Rate changes for SunUniversalLife II, Sun Permanent Life and Sun Critical Illness Insurance
On April 20, we’re increasing rates on these three products. We’re doing this in response to the persistent low interest rate environment we’re all experiencing. We know this is a difficult time for a reprice, and our decision wasn't taken lightly. Our rates remain competitive within the industry.
SunUniversalLife II
- Level COI rates will increase by an average of 5%.
- Limited pay COI rates will increase by an average of 23%.
Sun Permanent Life
- Life pay rates will increase by an average of 7%.
- Limited pay rates will increase by an average of 27%.
In addition, the Return of Premium on Death (ROPD) optional benefit will now only be available:
- on Base plans
- on Base plans with a term insurance benefit for the same insured person
Clients won’t be able to add any other optional benefits with ROPD. These changes are to help maintain tax-exempt limits.
Sun Critical Illness Insurance
For life pay and limited pay plans, we’re increasing adult T75 and T100 rates by 10% for:
- Base coverage
- Return of Premium on Death, and
- Return of Premium on Cancellation / Expiry
We aren’t changing T10 or juvenile rates. We’re also increasing the maximum coverage amount to $3 million. Special quotes are available for coverage over $2 million.
Learn more: Contact your Sun Life relationship manager or Sales Desk at 1-800-800-4SUN/4786, options 1, 5. We’ll update Sun Life Illustrations and our marketing materials on April 20.
Transition rules
The new rates are effective April 20, 2020, at 12:00 am ET. No exceptions will be made. The old rates will no longer apply starting at this time. For a smooth transition to the new rates, please take a moment to review the following rules:
| Application status | What rates will apply? |
|---|---|
| Signed and received before April 20, 2020 | We’ll process applications using product rates and features in effect before April 20, 2020 |
| Signed before April 20, 2020 and received after April 19, 2020 at 11:59 pm ET | We’ll process applications using product rates and features in effect on April 20, 2020. |
| Signed and received after April 19, 2020 at 11:59 pm ET | We’ll process applications using the new product rates and features in effect on April 20, 2020. |
| Signed and received on or after April 20, 2020 with a backdate request for a date before April 20, 2020 | We’ll process applications using the new product rates and features in effect on April 20, 2020. |
- We’ll accept faxed or scanned applications until 11:59 pm ET on April 19, 2020 to qualify for old rates. You don’t need to send us the original application.
- All applications submitted prior to April 20, 2020, if issued, need to be settled by the date on the policy invoice in order to be eligible for old rates and features.
Keep reading (April 8, 2020)