Sun Life unveils individual insurance underwriting changes
Sun Life Assurance Company of Canada (Sun Life) has unveiled individual insurance underwriting changes and improved life insurance products in Canada for easier and more convenient access to 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.
Sun Life Financial Canada president Kevin Dougherty said: "This collection of underwriting and product enhancements represents some of the most comprehensive changes made in the industry in over a decade.
"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.
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.
- 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).
Dougherty said: "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."
Sun Life Assurance Company of Canada is a member of the Sun Life Financial group of companies.
Source: Company Press Release