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You may know the value of life insurance better than anyone. So, you might find it startling to learn that many wealthy Canadians don’t fully understand or appreciate the value of life insurance. But many would benefit from it tremendously.

3 in 10 wealthy Canadians don't own personal life insurance.
Source: Sun Life Financial’s study of high- net- worth Canadians, conducted by Ipsos, January 2016.

That’s where you come in

There’s an opportunity for you to show the benefits of life insurance to educate high net worth (HNW) individuals about the value of including life insurance products and strategies in their financial plan.

For these clients, life insurance can provide what they’re looking for:

  • Estate protection
  • Estate planning
  • Protecting their current wealth
  • Generating retirement income
  • Tax optimization

A unique market opportunity

According to Statistics Canada, by the year 2036 nearly half of Canada’s population will be immigrants or children of immigrants (between 34.7% and 39.9%) – the majority from South Asia.
HNW Chinese-Canadians can benefit from — and look for — the benefits that permanent life insurance can provide:

  • Guarantees, including guaranteed premiums, death benefit, and cash value
  • Estate protection
  • Protection against inflation
  • Reduced costs
  • Tax-efficient transfer of wealth

Whether they know it or not, HNW clients have needs that align closely with the attributes that participating whole life insurance (Par) provides – especially when you consider a quicker paid-up option.

A faster paid-up solution might be ideal

Designed especially for HNW clients, there are now 8- and 10-pay Par products on the market. These products appeal to clients looking for strong guarantees, strong cash values and a vehicle for intergenerational wealth transfer. They’re especially appealing for HNW clients because they can provide tax optimization with the quickest paid-up dates available.

An 8-or 10-pay par product can be ideal for:

  • Affluent and high net worth clients
  • Clients looking for guaranteed paid-up periods
  • Parents and grandparents looking to establish a financial foundation for their children and grandchildren

Case study
How a faster paid-up Par option works*


Meet Maria. She’s 70 years old and has been retired for 10 years after a successful career as a lawyer. Her husband recently passed away and the death benefit she received let her retire without worry. She has $1M of permanent insurance in place for her estate plan. She has two young grandchildren, aged 3 and 1.

Her goals: Maria wants to transfer some of her wealth to her grandchildren and would like her gift to be a lasting legacy for them. Ultimately, she wants to establish the transfer as quickly as possible to ensure it’s paid up in her lifetime.

Her solution: She purchased 8-pay policies on the life of each grandchild with face amounts of $500,000 each. Her premiums are guaranteed to be paid up in only 8 years, and the combined annual premium is $40,450.

  • Participating whole life insurance provides Maria with options that make her feel comfortable.
  • Her premiums are guaranteed to be paid up in only 8 years; the fastest guaranteed payment period available in the market today.
  • The guaranteed death benefit has the potential to increase with policy owner dividends.
  • It provides a tax-efficient way to transfer her assets to her grandchildren.

Her result: 8-pay participating whole life insurance policies provide what Maria needed.

  • A solid intergenerational wealth transfer, with peace of mind knowing she’s left a legacy.
  • The fastest guaranteed premium period possible.
  • Guaranteed death benefit that can increase in the future.

Video: Sun Par Accelerator

Sun Life offers Par with the shortest guaranteed premium period possible: Sun Par Accelerator.

Share this video with your clients to get the conversation started about an 8-pay Par product.

This video is also available with Chinese subtitles.

Seize the opportunity: consider 8- or 10-pay par products

Learn more about Sun Life Financial’s Par products, including Sun Par Accelerator on When you need us, our Sales Desk is ready to help answer your sales questions, provide product comparison analyses, demonstrate illustration tools and help navigate the Advisor Site.

Click here to contact your Sun Life sales director.

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*This case study has been created for illustration-purposes only; it is not based on an actual Sun Life Financial client. The information in this article is presented with the understanding that it is intended for information purposes only. No one should act upon the examples/information without a thorough examination of the legal/tax situation with their own professional advisors, after the facts of the specific case are considered.