Effective November 27, 2021, the deferred sales charge and low load sales charge purchase options will no longer be available for purchase on Sun Life Global Investments mutual funds. Switches between funds of the same sales charge purchase option will be permitted.

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Superflex/Income Master, Sun GIC Max and GIC - Comparison

Product

Insurance GIC* 
Superflex/Income
Master (Redeemable )

Trust GIC 
Sun GIC Max
(Non-redeemable)

Trust GIC 
SLF Trust GIC
(Redeemable)

Registration  types
  • Non-registered
  • TFSA
  • RRSP/Spousal RRSP
  • LIRA/Locked-in RRSP/RLSP
  • RRIF/LIF/RLIF (Income Master)
  • Non-registered
  • TFSA
  • RRSP/Spousal RRSP
  • RRIF/Spousal RRIF
  • Non-registered
  • TFSA
  • RRSP/Spousal RRSP
  • RRIF/Spousal RRIF

Investment options
  • Daily interest investment
  • 90 days
  • Term: 1-10 years
  • Auto ladder
  • Longer terms available for RRIF, LIF/RLIF
  • Daily interest investment
  • Term: 30-364 days
  • Term: 1-5 years
  • Longer terms available for RRIF
  • Daily interest investment
  • Term: 30-364 days
  • Term: 1-5 years
  • Longer terms available for RRIF

Withdrawals
  • Market value adjustment (MVA) may apply if cashed before maturity.
  • Daily interest investment can be withdrawn at any time without an MVA.
  • No MVA is applied to RRIF income payments. (they are not considered withdrawals)
  • Term investments may only be withdrawn at maturity.
  • Daily interest investment can be withdrawn at any time without a market value adjustment (MVA).
  • No MVA is applied to RRIF income payments. (they are not considered withdrawals)
  • Market value adjustment (MVA) may apply if cashed before maturity
  • Daily interest investment can be withdrawn at any time without an MVA.
  • No MVA is applied to RRIF income payments. (they are not considered withdrawals)

Beneficiary designation
  • Available for all account types.
  • RRSP/RRIF/TFSA - available in all jurisdictions except Quebec
  • Non-registered - not available
  • RRSP/RRIF/TFSA - available in all jurisdictions except Quebec
  • Non-registered - not available

Legacy Settlement Option

Available

  • Term certain or,
  • Single Life annuity

 

 Not available Not available

Potential deposit protection

Potential creditor protection
  • Yes - if you have assigned a preferred beneficiary (family or irrevocable).
  • Provincial insurance legislation contains special rules regarding claims by creditors when it comes to life insurance policies and annuity contracts. For specific advice about this, please consult a lawyer.
  • Yes - there may be creditor protection for RRSP/RRIF in bankruptcy situations and under some provincial legislation for other creditor situations, non-registered GICs do not have specific protection against creditors.
  • Yes - there may be creditor protection for RRSP/RRIF in bankruptcy situations and under some provincial legislation for other creditor situations, non-registered GICs do not have specific protection against creditors.

Interest rates
  • Generally lower than Sun GIC Max ***
  • Generally higher than SLF Trust GIC***
  • Generally lower than Sun GIC Max ***

* Insurance GIC is an accumulation annuity issued by Sun Life Assurance Company of Canada.
** Principal protection may be provided by CDIC/Assuris up to CDIC/Assuris deposit coverage limits. 
*** Interest rates vary depending on the length of the investment term selected and the rates available in the market at the time of purchase.