Flexible coverage for temporary protection
SunSpectrum Term Life Insurance is available in amounts between $50,000 and $15 million for terms of 10, 15, 20 or 30 years. Premiums are guaranteed and the policy is renewable until the policy anniversary nearest age 85 or may be converted to permanent insurance (whole life insurance) until nearest age 75.
You should consider this product if:
- You want affordable term insurance protection that comes with guaranteed premiums
- You are looking to help provide future financial security for your family or beneficiaries
- You have income replacement or mortgage and debt protection needs
- You want to take care of non-permanent insurance needs while staying within a comfortable budget
- You want the comfort of knowing your insurance policy gives you the option to provide lifetime protection if your needs change
- You are a business owner who is concerned with the succession of your company or are looking to protect the value of a key employee
Your premiums automatically renew (at guaranteed rates) at the end of your term.
Guaranteed conversion to permanent insurance at any time regardless the insured person's health, occupation or lifestyle until the policy anniversary nearest the insured person's 75th birthday.
Guaranteed death benefit
Death benefit is guaranteed not to change for the term you choose.
Policy is renewable until the policy anniversary date nearest the insured person's 85th birthday.
- 10, 15, 20 or 30 year renewal terms are available, depending on the insured person's age
If the insured person is diagnosed with a terminal illness, you may be eligible to take a lump sum advance equal to 50% of the death benefit, to a maximum of $250,000. This is a non-contractual benefit offered by Sun Life Financial at our discretion.
Survivor benefit on joint first-to-die
Within 90 days of the death of the first insured person, the surviving insured person may buy life insurance to replace the joint coverage without providing medical evidence of insurability.
Automatic survivor benefit on joint first-to-die
The base coverage amount is paid out twice if both insured persons die together or within 90 days of each other.
Child term insurance benefit (CTB)
Provides insurance protection for your children and future children until each child reaches age 25. Your children insured under this benefit will be able to purchase additional insurance without providing additional medical information.
Total disability waiver benefit
This benefit continues coverage if the insured person becomes totally disabled. You will not have to pay premiums for your insurance and any optional benefits.
Guaranteed insurability benefit (GIB)
This benefit allows an insured person to buy more life insurance in the future, without providing medical evidence of insurability.
Accidental death benefit (ADB)
Provides an additional death benefit to the beneficiary if the insured person dies due to an accident.
Renewal protection benefit
This benefit allows policy owners to pay a small additional premium today to have lower renewals and more affordable premiums in the future compared to a SunSpectrum Term 10 plan without this benefit.
Owner waiver disability benefit
With this benefit, if the policy owner becomes totally disabled, we will pay the premiums for the insurance and any optional benefits.
Partner protection benefit
Designed for businesses with three or more partners, this benefit provides guaranteed insurability if one of the business partners dies. The benefit allows the policy owner to purchase additional life insurance on the surviving insured business partners after the death of the first insured without providing medical evidence.
Business value protection benefit
Gives you the opportunity to increase insurance coverage for your business as it grows in value over time. With the Business value protection benefit, the policy owner can purchase additional insurance coverage based on the increased value of the business without providing medical evidence.
Read examples of text that can appear in a policy. Not all the provisions apply to every policy – it is for your reference. When we issue a policy it governs the relationship between us and the client. The policy can have provisions that are different from those that you've read here.
SunSpectrum Term Life Insurance (single coverage)
SunSpectrum Term Life Insurance (joint first-to-die)
Term Optional Benefits