Sun Life is offering a cheque for up to 50% of first-year premiums for clients buying critical illness insurance, and 10% off permanent life insurance premiums when paired with term insurance, the insurer has announced.
Clients buying Sun Critical Illness insurance will get a cheque equivalent to a portion of first-year premiums. Adult policies will get back the equivalent of 25% of first-year premiums and child policies will get 50% of first-year premiums. Policies must remain in force for one year to be eligible.
Policyholders only need to buy one critical illness policy to benefit from the offer, which is available to policies issued between April 13 and July 31.
In addition to the critical illness offering, customers who bundle a Sun Permanent Life insurance policy with an Evolve Term policy will get 10% off the permanent policy’s premiums for as long as it remains in force.
Individual, joint and corporate ownership are all eligible for the term and perm combination discount. It will be available to policies issued between April 27 and July 31. It’s the largest discount Sun Life has ever offered, the insurer claimed.
To better show clients how much premiums cost over time, Sun Life has added a “special offers” button in its software. Illustrations will automatically calculate lifetime savings on the permanent policy and agents can toggle between showing the client discounted premiums and its pre-discount price.
Sun Life also updated its electronic policy submission process for product bundling. Instead of clicking the “submit” button once per product, agents will only need to click it once for all products in the bundle.
Sun Life’s computer system requires both products in a bundle to be discounted, so the term policy will have a nominal 0.01% discount to accommodate the technical requirement and will appear as a premium reduction on all documents. If clients are confused, Sun Life recommends agents explain that the reduction is purely technical and focus the discussion on the 10% permanent policy discount.