Lifelong coverage without lifelong payments

Sun Limited Pay Life Insurance provides lifelong insurance without lifelong payments. The minimum amount is $25,000 for single coverage up to age 75 ($50,000 for joint coverage) with an overall maximum of $10 million. The policy also features an investment fund where you can grow tax-preferred savings in 1 of 23 investment account options.

You should consider this product if:

  • You want the security of knowing that after paying a guaranteed amount of premium for a guaranteed length of time, the cost for your permanent life insurance policy will be fully paid
  • You want to invest money to increase your tax-preferred savings or increase the amount of your death benefit

Plan details:

Coverage options

  • Single
  • Joint last-to-die

Minimum amount

  • $25,000 for single up to age 75
  • $50,000 for joint

Maximum amount

  • $10 million


  • Guaranteed cost of insurance
  • Guaranteed cash surrender value
  • Guaranteed death benefit

Investment account options

It includes a policy fund where you can grow savings tax-preferred. Payments into this fund can be invested in 1 of 23 investment account options in 2 types of accounts:

  • Daily interest account
  • Guaranteed interest accounts
  • Long-term managed portfolio account
  • Index accounts
  • Managed accounts

Additional benefits

This benefit protects the coverage if the owner dies or becomes totally disabled. If this happens, the cost of insurance withdrawals cease until the first of these things happen: 

  • The disability ends
  • The insured person turns 18 
  • The owner turns 65 
  • The payment period ends 
If no disability occurs, this benefit ends when the insured person turns 18 or when the owner reaches 60 years of age - whichever comes first. It is important to understand the definition of total disability as it applies to this benefit. Please review the total disability benefit below for additional details. This benefit is automatically included when the insured person is age 17 or younger and the policy owner is a parent or grandparent age 55 or younger. It protects the coverage if the policy owner dies or becomes totally disabled. It is not available on plans that have more than one owner.
If the insured person is diagnosed with a terminal illness, you may be eligible to take a lump sum advance equal to 50% of the death benefit, to a maximum of $100,000. This is a non-contractual benefit offered by Sun Life Financial at our discretion.

Optional benefits

This is an option that can maintain coverage if the insured person is: 

  • between the ages of 18 and 60, and 
  • becomes totally disabled Premiums will not be waived until after the policy anniversary immediately following the insured person’s 18th birthday. 

The cost of insurance withdrawals are suspended until the disability ends, or the payment period ends – whichever comes first. The benefit is also extended to insured persons who are students or unemployed at the time of disability. For joint last-to-die plans, this benefit can be added for either insured person or each insured person individually.

The guaranteed insurability benefit (GIB) is available on all payment plans if the insured person is between the ages of 0 and 40. The maximum benefit that can be purchased depends on the insured person's age. The GIB allows the policy owner to buy additional life insurance on the insured person every 5 years, beginning at age 15 and until the insured person’s 45th birthday, regardless of their future health, occupation, or lifestyle. The option periods start on the insured person's 15th, 20th, 25th, 30th, 35th and 40th birthdays. The policy owner must wait at least 2 years between each insurance purchase. The benefit ends on the policy anniversary following the insured person's 45th birthday.
We provide from $10,000 to $20,000 of coverage on all children and future children of the insured person (whether born or legally adopted) until the child reaches age 25; between the child’s age 18 and 25, up to 5 times the coverage may be converted to permanent insurance on each child’s life. No benefit is provided before the child is 15 days old, after age 25, or following conversion to a permanent plan. The insured parent must be age 16-55 (18-55 in Quebec) to add this benefit. Coverage terminates on the policy anniversary following the insured person’s 65th birthday. The child must be covered for a minimum of 3 years before applying to convert to permanent insurance.

Sample policies

Read examples of text that can appear in a policy. Not all the provisions apply to every policy – it is for your reference. When we issue a policy it governs the relationship between us and the client. The policy can have provisions that are different from those that you've read here.

 Sun Limited Pay Life (single life)
 Sun Limited Pay Life (joint life)