Term life insurance

Flexible, temporary protection with options for your future

What is term life insurance?

Term life insurance provides temporary protection for temporary needs. It also has some flexibility, so you can adjust your insurance as your needs change.

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It provides several guarantees.

You can choose between:

  • Term life insurance - provides coverage for one person
  • Joint term life insurance - one policy that covers 2 people who share a joint risk (e.g. a mortgage)

Who is it for?

Term life insurance is a popular choice for:

  • individuals focused on affordability and flexibility,
  • small business owners facing debts or significant start-up costs,
  • business owners with complex needs like key person protection or buy/sell agreements, and
  • people with mortgages or other temporary debt.

We offer 5 term life insurance options:

  SunSpectrum Basic Life SunSpectrum Term SunSpectrum Joint Term SunTerm FutureInsure Term Life Express
Guaranteed premiums Your premiums are guaranteed for 25 years or to age 65, whichever comes first. Your premiums automatically renew (at guaranteed rates) at the end of your term. Your premiums automatically renew (at guaranteed rates) at the end of your term. Your premiums automatically renew (at guaranteed rates) at the end of your term. Your premiums may change annually but only on the policy anniversary. If the premium does change, we'll give you 30 days written notice before the change is made.
Guaranteed conversion
to permanent insurance at any time regardless of your health, occupation or lifestyle
Until the policy anniversary following the insured person's 65th birthday(the older person's 65th birthday for joint plans). Until the policy anniversary following the insured person's 70th birthday. Until the policy anniversary following the insured person's 65th birthday. Until the policy anniversary nearest the insured person's 70th birthday. A conversion option is not available.
Guaranteed death benefit Death benefit is guaranteed not to change for the term you choose. Death benefit is guaranteed not to change for the term you choose. Death benefit is guaranteed not to change for the term you choose. Death benefit is guaranteed not to change for the term you choose. The death benefit is guaranteed not to change until the policy anniversary following the insured's 66th birthday. At that time, the death benefit decreases by 50% of the policy's current face amount.
Renewable Policy is not renewable. Policy is renewable until the policy anniversary date following the insured person's 80th birthday. Policy is renewable until the policy anniversary date following the insured person's 75th birthday. Policy is renewable until the policy anniversary date nearest the insured person's 80th birthday. The policy is renewable until the policy anniversary following the insured person's 70th birthday.
Minimum amount $50,000
  • Age 0-17 $50,000
  • Age 18-79 $100,000
    or $20 monthly

*At older ages, the minimum insurance amount may be lowered if the monthly premium is at least $20.

Age 21-65 $50,000 $250,000 $50,000 with a minimum monthly premium of $5.00
Maximum amount $500,000 $250,000 $250,000 $10,000,000 $500,000
Terms available 25 year coverage for ages
18-40 and coverage to age 65 for ages 41-50
1, 5, 10, 15, 20 year renewal terms are available, depending on your age 10, 15, 20 year renewal terms are available, depending on your age 5, 10, 20 year renewal terms are available, depending on your age A 1 year renewable term is available.
Includes
  • Living benefit
  • Survivor & Automatic Survivor benefits (for joint plans only)
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  • Living benefit
  • Premium fund
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  • Living benefit
  • Survivor & Automatic Survivor benefits
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  • Living benefit

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Plus, for joint plans:

  • Survivor & Automatic Survivor benefits
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No additional benefits are offered.
Options you can choose

Disability Waiver benefit (single plans only)

Basic Critical Illness Insurance

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  • Child Term Insurance benefit
  • Disability Waiver benefit
  • Guaranteed Insurability benefit
  • Accidental death benefit
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  • Child Term Insurance benefit
  • Disability Waiver benefit
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  • Total disability benefit
  • Accidental death benefit

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 Plus, for single plans:

  • Child Term Insurance benefit
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No additional options are offered.
More information Sample policies Sample policies Sample policies Sample policy - Single life
Sample policy - Joint life
  • best suited as a basic, lower cost option for small, simple coverage amounts
  • simple and convenient online application process with 7 health questions and no medical exam required
  • online instant approval
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