Sun Life and Health Insurance Company

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Sun Life Financial is a highly-respected insurance company who offers coverage in multiple countries around the world.

The company was established in Canada but has since spread to the United States as well as Europe, Asia, and South America.

Today, we’re going to focus on its presence in the United States, specifically its life insurance offerings.

You see, in addition to life insurance, Sun Life Financial is also known for its vision, dental, and accident insurance.

Our detailed review below focuses on Sun Life Financial and their life insurance so you can get a better idea of what this popular company is all about.

Our Sun Life and Health Insurance Company Review

sun life logo whiteIt’s impossible to boil down the essence of a company in three details, but the three top things you need to know about Sun Life Financial are:

  • World-wide presence
  • Excellent reputation
  • Multiple types of life insurance coverage

The strong reputation of Sun Life Financial means you can feel safe and secure, knowing you purchased your policy from an extremely sound carrier.

Not only are they highly rated and reviewed by past and current policyholders, but they also have a strong financial rating from multiple financial rating agencies.

On top of this, Sun Life Financial currently offers a wide range of life insurance coverage types, including term and whole life, so you can find the best option for your specific needs.

What Sun Life Financial is All About

The purpose of Sun Life Financial is to help you find the best life insurance coverage for you and your family.

The company accomplishes this goal by giving you a variety of policy types to choose from. You can also choose from a variety of additional features to further tailor your coverage.

That’s exactly why Sun Life Financial has all the traditional policy types you expect from major life insurance providers.

But, they also take things one step further by offering more specialized coverage types, particularly those which are tailored for clients with medical issues.

The two main coverage types Sun Life Financial offers include:

  • Term Life – Lasts for between one and thirty years. No cash accrual.
  • Whole Life – Lasts your entire life. Cash value component.

It’s also worth noting Sun Life’s commitment to their customers extends to their strong financial rating.

You can rest assured your claims will be paid out as directed in your contract. Unlike some less scrupulous providers, you should never have to worry about Sun Life failing to fulfill their promises.

Sun Life Financial currently has an “AA” or “Very Strong” rating from Standard & Poor’s, as well as an “A+” from A.M. Best, which is deemed Excellent.

Here’s a full table of ratings:

 Standard & Poor'sMoody'sA.M. BestDBRS2
Sun Life Assurance Company of CanadaAA (Very Strong)Aa3 (High Quality)A+ (Superior)AA (Excellent)
Independence Life and Annuity CompanyNRNRA- (Excellent)NR
Sun Life and Health Insurance Company
(U.S.)
AA (Very Strong)NRA+ (Superior)NR
Sun Life Hong Kong Ltd.3AA- (Very Strong)NRNRNR

What Makes Sun Life Financial Unique

There’s no denying Sun Life Financial is one of the best life insurance companies around.

Rather than having one factor which makes it unique like most providers, everything about Sun Life Financial is unique.

Case in point: Sun Life’s track record speaks for itself.

Unlike many providers, there are few, if any, negative reviews of Sun Life online. The vast majority of past and current policyholders seem more than happy with their coverage.

Another major factor which contributes heavily to Sun Life’s uniqueness is the variety of different types of policies they offer.

Here are some examples of other types of insurance they have available:

  • AD&D
  • Short Term Disability
  • Long Term Disability
  • Critical Illness
  • Dental
  • Accident
  • Vision
  • Cancer
  • and more…

Sun Life makes it easy to find exactly what you require out of your life insurance. In addition to the wide variety of coverage types, each policy can also be furthered tailored to your needs.

Finally, Sun Life Financial is unique for its strength as a company, even in the face of the 2008 financial crisis.

Sun Life was able to maintain its reputation throughout this crisis, even growing during it. They currently operate dozens of companies around the globe.

In fact, Sun Life Financial is currently rates as the 16th largest insurance company anywhere in the world.

The Application Process

Expect a simple and straightforward life insurance application process from Sun Life Financial.

Every aspect of the application has been designed with simplicity in mind. The goal is to make applying as easy as possible for all clients.

This is why the Sun Life application follows the same basic process as most other life insurance applications.

You fill out a brief application by answering questions related to your age, health, lifestyle, and family history.

You must make note of any serious medical issues. In some cases, you’ll be required to provide a current medical exam.

The information on your application is used to determine your eligibility and risk for life insurance coverage.

An underwriter reviews the information to determine whether or not you qualify for whole life insurance or just term life insurance.

Those who don’t have any medical issues can receive expedited approval, in as little as a few days, rather than being required to wait the standard 4 to 6 weeks.

It’s important to note Sun Life Financial has options available for those with serious medical issues. They even offer no medical exam life insurance.

No medical exam life insurance doesn’t require a medical exam and is a great option for those who desire some type of life insurance coverage but have a serious medical condition.

Additional Features

Shop the wide selection of additional features offered by Sun Life Financial to further tailor your life insurance coverage to your personal needs and preferences.

They have additions like:

  • Emergency travel assistance
  • Identity theft protection
  • Online will preparation

What We Like About Sun Life Financial

Sun Life Financial scores very highly in a lot of areas. You should strongly consider their top benefits before making a decision.

The biggest benefits of Sun Life include:

  • Stellar reputation
  • Worldwide presence
  • Excellent financial rating
  • Great customer service
  • Lots of options

Though all of these benefits are worth considering, it’s important to once again point out just how good of a reputation Sun Life has.

Their great reputation puts Sun Life Financial ahead of most of the competition in and of itself.

What We Don’t Like About Sun Life Financial

The major disadvantage of Sun Life Financial is they tend to focus more on group life insurance, rather than individual life insurance.

Though you can still find individual plans, Sun Life Financial is far better for employers looking to offer life insurance to employees.

Who is Sun Life Financial Best for?

Because they focus on group life insurance, Sun Life Financial is best for employers looking to offer quality life insurance to employees.

They’re one of the best options for employers looking to insure employees, so they don’t have to seek out life insurance coverage on their own.

Sun Life Financial Customer Service

Customer service is a top priority for the folks at Sun Life – and it shows.

Everything about their customer service screams excellence. The representatives are friendly, knowledgeable, and professional. You can contact them 24/7 by phone or email.

The Sun Life Financial website is also incredibly intuitive. It has all the information and resources you need. This means you might not even need to call customer support in the first place.

The Verdict

Sun Life Financial is at well within qualifications for our list for the best life insurance providers for group policies.

If you’re an employer looking to offer life insurance to your employees, we strongly recommend you check out Sun Life’s coverage.

In addition to the quality of their coverage, Sun Life has an all but pristine track record and the customer service to back it up.

Sun Life and Health Insurance Company

Phone
(800) 862-6266
Address
One Sun Life Executive Park
Wellesley Hills, MA 02481

Company Name (and subsidiaries)

  • Sun Life Financial Inc.
  • Sun Life Financial Canada
  • Sun Life Financial U.S.
  • Sun Life Financial International
  • Sun Life Assurance Company of Canada
  • Independence Life and Annuity Company

Author:

Avatar

Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.