For a long time, Sun Life Financial has remained a leading life insurance company in Canada. It offers diverse term life plans to meet the requirements of people staying in different parts of Canada. Here, we have analyzed the benefits of Go Simplified Term Life Insurance by Sun Life.
Overview/Mechanism of Go Simplified Term Life Insurance
The Go Simplified term life insurance plan works well for all who have any underlying health issues. The reason is that people with some type of health problem may not get standard-term life insurance. Accordingly, the Go Simplified plan forgoes your medical examination and asks you only three easy health-related questions. However, the premium rates of Go Simplified term life insurance are relatively high compared to any other fixed life insurance plan.
Eligibility Criteria to Get Go Simplified Term Life Insurance
Every individual who legally lives in Canada from 18 years to 69 years of age may apply to receive Go Simplified Term Life Insurance. However, the applicants should answer the following three questions related to their health-
• Health condition of the applicant for the last 5 years
• Pending referrals or medical tests by the applicants or where they are awaiting results
• Whether the applicant has spent 48 or 48 plus consecutive hours in a hospital or an emergency room during the last three years.
Note-If the applicant fails to provide information accurately at the time of application, Sun Life may cancel the insurance or deny the claim.
Steps to Make an Insurance Claim
Family members of the insured person should claim the insurance amount immediately after he dies. The steps to make an insurance claim are-
1. Call the toll-free number of Sun Life Finance Canada i.e. 1-800-669-7921 immediately as possible. One can get this number listed at the start of the policy of the insured individual. The family members will also get a form to complete it.
2. Complete the form and mail it to the address given on the same form. Make sure to include every information required by the insurance provider to assess your insurance claim. It will include the death certificate or any valid proof that the policyholder has passed away while his policy has remained in effect.
Points to Know Regarding the Insurance Claim
• Your doctor may charge a certain fee for filling out various forms. The person making an insurance claim must cover the respective fees.
• Once Sun Life Finance receives the required information, the team will assess the insurance claim within 5 working/business days.
• Once the Sun Life team gets the required proof, it will assess the insurance claim within only 30 business days. If the team approves the claim, it will pay the amount.
Benefits of Go Simplified Term Life Insurance
10-Year Term
The term of go simplified insurance plan is up to 10 years.
Diverse Coverage Amounts
The term life insurance plan provides diverse coverage amounts with the highest amount equal to $100,000. Other amounts are $75,000 and $50,000.
Inclusion of Terminal Illness Benefit
Sun Life simplified term life insurance plan also includes your terminal illness benefit. Accordingly, policyholders may receive a maximum of 50 percent of the life insurance amount for any terminal illness.
Addition of Temporary Coverage
Go Simplified term life insurance allows you to add your temporary insurance coverage. You may get instant coverage while the Sun Life team checks, reviews, and process your insurance claim application.
Payable Amount as per the Policy
The payable death benefit amount by Sun Life Go Simplified Term Insurance policy will be less than $1,000,000 if the policyholder is less than 68 years. Alternatively, the total death benefit amount will be similar to the one applied under the temporary coverage application.
Involves Simple Process
The entire process of applying for a Go Simplified insurance plan by Sun Life is easy and quick, as it involves only the online application.
Instant Coverage
You will receive instant coverage once you apply for the Go Simplified term insurance plan.
Constant Monthly Payments
The monthly payment associated with Go Simplified term life insurance always remains constant for the entire 10-year term. Once the 10-year tenure is over, your policy will renew every year, which leads to an increase in your monthly payments every year according to your age.
Cancellation and Refund
Go Simplified term life insurance plan consists of a 30-day free look period. Accordingly, you will receive a complete refund if you cancel your insurance policy within 30 days right from the issue date.
Living Benefits
Living benefits are available to policyholders only when they become temporarily ill and have only 24 months of life. The payout in this case may go up to 50% of your existing insurance amount. However, the living benefit depends on certain program rules in effect while filing your request.
Once the Sun Life Financial team approves your required documents and the underlying situation, it issues the suitable payment. Sun Life insurance analysts alsodeal with death claims associated with this policy. In such cases, they will deduct your living benefit payment with the interest obtained from your original amount of insurance coverage. In contrast, monthly payments in the case of living benefits arenot chargeable.
Short Note on Temporary Coverage by Sun Life
A temporary coverage policy provides insurance coverage immediately until the policy ends or causes Termination. If the policyholders die, their family members may even receive the claim. The amount will be equal to the life insurance amount at the time of application. However, the amount will further depend on certain conditions and set exclusions.
Commencement of the Temporary Insurance Policy
The temporary insurance policy will start on the following date-
• You submit your insurance application
• Shares your payment-related information
You will know about the decline or acceptance of your application within 90 days.
Termination or End of Temporary Insurance Policy
Temporary insurance policy will end automatically in the following situations-
• Beginning of your insurance application date
• The date, when you get a notification related to your application declined
• 30 days after Sun Life experts need more details to underwrite your insurance claim application but fail to get any response from your side
• 90 days after the submission of your insurance application
• The date you ask Sun Life in writing to cancel your insurance application
• The date of declining an offer from the Sun Life team
• The date of death benefit payment
Conclusion
Sun Life Go Simplified Term Life Insurance is a type of no-medical term life insurance for the citizens of Canada. It offers steady protection to policyholders.