Life insurance

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.