Sun Life Assurance Company of Canada (Sun Life) and Clarica Life Insurance Company (Clarica) were at one time two separate mutual companies, owned by their participating policyholders.

Each company changed from a participating company to a publicly traded stock company in a process called demutualization. This process complied with rules and regulations that outlined the ongoing rights of par policyholders.

In 2002, Sun Life and Clarica amalgamated and formed one insurance company, “Sun Life Assurance Company of Canada”.

The answers we are providing apply to the participating (par) policies issued by Sun Life, Clarica (formerly Mutual Life), and also the Canadian par policies, acquired by Clarica, several years ago, when it bought The Prudential Life Assurance Company of England (Canada) and the Metropolitan Life Insurance Company of Canada.