Sun Life launches term insurance product for Canadians with diabetes

Sun Life launches term insurance product for Canadians with diabetes | Insurance Business Canada

Life & Health

Sun Life launches term insurance product for Canadians with diabetes

Offering described as an industry first

Life & Health

By
Terry Gangcuangco

Sun Life has rolled out what it describes as an industry-first life insurance product for Canadians with diabetes.

Term insurance for diabetes features affordable premiums, a higher chance of approval, and access to a personalized care program.

Sun Life has also partnered with Diabetes Canada to provide essential information and education to enhance the understanding and management of diabetes, aiming to improve life quality.

Rowena Chan (pictured), president of Sun Life Financial Distributors (Canada) Inc. and senior vice president of retail advice & solutions, said: “One-third of Canadians are living with diabetes or pre-diabetes, and rates continue to rise quickly. This is a powerful solution to help people take control of their lives and long-term well-being.

“In addition to providing valuable protection, Sun Life Term Insurance for Diabetes will help clients focus on healthy living while accessing holistic advice and innovative insurance solutions to help achieve their financial and health goals.”

Jennifer Buccino, executive director of diabetes knowledge & connection at Diabetes Canada, added: “One person every three minutes is diagnosed with diabetes in Canada. Everyone living with diabetes should have access to the care and treatments necessary to manage this complex chronic condition to ensure the best possible health outcomes.

“We are proud to partner with Sun Life on their journey to create positive health outcomes and in the fight against diabetes.”

In addition to the market-first diabetes-focused offering, Sun Life also introduced ‘Evolve Term Insurance,’ which allows policyholders to easily increase their coverage at certain life stages.

Michael Van Alphen, vice president of insurance solutions at Sun Life, said: “We are committed to helping clients achieve lifetime financial security, which is why Evolve Term Insurance was designed with Canadians in mind.

“We know that insurance is not one-size-fits-all, so we’re making it easier than ever for clients to increase their coverage to reflect evolving needs. Whether they’re getting married, adopting a child, or increasing a mortgage, we’re offering clients a better solution right when they need it most.”

In a separate development, Sun Life also announced a new partnership with the Montreal Alliance, a professional basketball team competing in the Canadian Elite Basketball League. Sun Life is now the team’s main health and wellness partner.

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