A Sun Life Insurance Review for 2022

Sun Life Insurance Review 2022


Buying insurance isn’t just a matter of price. You also want to know that you’re getting coverage from a reputable company that’s going to meet your needs.

A big name in insurance for Canadians is Sun Life. Find out whether Sun Life is the right company for your insurance requirements in this Sun Life Insurance review.

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Sunlife insurance

Find out how much you would pay for the coverage you want, with Sun Lifes online quotes. Get the cheapest life insurance and apply today.

A Sun Life Insurance Review for 2022

Sun Life is a major Canadian financial services company that offers insurance and investments to Canadians. As the largest provider of workplace benefits in Canada, Sun Life sells its products directly to consumers through its 4,000+ advisors in 1,200 communities across Canada.

Sun Life is based in Toronto and is active in 27 markets around the world. Shares in the company are traded on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE).

Sun Life Insurance: Products

Sun Life provides a wide range of insurance policies covering personal needs. Its offers include:

  • Personal health insurance that covers health care expenses not included in your provincial coverage like prescription drugs, services like physiotherapy and psychotherapy, and medical equipment.
  • Critical Illness Insurance, which pays a lump sum if you’re diagnosed with a critical illness named on your policy.

  • Long-Term Care Insurance, which helps pay for ongoing care in the event of an accident, illness, or declining health in old age.
  • Disability Insurance, which replaces a portion of your income if you become unable to work due to an accident or illness.
  • Emergency Travel Medical Insurance, which pays for the cost of healthcare if you need urgent care while traveling — available only in a benefits package with personal health insurance coverage.
  • Term Life Insurance, which pays a lump sum to your beneficiary in the event of your death during the policy term.
  • Permanent Life Insurance, which pays a lump sum to your beneficiary in the event of your death with lifelong coverage.

    In addition to selling these products directly to consumers, Sun Life also provides coverage to many Canadians through their employers and through groups like student unions.

  • Sun Life Insurance: Fees and Pricing

    If you’re offered Sun Life insurance products through your employer, the amount you pay is decided by Sun Life and the employer or the group sponsoring the plan.

    If you’re purchasing Sun Life insurance directly, the amount you pay will depend on several different variables. Your age, health, where you live, and the coverage you choose can all make a difference in how much you pay the cost of your insurance.

    For example, a 40-year-old female non-smoker from Ontario can get life insurance starting at $14 per month and personal health coverage starting at $62.32 per month., Whereas, a 64-year-old smoker from Prince Edward Island would pay $29 per month and $78 per month, respectively, for the same coverage.

    To find out exactly how much you would pay for the coverage you want, Sun Life allows you to get a quote online without providing any contact information.

    Sun Life Insurance: Customer Support

    When you have questions about your coverage or want to make a claim, you want to be able to get in touch with someone quickly. Because of the size and complexity of Sun Life’s business, that’s not always possible.

    On the contact page of its website, Sun Life lists nine toll-free phone numbers for different uses. Its slightly more helpful support page lists three phone numbers and 16 different help topics.

    When you find the phone number you’re looking for, your call will be answered during business hours on Monday to Friday only. Expect to wait on hold, especially if you’re already a customer.

    As an alternative to dialing into Sun Life’s call center, you can work with a Sun Life advisor in your local community. Advisors can be contacted by phone and email, and in-person appointments are available too. Note that this isn’t an option if you’re purchasing Sun Life insurance through your employer.

    Sun Life Insurance Pros & Cons

    Every insurance company has its strengths and weaknesses. Here are a few of Sun Life’s greatest pros and cons:

    Pros: The Good Stuff

    Logo Offers some of the most comprehensive health insurance policies in the country

    LogoProvides up to 100% coverage with no deductible

    Logo You can get a quote online without providing any contact information

    Logo Many care providers can bill Sun Life directly, and if not, making a claim is easy

    Cons: The Not So Good Stuff

    Logo Large company means lots of different contact numbers etc. to pan through to find the help you need

    Logo Representative advisors will try to sell you more coverage — you can get more unbiased advice from an independent insurance broker

    Logo As Sun Life’s local advisors also sell investments like stocks and mutual funds, they may have more expertise in investment rather than in insurance

    Our Final Thoughts

    Sun Life is a reputable Canadian insurance provider that’s a good choice if you need life insurance or extended health coverage for you and your family.

    The size of the company is both its strength and weakness. Working with a larger insurer means your care providers are more likely to be able to bill Sun Life directly for their services to you.

    When that’s not possible, it’s fast and easy to make a claim online. However, navigating customer service can be difficult and you might find yourself spending some time on hold when you need help.

    For the right balance of price and coverage, Sun Life may be the best deal for some people but not others. It’s a good idea to compare insurance quotes online before choosing which insurer to go with.

    Frequently Asked Questions

    Sun Life is very reputable indeed. It is one of the largest providers of personal health insurance in Canada, second only to Manulife.

    Many of Canada’s top employers work with Sun Life to offer extended health and life insurance coverage to their employees.

    According to its annual report, Sun Life paid $18 billion in claims and benefits to its customers worldwide in 2020.

    In addition to insurance, Sun Life also offers a range of investments, most of which are mutual funds, to help you save for your future. You can use Sun Life to open a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), and many other types of retirement investment accounts.

    You may also have access to Sun Life’s group investment products through your employer.

    Sun Life offers travel medical insurance which provides coverage in the event that you need urgent care due to an illness or injury while traveling. This coverage is only offered as part of Sun Life’s personal health insurance product and isn’t sold on its own.

    If you’re looking for coverage for a personal trip, you may be able to get medical and other travel insurance coverage included when you pay for the entire cost of your trip using a travel rewards credit card.

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