Sun Life Insurance Review

Sun Life Insurance Review

Health insurance service provider offering excellent term, whole, and universal insurance products that are excellent options for most consumers

Good for

  • Diverse plans for term, whole, and universal life insurance
  • Older adults looking to purchase life insurance
  • Unique whole life insurance plans

Bad for

  • Flexible premium payment
  • Those who do not use USD

Editor's Rating

4.5/5.0

Sun Life has been offering Hong Kong financial services for over 125 years—signing their first agency contract in 1892. In Hong Kong, Sun Life offers 12 different insurance plans with a life component that includes term life, whole life, and universal life insurance options. Our analysts have compared all of the different benefits to help find the best value for you.

What Makes Sun Life Stand Out

Sun Life stands out due to the wide variety of term life, whole life, and universal life insurance plans in Hong Kong. Consumers can choose between 12 different types of plans that include some life protection benefits.

Given the range of life insurance plans, Sun Life's term life insurance plans are guaranteed to be convertible to whole life insurance policies. So as your financial situation changes, you can be sure that Sun Life has a different life insurance plan that will change with you. Currently, Sun Life does not offer an online quotable term life insurance plan. However, they make it easy for consumers to find and contact an insurance advisor to purchase a plan with Sun Life. See how to apply below.

Life insurance offers payment to your loved ones in the event you pass away. Life insurance is not a substitute for medical insurance coverage. If you are looking for the best medical insurance plans, look at our best picks for VHIS plans in Hong Kong.

Sun Life Term Life Insurance Plan Benefits

Sun Life offers a simple 1 and 5-year term life insurance plan for their customers. The plan provides a basic life insurance benefit and an easy contact menu to speak with an advisor to purchase.

The 1 and 5 year-term life insurance plan is renewable and offers convertibility into a whole-life basic plan with the same or lower sum assured. Click here for whole life insurance plans from Sun Life

One/Five Year Term Plan II

The one and five-year term plan is sold separately as a standalone plan or as a rider.

  • One/Five Year Term Plan II: Standalone
  • One/Five Year Term Plan Benefit: Rider

The One/Five Year Term Plan II as a standalone plan offers competitive terms, but the minimum sum assured is HK$600,000. Although not the highest, there are basic term life plans in the market that can start as low as HK$200,000.

This plan is sufficient If the HK$600,000 sum assured is already in your budget and you are looking for a basic term plan to convert to a Sun Life whole life insurance plan. If you are interested in the rider, the minimum sum assured drops to HK$200,000.

Benefits
Benefit Term1, 5
RenewableUp to age 80
Minimum Sum AssuredHK$600,000 (standalone) HK$200,000 (rider)

BenefitsBenefits
Benefit Term1, 5
RenewableUp to age 80
Minimum Sum AssuredHK$600,000 (standalone) HK$200,000 (rider)

Sun Life Whole Life Insurance Plan Benefits

Sun Life offers a great range of different whole life insurance options. We have selected the plans that provide the best value for most consumers. There are annuity plans that include a life component; however, those plans are not featured in this review. Our primary reason for not including annuity plans for this review is that annuity plans act more like a savings plan with a life component than a whole life insurance plan with a savings component.

Generally, Sun Life's whole life insurance product line offers competitive returns, market standard benefits and flexibility in payment and coverage options. Whether you are just starting a new family or looking to purchase later in life, there is a whole life plan for you. Take a look at our top picks for critical illness plans that come with life benefits in Hong Kong.

Legacy Building - Victory Life Insurance Plan

Victory Life Insurance Plan is a whole life insurance option that also includes a legacy-building benefit. The legacy building benefit allows the policy owner to change the insured--passing on returns to continue to build over the next generation.

The Victory Life Insurance Plan offers the higher total premiums paid minus loans or the guaranteed cash value on the date of death plus any value of the accumulated reversionary bonus and terminal bonus. With a high issue age of up to 80 years-old, this legacy plan can be purchased for future generations when you are financially ready to make a long-term commitment.

Benefits
Premium payment terms5, 10 year terms
Issue ageUp to 80 years
Minimum Sum AssuredUSD 7,500

Benefits
Premium payment terms5, 10 year terms
Issue ageUp to 80 years
Minimum Sum AssuredUSD 7,500

Legacy Building With Monthly Coupons - Vision Whole Life Insurance Plan

The Vision whole life insurance plan is similar to the above Victory Life Insurance Plan, but includes a monthly coupon and a higher minimum sum assured amount at USD20,000. The Vision plan also comes with the ability to change the insured to pass on to the next generation's accumulated cash value.

With the added monthly guaranteed and non-guaranteed coupon, you can enjoy early returns during your lifetime while still growing your wealth over time. The coupon is essentially similar to an annual dividend often offered with other whole life insurance products in the market. That being said, many plans often only include a non-guaranteed dividend, whereas Sun Life's Vision whole life insurance plan offers both a guaranteed and non-guaranteed value.

Benefits
Minimum sum assuredUSD 20,000
Premium payment term2, 5, 10 year terms
Guaranteed monthly coupon2.3% of the guaranteed savings amount

Benefits
Minimum sum assuredUSD 20,000
Premium payment term2, 5, 10 year terms
Guaranteed monthly coupon2.3% of the guaranteed savings amount

Most Flexible - Life Brilliance

Life Brilliance is Sun life's most flexible premium payment whole life insurance plan. Not only can you enjoy premium payment terms of 5, 10, 15, or 20 years, the minimum sum assured is low at HK$120,000--making this plan one of the most flexible and accessible plans on the market.

Keep in mind that the issue age for the Life Brilliance Plan is only up to 65 years. Note that the longer the premium payment term you select, the lower the issue age requirement becomes.

Benefits
Minimum sum assuredHK$120,000
Premium payment terms5, 10, 15, 20 year terms
Issue ageup to the age 65

Benefits
Minimum sum assuredUSD 20,000
Premium payment term2, 5, 10 year terms
Guaranteed monthly coupon2.3% of the guaranteed savings amount

For High-Income Earners - Generations

Sun Life's whole life insurance plan was designed to give you the flexibility to choose the way you want to prioritise your earned cash value and death benefit.

[List]Generations 200: offers Guaranteed Cash Value capped at 200% of single premium paid Generations 100: offers Guaranteed Cash Value at 100% of single premium paid Generations 80: offers 100% of sum assured that decreases down to 80% after a designated anniversary date

Depending on your financial needs, each plan offers long-term coverage, guaranteed cash value, annual dividends, and a terminal bonus that can fit most consumers shopping for a whole life insurance plan. The Generations series has a high minimum sum assured and a single payment period, making it only accessible to high-income earners. If you are looking to secure protection for your family, these plans offer up to 200% in death benefit on top of additional bonuses.

Benefits
Minimum sum assuredUSD500,000
Premium payment termsSingle Pay

Benefits
Minimum sum assuredUSD500,000
Premium payment termsSingle Pay

Sun Life Universal Life Insurance Plan Benefits

Universal life insurance and whole life insurance are permanent life insurance plans, but universal life insurance offers a bit more flexibility in terms of premiums and death benefits. Essentially, under a universal life insurance policy, you can change the premium payment and the sum assured depending on your financial needs. In contrast, whole life insurance offers more consistent premiums and a guaranteed cash value accumulation.

Sun Life offers one universal life insurance product. Continue below to see how the plan compares to other whole life insurance products and see if the Bright UL Wealth-Builder plan is a good fit for you and your family.

Value Champion advises that you always speak to your financial advisor before making any long-term financial commitment.

Bright UL Wealth-Builder

Bright UL Wealth-Builder makes premium payment flexible and works for you. As long as you make the initial premium payment, you can make subsequent premium payments at any time.

Additionally, unlike whole life insurance plans, the Bright UL Wealth-Builder offers a guaranteed minimum crediting interest rate of 2.80% for secured returns. They also provide no less than a 0.25% bonus interest after the 11th policy year and a 0.50% bonus interest rate after the 16th policy year.

Unlike other universal life insurance plans on the market, this plan also offers free cash withdrawals after the 10th policy year. However, keep in mind that after the surrender value of the policy is completely withdrawn, your policy will be automatically terminated.

Benefits
Minimum sum assuredUSD50,000
Guaranteed interest rate2.8%
Bonus interest rate0.25 after the 11th policy year, 0.50 after the 16th policy year

Benefits
Minimum sum assuredUSD50,000
Guaranteed interest rate2.8%
Bonus interest rate0.25 after the 11th policy year, 0.50 after the 16th policy year

Downsides

Sun Life offers no online quoting and purchasable term life options. This means that you can only purchase Sun Life insurance products through an agent. Thankfully, Sun Life makes it easy for you to contact an insurance agent if you do not already have one. Under each plan page, you can find a form to reach out to an agent quickly.

Additionally, many of their plans only use USD currency. Be prepared to pay premiums in USD, which may mean you will need to exchange HKD to USD and incur fees to do so. Of course, this is also a benefit to many looking to accrue cash value in USD.

Overall, Sun Life offers competitive and diverse life insurance products that can meet most consumers' financial needs. Click here to see our top picks for life insurance products in Hong Kong.

How to Apply for Sun Life Insurance

Excellent term, whole, and universal life plans

Applicants in Hong Kong can inquire about policy details by using their online form below each plan page. There you can either contact Sun Life directly or talk to an advisor. If you have your own independent insurance agent, ask them about Sun Life products to purchase a plan.

To make a claim, please visit their claims page for details on how to complete a claim.

All Hong Kong policyholders are subject to a premium levy by the Insurance Authority. The insurer will collect the levy on behalf of the Insurance Authority for the insurance policies issued in Hong Kong

Stephen Lee

Stephen Lee is a Senior Research Analyst at ValueChampion Hong Kong, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.