Increasing financial security

Helping people build financial security for a changing world

At Sun Life, we see first-hand the importance of developing financial security. We believe there are opportunities to do much more to help people achieve better financial outcomes.

Our approach

A key pillar of our sustainability plan is to expand and create new opportunities to boost financial security. We’re focused on three areas: providing innovative financial products and services; making it easier for people to take positive financial action; and increasing access to and use of protection and wealth products, helping to 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 and stop-loss insurance products. These products give people a financial safety net, allowing them to protect themselves and their families in moments that matter.
  • Investments – including individual and workplace savings, investment, pension, market based and annuity options. These options enable Clients to build savings toward their financial goals, including retirement.
  • Advice – including financial planning and retirement planning services.

We recognize the financial landscape is complex. Many people don’t have the time, interest or energy to navigate their financial choices. We’re using new technologies and nudging strategies to make financial decisions easier for people. These approaches help motivate them to take positive financial action. For example:

  • In Canada, our digital coach, Ella, calls out opportunities to save and prepare for the future.
  • In the U.S., we offer a digital benefits enrollment tool that presents insurance products in a way that helps plan members better understand why they need them. The tool also suggests the right mix of products for their personal situation.
  • In Hong Kong, our digital Retirement Journey Planner helps people build and track personalized retirement goals. 

In some countries where we operate, the life insurance sector is very underdeveloped1. Helping people access affordable insurance represents huge growth potential for any insurer bridging the significant coverage gap. We offer micro-insurance solutions and distribution channels to support underserved and low-income people. In Indonesia, for example, our partnership with Linkaja helps consumers access affordable life and health insurance products.

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.

  • Working one-on-one with Clients, advisors offer education on the importance of insurance, savings and investments. Advisors also help Clients build financial plans to meet their short- and long-term goals.
  • Our websites are continually updated with easy-to-understand financial information, tools and calculators.
  • Our mobile apps offer Clients a convenient way to manage their savings goals.
  • We use social media to reach more people and help them understand the importance of financial security. 

We engage in advocacy activities to highlight ways to improve financial resilience in society. Our activities include contributing to public policy discussions, participating in industry forums, and sharing research and insights.

Goal

  • Help Clients take positive financial actions to achieve their financial security. We are working towards setting a target.

2021 highlights

  • 1.4 million positive financial actions taken by Clients in Canada
  • Made it easier for Clients to access insurance coverage
  • Piloted a microinsurance app in the Philippines

Learn more about our progress and performance in our 2021 Sustainability Report and ESG Performance Tables.

Recognition

Sun Life Hong Kong received the Corporate Financial Education Leadership – Gold Award at the IFPHK Financial Education Leadership Awards 2021. This award recognizes companies that have made significant efforts in improving financial literacy in Hong Kong.

More resources

1 Bain. “Making the Most of Asia-Pacific’s Insurance Boom”. May 2019.