In Canada, Sun Life is one of the leading and most trusted providers of group benefits for all sizes of employers across the country. Sun Life Financial is a leading international financial services organization providing individual and corporate clients insurance, wealth management, and asset management solutions.
In this review, we’ll examine Sun Life employee benefits for Canadians, the advantages and services it provides for companies and their employees, and the reasons it has become one of the top employee benefits providers in Canada.
Sun Life Company Overview
Sun Life Financial traces its roots back to 1865, when Matthew Hamilton Gault founded it as The Sun Insurance Company in Montreal, Canada. The company initially provided fire insurance to customers but later expanded to life insurance, which became its main line of business.
In 1918, the company officially moved its headquarters to the historic Sun Life Building in downtown Montreal, which remained home for many decades.
After a series of mergers and acquisitions over the 20th century, the company adopted the Sun Life Financial name in 1999 as it evolved into the diverse international financial services firm it is today.
Throughout its 150+ year history and evolution as a business, Sun Life has focused on providing insurance, asset management and other financial security products to businesses and individuals. Today, Sun Life Financial has over 40,000 employees serving millions of customers across Canada, the United States, the UK, Asia, and other global markets.
While Sun Life may be best known for its group benefits offerings, Sun Life provides a diverse array of employee benefits in Canada, including:
- Group Life insurance
- Group Health insurance
- Dental Insurance
- Disability insurance
- Group critical illness insurance
- Retirement savings plans
- Mutual funds
- Annuities
- Investment management
SL has consistently maintained a solid financial position and ratings as a large international financial services company. Sun Life’s substantial capital and liquidity help provide peace of mind for companies seeking stable long-term relationships for employee benefits.
What are Sun Life Employee Benefits Offerings?
As a specialized area within Sun Life Financial, Sun Life Group Benefits provides a range of insurance options employers can offer their employees as part of their overall compensation and benefits package.
Sun Life Group Insurance Plans
Sun Life Group Benefits makes available a full suite of insurance protection, including:
- Group Life Insurance – Provides income replacement for beneficiaries in the event of death. Basic life insurance funded by the employer and optional coverage paid by employees are available.
- Disability Insurance – Protects an employee’s income if they cannot work due to illness or injury through short-term and long-term disability coverage.
- Group Health Insurance – pays for prescription drugs, vision care, hospital costs, paramedical therapies, medical equipment, and more not fully covered by government health insurance. Dental insurance helps pay for preventive care, basic procedures, and primary treatments.
- Critical Illness Insurance – Provides a lump sum payment upon diagnosis of specific critical illnesses like cancer, stroke, or heart attack so the employee can focus on recovery.
- Wellness Programs – Sun Life offers customized wellness solutions that help employers promote health and well-being in the workplace. This includes health risk assessments, lifestyle management services, and resource access.
Plan Customization and Flexibility
One of the advantages SL provides is the ability to customize benefit plans based on the particular workforce and budgets for each employer. Companies can select the optimal coverage types, benefit amounts, deductibles, and premium cost-sharing.
Sun Life advisors help organizations determine the right group insurance plan design for their needs and employees.
SL also offers flexibility when it comes to eligibility requirements and waiting periods so companies can establish their own rules on issues such as:
- When new employees become eligible for benefits after their hire date.
- If part-time or contract employees are included.
- Rules around late applicant limitations and guaranteed issue amounts.
- Employees can extend coverage when on leave for a length of time.
Administration Services for Employers
In addition to designing plans and paying out claims, Sun Life provides valuable administration services to streamline benefits management for employers. Sun Life’s team handles many of the ongoing administrative tasks like:
- Billing and collecting premiums
- Make regular adjustments to reflect new hires, salary changes, etc.
- Maintaining up-to-date plan member data
- Providing regular utilization reports
- Communicating benefit information during open enrolment periods
- Assisting with benefits education for employees
- Supporting the overall renewal process
Sun Life frees up companies to focus on their core business by outsourcing much of the H.R. administration for benefits programs.
Sun Life Group Benefits for Employees
While employers ultimately select group benefits providers like SL, its employees utilize the coverage regularly. Let’s look at some of the key advantages Sun Life group benefits offer employees.
Sun Life Life Insurance
Eligible employees are automatically enrolled in basic life insurance funded by the employer. This coverage usually provides a benefit equal to 1x or 2x annual salary. Employees can also purchase additional supplemental life insurance for themselves and spousal and child life insurance. All plans offer options to continue coverage if leaving the company.
- Essential Life – core protection paid by the employer
- Optional Life – additional coverage employee can purchase
- Spousal Life – life insurance for spouse bought by employee
- Child Life – coverage for all eligible children under a single policy
With SL, employees who lose insurance under a company’s group benefits program can convert to individual life insurance without providing evidence of insurability, enabling them to maintain coverage. Employees can also port certain benefits to an individual policy if they leave an employer.
Sun Life Early Life Stage Benefit
If diagnosed with a terminal illness, employees can access a portion of their Life coverage while still living. This benefit provides substantial financial relief during difficult times.
Sun Life Disability Insurance
SL provides short-term disability (STD) and long-term disability (LTD) plans to replace lost income when illness or injury prevents an employee from working.
Sun Life Short Term Disability
STD plans help bridge the gap during the initial weeks of disability before long-term benefits kick in. Typical STD coverage features include:
- Benefit amount – 50% to 75% of weekly earnings
- Benefit payment duration – 15 to 26 weeks
- Elimination period before benefits start – 0 to 30 days
Sun Life Long Term Disability
LTD coverage provides extended income replacement up to retirement age if an employee has a prolonged disability. Plan design components can include:
- Benefit amount – 60% to 75% of monthly income
- Benefit payment period – to age 65
- Elimination period before benefits start – 90 to 180 days
- Own occupation and any occupation definitions of disability
- Taxability options on benefit payments
- Return to work programs and partial disability benefits
Sun Life Health Insurance
SL contracts provide health insurance to cover services and costs not paid by provincial government health plans. This gives employees access to crucial medical care. Common features include:
Prescription Drugs
The benefit typically covers 80% of prescription drug costs and includes higher reimbursement for expensive specialty drugs. Co-pay and co-insurance options are available to reduce premiums. The plan features generic drug pricing provisions to ensure the lowest cost alternatives and places caps on dispensing fees to manage overall program expenses.
Medical Supplies and Equipment
Coverage extends to casts, splints, wheelchairs, walkers, and insulin pumps. The plan also covers nursing and homecare services and medical equipment rentals, providing comprehensive support for recovery and ongoing medical needs.
Paramedical Therapies
The plan provides care from massage therapists, physiotherapists, and chiropractors. Members also receive coverage for speech and occupational therapy. Mental health support includes coverage for sessions with psychologists and social workers to promote complete well-being.
Vision Care
The plan offers payments for prescription eyeglasses and contact lenses to ensure proper vision correction. Coverage extends to laser eye surgery for those seeking permanent vision solutions. Vision testing and exams are paid at a defined frequency to maintain optimal eye health.
Out-of-Province/Country Emergencies
Members receive coverage for sudden illnesses or injuries when travelling, ensuring peace of mind during business trips or vacations outside their home province or country.
Other Health Services
The plan covers semi-private hospital room charges for enhanced comfort during inpatient stays. Private duty nursing is included for situations requiring specialized care. Accidental dental treatment is covered when dental injuries result from accidents.
Member Experience and Support
Members can access plan details and submit e-claims through the SL app and portal for convenient benefits management.
The platform offers online health risk assessment and chronic disease management tools. Health coaching and appointment booking assistance provide additional support.
The plan includes virtual physician and mental health counselling services, making healthcare accessible from anywhere.
Sun Life Dental Insurance
Sun Life’s group dental plans assist employees with dental work costs.
Routine and Major Coverage
The plans cover diagnostic, preventive, restorative, and surgical dental procedures to ensure comprehensive oral health care.
Coverage includes essential services such as cleanings, fillings, extractions, and root canals, as well as periodontal treatments for gum health.
The plans also cover major dental work, including crowns, dentures, bridges, and implants, helping employees manage the costs of more extensive dental procedures.
Frequencies and Maximums
Sun Life dental plans typically allow for cleanings and oral exams every 6 to 9 months, promoting regular preventive care.
The plans establish maximums for services like crowns, bridges, and root canals to manage utilization while ensuring appropriate care. Annual benefit maximums are set per person to balance coverage needs with plan sustainability.
Claims Process
Employees can submit electronic dental claims directly through their dentist, eliminating paperwork and expediting reimbursement.
Coverage is verified in real-time through dental office integration, immediately confirming eligible services. Employees pay only their portion of costs and collect reimbursements quickly, improving the overall experience.
The plans coordinate benefits with spousal coverage, maximizing overall reimbursement when both partners have dental insurance.
Sun Life Critical Illness Insurance
This coverage provides financial aid for employees diagnosed with severe medical conditions.
- Heart attack, stroke, primary organ conditions and transplant
- Cancer
- Neurological disorders like M.S. and Parkinson’s
- Kidney failure
- Loss of sight, hearing or speech
Additional Wellness Benefits
In addition to its core insurance coverage, SL provides access to various wellness programs and resources to support overall health.
Examples include:
- My Health at Work – digital health portal with resources and tracking
- Employee assistance and counselling programs
- Virtual physician and mental health services through Lumino Health or Dialogue platforms
- Health risk assessments – online questionnaires to identify risks
- Smoking cessation and weight loss programs
- Magazine subscriptions, fitness discounts, contests and more
- Option to integrate with wearable device data
Why Choose Sun Life for Group Benefits?
Finding the right employee benefits provider is an important decision for any business in Canada. With a range of options to choose from, it’s helpful to understand the landscape of top providers across the country. Some of the leading employee benefits providers in Canada include:
- Assumption Life Employee Benefits in Canada
- Medavie Blue Cross Employee Benefits
- Pacific Blue Cross Employee Benefits
- Equitable Life of Canada Employee Benefits
- Beneva Employee Benefits
For Canadian companies evaluating group benefits providers, the reasons to select Sun Life are compelling.
Proven Track Record
Sun Life brings over 150 years of experience providing insurance in Canada. They have established themselves as a longstanding leader in the group benefits marketplace, building trust with generations of Canadian employers and employees.
Financial Strength and Stability
The company consistently maintains a solid capital base, liquidity and credit ratings that inspire confidence. Sun Life manages over $1 trillion in assets under management globally, with a low-risk diversified portfolio spread across multiple geographic markets to ensure resilience through economic cycles.
Exceptional Range of Products
Sun Life is one carrier for all insurance needs, including life, health, dental, and disability coverage. Their proven expertise across all main coverage types allows employers to create customized and integrated benefits packages that meet diverse workforce needs without managing multiple providers.
Market Leading Health and Wellness Capabilities
Employers gain access to leading-edge wellness programs, tools and support that go beyond traditional benefits.
Sun Life encourages workforce health through innovative digital platforms and demonstrates an ongoing commitment to evolving wellness offerings aligned with changing market needs and employee expectations.
Workplace Insurance and Benefits Innovation
The company continues to invest in new digital capabilities that simplify administration and enhance the user experience.
Sun Life leverages data and analytics to improve services while providing easy enrollment, administration, and claims processes for both employers and employees. Their virtual healthcare and mental health support integration with coverage reflects their forward-thinking approach.
Corporate Solid Values and Culture
Sun Life values diversity, equity, sustainability and social responsibility in all aspects of their business operations. They promote ethics, integrity and transparency as foundational principles while maintaining a focus on employee engagement, development and well-being throughout their organization.
For employers who want a group benefits partner they can trust for the long term, SL has a proven combination of capabilities that make it a top choice in the Canadian market.
The Bottom Line
Group benefits are an essential tool for attracting talent, and SL has firmly established itself as a top provider for Canadian companies.
With stability, expertise, excellent service, and leading-edge plans, Sun Life empowers employers to protect their greatest asset – their people. Sun Life coverage delivers essential health care, income replacement, and other protections for employees at various life stages.
Sun Life’s focus on digital enablement and innovative wellness solutions helps propel workplace benefits into the future. For companies seeking a group benefits partner with enduring capabilities, Sun Life offers compelling advantages as a leader in the Canadian market.