Current holders of eligible Universal Plus and Flexiplus universal life policies, insurance that pairs a death benefit with an investment account, receive payment automatically by mailed cheque. Former holders and estate representatives must file an application with the court-appointed claims administrator.
The Ontario Superior Court of Justice approved the $213.5-million national settlement on September 8, 2026, with an effective date of October 8, 2026, according to an official update from Kim Spencer McPhee Barristers P.C. official class-action update. The case covers Universal Plus, Flexiplus and OptiMet policies sold by Metropolitan Life agents in Canada from 1987-1998 and later administered by Sun Life after its Clarica acquisition.
Official resource:
- Read the official notice from Sunlifeclassaction — Use this primary source to verify the official announcement.
Table of Contents
- Which policies qualify for cash?
- Do current holders need to file?
- How do former holders and estates claim?
- When must you act?
Which policies qualify for cash?
Only Universal Plus and Flexiplus owners may receive cash. That group includes current owners, former owners, successor owners and estates.
OptiMet class members receive no cash benefits under the settlement, according to the official settlement approval-hearing notice official settlement notice. About 70,000 current and former policyholders are eligible for benefits from the Sun Life-administered policies, according to Investment Executive Investment Executive report on court approval. Use this check before acting:.
- Universal Plus holder now or in the past — cash-eligible
- Flexiplus holder now or in the past, including successor or estate — cash-eligible
- OptiMet holder only — no cash benefit
Do current holders need to file?
No filing is needed for current eligible Flexiplus and Universal Plus holders. Payment arrives automatically by mailed cheque. Undelivered or uncashed cheques go into the policy accumulation fund, according to Money.ca reporting on the court-approved distribution terms Money.ca report on distribution terms.
Keep your mailing address current with Sun Life. Watch incoming mail for a settlement cheque. Deposit the cheque promptly so it does not lapse into the accumulation fund.
How do former holders and estates claim?
Former policyholders and estate representatives must affirmatively apply to the court-appointed claims administrator. This is the only path to cash for lapsed, surrendered, transferred or inherited policies. Any funds left unclaimed revert to Sun Life.
Identify whether you held Universal Plus or Flexiplus during the covered period. Estate representatives should confirm successor or estate status for the same policy types. Wait for the administrator's claims instructions, then submit the requested application before the deadline.
When must you act?
The claims deadline will be at least 12 months after the claims period opens. Class members who do not oppose the deal need take no action until claims instructions issue.
The $213.5 million covers administration expenses plus requested counsel fees and disbursements. It also provides future relief through Flexiplus cost-of-insurance and fee freezes and a Universal Plus cost cap.