SunSpectrum Term - Product overview

As an affordable, simple step in a clients financial strategy, SunSpectrum Term provides temporary life insurance protection for their short-term and long-term needs, with the flexibility to convert the insurance to meet their needs in the future.

Guarantees

The premiums and the death benefit for SunSpectrum Term are guaranteed for the life of the policy as long as the policy owner continues to make their premium payment.


Flexibility and choice

SunSpectrum Term gives clients more choice than ever with face amounts ranging from $50,000 to $15,000,000 and term period.

Coverage options

  • Single Life: Covers one life
  • Joint first-to-die: Covers two lives. The included Survivor benefit and Automatic survivor benefit allow the surviving insured to purchase additional life insurance within 90 days of the first death.
  • Multiple Lives: Covers up to 5 single lives or 4 single lives and 1 joint life per policy. Up to 3 additional coverages can be added at policy anniversary subject to underwriting. Each policy can have up to 9 coverages per life and a total of 15 coverages.
Convertibility to permanent insurance
SunSpectrum Term plans are convertible to permanent life insurance without evidence until the policy anniversary nearest the insured person’s 75th birthday (oldest insured’s 75th birthday for joint plans). Clients who convert part of their term coverage to permanent insurance can convert any remaining term coverage to an optional term benefit on their permanent policy, often without evidence.

Convertibility to a longer term length
SunSpectrum Term plans are renewable until the policy anniversary nearest the insured’s 85th birthday (oldest insured person’s 85th birthday for joint plans).
Benefits
The leading edge suite of optional benefits available with SunSpectrum Term lets clients further customize their life insurance solution. The following optional benefits are available:
  •  Renewal protection benefit – available with T10
  • Accidental death benefit
  •  Child term benefit
  • Total disability waiver benefit
  •  Owner waiver disability benefit
  •  Guaranteed insurability benefit
  •  Business value protection benefit
  •  Partner protection benefit