Permanent or whole life insurance provides coverage for your whole life. It gives your beneficiaries a tax-free payment after your demise.
Permanent or whole life insurance provides coverage for your whole life. It gives your beneficiaries a tax-free payment after your demise. Permanent insurance plans usually have fixed insurance costs that do not increase over time. Permanent insurance plans sometimes build cash value over time. Some plans even have the feature to pay only for a limited period of time. There are two other types of Permanent Life Insurance: Universal and participating. These can also be considered.
Is Permanent Life Insurance right for you?
Permanent Life Insurance offers a lifetime of coverage and fixed premiums. If you are looking for a plan that will help secure your family financially, then this could be the right choice for you
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The Sun Life Go Guaranteed Life Insurance gives lifetime coverage that you can qualify for easily. Even if you have existing health conditions, this life insurance can be availed. The Sun Life Go Guaranteed Life Insurance is a type of no medical guaranteed life insurance.
Why this plan?
Sun Life Go Guaranteed Permanent Life Insurance can be right for you if:
How does no medical guaranteed life insurance work?
With no medical guaranteed life insurance, you can get lifetime coverage even with pre-existing medical conditions. You do not need to answer any health-related questions or even go through health checks or medical examinations.
How does Guaranteed Life Insurance work?
Sun Life Go Guaranteed Life Insurance works similarly to any other life insurance plan. It provides lifetime coverage to your beneficiary as long as the premiums are paid consistently. The payments for the premiums remain the same till you reach 95 years of age. Once you reach 95 years of age, the premium payments stop but the coverage will continue till your demise.
In some cases, the premium may end up being more than the coverage that is being paid. For example, if you have paid a $60 premium for 34 years on a $25,000 policy, you would have paid more in premiums than the coverage amount. In the same scenario, if you die before 34 years, you would have paid less in premiums.
How does the costing work for this plan?
The cost of the insurance will depend on four crucial factors:
Since we do not ask questions about your health in the application process, our policy tends to cost a little higher. We have policy options at lower costs, however, they will require a more thorough input of your health and medical history.
Policy Details
Eligibility:
Who is eligible for no-medical Guaranteed Life Insurance?
Coverage:
The Sun Life Go Guaranteed Life Insurance provides coverage in the following amounts
Exclusions and Limitations
Sun Life can limit your coverage if:
When will Sun Life not pay your claim?
All exclusions and limitations of the Sun Life Go Guaranteed Life Insurance policy can be found in thissample policy We recommend you read the same before signing for the policy.
Additional Benefits
Living Benefit
A living benefit is available to the insured if they have less than 24 months to live. The payout we are liable to deliver can only be up to 50% of the agreed-upon insurance amount. The approval for the living benefit plan is subject to our discretion and the program rules that are in effect at the time of application for this benefit.
Once the required documents have been received and verified and the policy is approved by us, we will issue the payment. Once we receive a death claim on this policy, the coverage amount will be provided to the beneficiary after the deduction of the living benefit issued and the interest accrued
Living Benefit cannot be applied for if:
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What is Sun Spectrum Permanent Life II Insurance?
The Sun Spectrum Permanent Life II insurance, simply put, is a lifelong coverage option. The primary benefit of a policy like this is the guaranteed premiums, guaranteed death benefits, and guaranteed cash value. This policy is a great option to provide oneself peace of mind, knowing that their family’s financial status is secured.
This policy is right for you if:
Plan Details:
Coverage Options:
This policy provides multiple coverage options such as:
Minimum Coverage:
Single Coverage:
In the scenario the policy covers only one individual, the options are dependent on age.
Joint Coverage:
In the scenario the policy covers two individuals, the coverage will be $25,000 for all ages.
Maximum Coverage:
The maximum coverage for any type of policy is $10 million
Guarantees:
Additional Benefits
Policy Loans:
The Sun Spectrum Permanent Life II Insurance builds in cash value as early as year 3. This provides the insured the ability to use a policy loan to access the cash value. The insured can take a policy loan at any time. This is subject to the cash value the policy holds at the time of the request.
The withdrawn cash value is subject to an interest payment that is variable in nature. The loan can be repaid at any time without a penalty. However, if the outstanding amount is not paid, the same will be deducted from the final death benefit of your policy.
Please note: Policy loans may be subject to taxation.
Living Benefit:
A living benefit is available to the insured if they have been diagnosed with a terminal illness. The payout we are liable to deliver can only be up to 50% of the agreed-upon insurance amount, to a maximum of $250,000. The approval for the living benefit plan is subject to our discretion and the program rules that are in effect at the time of application for this benefit.
Once the required documents have been received and verified and the policy is approved by us, we will issue the payment. Once we receive a death claim on this policy, the coverage amount will be provided to the beneficiary after the deduction of the living benefit issued and the interest accrued
Survivor benefit on joint first-to-die:
In the situation that one insured of the two has passed away, the surviving insured can buy life insurance to replace the joint coverage, within a time period of 90 days. The benefit allows them to do so without having to provide any medical evidence to support their insurability.
Automatic survivor benefit on joint first-to-die:
With this benefit, the insured can claim the base coverage amount of the policy twice, if and only if the two insured die together or within 90 days of each other.
Optional Benefits
Term insurance benefit:
This benefit, if opted for, allows you to purchase additional protection on a temporary basis. This can also allow you to insure another person, such as a spouse, family member, or business partner. With this benefit, it is possible to renew or convert this insurance to a life insurance plan without having to provide medical evidence of insurability.
Guaranteed return of premium on death benefit:
This benefit offers an increasing death benefit. With this benefit, you can guarantee that any premium paid for the policy will be returned to the beneficiary, as a part of the death benefit, tax-free on the demise of the insured individual.
Total disability waiver benefit:
With this benefit, if the insured has become totally disabled, they will be exempt from paying premiums but will be able to receive coverage.
Owner waiver death benefit:
In the situation that the policy owner has passed away, with this benefit we will be obliged to make the payment of premiums along with optional benefits.
Owner waiver disability benefits:
In the situation that the policy owner has become completely disabled, with this benefit we will be obliged to make the payment of premiums along with optional benefits.
Owner waiver death and disability benefit:
This benefit is a combination of the owner waiver death benefit and owner waiver disability benefit. If both benefits are purchased, there is a discount applied to the benefit premium.
Accidental death benefit (ADB):
The beneficiaries of this policy will be provided with an additional death benefit if the insured passes away as a result of an accident.
Child term insurance benefit (CTB):
This benefit allows your children or future children to be covered under insurance protection
until they reach 25 years of age. Your children will be able to purchase additional insurance without having to provide medical proof of insurability.
Guaranteed insurability benefit (GIB):
This benefit allows the insured individual to purchase more life insurance without having to worry about providing medical evidence for the same.
Business value protection benefit:
With this benefit, the insured can increase the coverage for their business as its value grows. The owner can also purchase additional coverage based on the value of the company or business without providing medical evidence of insurability. The individual must provide financial information pertaining to the business, this includes details about the fair market value of the business.
Sample Policies:
Additional features
Call 1 844-542-4678 to speak to our advisors.
What is Sun Permanent Life Insurance?
The Sun Permanent Life Insurance policy provides protection for life. The policy offers multiple guarantees such as guaranteed premium payment options, guaranteed death benefit, and guaranteed cash value. With this policy you can live with peace of mind, knowing your family and beneficiaries are guaranteed financial security upon your demise.
The Sun Permanent Life Insurance Policy is right for you if:
Plan Details
Policy duration:
The policy can be paid off in 10, 15, or 20 years.
Coverage options:
This policy provides multiple coverage options such as:
Minimum Coverage:
The minimum coverage for either policy type is $250,000
Maximum Coverage:
The maximum coverage for any type of policy is $10,000,000
Guarantees:
Additional Benefits
Policy Loans:
Sun Permanent Life Insurance builds in cash value as early as year 3. This provides the insured the ability to use a policy loan to access the cash value. The insured can take a policy loan at any time. This is subject to the cash value the policy holds at the time of the request.
The withdrawn cash value is subject to an interest payment that is variable in nature. The loan can be repaid at any time without a penalty. However, if the outstanding amount is not paid, the same will be deducted from the final death benefit of your policy.
Please note: Policy loans may be subject to taxation.
Living Benefit:
A living benefit is available to the insured if they have been diagnosed with a terminal illness. The payout we are liable to deliver can only be up to 50% of the agreed-upon insurance amount, to a maximum of $250,000. The approval for the living benefit plan is subject to our discretion and the program rules that are in effect at the time of application for this benefit.
Once the required documents have been received and verified and the policy is approved by us, we will issue the payment. Once we receive a death claim on this policy, the coverage amount will be provided to the beneficiary after the deduction of the living benefit issued and the interest accrued
Survivor benefit on joint first-to-die:
In the situation that one insured of the two has passed away, the surviving insured can buy life insurance to replace the joint coverage, within a time period of 90 days. The benefit allows them to do so without having to provide any medical evidence to support their insurability.
Automatic survivor benefit on joint first-to-die:
With this benefit, the insured can claim the base coverage amount of the policy twice, if and only if the two insured die together or within 90 days of each other.
Optional Benefits
Term insurance benefit:
This benefit, if opted for, allows you to purchase additional protection on a temporary basis. This can also allow you to insure another person, such as a spouse, family member, or business partner. With this benefit, it is possible to renew or convert this insurance to a life insurance plan without having to provide medical evidence of insurability.
Guaranteed return of premium on death benefit:
This benefit offers an increasing death benefit. With this benefit, you can guarantee that any premium paid for the policy will be returned to the beneficiary, as a part of the death benefit, tax-free on the demise of the insured individual.
Total disability waiver benefit:
With this benefit, if the insured has become totally disabled, they will be exempt from paying premiums but will be able to receive coverage.
Owner waiver death benefit:
In the situation that the policy owner has passed away, with this benefit we will be obliged to make the payment of premiums along with optional benefits.
Owner waiver disability benefits:
In the situation that the policy owner has become completely disabled, with this benefit we will be obliged to make the payment of premiums along with optional benefits.
Owner waiver death and disability benefit:
This benefit is a combination of the owner waiver death benefit and owner waiver disability benefit. If both benefits are purchased, there is a discount applied to the benefit premium.
Accidental death benefit (ADB):
The beneficiaries of this policy will be provided with an additional death benefit if the insured passes away as a result of an accident.
Child term insurance benefit (CTB):
This benefit allows your children or future children to be covered under insurance protection
until they reach 25 years of age. Your children will be able to purchase additional insurance without having to provide medical proof of insurability.
Guaranteed insurability benefit (GIB):
This benefit allows the insured individual to purchase more life insurance without having to worry about providing medical evidence for the same.
Business value protection benefit:
With this benefit, the insured can increase the coverage for their business as its value grows. The owner can also purchase additional coverage based on the value of the company or business without providing medical evidence of insurability. The individual must provide financial information pertaining to the business, this includes details about the fair market value of the business.
Sample Policies:
If you would like to view a sample of how the policy may be termed, please use the below links. This document is only a sample and the provisions mentioned here may or may not apply to your policy as well. The insurance policy that you choose is an agreement between you, as an individual, and us as a company.
Additional features
Call 1 844-542-4678 to speak to our advisors.
