Sun Life announces industry-leading limits for non-medical underwriting
Limits are meant to be pushed: Clients can now get up to $5 million in life insurance coverage without lab exams
TORONTO, June 14, 2021 /CNW/ - At a time when health and financial security have never been more important, Sun Life Canada is pushing the limits and bringing Clients fast and easy access to life insurance. An industry first, Sun Life Clients aged 18-40 may qualify for up to $5 million in life insurance coverage without lab exams. Previously, this age group was limited to $2 million. This enhancement in Sun Life's underwriting means up to 76 per cent1 of Clients may not need lab exams to apply for life insurance.
The COVID-19 pandemic has highlighted the importance of preparing for the unexpected. A recent Sun Life survey found that 80 per cent of Millennials (aged 24-39) want to protect their financial future now more than ever.2 This number increases to 89 per cent for Gen Z (aged 18-23).3 As younger Canadians place more value on securing their future, Sun Life is proud to offer greater flexibility on coverage limits to create a seamless insurance application experience.
"At Sun Life, we're transforming our underwriting process with the help of data and analytics," said Norm Leblond, VP, Chief Underwriter & Claims Risk Officer, Sun Life. "Our goal is to create an insurance experience that is simple, fast and worry-free for all Canadians. By using advanced analytics, we're able to identify whether Clients need lab exams for their life insurance applications. The result is a less invasive experience for Clients, minimizing appointments and tests. We are proud to lead the industry and help Canadians access the protection they need," added Leblond.
Predictive models have helped Sun Life identify risks that previously required health tests. Sun Life has led the industry over the past decade in eliminating the need for medical exams to be completed by an appointed medical professional. Starting today, Clients 18-40 years of age applying for life insurance are eligible for these expanded limits without lab tests.
Financial security is a key pillar of Sun Life's sustainability strategy. By providing Clients with innovative products and services, Sun Life is delivering peace of mind and lifetime financial security through insurance protection.
To learn more about life insurance, please visit: https://www.sunlife.ca/en/explore-products/insurance/.
About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2021, Sun Life had total assets under management of $1,304 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
|1 Sun Life based this estimate on recent volumes of life insurance applications.|
|2 Sun Life Survey, March 2021.|
|3Sun Life Survey, March 2021.|
Note to editors: All figures in Canadian dollars
SOURCE Sun Life Assurance Company of Canada