Due to the current Canada Post labour dispute, please expect delays in mail delivery. Service to Sun Life Global Investments’ advisors and Clients remains our top priority.
Our Client Services team might experience longer than usual wait times.
Due to the current Canada Post labour dispute, please expect delays in mail delivery. Service to Sun Life Global Investments’ advisors and Clients remains our top priority.
Our Client Services team might experience longer than usual wait times.
The Government of Newfoundland and Labrador requires that advisors deliver a consumer protection document titled: Principles for the Sale of Insurance: A Consumer Protection Document to all provincial consumers for any type of insurance product sold in Newfoundland and Labrador. Advisors must provide Clients the information about their insurance-based purchase as outlined in the document.
Compliance is expected and will be monitored by the Government of Newfoundland and Labrador through consumer inquiries and a complaint-based system.
What does this mean for you?
The obligation is to provide a copy of the document to the Client at every new purchase (at point of sale or policy/contract delivery). Advisors are responsible for providing an unaltered copy of the Principles for the Sale of Insurance: A Consumer Protection Document to Clients purchasing insurance GICs (accumulation annuities), payout annuities and segregated fund contracts. Advisors do not need to deliver this document at renewal or cancellation at this time.
The Principles for the Sale of Insurance: A Consumer Protection Document outlines expectations respecting the need for disclosure on a variety of items, one of which is compensation arrangements. The document expressly clarifies that a Client has the right to know the amount of commission that was paid for a transaction. Clients may have general questions about compensation that you routinely encounter as part of your sales discussion. You can address these questions as you normally would. If, however, specific or detailed compensation amounts on an insurance product sale are requested by the Client, please email REMUN, and we'll generate a letter to the Client with this information. For segregated fund contracts, please contact your dealer.
Complementing our Sun Life disclosure practices
This document will complement the industry disclosure guidelines that you already provide Clients prior to the sales transaction.
Principles for the Sale of Insurance: A Consumer Protection Document
Note:
If you have questions about this document or about how or when to deliver this document, contact: Qualbus
Script for introducing the Principles for the Sale of Insurance - A Consumer Protection Document
Here’s an example of what you might say to a Client to explain what the document is if they need to receive a copy:
"The Government of Newfoundland and Labrador has asked all insurance companies, brokers or advisors to provide Clients with a new consumer protection document. I brought a copy for you.
For all insurance, be it automobile, homeowners, commercial, marine, life or other types of insurance, this document must be provided so that you can make informed decisions about your insurance product.
Many of the points described in this document relate more directly to property and casualty insurance, rather than the product you recently purchased from Sun Life. It's my job to ensure you receive all the information you need to make appropriate decisions about [type of product] that best meets your needs.
If you have any questions specific to the document, you can contact the Government of Newfoundland and Labrador at the phone number provided at the bottom of the document. If you have questions specific to the product you purchased, you can speak with me."
SLGI Asset Management Inc. is the investment manager of the Sun Life family of mutual funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund’s prospectus. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Sun Life Assurance Company of Canada is the issuer of accumulation annuities (insurance GICs), payout annuities and individual variable annuity contracts (segregated fund contracts). Any amount that is allocated to a segregated fund is invested at the risk of the contract owner and may increase or decrease in value. Sun Life Financial Trust Inc. is the issuer of guaranteed investment certificates.
Sun Life Global Investments is a trade name of SLGI Asset Management Inc., Sun Life Assurance Company of Canada and Sun Life Financial Trust Inc. all of which are members of the Sun Life group of companies.