Life insurance

Financially protect your loved ones with the right insurance plan.

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​Lock in a 10% premium discount for life on critical illness insurance when you also buy eligible life insurance.

Offer ends December 31, 2026. Connect with an advisor. Terms and conditions apply.

What is life insurance?

Life insurance is a policy or contract between you and a life insurance company that can last for the rest of your life or for a specific time period. This contract guarantees that your beneficiaries will get a tax-free cash payment (also called the death benefit) when you die – this is provided you meet all the requirements in your policy.

Types of life insurance

Sun Life offers two main types of life insurance products: term and permanent.

Term life insurance

  • Temporary coverage that can last 10, 15, 20 or more years.
  • Initially a cheaper option, but your premiums typically rise upon policy renewal.
  • Some term plans let you convert to permanent life insurance.
Sun Life’s term life insurance products

Permanent life insurance

  • Coverage lasts throughout your lifetime and never expires. 
  • There are three types of permanent life insurance: whole life, participating, and universal life.
  • Some plans may also offer tax-preferred growth in your cash value and ways to increase the death benefit.
Sun Life’s permanent life insurance products

Benefits of life insurance

Financial protection for your loved ones

Your beneficiaries can use the death benefit in any way they want, including covering everyday living costs, paying off a mortgage, funding education, or handling final expenses.

Options beyond protection

Certain policies build cash value over time, which you can use to supplement your retirement income or support other long-term financial goals.

Reliable, long-term coverage

With certain life insurance policies, your premiums won’t increase and coverage can last for your entire lifetime.

How much does Sun Life payout in life insurance claims?

In 2025, Sun Life received more than 27,000 life insurance claims and approved over 99% of them, paying around $1.7 billion in benefits.

Get life insurance

You can get started in the way that works best for you:

Apply online now

Quick, simple, on your schedule

Get a quote and apply for coverage across a range of insurance options. Choose protection that fits your needs.

  • Apply online in minutes
  • Secure and convenient
  • Available 24/7
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Get guidance today

Advice on demand, right when you need it

Talk to a licensed Prospr by Sun Life advisor who can answer questions, help choose the right coverage and guide you as you apply for the right plan.

  • Timely answers from a team of advisors
  • Guidance to buy with confidence
  • Support to help you understand your options
Get in touch with us today

Partner with an advisor

Dedicated advice for the long run

Build a long-term connection with a Sun Life advisor who can help you choose the right coverage and adjust it as your life evolves.

  • Dedicated 1:1 advisor who knows you
  • Personalized plan for your goals
  • Support to navigate life changes
Find an advisor

Frequently asked questions

Here’s a quick step-by-step breakdown of how the life insurance process works:

  • You apply for how much coverage you want. Depending on what type of life insurance you’re applying for, you may have to go through the underwriting process. 
  • While your policy is active, you’ll have to pay premiums (monthly or annual fees). 
  • If you die while your policy is active, your beneficiaries will receive a death benefit, which is a lump-sum payout.
    The exact amount they’ll get depends on how much coverage you buy and the type of policy you select.

Learn more about how life insurance works in Canada or connect with a Sun Life advisor to get a quote and find out which life insurance product is right for you.

In Canada, the cost of life insurance varies from person to person. Your premiums depend on your age, health, and lifestyle habits (e.g. smoker, non-smoker, etc.) when you purchase life insurance.

For example, if you’re a healthy 30-year-old male, your premiums may be as little as $12/month for $100,000 of coverage – for a 10-year term life insurance policy with a non-smoker rate.

View Sun Life's term life insurance rates in Canada

View Sun Life's whole life insurance rates in Canada

It depends on your personal situation and financial needs. Sun Life's term life insurance products serve as a popular choice for short-term needs, offering affordable protection during certain life stages (e.g. paying off a mortgage, running a business, etc.). Permanent life insurance policies provide lifelong security and potential cash value growth. Connect with a Sun Life advisor to get a life insurance quote that matches your budget and financial goals.

Life insurance can be beneficial at any age. Generally, it’s cheaper to buy when you’re young and healthy.

You'll often pay less for life insurance with annual payments compared to monthly payments. However, many people find it easier to have monthly premiums factored into their budget.

Yes, some permanent life insurance policies come with a cash value – a tax-preferred savings portion – that allows you to borrow and withdraw funds. Keep in mind, borrowing or withdrawing funds from your cash value may reduce your policy’s death benefit. There also may be tax implications to borrowing or withdrawing from your cash value. Connect with an advisor for more detailed information.

Life insurance can help financially secure your loved ones in the event of your death. Your beneficiaries can use the money from your policy’s death benefit for any purpose, including helping to cover the cost of funeral expenses, any debts (e.g. mortgage), and income replacement to maintain their lifestyle.

It’s great if you have insurance coverage through your workplace plan, but keep in mind that you may lose that coverage if you ever leave your job. If you’re currently in the process of leaving your job, you may be eligible to replace your group life insurance with affordable coverage from our Sun Life Choices plan.

Keep in mind, it’s also important to have enough coverage to help meet all your loved ones’ financial needs. In such cases, it can help to top up your existing workplace coverage with your own personal insurance policy.

You can’t apply for most Sun Life insurance products if you’re age 85 or older. Some products may have other age limitations. Connect with an advisor for more detailed information.

Life insurance premiums generally aren't tax-deductible for most Canadians, as they're considered personal expenses under Canada's Income Tax Act. However, there are specific scenarios where you may qualify for deductions. Learn more about situations where your insurance premiums are tax deductible.

It depends on your individual situation. There’s no “one-size-fits-all” type of life insurance. The kind your parents have, or that your friend just bought, may not be right for you. 

Term life insurance works well for younger Canadians or those with temporary needs like mortgage protection or income replacement while children are dependent. Permanent life insurance suits those seeking lifelong coverage with potential cash-value growth.

Get a life insurance quote online or speak with our advisors to explore which Sun Life products align with your specific needs and budget.

Additional resources

Should you get life insurance if you’re single?

Life insurance can benefit you regardless of your marital status.

Life insurance for seniors

Leave a legacy for your loved ones with a life insurance policy.

Different types of life insurance

Learn the differences between term, permanent, participating and universal life insurance policies.

A Sun Life advisor can address all your questions and help you figure out which insurance product best meets your financial needs.

Enter your postal code to find an advisor near you.

Reviewed by Catherine Malone

This information is meant for educational and illustrative purposes only. Some conditions, exclusions and restrictions apply.

The Non-Par Life + CII Bundle promotion described in these terms and conditions is referred to as the "Offer". The following terms and conditions constitute the complete terms and conditions of the Offer.

Offer Sponsor

  • Sun Life Assurance Company of Canada (“Sun Life”) 

Offer Description

  • Eligible Clients will receive a 10% discount on premiums payable under an eligible Sun Critical Illness Insurance ("Sun CII") policy.

Eligibility Requirements

  • The Offer is available exclusively for applications submitted through Sun eApp; paper applications are not eligible.
  • Clients who apply, on the same date, for
    • a Sun Life Evolve Term life insurance (“Evolve Term”) policy;
    • a SunSpectrum Permanent Life II policy;
    • a SunSpectrum Universal Life II policy; or
    • a SunUniversalLife II policy

together with a Sun CII policy, may be eligible for the 10% Sun CII premium discount, provided all other eligibility requirements are satisfied.

  • All bundle applications must be submitted within the offer campaign period from October 5, 2026 to December 31, 2026 (the “Campaign Period”).
  • Bundle applications must be completed using the product bundling functionality available in Sun eApp.
  • All available issue ages and face amounts for eligible policies qualify for the Offer. 

Bundle Requirements

  • A bundle consists of one eligible non-participating life insurance policy and one eligible Sun CII policy.
  • Where a Client applies for multiple eligible non-participating life insurance policies or Sun CII policies, the Client must designate, through Sun eApp at the time of application, which policies will form the bundle.
  • The owner of all policies in a bundle must be the same; the insured person(s) may differ. 

Discount Application

  • The Sun CII premium discount will be automatically applied upon submission of an eligible application, provided all Offer requirements are satisfied.
  • The Sun CII premium discount will apply to the total premium payable under the Sun CII policy, including the base coverage premium, optional benefit premiums (including ROPC/ROPD and TDB), and any applicable ratings.
  • The Sun CII premium discount will be reflected in the terms of the Sun CII policy. 

Retention of Discount

  • To retain the Sun CII premium discount, both the eligible non-participating life insurance policy and the Sun CII policy must be approved by underwriting, issued, accepted by the Client, and remain in force.
  • If either policy forming part of the bundle lapses for non-payment, is terminated, is cancelled, or otherwise ceases to be in force, the Sun CII premium discount will cease and the applicable non-discounted premium will be applied effective on the next premium billing date.

Conversions

  • If an Evolve Term policy forming part of the bundle is partially or fully converted, the discount applicable to the Sun CII policy will continue.
  • If a T10 Sun CII policy forming part of the bundle is partially converted, the discount will continue only with respect to the portion of the T10 Sun CII policy that remains in force following the conversion.
  • If a Sun CII policy forming part of the bundle is fully converted, the discount will end on the effective date of the policy issued on conversion.

Backdating

  • Backdating is permitted in accordance with Sun Life’s administrative rules and the maximum backdating period applicable to the relevant product.
  • Bundle applications submitted during the Campaign Period but backdated to a date outside the Campaign Period will remain eligible for the Offer.
  • Bundle applications submitted outside the Campaign Period will not be eligible for the Offer solely because they are backdated to a date within the Campaign Period.

Eligible Business

  • The Offer is available for new business applications submitted during the Campaign Period.
  • Clients with existing applications in underwriting who cancel and reapply during the Campaign Period will not be eligible for the Offer.

Ineligible Products

  • The following products are not eligible for the Offer: Achievers Term, Essential Term, 1-year Bridge Term, Simplified Issued Term, Sun Life Go Term, and Express Critical Illness Insurance.

Additional Provisions

  • There are no additional issue date or settlement date requirements applicable to the Offer.
  • If a SunSpectrum Universal Life II policy or SunUniversalLife II policy forms part of the bundle and receives special quote pricing, Sun Life may determine, in its sole discretion, whether any applicable Universal Life commission bonus will apply.

Applicable Law

  • The Offer and these terms and conditions are subject to all applicable Canadian federal, provincial and territorial laws.

Reservation of Rights

  • Sun Life reserves the right to amend, suspend or withdraw this Offer at any time without notice, provided that any such amendment, suspension or withdrawal will not affect discounts already applied to policies that satisfied all eligibility requirements before the effective date of the change.