Sun Life Life Insurance Reviews

I am 32 years old and recently this year decided I needed to start thinking about putting money away. I met a Sun Life advisor at the women’s show set up at the Sun Life booth and got in contact. First of all the lady spoke with me and then called me back maybe an hour later saying "I’m sorry I forgot to put you in the schedule. What time was our appointment and day again?" ( OK BIG RED FLAG I clearly looked past too on my part. But I figured it’s Sun Life they are extremely reputable no biggie. We all have those days). The next step was a zoom interview, she spent a whole hour or so with me going through a long questionnaire about my best fit, my income my debts expenses, ect... to decide what policy was best based on my income and lifestyle. So she set me up with equitable life, I told her that based on my income I could afford a max of $50 off my pay by end of the month. Then I said to her ok let’s do $40 with inflation and everything I don’t wanna take a chance.

So she says she will change it to $40 a month and I think all is good. First paycheque and I see $50 taken off. So I send her this message :

"Hello and good afternoon Suzette,
I Just wanted to inform I saw $50 was taken off my bi-weekly paycheque when I had requested the change to $20 bi-weekly or 40 monthly? Can you please explain why I saw the $50.00 off this biweekly paycheque deduction? After requesting the change with you. Also if this was expected and changing the amount to $40 was not something that would be reflected in time... as far as I can remember correctly, I was not made aware this would happen. If I mention financially I am worried about struggles and ask for $20 off each bi-weekly cheque this is more detrimental to me. Please explain why I am seeing this, much appreciated.

Have a good day,
Sara E."

And she responds with …..

"Hi, Sara,
Good morning, I apologize for the confusion as per Equitable Life the minimum deposit is $50 per month. Unfortunately, $40 does not meet the requirements for the funds. You can send me a letter requesting to cancel the policy and issue a refund based on the market value back to your bank account. Please include your policy# 600750186"

SO SHE TAKES MY MONEY AND LETS IT ALL GO THROUGH THE PROCESS AND NEVER ONCE TOLD ME THERE WAS A $50 minimum and she could not accept $40 and we should find another plan? She just lets it process and goes ahead and tells me afterward? After she maybe got a piece of it I’m sure. If there’s a minimum and you’re aware of this you say something not wait until the money is taken from me first. I was so upset.

Then she says …

“Apart from being a savings account, the account is also an investment account the money deposited is used the buy investment funds. I recommend opening a savings account with your bank as these types of accounts will require a minimum $50 deposit. I will need a letter of direction to cancel the account and send it asap before the next withdrawal date.
Suzette C"

Ok, so this lady told me this is a segregated RRSP you put your money in it builds interest… There’s no real risk of losing, ect... making it out to be pretty average savings, not stocks or anything like that.

I had to do a stop payment with my bank and I will NEVER EVER EVER RECCOMEND. Such a lack of transparency, greedy little advisors working there getting their piece of the pie! Disgusting!!

I was literally better off keeping my money under the mattress as my immigrant ancestors did now I get it.

Would never deal with Sun Life - a crooked company. I had a broker for many years and stole thousands of dollars from my premium policy and yet he only got a slap on the hand for stealing. Still working as a financial advisor!