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General inquiries

1. What are the new terminologies applicable to my policy under the new regulatory requirements, i.e. Guidance Note 16 ("GN16")?

To comply with GN16, new terminologies have been applicable to your policy. Please click here for the terminology mapping table.

2. What factors will Sun Life Financial consider when I apply for a policy?

We will consider the insured's gender, age, occupation, health history and financial situation when you apply for a policy.

3. What should I do after receiving my policy?

When you receive your policy documents, you should:

  • Read the content and provisions carefully, and promptly raise any queries with us;
  • Keep the policy documents in a safe place because when a claim arises, you are required to submit all policy-related documents to us;
  • Tell your family members that you are insured and where you keep the policy documents.

4. What should I do if I lose my policy documents?

If you lose your policy documents, please inform us immediately. You are required to make a statutory declaration to Sun Life Financial about the loss.

1. I am going to reside outside of Hong Kong. Can I pay for the premium at your company's overseas centers?

Yes, you can pay for your premium at our overseas offices in Canada, USA, the UK and the Philippines.

2. If moving overseas, do I need to transfer my policy to your overseas offices?

Our policy provides you with worldwide coverage. You need not transfer your policy to our overseas offices. Please inform us of your new address so that all correspondence can be redirected and you can receive professional services wherever you are.

1. What are the factors I need to consider when replacing an existing policy?

We strongly advise you to carefully consider the potential drawbacks of replacing an existing policy, particularly when it involves a lifetime protection. Some questions to ask:

  • Will the new policy provide you with the same level of returns and guarantee values as the existing policy?
  • Will you get continuous coverage from the new policy (as some new policies have a waiting period)?
  • Will the replacement incur extra charges?
  • Will the new policy require an extra medical examination or increase in premiums?

Policy service related

1. How do I change information on my policy?

When the policy is in force, you should immediately report any changes in your personal data to us. If you want to change beneficiaries, insured amount, mode of premium payment or other policy information, please contact your advisor or on one our Client Service Officers for the necessary applications.

2. Who can I name as the policyowner of my policy?

You can name any new policyowner of your policy while the policy is in force. An insurable interest between the Insured and the new Policyowner will no longer be required. To comply with the new Guidance Note on Prevention of Money Laundering and Terrorist Financing, the ID copy and address proof of the new Policyowner must be submitted in all policies. For a policy with surrender value greater than HKD300,000, the signing of the form by the old and new Policy Owner must be witnessed by internal staff at Financial Café or a Hong Kong solicitor or notary public.

3. Who can I name as the beneficiary of my policy after the policy in force?

An insurable interest between the Insured and the new Beneficiary will no longer be required for change of beneficiary. However, for third party policy, the Insured's consent is required. For juvenile beneficiary (age under 18), trustee(s) should be appointed. If there is any active irrevocable beneficiary(ies) set up in the policy, the consent of irrevocable beneficiary(ies) should be obtained for application.

4. Can I change the policyowner / beneficiary if the insured is under 18 years of age?

The new Policyowner / Beneficiary must be either the parent, grandparent or legal guardian of the Insured otherwise the transfer will not be accepted.

1. Can I apply for a cash loan on my policy?

Yes, as long as your policy has a cash value. The maximum loan amount will be the net cash value of the policy minus the interest on the loan (please refer to your advisor for latest loan interest rate). Just fill in the "Request for Cash / Fund Withdrawal" form, which can be downloaded from our Web site.

2. How is a loan repaid?

You can choose a full loan repayment or partial repayment as long as the policy is in force. However, any outstanding loan with interest will be deducted from the benefit amount of the policy. If the outstanding loan and the unpaid interest on the loan exceed the cash value of the policy, the policy will no longer be in force.

3. How can I use my Policy Dividend?

We issue dividends once a year. You have the following 4 options to choose from:

  • Choose to be paid in cash
  • Apply the dividend to reduce the premium due on the policy
  • Leave the dividend with us to accumulate with interest
  • Apply to purchase paid-up additions to the policy

1. How can I check the fund performance?

You can assess your fund information through:

  • Daily fund prices: www.sunlife.com.hk and Hong Kong Economic Times
  • Monthly fund performance: www.sunlife.com.hk

Claims related

1. How do I lodge a Claim?

When a need for claim arises, you should first notify your advisor or one of our Client Service Officer. They will provide you with information on claim procedures. The claimant will be asked to submit relevant evidence to support his/her claim

2. What documents are needed to file a Death Claim?

  • Life Insurance Claim – Claimant’s Statement
  • CRS Self Certification Form
  • Original death certificate
  • Policy contract
  • Copy of ID card/passport of deceased and the beneficiary(ies)
  • Relationship proof between the deceased and the beneficiary(ies) e.g. birth certificate/marriage certificate

Additional documents may be required and will be communicated to you after the claim has been lodged.

3. Who will receive the death proceeds of my policy if I do not appoint any trustee or beneficiary?

As there is no such appointment, we will pay to the policy owner estate executor / administrator stated in the respective Probate of Will or Letter of Administration.

4. What documents are needed to file Health and/or Accident Claims?

  • Hospitalization / Accident Benefit Claim Form
  • Original receipts (with name of patient, diagnosis and treatment details)
  • ID card copy of Policy Owner
  • Copies of supporting documents, such as sick leave certificate, discharge summary, referral letter, pathological and laboratory reports, etc.

Additional documents may be required and will be communicated to you after the claim has been lodged.

5. If I have filed a Total Disability Benefit (TDB)/ Waiver of Premium (WP) claim, and I am still waiting for claim decision, do I have to pay the premium in the meantime?

Before we reach a decision to pay the claim, you are obliged to pay the premiums to keep the policy in force. After we admit the claim, we will then refund the premium paid for the waiver period.

Premium Levy related

Under the Insurance Ordinance (Cap. 41), Insurance (Levy) Order and Insurance (Levy) Regulation, all new and inforce policies are subject to a levy. The applicable levy rate will be determined by reference to the policy date or policy anniversary date. This levy will be collected on behalf of the Insurance Authority when insurance premium payments are made to insurance companies. The levy rate and the maximum levy payable per policy year is set out below:

Policy date and policy anniversary date Levy rate Annual maximum amount of levy (HK$) per policy
1 January 2018 to 31 March 2019
(Both dates inclusive)
0.040% 40
1 April 2019 to 31 March 2020
(Both dates inclusive)
0.060% 60
1 April 2020 to 31 March 2021
(Both dates inclusive)
0.085% 85
1 April 2021 onwards
(Inclusive of that date)
0.100% 100

Our premium notices will start to include the levy amount as a separate item and the arrangement below will apply to the following automatic premium payment:

  • If you have selected autopay to settle the premium, the corresponding levy on the premium will also be debited by autopay. Please be reminded to increase the maximum transaction limit of your autopay account to avoid additional bank charges.
  • If you have selected to deduct the premium from the dividend or cash coupon of your policy, the corresponding levy will also be deducted.

By law, levy is payable together with each premium payment. The Insurance Authority may impose a penalty of up to HK$5,000 on policy owners who do not pay the levy as required on time. The above arrangement has been devised to take care of your interest and will constitute your instructions to Sun Life to handle your payment accordingly. If you have any query or different instructions, you may contact Client Service Hotline 2103 8928. Your continuance or use of your policy or any service thereof will mean that the above instructions are confirmed.

Should you have any question about levy, you may also visit the Insurance Authority’s website.