Sun Life | SunTerm Enhancements and New Underwriting Requirements

A message to independent advisors from Paul Fryer, Vice-President, Individual Business Management, Sun Life Financial, and Karen Martin, Vice-President, Individual Operations, Sun Life Financial.

More reasons to look at Sun Life: SunTerm enhancements and new life insurance and CII underwriting requirements

Effective June 24, 2013, we are:

• enhancing SunTerm to help meet your clients’ needs, and
• liberalizing age and amount underwriting requirements for all of our life insurance products and Sun Critical Illness Insurance (Sun CII), making it easier for you to do business with us.

Look at SunTerm for your large case needs

Effective June 24:

• our reduced premiums for SunTerm 20 give you the opportunity to provide your clients with extremely competitive rates.
• increased first year commission on SunTerm 20 from 45 per cent to 50 per cent means there’s more for you with T20!
• a new $5 million rate band can help you meet the needs of your affluent clients.
• illustrating up to $15 million of SunTerm on Eos means no more waiting for quotes.
• our repriced SunTerm 10 continues to give you the opportunity to provide your clients with leading rates.

Also effective June 24, SunTerm 5 will no longer be available for sale.

SunTerm continues to offer T10 to T20 conversion before the earlier of the fifth policy anniversary and the anniversary nearest age 60 of the insured. It is convertible to our full range of permanent insurance products without additional evidence.

Changes to SunTerm’s preferred underwriting

• Blood, vitals and urinalysis requirements will no longer be needed for clients age 40 or under who are applying for face amounts of less than $500,000, which means no more waiting for test results. These cases will move from submission to commission faster!
• Overall, we have reduced the number of paramedical, medical, ECG and blood/urine requirements.
• Because of these changes, a preferred assessment is no longer feasible. This means that preferred underwriting classes (1, 2 and 4) will no longer be available for clients who are age nearest 40 or less at issue and are looking for face amounts of less than $500,000.

Age and amount changes make it easier to do business with Sun Life Financial

We’re changing our age and amount underwriting requirements for all life insurance products and for Sun CII. Compared to our core competitors, Sun Life Financial (SLF) will offer the most competitive underwriting requirements in the Canadian life insurance industry.

At certain ages and face amounts:

• the experience will be less intrusive and more efficient for clients with less testing required, and
• your cases will move from submission to commission faster.

Life insurance – what’s changing?

For all of our life insurance products, we’ve removed blood, vitals and urinalysis requirements for face amounts under $500,000 and ages 40 and under. For these cases, clients will no longer need to provide a blood profile and vitals.

Sun CII – what’s changing?

• We’ve reconfigured the age bands to 0-17 years and 18-40 years.
• We’ve also updated the face amount bands to create a new band of $100,000 to $250,000.
• Where possible, we’ve looked for opportunities to make changes to our underwriting requirements. Overall, we have reduced the number of paramedical, medical, urine/HIV and ECG requirements.

For clients, these changes mean less intrusive, more streamlined requirements and make it easier for Canadians ages 40 and under to purchase up to $250,000 of critical illness insurance and up to $499,999 of life insurance.

For you, these changes mean faster processing of your business from submission to commission! Tele-interviewing can save you even more time. And keep in mind, clients can complete one tele-interview for multiple applications you submit at the same time.

Look for our updated age and amount charts that reflect the new requirements for life insurance and Sun CII and include our Attending Physician Statement (APS) guidelines.

These changes will take effect with the June 21 release of Eos 6.0. Watch for the June 20, 2013, edition of NewsFlash for more details and transition rules.

Changes to SunTerm support your clients’ term needs and continue to provide access to a broad suite of permanent products such as Sun Par Protector and Sun Par Accumulator. We know how busy you and your clients are; the new age and amount underwriting requirements will make writing your insurance business easier. When you work with SLF, you can be confident knowing you’ve partnered with a recognized and trusted brand, and that your clients have valuable protection from a financial services leader.

Contact: SST