By Farhana Uddin
Do you need immediate life insurance coverage? Have you considered applying for temporary insurance? Here’s how it works.
In times of uncertainty, financial security is essential. Life insurance can help.
Life insurance can help protect your family, loved ones, or business financially, such as term or permanent life insurance. When you die, the death benefit* paid to your family or your beneficiaries can help them cover:
rent or mortgage payments
childcare costs
debts or loans
any other expenses
(* The death benefit is the amount paid to your beneficiaries when you die.)
You already know how life insurance can protect you and your loved ones. But the idea of embarking on the lengthy process of applying for insurance worries you. Processing an insurance claim can take up to three months (or 90 days).
But no need to worry about the waiting period. All you have to do is apply for temporary insurance protection. Here’s how it works.
What is temporary insurance?
Term insurance gives you instant protection while your life insurance application is processed. This means you can apply for term protection while you use for life insurance such as term life insurance.
With temporary insurance protection:
You are covered once you submit your life insurance application and payment information.
You remain covered until your application is accepted or denied.
Please note that temporary insurance lasts up to 90 days after submitting your life insurance application.
Is temporary insurance available with all life insurance products?
No. Instant temporary protection is not always available. It depends on the insurance company. For example, at Sun Life, you can obtain temporary shelter while we analyze and process applications for these products:
Sun Life Go Term Life Insurance
Sun Life Go Simplified Term Life Insurance
These term life insurance products offer coverage for a fixed period (10 or 20 years, for example). You can request an online quote for these two products. Sun Life Go Term Life coverage can be up to $1 million. Sun Life Go Simplified Term Life coverage is up to $100,000.
Is term life insurance right for you?
What happens if you die while your application is being processed?
You asked for term coverage when you applied for term life insurance. In this case, if you died while your claim was under review, your beneficiaries would still receive the death benefit.
How much will your beneficiaries get? The amount will be equivalent to the requested life insurance cover*.
(* This depends on the conditions, limits, conditions and exclusions stated in the insurance application.)
How long does term life insurance last?
The duration of temporary insurance varies according to the rules of different insurance companies. At Sun Life, temporary coverage ends when any of these situations occur:
Your application is approved, and your contract comes into effect.
Your request is denied.
It has been 30 days since we asked you for additional information, and we have not received your response.
Three months (or 90 days) have passed since you applied for insurance.
You have asked us in writing to cancel your request.
You refused our offer.
We have already paid the death benefit.*
(*For details, see specific terms and conditions of coverage.)
Do you need temporary insurance?
By applying for certain types of life insurance, such as term life insurance, you may receive temporary coverage. If you need instant protection, temporary insurance can be helpful while your insurance application is being processed.
