I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them. Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent

UPDATED: Mar 15, 2021

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If you’re looking for an environmentally friendly insurance company, Sun Life may be the perfect match. So, what does Sun Life have to offer you?

Who is Sun Life Financial?

sun life financial disability insurance logo

Sun Life Financial was founded in 1865 and is one of the leading financial service organizations. They are rated as one of the Global 100 Most Sustainable Corporations and are the only company in North America featured on this list.

They offer a variety of coverage plans like disability, dental, group life, and many more. Sun Life has both short- and long-term disability plans that ensure you are covered in your time of need. The long-term disability insurance Sun Life offers ensures that you are secure over a long period. During your time of need, they provide you with a monthly income.

Sun Life Financial has helped millions internationally and has carried a positive reputation for over a century. Sun Life also offers optional riders and features that many other companies in comparison do not provide.

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What Disability Insurance Does Sun Life Offer?

Sun Life Financial offers short- and long-term disability options with flexible plans like voluntary disability, retro disability benefits, and disability claim management services.

Long-term Disability

Sun Life long-term disability helps you pay for your monthly living bills and expenses with a monthly payment plan while you are unable to work. Once qualified for Sun Life’s long-term disability plan, you will start receiving a payment monthly within a few months.

You will qualify for the long-term disability plan from Sun Life if you suffer from an illness or injury that would hinder you from working. The Sun Life long-term disability plan is very versatile, and the cost will vary depending on your condition, age, and amount of benefit coverage needed.

Short-term Disability

Sun Life short-term disability varies considerably compared to its long-term disability plan. In comparison, you would be getting paid a weekly cash sum instead of monthly. Some of the qualifying illnesses or injuries covered in the short-term policy include back injuries, maternity leave, or recovery from surgery.

From when you submit your claim to Sun Life, it could be as short as one week for you to have weekly payments. These payments can assist in relieving the bills and expenses from your injury or illness.

A varying percentage of your annual income will be paid to you each week once you qualify. There are a variety of factors that could influence your weekly payment and overall short-term plan.

How Much Does Sun Life Disability Insurance Cost?

Plans will vary depending on your annual income and if you are covered with a short- or long-term disability plan. On average, for both short- and long-term plans, you will be paying 1 to 3 percent of your annual income towards your insurance plan.

If your annual income is $100,000, for example, you can expect to pay on average, about $1,000 to $3,000 annually for your coverage. This will vary from person to person based on many factors like your occupation and age, but 1 to 3 percent of your income is an average among consumers.

Many determining factors can influence the cost of your plan, such as occupation, age, and which specific benefits you have from Sun Life Financial. There are also a variety of riders that Sun Life offers that can influence the annual cost of your short- or long-term disability insurance.

The Pros & Cons of Disability Insurance with Sun Life Financial

There are many pros of disability insurance with Sun Life Financial.

Pros

  • They offer very flexible plans that can be modified based on your situation and have many riders and features that other companies do not provide.
  • The short-term plans from Sun Life financial have a straightforward process of determining how much you will need weekly for your expenses. All you need to do is submit your monthly expenses, and they will be factored in to determine your weekly coverage amount.
  • There are also optional riders such as total disability.
  • The long-term plans from Sun Life Financial have a variety of rider options to ensure you are getting the most out of your disability insurance plan.
  • Sun Life offers a cost of living adjustment to consumers that have a long-term policy that includes an alignment to your plan that varies from 1 to 5 percent.

Some cons of disability insurance with Sun Life Financial are the following:

Cons

  • You are limited as far as the percentage of coverage based on your annual income. It is quite common for most competitors that offer disability insurance to have a limit of around 60 percent of your annual income.
  • Sun Life Financial does not offer quotes online as many other companies do, but they do offer quotes over the phone, and Sun Life may be worth the extra effort to get a quote.

Most of the cons are universal between most disability insurance providers and are not significant enough to not recommend Sun Life.

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Is Sun Life Disability Insurance for You?

There are many factors to consider when deciding if Sun Life is the right disability insurance provider for you. Things like your occupation, age, and type of coverage can be determining factors on which plan you need and if the policies Sun Life offers are for you.

If you need reliable disability insurance that can be accepted upon approval fast, Sun Life Financial might be the provider for you. Once you qualify for a short-term disability plan, you will start getting the payment within one week to one month. These payments ensure you are not worrying about bills in your time of need.

Although Sun Life does not offer online quotes, they make it easy to inquire about their coverage options directly and what it may cost you. The cost of your plan can vary, but on average, you will be paying 1 to 3 percent of your annual income towards your insurance plan.

If Sun Life has the coverage you need, supporting them can be a great choice. Sunlife is rated as a global top 100 most sustainable corporation.