Get the best Insurance Quote from Sun Life Insurance
Call 1 844-542-4678 to speak to our advisors.
Common questions
- Life Insurance can protect your family from any financial crisis
- You leave a completely tax-free inheritance to your dear ones or beneficiaries
- Life Insurance can pay for your funeral expenses
- You can clear your debts and loans with Life Insurance
What is Participating Life Insurance?
A Participating Life Insurance Plan allows you to merge the benefits of a permanent life insurance protection plan along with an opportunity for the growth of cash value, which is tax-deferred. Along with these benefits, a Participating Life Insurance Plan guarantees base protection as long as the premiums are paid on time.
With this policy, you can become eligible to receive dividends as well. These can be used in multiple ways. They can be used to buy additional coverage, reduce the value of the existing annual premium, or they can be left untouched to earn interest. They can even be withdrawn as cash. Dividends are not guaranteed.
Why should you choose a Participating Life Insurance Plan?
If you are looking for the benefits of a life insurance plan and a significant way to create savings, then this is the right plan for you.
If you want more ways to save money for retirement and more effectively manage your assets post your demise, then this is the right plan for you.
Suppose you are worried your death benefit may be affected by inflation and not beneficial to your family. In that case, this plan can help you add an extra amount with the savings opportunities it provides.
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Life Insurance Quote Form
Types of Participating Life Insurance:
Sun Par Protector II Life Insurance
What is Sun Par Protector II Life Insurance?
A form of permanent life insurance, the Sun Par Protector II provides a death benefit growth and long-term cash value benefits. This can help you meet your estate planning needs.
The Sun Par Protector II Life Insurance is right for you if:
- You want affordable protection
- You want to grow your savings in a flexible manner
- You want to protect your estate
- You want to leave a financial legacy for your children and grandchildren
Plan Details:
Premium Payment Options:
There are three payment options available.
- Life pay
- 10 pay
- 20 pay
Coverage Options:
There are four types of coverage options available with this plan.
- Single life
- Joint first-to-die (Inclusive of survivor and automatic benefit)
- Joint last-to-die (Premiums are to the first death, only life pay is applicable)
- Joint last-to-die (Premiums are to the second death)
Coverage amount:
Minimum:
- For ages 0-17, it is $25,000
- For ages 18-85, it is $50,000
Maximum:
- For all ages, the maximum amount of coverage available is $15,000,000.
Dividend Options:
Based on your unique financial goals, you can select from up to 5 dividend options.
Paid-up additional insurance
This benefit directs any dividend you earn back into your insurance policy. The dividend amount credited is used as a premium to add additional insurance. This means you don’t have to pay premiums for the insurance purchased using the dividend amount.
This additional insurance purchased is also a participating form of insurance and hence is subject to the same rules. It can also earn dividends and possesses cash value. You are able to increase your death benefit using this compounded growth.
Enhanced insurance
This benefit uses the dividend amount credited to pay for a combination of two types of insurance. One is additional insurance in the same plan. And the other is yearly term insurance.
The yearly insurance is gradually replaced by the permanent insurance format. Once all the yearly insurance has been replaced, the amount being credited after this will be used to purchase more insurance and your death benefit will begin increasing.
The amount received as enhanced insurance is guaranteed for life. The base amount and the enhanced amount are both payable even if all the yearly term insurance has not been paid for. You will be required to pay all premiums even if this benefit is in effect.
Annual premium reduction
Using this benefit, you can reduce the amount of the premiums you are required to pay for a financial year. The dividends earned in a year are used as premiums in the following year. This helps reduce the burden of paying premiums.
If the amount of money earned via dividends exceeds the total premium payable, the amount is deposited in a fund that earns interest daily. You can use this amount to pay for future premiums or use it as per your wish.
Dividends on deposit
Dividends credited to the policy are deposited in an account that functions very similarly to a savings account. This account is made with Sun Life. The amount deposited can be accessed at any time. It also earns interest daily and is compounded on a yearly basis at an interest rate set by Sun Life.
Cash Payment
Dividends can be received annually in the form of cash with the help of this benefit.
Additional Features:
- Cash Value
With the help of Sun Par Protector II, you can get access to the cash value of your policy at any time. Your policy contains two types of cash value; guaranteed and non-guaranteed.
- a) Guaranteed Cash Value A guaranteed cash value can be obtained at the end of the first year. The schedule for these cash values is included with the policy. The value will depend on factors like your death benefit, your age, your gender, and your smoking status. If you keep your policy for a long duration, the guaranteed cash value will increase accordingly.
- b) Non-guaranteed Cash Value These values build in your policy on a tax-preferred basis. They are created by dividends that are utilized in purchasing additional insurance or when these dividends are left on deposit. The non-guaranteed cash value includes premium benefit payments and the value of paid-up additional insurance.
- Policy Loans
A policy loan can be requested at any time, as long as there is enough cash value in the policy. The amount you borrow is subject to a variable interest rate and is payable at any time without a penalty. If the amount is not repaid, the outstanding balance will be deducted from the death benefit of your policy. This amount may be subject to taxation.
- Withdrawals
The cash value of your policy can be accessed by withdrawing it. This is only applicable if you have selected paid-up additional insurance or dividend on deposit as the mode of dividend payment.
- a) Paid-up additional insurance If you surrender the paid-up additional insurance, the cash value associated with it can be accessed. This cash value will be deducted from the total benefit and the total cash value of the policy.
- b) Dividends on deposit The savings account held outside your policy, which is used to store the dividends received as deposits, can be used to make withdrawals. This savings account holds dividends that are credited to the policy and any accrued interest. These withdrawals 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. This is a non-contractual 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 the first insured 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 beneficiary 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.
Using this benefit, you can pay an additional premium towards the policy. This payment can help you increase your cash value in a tax-preferred manner. The payment is used to buy additional insurance and will be used in addition to the insurance purchased using dividends.
Optional Benefits
- Plus premium benefit
Using this benefit, you can pay an additional premium towards the policy. This payment can help you increase your cash value in a tax-preferred manner. The payment is used to buy additional insurance and will be used in addition to the insurance purchased using dividends.
Optional benefits (non-participating)
The base insurance amount and any additional insurance purchased are considered as a participating amount. The following benefits are designed to be non-participating and are not taken into consideration while making decisions on dividends.
- Term insurance benefit:
This benefit, if opted for, allows you to purchase additional insurance to handle a temporary requirement. 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 another life insurance plan without having to provide medical evidence of insurability.
- 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 and they were not the insured individual, 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, and is not the insured individual, 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 feature
Get the best Insurance Quote from Sun Life Insurance
Call 1 844-542-4678 to speak to our advisors.
Sun Par Accumulator II Life Insurance
What is Sun Par Accumulator II Life Insurance?
This plan is a time of permanent or whole life insurance that helps you accumulate cash value in the early years. It also provides long-term cash value and growth benefits to help meet your real estate planning requirements.
The Sun par accumulator II is right for you if:
- You want to access both long-term and early cash value
- You want to leave a financial legacy for your children or grandchildren
- You want a solution that provides insurance for your business along with high early cash value and long-term growth
- You want to be able to access cash value throughout your life
- You want to protect your real estate
Plan Details:
Premium Payment Options:
There are three payment options available.
- Life pay
- 10 pay
- 20 pay
Coverage Options:
There are four types of coverage options available with this plan.
- Single life
- Joint first-to-die (Inclusive of survivor and automatic benefit)
- Joint last-to-die (Premiums are to the first death, only life pay is applicable)
- Joint last-to-die (Premiums are to the second death)
Coverage amount:
Minimum:
- For all ages, the minimum coverage amount is $250,000
Maximum:
- For all ages, the maximum amount of coverage available is $15,000,000
Dividend Options:
Based on your unique financial goals, you can select from up to 5 dividend options.
- Paid-up additional insurance
This benefit directs any dividend you earn back into your insurance policy. The dividend amount credited is used as a premium to add additional insurance. This means you don’t have to pay premiums for the insurance purchased using the dividend amount.
This additional insurance purchased is also a participating form of insurance and hence is subject to the same rules. It can also earn dividends and possesses cash value. You are able to increase your death benefit using this compounded growth
- Enhanced insurance
This benefit uses the dividend amount credited to pay for a combination of two types of insurance. One is additional insurance in the same plan. And the other is yearly term insurance.
The yearly insurance is gradually replaced by the permanent insurance format. Once all the yearly insurance has been replaced, the amount being credited after this will be used to purchase more insurance and your death benefit will begin increasing.
The amount received as enhanced insurance is guaranteed for life. The base amount and the enhanced amount are both payable even if all the yearly term insurance has not been paid for. You will be required to pay all premiums even if this benefit is in effect.
- Annual premium reduction
Using this benefit, you can reduce the amount of the premiums you are required to pay for a financial year. The dividends earned in a year are used as premiums in the following year. This helps reduce the burden of paying premiums.
If the amount of money earned via dividends exceeds the total premium payable, the amount is deposited in a fund that earns interest daily. You can use this amount to pay for future premiums or use it as per your wish.
- Dividends on deposit
Dividends credited to the policy are deposited in an account that functions very similarly to a savings account. This account is made with Sun Life. The amount deposited can be accessed at any time. It also earns interest daily and is compounded on a yearly basis at an interest rate set by Sun Life.
- Cash Payment
Dividends can be received annually in the form of cash with the help of this benefit.
Additional Features:
- Cash Value
With the help of Sun Par Protector II, you can get access to the cash value of your policy at any time. Your policy contains two types of cash value; guaranteed and non-guaranteed.
- a) Guaranteed Cash Value A guaranteed cash value can be obtained at the end of the first year. The schedule for these cash values is included with the policy. The value will depend on factors like your death benefit, your age, your gender, and your smoking status. If you keep your policy for a long duration, the guaranteed cash value will increase accordingly.
- b) Non-guaranteed Cash ValueM These values build in your policy on a tax-preferred basis. They are created by dividends that are utilized in purchasing additional insurance or when these dividends are left on deposit. The non-guaranteed cash value includes premium benefit payments and the value of paid-up additional insurance.
- Policy Loans
A policy loan can be requested at any time, as long as there is enough cash value in the policy. The amount you borrow is subject to a variable interest rate and is payable at any time without a penalty. If the amount is not repaid, the outstanding balance will be deducted from the death benefit of your policy. This amount may be subject to taxation.
- Withdrawals
The cash value of your policy can be accessed by withdrawing it. This is only applicable if you have selected paid-up additional insurance or dividend on deposit as the mode of dividend payment.
- a) Paid-up additional insurance If you surrender the paid-up additional insurance, the cash value associated with it can be accessed. This cash value will be deducted from the total benefit and the total cash value of the policy.
- b) Dividends on deposit The savings account held outside your policy, which is used to store the dividends received as deposits, can be used to make withdrawals. This savings account holds dividends that are credited to the policy and any accrued interest. These withdrawals 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. This is a non-contractual 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 the first insured 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 beneficiary 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
- Plus premium benefit
Using this benefit, you can pay an additional premium towards the policy. This payment can help you increase your cash value in a tax-preferred manner. The payment is used to buy additional insurance and will be used in addition to the insurance purchased using dividends.
Optional benefits (non-participating)
The base insurance amount and any additional insurance purchased are considered as a participating amount. The following benefits are designed to be non-participating and are not taken into consideration while making decisions on dividends.
- Term insurance benefit:
This benefit, if opted for, allows you to purchase additional insurance to handle a temporary requirement. 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 another life insurance plan without having to provide medical evidence of insurability.
- 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 and they were not the insured individual, 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, and is not the insured individual, 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 feature
Get the best Insurance Quote from Sun Life Insurance
Call 1 844-542-4678 to speak to our advisors.
Sun Par Accelerator Life Insurance
What is Sun Par Accelerator Life Insurance?
The main feature of this life insurance policy is that it enables you to pay off your premium obligations in 8 years. The Sun Par Accelerator Life Insurance is a type of permanent or whole life insurance that provides cash value both in the early years and long-term. It allows you to address your real estate requirements with a growing death benefit.
The Sun Par Accelerator Life Insurance Plan is right for you if:
- You don’t want to pay premiums till the policy ends
- You want to leave a financial legacy for your children or grandchildren
- You want to be able to access the cash value of your policy at any time
- You want to protect your real estate financially
Plan Details:
Premium Payment Options
There are three payment options depending on the type of coverage you select.
- 8-pay
- Single coverage, age 0-65
- Joint coverage, age 18-65
Coverage Options:
There are three types of coverage options available with this plan.
- Single life
- Joint first-to-die (Inclusive of survivor and automatic benefit)
- Joint last-to-die (Premiums are to the second death)
Coverage amount:
Minimum:
- For all ages, the minimum coverage amount is $250,000
Maximum:
- For all ages, the maximum amount of coverage available is $15,000,000
Dividend Options:
- Enhanced insurance
The Sun Par Accelerator Life Insurance plan is drafted with this option as default.
We use the dividend amount credited, on every policy anniversary, to pay for a combination of two types of insurance. One is additional insurance in the same plan. And the other is yearly term insurance.
The yearly insurance is gradually replaced by the permanent insurance format. Once all the yearly insurance has been replaced, the amount being credited after this will be used to purchase more insurance and your death benefit will begin increasing.
The amount received as enhanced insurance is guaranteed for life. The base amount and the enhanced amount are both payable even if all the yearly term insurance has not been paid for. You will be required to pay all premiums even if this benefit is in effect.
Additional Features:
- Cash Value
With the help of Sun Par Protector II, you can get access to the cash value of your policy at any time. Your policy contains two types of cash value; guaranteed and non-guaranteed.
- a) Guaranteed Cash Value A guaranteed cash value can be obtained at the end of the first year. The schedule for these cash values is included with the policy. The value will depend on factors like your death benefit, your age, your gender, and your smoking status. If you keep your policy for a long duration, the guaranteed cash value will increase accordingly.
- b) Non-guaranteed Cash ValueM These values build in your policy on a tax-preferred basis. They are created by dividends that are utilized in purchasing additional insurance or when these dividends are left on deposit. The non-guaranteed cash value includes premium benefit payments and the value of paid-up additional insurance.
- Policy Loans
A policy loan can be requested at any time, as long as there is enough cash value in the policy. The amount you borrow is subject to a variable interest rate and is payable at any time without a penalty. If the amount is not repaid, the outstanding balance will be deducted from the death benefit of your policy. This amount may be subject to taxation.
- Withdrawals
The cash value of your policy can be accessed by withdrawing it. This is only applicable if you have selected paid-up additional insurance or dividend on deposit as the mode of dividend payment.
- a) Paid-up additional insurance If you surrender the paid-up additional insurance, the cash value associated with it can be accessed. This cash value will be deducted from the total benefit and the total cash value of the policy.
- b) Dividends on deposit The savings account held outside your policy, which is used to store the dividends received as deposits, can be used to make withdrawals. This savings account holds dividends that are credited to the policy and any accrued interest. These withdrawals 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. This is a non-contractual 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 the first insured 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 beneficiary 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
- Plus premium benefit
Using this benefit, you can pay an additional premium towards the policy. This payment can help you increase your cash value in a tax-preferred manner. The payment is used to buy additional insurance and will be used in addition to the insurance purchased using dividends.
Optional benefits (non-participating)
The base insurance amount and any additional insurance purchased are considered as a participating amount. The following benefits are designed to be non-participating and are not taken into consideration while making decisions on dividends.
- Term insurance benefit:
This benefit, if opted for, allows you to purchase additional insurance to handle a temporary requirement. 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 another life insurance plan without having to provide medical evidence of insurability.
- 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 and they were not the insured individual, 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, and is not the insured individual, 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 feature
Get the best Insurance Quote from Sun Life Insurance
Call 1 844-542-4678 to speak to our advisors.