all medical details. Instead, it serves as permission for the advisor to access specific information relevant to the life insurance policy.

Implications of Consent

When a client provides consent to share their medical information, it facilitates a more seamless and efficient policy settlement process. With consent, the advisor can access the necessary medical details and include the evidence pages in the settle documents. This simplifies the process of finalising the policy, ensuring that all the required information is readily available.

On the other hand, if the client does not provide consent, the advisor will not be able to include the evidence pages in the settle documents. As a result, the client may need to submit additional documentation or take alternative steps to provide the necessary medical information for policy settlement. This could potentially delay the process and require more back-and-forth communication.

Protecting Client Privacy

While granting consent to share medical information can streamline the process, Sun Life respects and prioritises the client's privacy. Even with consent, advisors are expected to maintain strict confidentiality and only access the information essential for the policy. Sun Life has robust data protection measures in place to safeguard clients' personal and medical information.

Making an Informed Decision

When deciding whether to grant consent to share medical information, it is important for the client to understand their rights and the implications of their decision. Advisors should ensure that clients are fully informed about the purpose and scope of the consent. Clients should feel free to ask any questions or raise concerns they may have about the process.

Revoking Consent

It is important to note that consent to share medical information can be revoked at any time. If a client changes their mind after granting consent, they can inform their advisor, and the consent will be rescinded. Similarly, if a client initially refuses consent but later decides they want to share their medical information, they can provide consent at a later stage.

Frequently asked questions