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Universal life insurance

What is universal life insurance?

Universal life insurance is an all-in-one way to get the protection you need and build your savings. The policy combines permanent life insurance protection for lifelong peace of mind with a broad range of investment account options for tax-preferred savings growth. You choose a guaranteed death benefit for your beneficiaries and the payments you make above the cost of insurance can grow in a tax-preferred savings account. Or you can use them to increase the amount of your death benefit.

Getting Started

  • Is universal life insurance right for you?

    You may be interested in universal life insurance if you are:

  • Looking for ways to build your savings alongside your RRSPs and TFSA
  • Looking for a way to leave more money for your children and grandchildren
  • A business owner looking for a tax-efficient way to protect the value of your business

Support questions

Related resources

Types of universal life insurance:

SunSpectrum Universal Life II

  • SunSpectrum Universal Life II provides straightforward and flexible permanent life insurance protection to help meet your long-term needs, plus the opportunity for tax-preferred growth in savings.
  • A reduced paid-up feature allows you to stop making payments any time after age 70.
  • A guaranteed investment bonus rewards you for maintaining and growing your policy's fund value.
  • Single and joint policies are available.
  • The policy fund offers a wide variety of diversified investment account options.

Learn more about SunSpectrum Universal Life II

Find an advisor

SunUniversalLife II

  • SunUniversalLife II provides our most extensive combination of insurance features and investment account options for maximum flexibility.
  • You have a choice of five death-benefit options and six cost-of-insurance options to meet your current and future protection needs.
  • Single and joint life policies are available.
  • The policy fund offers a wide variety of diversified investment account options.

Learn more about SunUniversalLife II

Find an advisor

SunUniversalLife Pro

  • SunUniversalLife Pro provides permanent insurance coverage to help you meet your business, personal and estate planning goals. 
  • You have a choice of three death-benefit options and three cost-of-insurance options to meet your current and future protection needs.
  • Single and joint life policies are available.
  • The policy fund offers a choice of three investment account options, including the Sun Life Diversified Account Pro with a minimum interest rate guarantee.

Learn more about Sun Universal Life Pro

Find an advisor

Get universal 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.

    Find an advisor

    How advisors help

  • 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. We may also ask you for additional medical or financial information.

  • Protect your savings with critical illness insurance

    A serious illness can put your finances as well as your health at risk. Critical illness insurance can help offset the cost of a major illness.

    Learn more about critical illness insurance