What payment options are available for death benefit proceeds?
When a life claim or an accelerated benefit on an insured employee is approved with proceeds of $10,000 or more, the beneficiary or employee has immediate access to funds through the Sun Financial Benefit Account (SFBA). This account is automatically opened through State Street Bank and Trust Company, Boston, MA, in the name of the beneficiary or the employee. When proceeds are less than $10,000 and/or payable to a beneficiary not receiving benefits in their own right (i.e., a guardian, trustee, executor), a check for the entire proceeds is issued by Sun Life Assurance Company of Canada.
