SunTerm life insurance (Joint first-to-die)

SunTerm life insurance (Joint first-to-die) Policy number: LI-1234,567-8 Owner: John Doe Mary Doe The following policy wording is provided solely for your convenience and reference. It is incomplete and reflects only some of the general provisions that may be found in some of our insurance policies. We periodically make changes to policy wording and therefore this incomplete sample may not duplicate the wording of any actual issued policy. It is not to be construed or interpreted in any manner as a contract or an offer to contract. The actual policy issued to any given client will govern that relationship. 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 1

Table of contents Policy particulars... 3 If you change your mind within 10 days... 5 Contesting the policy... 5 Principal insurance death benefit for joint first-to-die coverage... 6 Paying for your policy... 7 Your right to convert a joint first-to-die coverage... 7 Applying for changes to your policy... 9 Your right to cancel this policy... 9 When your policy ends... 10 Other information about your policy... 10 Insurance terms... 10 Additional benefits Survivor benefit for joint first-to-die coverage... 12 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 2

Policy particulars In this document, you and your mean the owner of this policy. We, us, our, and the company mean Sun Life Assurance Company of Canada. Your policy is issued and underwritten by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies. It s important that you read your entire policy carefully. It sets out the benefits payable and has exclusions and limitations. To help you understand insurance terms, refer to the explanations described under the heading, Insurance terms. SunTerm life insurance Your policy number is: LI-1234,567-8 Your policy date is: June 24, 2013 The owner is: The insured persons are: John Doe Mary Doe John Doe born on May 5, 1975 Age nearest on the policy date: XX Mary Doe born on March 19, 1976 Age nearest on the policy date: XX The beneficiary is: The beneficiary for each insurance coverage in this policy is named on your application, unless you make a change in writing to us. The premium payable is the amount for all insurance coverages and optional benefits included in this policy, plus a policy fee. Your total initial annual premium is $XXX.XX. Your annual policy fee is $25.00. Premiums are due monthly, on the 24 th day of the month, starting on June 24, 2013. A schedule of guaranteed premiums is included for each SunTerm insurance coverage in this policy. This is not a participating policy. You are not eligible to receive dividends on this policy. 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 3

Policy particulars (continued) SunTerm10 Principal insurance death benefit: Date this coverage ends: Last date to convert this coverage: $XXX,XXX on John Doe and Mary Doe The death benefit is payable when one of the insured persons dies. A Survivor benefit may be available as described later in this policy. This joint first-to-die coverage automatically renews every 10 years on the date the coverage is issued. June 24, XXXX June 24, XXXX Schedule of guaranteed premiums (1) Principal insurance Annual Monthly Beginning on (1) Premium ($) Premium ($) 24 June XXXX XXX.XX XXX.XX XXX.XX 24 June XXXX XXX.XX XXX.XX XXX.XX 24 June XXXX XXX.XX XXX.XX XXX.XX 24 June XXXX this coverage ends 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 4

E12001A If you change your mind within 10 days You may send us a written request to cancel your policy within: 10 days of receiving it from us, or 60 days after the policy is issued, whichever date is earlier. You are considered to have received your policy 5 days after it s mailed from our office, or on the date your advisor delivers it to you. When we receive your written request we ll refund any amount paid. This is called rescission. Your decision to cancel your policy is your personal right. When we receive your request to cancel it, all of our obligations and liabilities under this policy end immediately. The cancellation is binding on you and any person entitled to make a claim under this policy, whether their entitlement is revocable or irrevocable. To cancel your policy, send your request in writing to: Sun Life Assurance Company of Canada 227 King Street South PO Box 1601, Stn. Waterloo Waterloo ON Canada N2J 4C5 E12003A Contesting the policy The incontestability provisions set out in the provincial or territorial insurance legislation applicable to this policy apply. Limit on contesting We cannot challenge the validity of the policy after it has been in effect continuously for two years from the later of the date it took effect and the date it was last reinstated. If the policy is amended to increase or change a benefit or improve a rating, we cannot challenge the validity of the amendment after it has been in effect continuously for two years from the later of the date the amendment took effect and the date the policy was last reinstated. Exception to the limit on contesting We can challenge the validity of the policy or an amendment at any time in cases of fraud or cases involving a disability benefit. 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 5

E00118C Principal insurance death benefit for joint first-to-die coverage The two insured persons and the amount of the principal insurance death benefit for the joint first-to-die coverage are shown under the heading, Policy particulars. If one of the insured persons with a joint first-to-die coverage dies while their coverage is in effect, the amount we pay to the beneficiary named for this coverage is determined as of the date the insured person died. The amount is: the principal insurance death benefit shown under the heading, Policy particulars minus any premiums that you owe us on the date that insured person dies. The joint first-to-die coverage ends on the date one of the insured persons for that coverage dies. How to make a claim for the death benefit To make a claim, first contact us at the toll free phone number shown at the beginning of this policy. We will then send you the appropriate form to be completed. The person making the claim must complete the form and give us the information we need to assess the claim, including proof that the insured person died while their coverage was in effect. There may be a fee from a physician to complete certain forms. The person making the claim is responsible for any fee for this information. Before we pay a death benefit, the insured persons date of birth must be verified. If the date of birth given on the application is incorrect, we ll adjust the principal insurance death benefit to reflect the premiums that you paid and the insured persons correct age. The joint first-to-die coverage ends on the date one of the insured persons for that coverage dies except as described later in this policy under the heading, Survivor benefit for joint first-to-die coverage. We will not pay more than one principal insurance death benefit for a joint first-to-die coverage. If more than one of the insured persons die in circumstances where it is uncertain which of them survived the other, we deem that the younger insured person survived the older insured person. When we will not pay the principal insurance death benefit (exclusions and limitations) We will not pay the principal insurance death benefit for this coverage, if one of the insured persons takes their own life, while sane or insane, within 2 years of the later of: the most recent date an application for the joint first-to-die coverage was signed the policy date shown under the heading, Policy particulars the effective date of this coverage, if you added it after the policy date, or the most recent date your policy was put back into effect, if the policy has been reinstated. Instead of paying the death benefit, we will refund all the premiums you paid for the joint first-to-die coverage. If your policy has been put back into effect, we ll refund the premiums you paid for the joint first-to-die coverage since the most recent date the policy was reinstated. If this policy is the result of a replacement of insurance If the death benefit is the result of a replacement of life insurance that was issued by us, we determine the amount payable for the part that is a replacement based on the effective date or dates of your previous insurance and any additional benefits. 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 6

E00613C Paying for your policy Premiums for this policy We will provide you with the benefits described in this policy if you pay the premiums shown in the Schedule of guaranteed premiums. You must pay all premiums by the due date. Payments must be made to Sun Life Assurance Company of Canada. We reserve the right to refuse cash payments. If premiums are not received Once your policy is in effect, you must pay at least the minimum payment for the insurance you have as shown under the heading, Policy particulars. If the amount you are required to pay is not paid within 31 days after it is due, your policy will end. If your policy ends this way, it has lapsed. Putting your policy back into effect If your policy ended because it lapsed, you may apply to have it put back into effect if the insured person is alive. This process is called reinstatement. If you want to put your policy back into effect, you must: apply within 2 years of the policy ending give us new evidence of insurability, for all of the insured persons, satisfactory to us, and pay the reinstatement charge set by us. If your application is not approved, we ll refund the amount you paid when you applied to put your policy back into effect. E00772E Your right to convert a joint first-to-die coverage You may apply to convert the Joint first-to-die coverage in this policy for another life insurance policy as described below without giving us new evidence of insurability. You must send us an application on or before the final conversion date for the joint coverage as shown under the heading, Policy particulars. Both insured persons for the Joint first-to-die coverage must be alive on the date you apply for new insurance. The insured persons on the new policy must be the same as the insured persons for the joint coverage in this policy, named under the heading, Policy particulars. You cannot convert while an insured person is disabled as described below under the heading, If this policy includes a Total disability benefit. Converting Joint first-to-die SunTerm10 to a term life insurance policy that renews every 20 years You may apply for one of the following: If this policy includes a Joint first-to-die SunTerm10 coverage, you may convert that coverage to: one policy that is an eligible 20 year renewable and convertible term Joint first-to-die life insurance policy, if available at the time you apply to convert, that insures all of the insured persons. The new policy will have a death benefit that is not greater than the death benefit for the coverage that is being converted on the date the new application is signed, or 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 7

separate eligible 20 year renewable and convertible term life insurance policies, if available at the time you apply to convert, on each of the insured persons. The total of the death benefit amounts on each of the new policies may not be greater than the death benefit for the joint coverage that is being converted on the date the new application is signed. Each new policy must have the same death benefit amount and must be applied for at the same time. You must apply before the earlier of: the 5 th policy anniversary nearest the date the Joint first-to-die SunTerm10 coverage was put into effect, and the policy anniversary nearest the oldest insured person s 55 th birthday. Converting to permanent life insurance You may convert a Joint first-to-die life coverage in this policy to a permanent life insurance policy or policies for the insured persons with that coverage. You may apply for one of the following: one policy that insures all the insured persons. The new policy will have a death benefit that is not greater than the death benefit for the coverage that is being converted on the date the new application is signed, or separate life insurance policies on each of the insured persons. The total of the death benefit amounts on each of the new policies may not be greater than the death benefit for the joint coverage that is being converted on the date the new application is signed. Each new policy must have the same death benefit amount and must be applied for at the same time. The new life insurance policy or policies We determine the type of life insurance policy you may convert to and the terms and conditions of that policy. Any new policy we offer to you will: be determined by the information about the insured persons in the application for the Joint first-to-die coverage, and depend on our rules about the ages of the insured persons and the amount of insurance. You may include any additional benefits in the new policy that are included on the insured in this policy if they are available on the new policy. The amount of each benefit cannot be greater than the amount of that same benefit in this policy. The terms and conditions of each benefit in the new policy will be the standard terms and conditions we re offering at the time you convert your coverage. Your application must be in a form acceptable to us and satisfy our administrative rules. If your application for conversion is approved, the Joint first-to-die coverage ends on the date the new policy takes effect. Paying for the new policy The premiums for the new policy will be based on: the same evidence of insurability we used to determine the premiums for the joint coverage in this policy the premium rates we charge for the new insurance at the time you apply for the new policy, and the ages of the insured persons when you apply for the new policy. The first payment for the new policy is due on the date it is issued. If this policy includes a Total disability benefit If either of the insured persons for the life insurance coverage being converted has a Total disability benefit, the new life insurance policy will also have a Total disability benefit or equivalent benefit on the same insured person. 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 8

If either insured person is totally disabled, and premiums are being waived under the Total disability benefit, you cannot convert the joint life insurance coverage while they are disabled. However, if one of the insured persons under the joint coverage continues to be totally disabled, you may convert that coverage to a permanent life insurance policy on the final conversion date shown under the heading, Policy particulars. The premiums on the new permanent life insurance policy for the insured person who is totally disabled will be waived while that insured person is disabled. E00820C Applying for changes to your policy You may apply for the following changes to your policy: add additional insurance coverage under this policy for an existing insured person, and add new insurance coverage and optional benefits under this policy on a new insured person. Your application must be in a form acceptable to us and satisfy our administrative rules. If your application is approved, the change will take effect on the next policy anniversary. We determine the type of additional coverage you may apply for and the terms and conditions of that coverage. The additional insurance we offer you will depend upon: the age of the person to be insured the amount of insurance, and our rules at the time you apply for the change. We require new evidence of insurability to determine the risk classification for the new insurance. If your application is approved, your policy will be changed accordingly. E00838B Your right to cancel this policy You may cancel your policy at any time. Your decision to cancel your policy is your personal right. The cancellation is binding on you and any person entitled to make a claim under this policy, whether their entitlement is revocable or irrevocable. All of our obligations and liabilities under this policy end immediately on the date we receive your request to cancel your policy or on any later date you indicate in your request. To cancel your policy, send your request in writing to: Sun Life Assurance Company of Canada 227 King St. S. PO Box 1601, Stn Waterloo Waterloo ON Canada N2J 4C5 If you apply to cancel your policy within the first 10 days of receiving it from us, we will treat this as a rescission. This is described under the heading, If you change your mind within 10 days. If you apply to cancel your policy after the 10 th day of receiving it from us, we ll refund any amount that was not required to pay premiums. 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 9

E00851A When your policy ends If your policy hasn t ended for any of the reasons already described, it will automatically end on the date no SunTerm coverages are in effect. The end date for each SunTerm coverage is shown under the heading, Policy particulars. There are no longer any benefits payable under this policy after the date your policy ends. E12059A Other information about your policy Information about our contract with you Once your policy is in effect, the following documents make up our entire contract with you: your application for insurance, including any evidence of insurability, and this policy, including any amendments. All of our obligations to you are contained in the documents described above. Any other document or oral statement does not form part of this contract. This policy or any part of this policy may not be amended or waived except by a written amendment signed by two authorized signing officers of the company. Time limit for recovery of insurance money Every action or proceeding against an insurer for the recovery of insurance money payable under the contract is absolutely barred unless commenced within the time set out in the Insurance Act or the provincial or territorial legislation that applies to this policy. Currency of this policy All amounts of money referred to in this policy are in Canadian dollars. Transferring your policy (assignment) You may be able to transfer your rights under this policy to someone else by assigning the policy. We are not responsible for ensuring that the assignment of your policy is legally valid. If you transfer this policy, send a notice of the assignment to: Sun Life Assurance Company of Canada 227 King St. S. PO Box 1601, Stn. Waterloo Waterloo ON Canada N2J 4C5 E00937C Insurance terms The following explanations describe insurance terms that may or may not apply to this policy. Age Age means a person s age on their birthday nearest to a particular date. This is known as age nearest. A person s age at the policy date means their age on their birthday nearest to that date. A person s age at any date after the policy date is their age on their birthday nearest to that date and is known as their attained age. Beneficiary The person or persons you name in writing to receive a death benefit. 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 10

Contingent owner The person or persons you name in writing to take ownership of this policy if you die before the date this policy ends. What happens if no contingent owner is named when a policy owner dies? If there is only one policy owner at the time of death, then the policy owner's estate becomes the new policy owner. If there are two or more policy owners at the time of death, then the deceased policy owner's estate along with the surviving policy owner(s) own the policy. Coverages A SunTerm policy consists of components, called coverages. Available coverages include: a single life principal insurance death benefit a joint first-to-die principal insurance death benefit, available on 2 insured persons. Evidence of insurability This may include medical, financial, lifestyle, tobacco usage, family medical history information and other personal history information needed to approve an application for life insurance. Issue date Each coverage in this policy has an issue date that identifies when the specific coverage begins. Optional benefits Optional benefits are additional types of insurance protection that you may apply to have in this policy. An example of an optional benefit is the Total disability benefit. Permanent insurance A type of insurance that provides protection for the entire lifetime of the insured person. Policy anniversary The month and day every year that is the same as your policy date. Policy date The policy date is the start date of your insurance policy. This date is shown under the heading, Policy particulars. Premium The amount you pay to purchase and maintain an insurance policy. Risk classification We use a risk classification system to evaluate evidence of insurability and classify insured persons based on anticipated insurance risk. Insurance premiums are determined by the risk classification. Term insurance A type of insurance that provides protection for a limited number of years. 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 11

E01750A Additional benefits E00587B Survivor benefit for joint first-to-die coverage Your right to buy life insurance if one of the insured persons with a joint coverage dies If one of the insured persons with a joint first-to-die coverage dies before the final conversion date for that coverage shown under the heading Policy particulars, you may buy life insurance on the surviving insured person, without giving us new evidence of insurability. You must apply for the new insurance within 31 days of the death of the first insured person to die. The surviving insured person must be alive on the date you apply for the new insurance. The new policy takes effect on the date you apply for a life insurance policy on the surviving insured person. Exclusions and limitations You will not have the right to buy life insurance under this benefit if the first insured person to die takes their own life, while sane or insane, within 2 years of the later of: the most recent date an application for the joint first-to-die coverage was signed the policy date shown under the heading, Policy particulars the most recent date your policy was put back into effect, if the policy has been reinstated. If you apply for life insurance under this benefit We determine the type of life insurance policy you may apply for and the terms and conditions of that policy. The new policy we offer to you will: be determined by the information about the surviving insured person in the application for this coverage depend on our rules about the age of the surviving insured person and the amount of insurance have a death benefit that is not greater than the death benefit for the joint first-to-die coverage in this policy, as determined on the date the first insured person dies. Your application must be in a form acceptable to us and satisfy our administrative rules. The joint first-to-die coverage ends on the date the new policy takes effect. If this policy includes a Total disability benefit on the surviving insured person, a disability benefit may only be included in the new policy if: you request a disability benefit when you apply for the new policy, and we offer a disability benefit on the new policy at the time you apply. If we are waiving premiums on this policy because the surviving insured person is disabled, then we will waive the premiums on the new policy while that insured person remains disabled. Paying for the new policy The premiums for the new policy will be based on: the same evidence of insurability we used to determine the premiums for the joint first-to-die coverage in this policy the premium rates we charge for the new insurance at the time you apply for the new policy, and the age of the surviving insured person when you apply for the new policy. The first payment for the new policy is due on the date the new policy is issued. 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 12

Automatic survivor benefit We pay the named beneficiary an additional amount equal to the principal insurance death benefit paid for the joint first-to-die coverage under this policy if: one of the insured persons dies before the final conversion date shown under the heading, Policy particulars the surviving insured person dies within 31 days of the death of the other insured person, and you did not apply for a life insurance policy on the surviving insured person as described earlier in this benefit under the heading, Your right to buy life insurance if one of the insured persons with a joint coverage dies. How we determine survivorship If more than one of the insured persons die in circumstances where it is uncertain which of them survived the other, we deem that the younger insured person survived the older insured person. When the automatic survivor benefit is not available (exclusions and limitations) No benefit will be paid under the automatic survivor benefit if the first insured person to die, or the surviving insured person takes their own life, while sane or insane, within 2 years of the later of: the most recent date an application for the joint first-to-die coverage was signed the policy date shown under the heading, Policy particulars the most recent date your policy was put back into effect, if the policy has been reinstated. Making a claim for the automatic survivor benefit To make a claim for the automatic survivor benefit, contact us at the toll free phone number shown at the beginning of this policy. We will then send you the appropriate form to be completed. The person making the claim must give us any information we need to assess the claim, including proof that the surviving insured person died while this benefit was in effect. There may be a fee from a physician to complete certain forms. The person making the claim is responsible for any fee for this information. When the Survivor benefit ends This benefit automatically ends on the earliest of: the final conversion date shown under the heading, Policy particulars 31 days after the death of the first insured person to die the date you apply for life insurance as described earlier in this benefit under the heading, Your right to buy life insurance if one of the insured persons with a joint coverage dies the date the surviving insured person dies the date the joint first-to-die coverage is no longer in effect, or the date this policy ends. 2013-06-24 SunTerm life insurance (Joint first-to-die) Page 13