Sun Life External Term Conversion - Guaranteed Issue to $3m
Sun Life Financial is pleased to introduce a new Guaranteed Issue External Term Insurance Conversion Program. Policyholders who have purchased a fully underwritten single life term policy from our select group of carriers within the last three years may be eligible to convert that external term policy into Sun Life’s Sun Executive Universal Life (UL) product. This program will be effective November 23, 2009 through June 30, 2010.
Program Highlights
• Maximum issue amount is $3 million, Minimum Issue amount $100,000
• The new Sun Executive UL policy will be issued under Guaranteed Issue (GI) Rates and Guidelines
• Smoker status will be issued on the same issue class as original carrier
• Minimum Age 20
• Maximum Issue Age: 65 if one life is being covered. This can be extended to age 70 if multiple lives are being covered and the average age of those covered is 60 or less.
• Term policies that are business owned or individually owned must be issued as a business sponsored Sun Executive UL Policy.1
• Sun Life will accept and convert only single life policies
• Term policy must be fully assigned to Sun Life Financial and will be surrendered2
• New policy ownership and face amount must be the same as the original term policy
• Original Term Policies must have been fully underwritten by our select list of insurance carriers
• Underwriting of the original Term policy must have occurred within the last three (3) years based on the issue date, must be classified as Standard, Preferred or better
• Term policy riders will not be converted
• No partial conversions are allowed
Companies eligible for this program include:
Allstate Life Insurance Company
Lincoln National Life Insurance Company
Penn Mutual Life Insurance Company
American General Life Insurance Company
Manulife Financial Company Phoenix Life Insurance Company
AXA/ Equitable Life Insurance Company
Massachusets Mutual Life Insurance Company
Principal Life Insurance Company
Banner Life Insurance Company
Metropolitan Life Insurance Company
Protective Life Insurance Company
Genworth Life Insurance Company
Minnesota Life Insurance Company
Provident Mutual Life Insurance Company
Guardian Life Insurance Company
Nationwide Insurance
Prudential Life Insurance Company
Hartford Life and Annuity Insurance Company
New York Life Insurance Company
State Farm Life Insurance Company
ING U.S. Financial Services
Northwestern Mutual Life Insurance Company
Union Central Life Insurance Company
John Hancock Life Insurance Company
Ohio National Life Insurance Company
Western Reserve Life Assurance
Lincoln Benefit Life Company
Pacific Life Insurance Company
West Coast Life Insurance Company
Continue reading for full details on the program, or call (800) 936 - 0339 option 1.
