Sun Life Financial
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Chartered in Canada in 1865, Sun Life Financial is headquartered in Toronto Canada. Sun Life was founded in Montreal, Quebec as The Sun Insurance Company of Montreal, by Mathew Hamilton Gault, in 1865. By the end of the nineteenth century it had expanded throughout North America and international markets.
In 1982 Sun Life acquired Massachusetts Financial Services, a Boston-based investment management and mutual fund company. It entered the mutual fund business in Canada by forming Spectrum Mutual Fund Services in 1987 and in 1997, acquired McLean Budden, a Canadian investment management firm. In 1995, Sun Life entered the Indonesia market through local company PT Asuransi Modern Sun Life, now called PT Sun Life Financial Indonesia and opened a Representative Office in Beijing in preparation to enter China. A year later, Sun Life opened a services centre in Waterford, Ireland. In 1999, Sun Life returned to India and China when it established two joint ventures – Birla Sun Life in India with local partner Aditya Birla Group, and Sun Life Everbright in China with partner China Everbright Limited.
The Sun Life Financial group of companies operates under the “Sun Life Financial” name. In the United States and elsewhere, insurance products are offered by members of the Sun Life Financial group that are insurance companies. Sun Life Financial Inc., the holding company for the Sun Life Financial group of companies, is a public company. Mutual funds are offered through MFS Investment Management, a member of the Sun Life Financial group of companies.
Sun Life Financial is ranked as the fourth-largest insurance company in North America. The Sun Life Financial group of companies had assets under management of $297 billion as of March 31, 2009.
Disability Attorneys Dell & Schaefer have provided and offer the following legal services for disability claimants that have a long-term disability insurance policy or disability income policy purchased from Sun Life:
- Application for long-term disability benefits with Sun Life
- Application for short-term disability benefits with Sun Life
- Monthly claim handling of Sun Life long-term disability insurance claims
- Appeal of a Sun Life denial of long-term disability benefits
- ERISA appeal of a Sun Life denial of long-term disability benefits
- Lawsuit against Sun Life for denial of long-term disability benefits
- Lump-sum buyout of a Sun Life long-term disability insurance policy
- Department of Insurance complaints against Sun Life for wrongful delay and denial of long-term disability benefits
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- Arkansas disability attorney filed lawsuit against Sun Life and Health Insurance Company on behalf of disabled Buford Media Group, LLC’s Office Manager for denial of disability benefits
- Sun Life Insurance Company is sued for disability benefits in two separate cases for arbitrary and capricious denial of disability claims
- Sunlife denies disability benefits to Wise Foods employee disabled by cancer and shoulder surgeries
- Sun Life denies disability insurance benefits to Alabama man with heart problems
- SunLife & Aetna Life Insurance Company sued for denial of disability benefits
- Sun Life Assurance Company of Canada sued by gunshot victim for failure to pay long term disability benefits
- Sun Life deducts veteran disability benefits from claimant’s monthly long term disability check
- Sun Life Insurance Co. wrongfully denies disability insurance benefits following disability claimant’s failure to respond timely
- The evolution of denying fibromyalgia and chronic fatigue syndrome claims in group long term disability policies
- Sun Life disability insurance benefit denial is reversed after 8 years
- Federal judge orders Sun Life to re-evaluate long-term disability benefit denial
I found your understanding of the insurance industry wanting. Many LTD plans carry a rehabilitation or partial disability clause, which allows the insurer to assist the injured employee to re-train for work that is more suitable to the person’s new reality. With partial disability, the employee might be expected to return to their job on a reduced basis or to be integrated back into the place of employment into a lesser paying, perhaps less demanding job. Note: under the partial disability clause, the LTD benefit would top-up to the benefit amount as entitled to under the benefit schedule for the duration of disability as defined by he benefit period. The idea of “return to work” is not intended to establish a mandate to deny claims. Disability insurance is put in place to transfer the financial risk, the cost associated with time required before “returning to work”, it is intended to help with this process. Disability Insurance has minimal underwriting and is economical, and will remain so, as long as it is not taken advantage of. The disability exclusions and limitations in the contract must always be considered.
The difficulty I am having is with your total disregard for the purpose of LTD and aiding the employee to return to work. I agree if you are suggesting to be couscous when implementing a group disability plan, know the master contract and make sure the employees understand the certificate of insurance and/or employee benefits booklet. This is usually the responsibility of the group insurance advisor, and if not the advisor has failed in their fiduciary duty.
It is noteworthy to mention that if the beneficiary is deemed permanently disabled and there is little opportunity to return to work, the insurer will likely pay a lump sum roughly equal to the present value of all benefits paid, however the contract must be considered.
In the future I would suggest you make a point of focusing more on the agent/advisor rather than the company they represent.
Your Friendly Neighborhood Advisor.
Scott, thank you for your comments. I agree that many group disability plans have a rehabilitation clause, however I rarely see a situation where a person can be retrained an make a salary that is close to what they earned pre-disability. The disability companies are usually reluctant to pay for a person to return to school in order to receive a higher education. In the thousands of cases we have handled, I have never seen a disability carrier offer to pay for anything more than a 12-16 week retraining program. I am not sure about your experience with disability companies, but when most disability companies deny a claim, they say that the claimant can return to their pre-disability occupation. There are only a few group disability carriers that will offer a lump-sum buyout of a claim. You have asked us to “focus more on the agent/advisor rather than the company they represent”; however I am not sure this has any relevancy unless you are referring to an individual disability policy. With group disability policies, an employee has no choice in the type of disability coverage that their employer offers, therefore the agent/advisor relationship is moot.
How do I find out the statute of limitations on my LTD claim? I have been denied several times and appealed several times. Sunlife is the insurance company.
Charlene,
The statute of limitations are different in every state. Also some disability policies will provide a time frame in which a lawsuit must be filed. Determining the exact date in which a statute of limitation will expire can be challenging. Failure to file a lawsuit before expiration of the statute of limitation will bar a lawsuit.
Recently, Sun Life offered me a buyout. They would give a lump sum payment for the first 2 years of disability in exchange for me dropping the additional 2 years of any other occupation. They are hopping I need short term money so bad, I would forfeit 2 years of payment for any other occupation. This is robbery of the poor.
Brian,
You are absolutely correct. The recent Sun Life Buyout Offers are unreasonable and you must be cautious. We are getting a lot of calls about these ridiculous offers. Check out our recent video discussing the Sun Life buyout offers (YouTube).
I was denied LTD from Sun Life after being on LTD for 10 months. I am currently recieving SSDI benefits. The clause in my policy was that I couldn’t do work at the level I was working at, I would receive benefits and not have to retrain. So being eligible for SSDI, I don’t see how Sun Life can deny continued benefits.