Sun Life Employee Benefit Plan

The Sun Life employee benefit package includes health and dental benefits as well as additional coverage like life insurance, critical illness insurance, basic accidental death & dismemberment insurance, long-term disability insurance, and dependent life insurance.

The health and dental benefits cover the cost of prescription drugs, vision care, hospital expenses, paramedical, medical services and equipment, travel expenses, dental coverage from cleanings to orthodontics, and health and wellness coverage.

The life insurance pays a lump-sum benefit to your chosen beneficiary. Sun Life critical illness insurance pays a lump sum to help you recover from a critical illness covered by the plan. The basic accidental death and dismemberment pay a lump sum and any other additional benefits if you lose a limb or die in an accident.

If you cannot work due to a covered disability, the long-term disability insurance will pay a percentage of your monthly income. In the event of the death of a spouse or child, the dependent life insurance provides a lump sum benefit.

To learn more about Sun Life employee benefit, click here.

Employee Benefit News

A survey carried out in February 2016 revealed that irrespective of the long period of slow economic growth in Canada, Canadian retirees are living on barely 62 percent of their incomes before retiring.

In addition, Sun Life Financial Retirement Report shows that up to 88 percent of retired Canadians said that life in retirement is positive and 32 percent said that their biggest financial surprise of retirement is that they were able to manage on a reduced budget. An additional 10 percent said that they spent less than they expected.

Kevin Dougherty, President of Sun Life Financial Canada said that this was the first time they measured the percentage of pre-retirement income retirees are living on. Kevin went ahead to assert that life in retirement is more positive than most people think. Irrespective of the current economic situation, Canadians are doing well with just over 60 percent of the income they had when they were working. This is fairly the same when you compare men and women or when you consider their marital status.

Retirees are spending an average of $2,611 on expenses each month. The expenses include healthcare, taxes, housing, and food. This is about 24 percent less than the $3,431 spent by working Canadians on the same expenses every month.

To learn about Canadian Sun Life employee benefit, click here.