Financial security

Empowering people to achieve lifetime financial security

We know how important financial security is to our Clients, prospective Clients and their families. We believe there are opportunities to do much more to help Clients and members around the world achieve better financial outcomes.

Our approach

A key pillar of our sustainability plan is to expand and create new opportunities to increase financial security. We’re focused on three areas: providing innovative financial and insurance products and services; empowering and educating people; and increasing access to and use of protection and wealth products. We aim to help build long-term wealth and close insurance coverage gaps.

We offer a broad range of wealth and insurance solutions. Directly in line with our Purpose, they help our Clients and employees increase their lifetime financial security: 

  • Insurance – including life, health, supplemental health, disability, dental and vision insurance products. These products give people a financial safety net, allowing them to protect themselves and their families in moments that matter. We also offer medical stop-loss insurance, which provides self-funded employers protection for high-cost health claims. 
  • Investments – including individual and workplace savings, investment, pension, retirement income, market-based payout and annuity options. These options enable Clients to build savings toward their financial goals, including to and through retirement. 
  • Financial advice – including financial planning and retirement planning services. We have experts with deep understanding of the products and solutions available to help Clients achieve their long-term goals.

We recognize that the financial landscape is complex. Many people may benefit from additional support or resources to help them navigate their financial choices. We’re using new and integrated technologies and nudging strategies to make financial decisions easier for people. These approaches help motivate them to take actions to increase their financial security. For example: 

  • In Canada, the Sun Life One Plan digital tool offers Clients personalized financial assessments and roadmaps, which adapt to their life stages and is accessible online or working with a Sun Life advisor. 
  • In the U.S., our interactive platform, Benefits Explorer, is designed to provide employees with personalized, live educational content and customized tools to help them make well-informed benefits decisions.
  • In Hong Kong, we engaged an independent service partner to roll out the “MPF Navigator” online tool which includes a smart retirement calculator to help our MPF members make reference to build and track their personalized retirement goals. 

Across all of our markets, we see opportunities to reach and engage more people by creating relevant offerings and removing barriers to access. We are working to make insurance and wealth products available, accessible and affordable to more people–of different cultures, communities, income levels, generations and genders–to help them achieve their financial security goals.

For example, we offer affordable insurance products in Asia to help people in the mass market (including lower-income segments) meet risk protection needs at an accessible price point. Our partnerships with local distributors help consumers access affordable insurance products. We also have products that address the unique needs of communities, including Takaful and Shariah compliant offerings. 

In North America, we’re taking action to close the insurance coverage gap. For example, our Sun Life Term Insurance for Diabetes solution helps Canadians with diabetes get access to affordable life insurance, among other benefits. In the U.S. we've expanded our critical illness coverage to include family planning care, behavioral health, and a broader range of health conditions and diseases. 

Our experience shows that with greater knowledge and confidence, people can make better financial decisions. Across our regions, we’re increasing our financial education campaigns for Clients and community members.  

  • Advisors offer education on the importance of insurance, savings and investments through working one-on-one with Clients. Advisors also help Clients build financial roadmaps to meet their short- and long-term goals. 
  • Our websites are continually updated with easy-to-understand financial information, tools and calculators.  
  • Interactive platforms are designed to provide Clients and plan members with personalized, live educational content and customized tools to help them make well-informed benefits decisions.
  • Social media lets us reach more people to help them understand the importance of financial security.  

We also advocate to improve financial security in society. Our activities include contributing to public policy discussions, participating in industry forums, and sharing research and insights.

Jessica Tan

President, Sun Life Canada

“Sun Life is there along every step of our Clients’ financial journeys–from building their wealth right through retirement. We’re there in the moments that matter with access to innovative solutions and trusted advice.”

Goal

Reach more Clients through our solutions that target the needs of an underserved group¹

In progress - 29.6 million Clients reached through standalone solutions in 2024

2024 highlights

  • Empowered people across our markets to pursue their financial goals through a range of financial literacy initiatives
  • Helped Clients in Canada create nearly 244,700 financial roadmaps and assessments using the Sun Life One Plan digital tool
  • Covered 2.2 million lives through affordable insurance policies issued in Asia2

Learn more about our progress and performance in our 2024 Sustainability Report and Sustainability Performance Tables.

Our stories of impact

Empowering Filipino educators to achieve greater financial security

A collaboration between the Sun Life Foundation and AHA! Behavioral Design aims to help educators better manage their daily spending habits and overcome debt.

Recognition

Sun Life Indonesia received the Best Corporate Social and Environmental Responsibility Award in the life insurance category at the Indonesia CSR Awards 2024. The award recognizes the company's positive contributions to society, the environment and the economy.

Sun Life Malaysia received awards for Education Insurance Initiative of the Year and ESG Initiative of the Year at the 2024 Insurance Asia Awards. We were recognized for our commitment to boosting financial, insurance and Takaful literacy in Malaysia and our care of the community's health, especially in championing diabetes prevention.

More resources

1 A group of people that have been historically excluded from or deprioritized in the financial industry, including underinsured or uninsured populations. Underserved groups will differ across countries but generally include low-income individuals, the emerging middle-class in developing economies, people with chronic health issues and disabilities, women, LGBTQ+ individuals, underrepresented ethnicities, religious groups, immigrants, and those living in rural communities..

2 Affordable insurance products help people in the mass market (including lower-income segments) meet risk protection needs at an accessible price point. The criteria for a product to be considered affordable insurance varies by country and is based on factors such as: insurance premium amount relative to average income, coverage period, underwriting requirements and/or government regulation. Includes Asia Joint Venture (Malaysia) and ASEAN Markets (Philippines and Vietnam) only.

Refer to Sustainability Data Scope.