Last updated: August 22, 2022
What is term life insurance?
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).
What’s the benefit of getting term life insurance?
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:
- debts,
- mortgage or rent,
- child-care costs,
- living expenses
- and more.
How much term life insurance coverage can you get?
We have four term life insurance products. The amount of coverage you can get depends on which plan you choose.
- Sun Life Go Simplified Term Life Insurance: $50,000 and up to $100,000
- Sun Life Go Term Life Insurance: $100,000 and up to $1,000,000
- SunSpectrum Term Life Insurance: $50,000 and up to $25,000,000
- SunTerm Life Insurance: $250,000 and up to $25,000,000
Calculate how much life
insurance you’ll need
Find out how much coverage you might need to help protect the people you love if you die.
Calculate how much term life
insurance will cost you
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.
How to 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.
Get advice
Not sure what type of insurance you need? A Sun Life advisor can help you figure it out and get you a customized quote.
Enter your postal code to find an advisor near you
Our term life insurance products
Are you eligible for term life insurance?
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.
