Sun Life – 3 month COVID-19 premium deferral

Since COVID-19 started, we have been working with various insurers to get some premium deferrals for our clients.

Below is direct from Sun Life as of March 26, 2020.

The COVID-19 pandemic is affecting the lives of our Clients. Sun Life is ready to help. For Clients who are facing financial hardship due to the pandemic, we have put together a plan to help them keep their valuable life and health insurance coverage in place.

Clients, or their advisors, can call our Client Care Centre to request a 90-day deferment on their premiums. This exception process is available to Clients (including business owners) experiencing direct financial hardship as a result of the COVID 19 pandemic due to:

  • illness/quarantine
  • lay-off or job loss
  • the need to be absent from work while fulfilling caregiver needs (childcare or family member with COVID-19)

This exception process is available for all life and health insurance policies issued on or before March 15, 2020, with the exception of Personal Health Insurance. This exception process is in place until May 31, 2020.

What is a premium deferral exception?
In an effort to assist Clients directly impacted by COVID-19 we are offering to make an exception to defer their individual life and health insurance payments for 90 days. We will contact Clients on day 80 to make arrangements for repayment of the premiums due.

Will Clients be charged interest on the 90 -day payment deferral?
No they will not be charged interest during the 90 -day payment deferral period.

How do Levine Financial Group Clients apply?
Simply email requesting a 90-day premium deferral due to illness/quarantine, a lay-off or job loss, or absence from work due to fulfilling caregiver needs of a child or family member with COVID-19. Once this is received we will forward it to Sun Life. Please allow a few days to process this.

Are business owners eligible?
Yes. If a business owner Client is experiencing financial hardship due to COVID-19, they will also be offered the opportunity to defer their payments for 90 days.

How does the premium deferral work?
Those paying monthly premiums
If the Client is making their payments monthly, premiums can be deferred for 90 days.

Those paying annually
If the Client is making their payment annually, and their payment date is within 30 days of the call, we will first ask them if a change to a monthly payment option, by itself, will help with their financial hardship. If switching to monthly payments will help ease the Client’s financial hardship without a deferral, then we will change the premium payment option to monthly.

If switching to monthly payments alone isn’t enough, then we will offer to defer monthly payments for 90 days. In this case, we will change the premium payment option from annual to monthly. If this works for the Client, the Client Care Representative will transfer them to the Resolution Care Manager. They will put the policy on payment deferral for 90 days and will the Client know they will be contacted to discuss repayment options.

If the Client is paying annually and their payment is not due in the next 30 days, we will ask them to call back when their policy anniversary is within 30 days.

What happens with Universal Life policies?
With Universal Life policies, the Client may be making payments into the policy that are higher than the cost of insurance (COI) associated with the policy. If the Client requests a payment deferral, the same rules apply as above. The only difference is that if there is fund value in the policy, the COI will continue to be deducted from the fund value.  In this case, the Client will not be asked to repay anything at the end of the 90 days if the current fund value is sufficient to keep the policy in force. If the policy is minimum funded , we will defer payment of the COI for 90 days . The Client will be asked to repay the deferred COI at that the end of the 90 day period .

What products are included in this exception process?
All individual life and health products, with the exception of Personal Health Insurance are eligible for this exception, provided they were in force as of March 15, 2020.
Personal Health is not being included at this time. However, we will look at exceptions on a case-by-case basis.

What happens after the 90 day deferral?
Sun life will contact clients to discuss repayment options.

Can a claim be submitted while the policy is on the 90-day deferral?
Yes. One of the main reasons for offering this exception process is to help Clients during the keep their valuable life and health benefit intact.

Will the face or benefit amount be affected ?
Yes, it will. Any payment due under the premium deferral exception process will be deducted from any benefit paid during that time or until such time as the premiums are repaid.

  • For Term, Permanent Life and Participating whole life policies the premiums due will be deducted from the death benefit if a claim is made.
  • For Universal Life, if the COI is deducted from the fund value, the deferred payments will not be deducted from the death benefit. Universal Life policies that are minimum funded will have COI due and those COIs will be deducted from the death benefit
  • If the Client makes a claim for a Critical Illness Insurance benefit (including ROPD and ROPC) premiums due will be deducted from any of these benefits paid.

Are there any exceptions to premium amounts for the 90-day deferral?
At this point, we are not placing any restrictions on the amount of the premium that can be deferred.   The only restriction is that annual premiums will be changed to monthly during the 90-day deferral.

If you want to setup the 90 day premium deferral on your Sun Life Insurance, please email If you have questions on your insurance  please email or

To our physician clients, we want to thank you for your efforts with COVID-19. We appreciate everything you do to keep us all safe and healthy during this trying time. 


Elliott Levine, MBA, Certified Financial Planner
T 416-222-1311 | TF 1-877-314-1311 | F 416-915-6150