Sun Life Financial announced May 13 that it has launched a new term life product for clients living with diabetes.
Calling the product a groundbreaking, industry-first, Sun Life says the Sun Life Term Insurance for Diabetes also gives clients access to a care program designed to help them manage health goals. Services include the development of personalized care plans, one-on-one support, virtual education sessions with healthcare professionals and other diabetes-related resources.
Offers higher chance of approval
“Sun Life understands the daily, unique challenges of managing this condition and has created a comprehensive life insurance product that not only offers a higher chance of approval and affordable premiums, but also access to a customized care plan,” they state.
According to the company’s 2023 sustainability report, the company began helping Canadians with diabetes get access to coverage in 2021 when it launched the Diabetes Signature Solutions pilot program. “The program, aimed at previously declined applicants, provides one year of life insurance coverage. During that time, clients work towards specific health goals to lock their policy terms in place,” the company states in that report. In 2023 it expanded the program to include those with type 1, gestational and pre-diabetes. The sustainability report also discusses the company’s donation efforts to the cause of fighting diabetes.
The program, they say, is part of a larger effort to develop innovative term offerings. To that end, also on May 13, the company additionally launched the Sun Life Evolve Term Insurance, a product which allows clients to increase their coverage at different life stages (getting married, having a child, increasing their mortgage) through a simplified underwriting process.