Enhancements include more than $3 million in available HIV life
coverage and simplified application process for
clients
TORONTO, Nov. 21, 2016 /CNW/ - Sun Life Assurance Company
of Canada ("Sun Life") today
announced significant individual insurance underwriting changes and
enhanced life insurance products in Canada to make it easier and more convenient
to access insurance.
The changes include:
- Offering life insurance coverage of more than $3 million for people living with HIV, providing
the most coverage for the broadest range of ages in the Canadian
industry. Sun Life is rolling out HIV life coverage in other
markets around the world. Sun Life has been a proud supporter of
the Canadian Foundation for Aids Research (CANFAR) since 1996 and a
sponsor of CANFAR's Bloor Street Entertains since 2004.
- Underwriting requirements such as medical exams, ECG, stress
ECGs, oral fluid samples and urine HIV tests will no longer be
routinely required for either critical illness or life insurance.
Sun Life will now only need an application (no fluids or blood
samples) from the majority of Canadians applying for these
products. Over three-quarters of Sun Life's critical illness
insurance clients and half of life insurance clients will benefit
from these changes.
- Introducing automatic pre-screening for type 2 diabetes (using
A1C test) when blood samples are required. Sun Life has proudly
committed more than $17 million in
support of diabetes awareness, prevention, care and research
initiatives since 2012.
- The transformation of its individual life insurance products
making them more straightforward and flexible.
"This collection of underwriting and product enhancements
represents some of the most comprehensive changes made in the
industry in over a decade," says Kevin
Dougherty, President, Sun Life Financial Canada. "As part of
our strategy, we are strengthening our commitment to making it
easier for clients to plan for lifetime financial security and
well-being. We are focused on continuing to develop innovative
solutions that help do just that."
Sun Life continually monitors global medical advances to review
underwriting requirements and make the client experience easy and
helpful. By removing many underwriting requirements, Sun Life is
simplifying the application process for Canadians.
Enhanced life insurance products in Canada
In addition to making the mandatory tax exempt rule changes
coming into effect January 1, 2017,
Sun Life's individual life insurance products are now even easier
to understand and use.
Highlights include:
- Being the first in the industry to offer clients the
opportunity to have guaranteed paid-up participating life insurance
policies in as little as eight or 10 years, while having protection
for life.
- Offering tailored universal life insurance with two new death
benefit options, one targeted toward business owners and the other
which gives clients the opportunity to leave their beneficiaries
the basic insurance amount plus all payments made to the
policy.
- Offering diversified investment account options within
universal life, including access to funds managed by Sun Life
Global Investments (Canada)
Inc.
"The new products demonstrate Sun Life's commitment to
understanding Canadians' needs, and will provide them with a more
comprehensive suite of insurance solutions that offer flexibility
as their needs change throughout their lifetime," says Mr.
Dougherty.
Sun Life Assurance Company of Canada is a member of the Sun Life Financial
group of companies.
About Sun Life Financial
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
products and services to individuals and corporate customers. Sun
Life Financial has operations in a number of markets worldwide,
including Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2016, the Sun Life Financial group
of companies had total assets under management of $908 billion. For more information please visit
www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
Note to Editors: All figures in Canadian dollars.
Media relations contact:
Amanda Robinson
Sun Life Financial
416-204-8161
Amanda.robinson@sunlife.com
SOURCE Sun Life Financial Canada