Over the last year, the industry has been a-buzz with talk about the upcoming tax rule changes for life insurance. It’s now well-known that the current tax exempt rules for life insurance policies have been in effect since 1982, and while only a few changes have been made to the rules over the past few decades, the products they apply to have evolved — and so have the people they were designed for. As a result, there’s inconsistent tax treatment of life insurance products. In an effort to modernize this legislation, the Department of Finance revised the life insurance exempt test and some of the related rules.
As an industry leader, Sun Life Financial tackled these tax changes head-on by being an active part of Canadian Life and Health Insurance Association’s (CLHIA) working group and working with advisors to ensure we have the right range of products, insights, tools and services. We took this opportunity to make many of the product enhancements you’ve been asking for and we’re delivering almost 50 of your recommendations as we built the next generation of life insurance.
A glimpse of what’s coming
You asked, and we delivered. The top 4 innovations for your clients are as follows:
- We heard “Clients want to pay off their premiums faster”
We delivered. With Sun Par Accelerator, clients can pay off their premiums in 8 years. And, with Sun Par Protector II & Sun Par Accumulator II, they can pay off premiums in 10 years. While having protection for life — guaranteed.
- We heard “Business owners need life insurance solutions to meet their needs”
We delivered a new death benefit option on SunUniversalLife II that helps business owners maximize their business value.
- We heard “My affluent clients need a solution to manage volatility in their universal life plan”
We answered with the new, well-diversified Sun Life Diversified Account, with smooth and stable returns.
- We have a new industry-leading illustration system
With our new, powerful and intuitive illustration tool, you can illustrate all of our new life insurance products on one easy-to-use system.
We hope to see you at our roadshow as we launch our new and enhanced life insurance product suite. Can’t attend? Sign up to receive the information being shared there.
For more information, contact your regional Sun Life Insurance Sales Team.
Watch the video on Sun Life Financial’s new life insurance product suite.
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