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Sun Life Financial Disability Insurance Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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Sun Life Financial is a financial services company headquartered in Canada with a United States division that provides individual as well as group short- and long-term disability insurance policies. Most policies offer a variety of features and riders. The company was founded in 1999 and the U.S. division is headquartered in Wellesley Hills, MA.
 
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How is Sun Life Financial rated?

Breakdown

4.5/5
Policies & Coverage
4.5/5
Flexibility
4.5/5
Financial Strength
4.5/5
Reputation & Customer Experience

Overall Rating: 4.4 / 5 (Excellent)

The company is the seventh-largest employee benefits insurer in the U.S. It is financially strong and has high financial ratings, as well as a solid reputation. It offers both group and individual disability products with many available features and riders, unlike many of its competitors. Its website and benefits packet brochure include a lot of information on available plans which help consumers compare its plans with other insurance companies.

Sun Life Financial Policies & Coverage

Policies & Coverage - 4.5 / 5

The company offers individual and group insurance policies for total and partial disability, as well as an individual accident-only protection plan. The group plans offer a survivor benefit feature. All policies offer a variety of elimination and benefit periods and have a pre-existing condition exclusion. Group policies' coverage and features are determined by the individual employer; therefore, some of the data provided here are examples only.
Policy Types
Long-Term
Short-Term
Accident-Only
Individual
Group
Policy Features
Partial Disability
Rehabilitation Benefit
Survivor Benefit
Elimination Period
0, 3, 7, 14, 90, 105, 120, 180 days
STD Maximum Monthly Benefit
$2,000
LTD Maximum Monthly Benefit
$10,000
Short-Term Benefit Period
13, 15, 17, or 26 weeks
Long-Term Benefit Period
2, 5, or 10 years, or up to age 65
Online Quote
Pre-Existing Conditions Exclusion
Exclusions & Limitations
Please see the link for more exclusions and limitations under the company's disability insurance policies.
Link to Source
http://www.sunlife.ca/files/plan/english/pdf/GRP1741.pdf

Sun Life Financial Flexibility

Flexibility - 4.5 / 5

Long-term disability plans have available policy riders including waiver of premium (with total disability) and cost of living adjustment (from 1% up to 5%). Short-term policies offer an own occupation rider defined as total disability only.

Available Policy Riders

Future Increase
Cost of Living Adjustment
Waiver of Premium
Residual Benefits
Own Occupation
Automatic Benefit Increase
Guaranteed Insurability
Return of Premium
Critical Illness
Hospital Confinement Indemnity
Supplemental Disability Income
Retroactive Injury
Accidental Medical Expense
Catastrophic Disability

Other Riders

The short-term disability plan offers a "first-day hospital option."

Sun Life Financial Financial Strength

Financial Strength - 4.5 / 5

In 2017, the company reported total assets under management at $775.1 billion (US). It has strong financial ratings with Standards & Poor's and A.M. Best. It had a 0.64% market share with over $1.7 billion in premiums.
Company Type
Underwriter
Underwriter
Sun Life Assurance Company of Canada
Year Founded
1865
Market Share 2017
0.64%
Total Premiums 2017
$1,717,980,789.00
Standard & Poor's Financial Rating
A+
AM Best Financial Rating
aa-

Sun Life Financial Reputation & Customer Experience

Reputation & Customer Experience - 4.5 / 5

According to the company's website, it is ranked 239 on Forbes Global 2000 "World Leading Companies" (May 2017). It holds a BBB rating of "A+" with only three negative reviews. The company has a 0.60 NAIC complaint ratio with 27 complaints. It has no Trustpilot reviews.
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
3
Date Collected
2018-03-16
NAIC Complaint Ratio 2017
0.6
NAIC Total Complaints 2017
27

Company Profile

Full Name
Sun Life Financial Disability Insurance
Company Website
http://www.sunlife.com/
Headquarters
One Sun Life Executive Park, Wellesley Hills, MA, 02481

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Customer Comments & Reviews

Loading Reviews ...
scw712
5/14/2020
the worst company ever for Disability Insurance... delay delay delay and for what reasons the employee pays for STD thru the employer. Once on STD and the Dr confirms from Day one then the claim should be paid in a timely manor...in our case that has not happen ...this last incident has pushed me over the edge...May 4th Dr visit forms faxed to Sunlife...same forms sent most every time...again sent May 6th...Contacted Sunlife May 11th..no check said no records from Dr ...called Dr again... now they say wrong fax...same fax sent to from day one...forms faxed AGAIN...called May 12th..Dr called May 13th to ensure they got it NOW TODAY no claims filed...talked to Vanessa who is the claims... Read More

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