Term life insurance is an affordable life insurance policy that gives you financial protection for a set period of time. You get to choose how long you want your term policy to last – it can be anywhere between 5 to 40 years. If you die while your policy is still active, then your beneficiaries receive a lump-sum, tax-free payment (called the death benefit). They can use this money for any purpose.
Your premiums (monthly or annual fees) remain the same and won’t change during the length of your term.
You can convert your plan from term to permanent, which provides lifelong coverage that never expires. This option is available for select term plans.
Your beneficiaries will receive a guaranteed tax-free payment (death benefit) that stays the same.
We have 3 term life insurance products. Coverage varies depending on which one you choose.
Here are your coverage options:
$50,000, $75,000 or $100,000
Ideal for: Those who want life insurance they can quickly apply for over the phone.
How to buy:
$100,000 and up to $2 million
Ideal for: Those who want to buy online.
How to buy:
$50,000 and up to $25 million
Ideal for: Those who want more flexibility and the option to convert to lifelong protection if their needs change.
How to buy:
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Quick, simple, on your schedule
Get a quote and apply for coverage across a range of insurance options. Choose protection that fits your needs.
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.
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.
In Canada, term coverage provides protection for a fixed payment amount, for a given number of years. This could be anywhere from 5 to 40 years depending on the product you choose.
The best age to get term life insurance is typically in your 20s or early 30s. Here’s why:
Lower premiums (fees). Insurance rates can increase with age. Buying in your 20s or 30s locks in significantly lower fees (premiums) for the duration of your term.
Better health qualification. Younger people generally have fewer health issues, making it easier to qualify for cheaper rates.
Maximum coverage period. Starting earlier allows you to secure longer terms (such as 30-year policies) that extend through your peak financial responsibility years.
No, you can’t borrow from a term policy because there’s no cash value (a tax-preferred savings portion).
However, there are some permanent life insurance policies which come with a cash value. Keep in mind, borrowing funds from your cash value may reduce your policy’s death benefit. There also may be tax implications to borrowing from your cash value.
The right type of life insurance for you will depend on your personal situation and financial needs. For example, term life insurance is initially more affordable, but it expires – so, it may be ideal for people looking for coverage for a set amount of time.
Whereas someone in need of lifelong coverage may want to consider whole life insurance or another type of permanent life insurance which never expires. Keep in mind, you can also have multiple life insurance policies to cover all your needs. Connect with an advisor to find out which policies work best for you.
You can apply for Sun Life GO up to age 65. Or, you can apply for Sun Life GO Simplified Term or Sun Life Evolve Term up to age 85. Keep in mind, if you get a term policy, you can only continue to renew it until you turn 85 since your policy will expire at that age.
When your term ends, your policy will automatically renew until age 85. Some plans allow you to convert to permanent life insurance.
However, if you live past 85, your term policy expires. When this happens, you’ll stop paying premiums. So, if you died after your policy ends, your beneficiaries won’t receive a death benefit. Remember, your beneficiaries are only eligible for the death benefit while your policy is active.
Term life insurance plans don’t cover death due to suicide if the insured person commits suicide within the first two years since the policy took effect, in which case, Sun Life will return the premiums paid within those two years minus any administration fees.
If any information you provided is fraudulent, then Sun Life won’t pay the death benefit to your beneficiaries. Please note that Sun Life can contest your policy at any time due to fraud.
Additional exclusions may apply. For more detailed information, please connect with an advisor.
No, you don’t have to be a Canadian citizen to apply for life insurance in Canada. But you do need to be a Canadian resident to purchase any of our life insurance products.
If you're leaving your job and losing your life insurance coverage, you may qualify to replace it – whether it was from Sun Life or another provider. My Life Choice lets you replace your employer's coverage with your own insurance.
The cost for term life insurance in Canada varies from person to person. Your premiums will depend on your age, sex assigned at birth, health, and lifestyle habits (e.g. smoker, non-smoker, etc.) when you purchase term life insurance or any other life insurance product.
For example, if you’re a healthy 30-year old, assigned female at birth, your premiums may be as little as $8.08/month for $100,000 of coverage – this applies for a 10-year term life insurance policy with a non-smoker rate.*
For more detailed information, view our term life insurance rates charts and find rates applicable to your age and smoking/non-smoking status. The indicated average rates in those charts may apply to you if you purchase one of our products.
* This rate is current as of October 5, 2026, and is subject to change.
To apply for any of these products, you must currently be a Canadian resident.
Depending on which term product you’re applying for, you may have to go through the underwriting process. Underwriting looks at your risk when you apply for insurance. This helps us determine the coverage you’re eligible for and ensures your premiums (monthly or annual insurance fees) reflect your level of risk.
If you get term life insurance, you have the option to renew after your term ends. But keep in mind, your policy will expire when you reach age 85.
Yes, you’ll have to answer some questions if you apply for $50,000 or more of life insurance. Questions generally require a yes or no answer. The purpose is to learn your medical history and find out if we need more information about you. Depending on your answers, we may ask for a medical exam.
Yes, you can get 2 types of life insurance coverage online without any medical exams.
Underwriting reviews your application and determines if you’re eligible based on the responses to the health questions on your application.
At Sun Life, coverage for $25,000 or less starts when you complete your application online.
For life insurance coverage between $50,000 and $2 million, we will review your application. Your actual policy starts the first day of the month after we approve your application.
Yes, there are exclusions that apply. Exclusions are circumstances where your death benefit won’t be paid out.
See all the exclusions and limitations by product in the sample policies below:
Sun Life Go Term Life Insurance sample policy
Sun Life Go Simplified Term Life Insurance sample policy
Sun Life Go Guaranteed Life Insurance (whole life insurance) sample policy
Other exclusions may apply. For more detailed information, connect with an advisor.
You can cancel your policy at any time. If you cancel within 30 days of issue, we’ll refund your money.
To cancel your life insurance policy, mail a written request to:
Sun Life Assurance Company of Canada
P.O. Box 2001, Stn Waterloo
Waterloo, ON
N3J 0A3
If you need to change or cancel your application, give us a call.
Learn about the differences between these two popular types of insurance.
Learn about the differences between a term and a whole policy.
Find out how life insurance can benefit you regardless of your marital status.
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
Offer Description
Eligibility Requirements
together with a Sun CII policy, may be eligible for the 10% Sun CII premium discount, provided all other eligibility requirements are satisfied.
Bundle Requirements
Discount Application
Retention of Discount
Conversions
Backdating
Eligible Business
Ineligible Products
Additional Provisions
Applicable Law
Reservation of Rights
