Basic life insurance is included in the Core coverage offered by WSP. It provides your beneficiaries with an insurance amount in the event of your death. You can also obtain optional insurance for you, your spouse or your children. If you apply within 31 days of your eligibility date, proof of good health is not required up to a certain amount.
Designating your beneficiaries is important. During the enrolment process, you will need to complete an online form available on Sun Life's enrolment tool. If no beneficiary is designated, your estate will be designated by default.
Are you a Quebec resident? If so, be careful when filling out your beneficiary designation form! If you designate your spouse as a beneficiary and omit to check the “revocable” box, you won’t be able to change that designation in the future, unless your spouse signs a written consent form.