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.
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1 Sun
Life based this estimate on recent volumes of life insurance
applications.
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2 Sun
Life Survey, March 2021.
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3 Sun Life Survey,
March 2021.
|
Note to editors: All figures in Canadian dollars
Media Relations Contact:
Kim Armstrong, Manager
Corporate Communications
T. 647-535-2705
kim.armstrong@sunlife.com
SOURCE Sun Life Assurance Company of Canada