Why I Chose Sun Life Insurance

While life insurance is not always the most exciting topic to discuss, it’s an important part of financial planning and protecting your family. After doing extensive research into different insurance companies, I chose Sun Life as my life insurance provider. In this blog post, I will explain the key factors that influenced my decision and provide an overview of the specific Sun Life policy I purchased.

Researching Different Life Insurance Options

The first step was doing plenty of homework to understand the various insurance options available to me. I started by considering the basic types of life insurance – term vs. permanent policies. Term life insurance provides coverage for a specific period of time, usually 10-30 years, while permanent life insurance like whole or universal life remains in effect for your entire lifetime provided premiums are paid.

As a young, healthy individual, term life made the most financial sense for my current needs – I wanted an affordable way to protect my family in case something were to happen to me, without a lot of unnecessary bells and whistles. Within the term life category, I looked at both traditional and simplified issue policies. A simplified issue doesn’t require a medical exam but is more expensive due to increased risk. Traditional policies allow for medical underwriting to potentially qualify for better rates.

I then began researching the major insurance carriers – names like Prudential, MetLife, John Hancock, and more. I looked closely at things like customer service ratings, financial strength ratings, policy options/riders available, and of course premium rates for someone my age and health status. It soon became clear that Sun Life stood out as one of the top options.

Why I Chose Sun Life

Here are the key reasons why I ultimately decided to go with Sun Life for my term life insurance needs:

• Strong Financials – As an insurer operating since 1861, Sun Life has built a reputation for financial strength and stability. They maintain excellent ratings from agencies like A.M. Best that provide assurance my coverage will be there if needed.
• Competitive Pricing – Quotes I received from Sun Life were among the most affordable options for my profile. Their rates were very competitive without having to sacrifice any desirable policy features.
• Robust Policy Choices – Sun Life offered a great selection of term periods (10, 15, 20, 25, 30 years) as well as living benefits riders like a waiver of premium that I wanted. I was able to customize my coverage to fit my personal protection plan.
• Positive Online Experience – The application and purchasing process through Sun Life’s website was very smooth and user-friendly. I was able to review policy details, get instant quotes, and complete the medical underwriting process digitally if approved.
• Strong Customer Service – Sun Life has consistently earned high scores in surveys measuring things like claims handling, policy servicing, and other support offered to customers. I knew they would be responsive if any issues arose in the future.
• Strategic Benefit Services – Beyond just basic life insurance protection, Sun Life offers services to help customers with other financial needs like wills, powers of attorney, and more. I liked this holistic approach.
• Reputation for Innovation – This insurer has helped shape the industry with new insurance solutions over the decades. I felt confident they would continue adapting their products and services to best serve changing customer needs down the road.

The Specific Sun Life Policy I Purchased

After weighing these key factors and getting multiple quotes from Sun Life, I decided to purchase a 20-Year Level Term Life policy with a face amount of $500,000. Here are some of the key details:

• Term Period: 20 years (through age 60) with annually renewable premiums
• Coverage Amount: $500,000
• Premium Payment Schedule: Annual installments
• Insured: Myself as the primary policyholder
• Beneficiary: My spouse is primary and my children as contingent beneficiaries
• Policy Riders: Waiver of Premium and Accelerated Death Benefit riders added
• Medical Underwriting: Approved through streamlined APS process after submitting health details
• Premium Cost: $400 annually (locked-in rates for first 5 years, then subject to change)

I was pleased with the protection this provided for my family over the next 20 years at such a reasonable cost given my health profile. The policy offers living benefits via the riders as well if needed prematurely. And I have peace of mind knowing my coverage cannot be canceled as long as premiums are paid annually.

Maintaining and Reviewing My Sun Life Insurance

While I’m happy with my initial Sun Life term life policy decision, insurance planning is an ongoing process that requires periodic reviews. As my family and financial situation changes, so too may my protection needs. Some things I’ll be sure to do:

• Pay Premiums On Time – Late or missed payments put my coverage at risk of lapsing. I’ll set up autopay reminders.
• Check For Rate Changes – Every 5 years I may see an adjustment as guaranteed rates expire, though likely small increases.
• Consider Converting To Permanent – Closer to the policy end, I may want to “lock in” coverage for life via conversion without new medicals.
• Reevaluate Face Amount – As mortgage declines, and kids grow up, needs could decrease so I may lower coverage to lower costs.
• Inquire About Future Options – When this term expires at 60, explore renewability or inquire about new simplified issue options with Sun Life.
• Periodic Family Meetings – Confirm beneficiary designations still align with my wishes and keep coverage amounts discussions up to date.

By proactively managing and working with my Sun Life agent, I’m confident I can keep this policy working effectively as intended for many years to come while adapting insurance planning as part of broader financial goals. Having made such a prudent choice with a reputable carrier, I feel good about the protection provided for my loved ones.