Optional Life Insurance Means Added Financial Security

When it comes to protecting the financial security of you and your family, nothing is more important than planning ahead.  Part of any personal financial plan should include adequate life insurance coverage that provides protection against financial hardship in the event of an unexpected death.

Even if you already have a life insurance policy, it’s important to ask yourself—does it provide the protection you need to cover all of your financial responsibilities?  When it comes to extra security, Sun Life Assurance Company of Canada makes it easy with Optional Life coverage.

Optional Life Insurance is yearly renewable group term life insurance that covers you for as long as you remain an eligible employee and continue to pay your premium.  Because Optional Life is term life insurance, it does not build any cash value for you to borrow against or receive upon policy cancellation.

Optional Life Insurance provides added financial protection at an affordable price.  For a few dollars a month, you can ensure your family’s financial security in the event of an unexpected death. We have developed our plan to meet your needs through affordable features:

• You decide how much coverage you need.

• We offer the high coverage amounts most individuals want without requiring medical information.

• You may take advantage of competitive group rates when enrolling through your employer.

• Payment is made easy through payroll deduction.

• Accelerated benefits at no additional cost.  If you are terminally ill with 12 months or less to live, you may have access to up to 75% of your total death benefit amount.

• Claim settlement bank account. Your beneficiaries can receive an interest-bearing account with check-writing privileges on policy proceeds that can be accessed at any time.

You may select from one of several plan options. You know best which option fits your family’s needs.  You’ll want to consider housing costs, car payments, credit card debt, personal loans, medical coverage and education needs.  Please refer to the worksheet on the back of this sheet to determine how much coverage you might need.

The cost is determined by your age. Rates are grouped into five-year age brackets and change as you get older.  To figure out your actual cost per month, click here or refer to your Optional Life enrollment form for more information.

Can I keep my coverage if I no longer work for this employer?

Yes, you can convert your insurance to an individual whole life policy without providing medical evidence of insurability. Your employer will tell you more about converting your coverage.  Portability may also be available.  This feature allows employees to continue their Optional Group Life insurance coverage—at Group rates—if their employment terminates. Please check with your employer for more information.

Simply fill out your Optional Life enrollment form by selecting which plan you want for coverage and determining the amount of your monthly premium.  Please see the simple calculation in your Optional Life enrollment form for help determining premium.

For details about eligibility, effective date, medical information requirements or other concerns, check your employee benefits handbook.

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