Sun Life Go Insurance Review 2022: Life Insurance Simplified

You may already be familiar with Sun Life. They are an insurance and wealth solutions company operating in Canada for more than 150 years. They also operate in the U.S., U.K., Asia, and other parts of the world and are traded on the Toronto Stock Exchange under the ticker “SLF.”

In today’s post, we’ll be doing a Sun Life Go Insurance review, their newest offering. Sun Life Go is a digital insurance platform where anyone legally living in Canada between the ages of 18 and 74 can apply for life insurance online in just a matter of minutes.

Quick, convenient, and secure, their life insurance products are for those who prefer things the digital way or those who are in a bit of a hurry for coverage. As well, no medical exam is required!

Let’s get into the review.

Our Verdict
Sun Life Go Insurance Review
8.5/10Our Score

Sun Life Go Insurance 

Quick and Digitally-Accessed Life Insurance 

Sun Life Go is a digital insurance platform where anyone legally living in Canada between the ages of 18 and 74 can apply for life insurance online in just a matter of minutes.

Pros
  • Instant temporary coverage
  • A streamlined and quick application process
  • No need for health checkups
  • 30-day free look period
  • Coverage up to $1 million
  • It could be suitable for those who don’t qualify for other life insurance products
Cons
  • It might be a bit more costly than policies with more intensive application processes

What is Sun Life Go?

Sun Life Go offers users a much more streamlined, flexible, and quick method to access quality life insurance. Coupled with good coverage and terms, Sun Life Go life insurance can be accessed in a matter of minutes and give you coverage between $5,000 to $1 million.

In addition, you are covered temporarily the moment you apply and have access to a 30-day free look during which you can get your money back.

If you’re in a hurry, you can get a quick quote with Sun Life Go and get coverage nearly immediately. If you’ve got a little bit more time, you can also get a personalized quote, which only takes 25 minutes. Note: Quebec residents must complete a customized quote.

What is Term and Permanent Life Insurance?

Sun Life Go Insurance Review: Term and permanent Life Insurance

Before we dive into Sun Life Go’s products, let’s briefly go over the two types of life insurance they offer: term and permanent.

Term life insurance is designed for flexibility and provides coverage for a specific period of time, such as one year, five years, 15 years, or more. Term life insurance offers temporary protection that you can customize to meet your changing needs and is more affordable than permanent life insurance.

With this type of insurance, the policy pays a tax-free benefit to your beneficiaries in the event of your death.

Permanent life insurance, on the other hand, lasts for your whole life and is more expensive than term life insurance.

With most permanent life insurance products, however, your monthly costs/premiums will be guaranteed for life, meaning it will not go up despite inflation or increased costs of living. In addition, you don’t have to continue paying after you hit a certain age with some permanent life insurances, which is a bonus.

The two other common types of life insurance are participating life insurance and universal life insurance. However, these are not available through Sun Life Go.

Sun Life Go Insurance Products

Sun Life Go Insurance Products

Here are the three types of life insurance products conveniently available through Sun Life Go. Let’s go through their features.

Sun Life Go Term Life Insurance

Product overview:

Term: 10 or 20 years
Coverage: $100,000 up to $1 million, in $25,000 increments
Temporary coverage: Yes

Sun Life Go Term Life Insurance comes with a guaranteed premium for 10 or 20 years based on your choice at the time of purchase. When your term ends, your policy will automatically renew for the same term length unless you choose otherwise.

At this time, your monthly payments will go up and remain consistent for the remainder of your new term.

Eligibility:

You must be between the ages of 18 and 69 and legally live in Canada.

How to apply:

Apply online through Sun Life Go and answer some health questions. Temporary insurance is included upon application regardless of the approval decision by Sun Life for up to 90 days. 

Sun Life Go Simplified Term Life Insurance

Product overview:

Term: 10 years
Coverage: $50,000, $75,000 or $100,000
Temporary coverage: Yes

Sun Life Go Simplified Term Life Insurance comes with a guaranteed premium for ten years. After ten years, your insurance will automatically renew (unless you choose to opt-out), and your rates will increase. This product offers coverage ranging from $50,000 to $100,000.

Eligibility:

You must be between the ages of 18 and 69 and legally live in Canada.

How to apply:

Simply answer three health questions and apply online through Sun Life Go. Temporary insurance is included when you apply – you will remain covered until your application is either approved or denied, up to 90 days.

Sun Life Go Guaranteed Life Insurance

Product overview:

Term: Lifetime
Coverage: $5,000, $10,000, $15,000 $20,000 or $25,000
Temporary coverage: N/A

Sun Life Go’s Guaranteed Life Insurance is a type of permanent life insurance; it covers you for your whole life. This product is ideal if you are looking for a small amount of coverage, perhaps to cover final expenses or if you’ve been denied other types of permanent life insurance.

With this product, your monthly expenses will remain the same for your lifetime and will cease once you turn 95 years old (although your life insurance will remain in place).

Sun Life Go guarantees your approval for this product despite your health status.

Eligibility:

You must be between the ages of 30 and 74 and legally live in Canada. Answering medical questions or undergoing checkups is not required.

How to apply:

Apply digitally through Sun Life Go.

Choosing the right life insurance for you

Choosing the right life insurance for you

Life insurance helps to protect your family in difficult times.

A lot of different factors, such as age, gender, and health status, can go into deciding which life insurance is right for you. Generally, most people will benefit from the flexibility and lower cost of term life insurance.

Sun Life Go’s Simplified Term Insurance can be good for those who may have concerns about their health and do not want to answer an extensive list of health questions or undergo a checkup.

If you consider yourself to be in good health, you should consider applying for another term life insurance product, such as the regular Term Insurance from Sun Life Go or Sun Life’s other term life insurance products, where you’ll answer some additional health questions but will likely secure a better rate.

The Guaranteed Life Insurance is a safety net for your loved ones when it comes to funeral expenses. This type of insurance coverage can be good for those who are in poor health.

Conclusion

You can’t predict the future, but you can take certain steps to prepare. All in all, I believe that Sun Life Go’s life insurance products can be a good fit for you, depending on your needs.

Coverage up to $1 million, easy online access, and temporary coverage are some of the attractive features of this offering from Sun Life. I hope that this review was helpful for you in learning more about them and helping you in making an informed decision about life insurance.

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Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Wealthawesome.com. Read about how he quit his 6-figure salary career to travel the world here.

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