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Thinking about buying disability insurance but not sure which insurer to go with? Sun Life, a household name in Canada, may be worth considering.
But is it right for you?
Our review explains what Sun Life disability insurance covers, its pros and cons, and more so that you can make you an informed decision whether it provides you comprehensive protection at an affordable price or not.
Who is Sun Life Insurance?
Sun Life is among the top five insurance companies in Canada as measured by total assets. For more than 150 years, it has been helping Canadians achieve financial security they deserve. I
ts insurance product line includes life insurance, critical illness insurance, disability insurance, and health insurance, among others. Apart from insurance products, Sun Life also offers wealth management solutions.
Why should I get Sun Life Disability Insurance?
Sun Life disability insurance provides a regular stream of income if you suffer from an injury or develop an illness that prevents you from working. It can help you:
- Maintain your lifestyle
- Pay down your mortgage and other debts
- Cover daily living expenses and monthly bills
- Pay for medical expenses not covered by your health insurance, such as in-home care
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Pros and Cons of Sun Life Disability Insurance
Pros
- One of the most reputable insurers in Canada
- Offers both individual and group disability insurance plans
- You may receive a discount if you buy multiple insurance solutions (e.g. disability and life insurance)
Cons
- Lack of transparency regarding what it disability insurance plans cover
- Doesn’t provide online quotes or an option to apply online
Sun Life Disability Insurance Products
Sun Life offers both individual and group disability insurance plans. Unfortunately, there’s hardly any information about them on their website. To find out the details, you must work with an insurance advisor from their site (or work with a Dundas Life advisor). By not disclosing information about its disability insurance products, Sun Life makes it harder for customers to compare them with other plans in the market.
How much does Sun Life disability insurance cost?
The cost of Sun Life disability insurance depends on your personal factors and certain policy-specific details. Therefore, it is difficult to give an exact price range without knowing these details.
When you apply for coverage, Sun Life will calculate your premium rate based on the following factors:
- Age – The younger you are, the cheaper the premiums.
- Health – A healthy BMI and an active lifestyle improves your chances of securing an affordable rate.
- Pre-existing illnesses – Brace yourself for higher premiums if you have a chronic condition, like diabetes.
- Occupation – Someone with a physically demanding or dangerous job will likely pay higher premiums because of an increased risk of injury at work.
- Coverage amount – The more coverage you need, the higher the premiums.
- Riders – Additional benefits, like the return of premium rider, will bump up your monthly premium.
If you want to find out exactly how much you’ll pay for Sun Life disability insurance, contact a Dundas Life advisor.
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Find the best rates
The bottom line
Sun Life is one of the most reputable insurance providers in Canada and offers both individual and group disability insurance products. However, lack of information about its products on its website means you can’t compare them with those of other providers.
Dundas Life can provide you with quotes from multiple providers, including Sun Life, and help you find a disability insurance plan that aligns with your best interests. Book a free consult today.
FAQs
What is the waiting period for Sun Life disability insurance?
The waiting period refers to how long you have to wait after developing a disability before the insurer will issue the benefits. Common waiting periods are 30, 60, 90, or 180 days, but other durations are often available with Sun Life.
Can I apply for Sun Life disability insurance online?
Sun Life doesn’t provide online quotes, nor does it accept online applications. If you are interested in its disability insurance, work with an independent insurance advisor like Dundas Life to complete your application over the phone or online.
Can I customize the coverage amount with Sun Life disability insurance?
Yes, you can select the coverage amount you need. If you are not sure how much coverage you need, let Dundas Life help you.
Is there a medical examination required to qualify for Sun Life disability insurance?
Depending on your age, health, medical history, and coverage needs, Sun Life may require you to take a medical exam.
Can self-employed individuals apply for Sun Life disability insurance?
Yes, self-employed individuals can apply for Sun Life disability insurance. Sun Life offers disability insurance coverage for both individuals and groups, which includes self-employed individuals.
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