What is term life insurance?

Term life insurance is affordable, easy-to-understand coverage that gives you flexible, temporary protection.

You will be covered for a specific period of time and the cost of your policy is guaranteed for the entire term. If you die while the policy is in effect, your beneficiaries will receive a tax-free cash payment. And, with most policies, you also have the option to convert your coverage to permanent insurance regardless of any changes to your health, occupation or lifestyle.

Is term life insurance right for you?

Term insurance is an effective solution for people who are:

  • Focused on affordability and value
  • In need of temporary protection (for example, to cover a mortgage or business loan, or until children are finished school)
  • Business owners with a need for key person protection and/or to fund buy/sell agreements

An advisor can provide you with the most accurate life insurance quote and find you the best coverage for your needs.


Types of term life insurance:

SunSpectrum Basic Life Insurance

  • SunSpectrum Basic Life provides coverage in amounts between $50,000 and $500,000
  • Premiums are guaranteed and coverage lasts for 25 years or until age 65

SunSpectrum Term Insurance

  • SunSpecturm Term provides coverage in amounts between $50,000 and $15 million
  • Premiums are guaranteed and coverage is available for terms of 10, 15, 20 or 30 years

SunTerm Insurance

  • SunTerm provides coverage in amounts between $250,000 to $15 million
  • Premiums are guaranteed and coverage is available for terms of 10, 15, 20 or 30 years

FutureInsure Term Life Express

  • FutureInsure Term Life Express provides coverage in amounts between $50,000 and $500,000
  • Coverage is for a 1-year term that is renewable until age 70
  • Premiums may change annually

Get term life insurance

Step 1: Find an advisor

An advisor can help you determine the right life insurance for your needs. Talk to your advisor or find one near you to help answer your questions – there is no cost to talk to an advisor.

Step 2: Meet with your advisor

To get the most out of the meeting with your advisor, take some time beforehand to think carefully about what you want to achieve. And because your advisor will need a lot of information to help recommend the policy that’s right for you, get together some basic information about your income, assets and liabilities.

Step 3: Apply for coverage

Your advisor will handle the paperwork for you. You’ll need to submit an application for a policy that will be evaluated by the insurance company. Depending on your age and the type and amount of coverage you want, you will need to answer a medical questionnaire. You may also be asked to provide additional medical or financial information.