Typically, you’ll need to pay your monthly premium until you pass away.
For this reason, it’s important to choose a monthly amount that suits your budget now, as well as your budget in the future (for example, after you retire).
Any missed payments could invalidate your policy.
Premium cap option
Alternatively, you could choose to customise your SunLife over 50 plan with their premium cap option called ‘PayStop’.
PayStop can be added on to your plan for a slightly higher premium and provides you with a fixed end date for your payments.
You’ll still be covered for the rest of your life but your monthly payments will stop when you reach a certain age.
The table below shows a comparison of standard premium prices and PayStop premium prices for the SunLife over 50 plan. Based on a 60 year old non-smoker: