Last updated: May 5, 2022
Term life insurance is a type of life insurance that gives your beneficiaries A beneficiary is the person or entity you name in a life insurance policy to receive a payment after you die. a payout if you die anytime during the term or length of your policy. You can choose how long you want your term policy to last. Sun Life offers term life insurance for 10, 15, 20 or 30 years for Canadians and those legally living in Canada.
As an example, let’s say you buy a 10-year term life insurance plan. If you die at any time during those 10 years, then the people you name as your beneficiaries will get a tax-free payment (also called a death benefit).
The biggest perk of having life insurance is the ability to financially protect your loved ones after you die. Your beneficiaries can then use the payment from the death benefit for any reason. For example, they can use it to pay:
We have four term life insurance products. The amount of coverage you can get depends on which plan you choose.
Find out how much coverage you might need to help protect the people you love if you die.
Use our quick quote feature to find out how much your premiums A premium is the monthly fee you pay for having insurance. might be if you buy term life insurance.
There are two ways to buy term life insurance with Sun Life. You can either get a quote and apply online or talk to an advisor to help you select and purchase an insurance product.
Need help picking the right product? Connect with a Sun Life advisor to help select the best insurance plan for you.
An advisor can give you more information on all of our term life insurance products and get you a customized quote. They can also let you know if there are other types of insurance that best suit your needs and goals.
To find an advisor near you, enter your postal code:
In order to apply for any of these products, you must currently be legally living in Canada.
When you apply, you’ll have to go through the underwriting process. Underwriting assesses 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. Your risk level decides your premium.
If you get term insurance, you can renew your policy after your term ends, but your coverage will expire at age 85.