Life insurance

Financially protect your loved ones with the right insurance plan.

Get life insurance

Purchase term life insurance and permanent life insurance together by July 31, 2026, and receive:

10% discount for the length of the policy on Permanent Insurance premiums

This isn't a temporary discount, it lasts as long as you hold your policy. That could   

potentially mean thousands of dollars in savings over your lifetime.  

Terms and conditions apply

This offer is available only through advisors.

What is life insurance?

Life insurance is a policy or contract between you and a life insurance company that can last for the rest of your life or for a specific time period. This contract guarantees that your beneficiaries will get a tax-free cash payment (also called the death benefit) when you die – this is provided you meet all the requirements in your policy.

Types of life insurance

Sun Life offers two main types of life insurance products: term and permanent.

Term life insurance

  • Temporary coverage that can last 10, 15, 20 or more years.
  • Initially a cheaper option, but your premiums typically rise upon policy renewal.
  • Some term plans let you convert to permanent life insurance.
Sun Life’s term life insurance products

Permanent life insurance

  • Coverage lasts throughout your lifetime and never expires. 
  • There are three types of permanent life insurance: whole life, participating, and universal life.
  • Some plans may also offer tax-preferred growth in your cash value and ways to increase the death benefit.
Sun Life’s permanent life insurance products

Benefits of life insurance

Financial protection for your loved ones

Your beneficiaries can use the death benefit in any way they want, including covering everyday living costs, paying off a mortgage, funding education, or handling final expenses.

Options beyond protection

Certain policies build cash value over time, which you can use to supplement your retirement income or support other long-term financial goals.

Reliable, long-term coverage

With certain life insurance policies, your premiums won’t increase and coverage can last for your entire lifetime.

Get life insurance

You can get started in the way that works best for you:

Apply online now

Quick, simple, on your schedule

Get a quote and apply for coverage across a range of insurance options. Choose protection that fits your needs.

  • Apply online in minutes
  • Secure and convenient
  • Available 24/7
Get a quote

Get guidance today

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.

  • Timely answers from a team of advisors
  • Guidance to buy with confidence
  • Support to help you understand your options
Talk to us today

Partner with an advisor

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.

  • Dedicated 1:1 advisor who knows you
  • Personalized plan for your goals
  • Support to navigate life changes
Find an advisor

Frequently asked questions

Here’s a quick step-by-step breakdown of how the life insurance process works:

  • You apply for how much coverage you want. Depending on what type of life insurance you’re applying for, you may have to go through the underwriting process. 
  • While your policy is active, you’ll have to pay premiums (monthly or annual fees). 
  • If you die while your policy is active, your beneficiaries will receive a death benefit, which is a lump-sum payout.
    The exact amount they’ll get depends on how much coverage you buy and the type of policy you select.

Learn more about how life insurance works in Canada or connect with a Sun Life advisor to get a quote and find out which life insurance product is right for you.

In Canada, the cost of life insurance varies from person to person. Your premiums depend on your age, health, and lifestyle habits (e.g. smoker, non-smoker, etc.) when you purchase life insurance.

For example, if you’re a healthy 30-year-old male, your premiums may be as little as $12/month for $100,000 of coverage – for a 10-year term life insurance policy with a non-smoker rate.

View Sun Life's term life insurance rates in Canada

View Sun Life's whole life insurance rates in Canada

It depends on your personal situation and financial needs. Sun Life's term life insurance products serve as a popular choice for short-term needs, offering affordable protection during certain life stages (e.g. paying off a mortgage, running a business, etc.). Permanent life insurance policies provide lifelong security and potential cash value growth. Connect with a Sun Life advisor to get a life insurance quote that matches your budget and financial goals.

Life insurance can be beneficial at any age. Generally, it’s cheaper to buy when you’re young and healthy.

You'll often pay less for life insurance with annual payments compared to monthly payments. However, many people find it easier to have monthly premiums factored into their budget.

Yes, some permanent life insurance policies come with a cash value – a tax-preferred savings portion – that allows you to borrow and withdraw funds. Keep in mind, borrowing or withdrawing funds from your cash value may reduce your policy’s death benefit. There also may be tax implications to borrowing or withdrawing from your cash value. Connect with an advisor for more detailed information.

Life insurance can help financially secure your loved ones in the event of your death. Your beneficiaries can use the money from your policy’s death benefit for any purpose, including helping to cover the cost of funeral expenses, any debts (e.g. mortgage), and income replacement to maintain their lifestyle.

It’s great if you have insurance coverage through your workplace plan, but keep in mind that you may lose that coverage if you ever leave your job. If you’re currently in the process of leaving your job, you may be eligible to replace your group life insurance with affordable coverage from our Sun Life Choices plan.

Keep in mind, it’s also important to have enough coverage to help meet all your loved ones’ financial needs. In such cases, it can help to top up your existing workplace coverage with your own personal insurance policy.

You can’t apply for most Sun Life insurance products if you’re age 85 or older. Some products may have other age limitations. Connect with an advisor for more detailed information.

Life insurance premiums generally aren't tax-deductible for most Canadians, as they're considered personal expenses under Canada's Income Tax Act. However, there are specific scenarios where you may qualify for deductions. Learn more about situations where your insurance premiums are tax deductible.

It depends on your individual situation. There’s no “one-size-fits-all” type of life insurance. The kind your parents have, or that your friend just bought, may not be right for you. 

Term life insurance works well for younger Canadians or those with temporary needs like mortgage protection or income replacement while children are dependent. Permanent life insurance suits those seeking lifelong coverage with potential cash-value growth.

Get a life insurance quote online or speak with our advisors to explore which Sun Life products align with your specific needs and budget.

Additional resources

Should you get life insurance if you’re single?

Life insurance can benefit you regardless of your marital status.

Life insurance for seniors

Leave a legacy for your loved ones with a life insurance policy.

Different types of life insurance

Learn the differences between term, permanent, participating and universal life insurance policies.

A Sun Life advisor can address all your questions and help you figure out which insurance product best meets your financial needs.

Enter your postal code to find an advisor near you.

Reviewed by Catherine Malone

This information is meant for educational and illustrative purposes only. Some conditions, exclusions and restrictions apply.

  • If you apply for a Sun Life Evolve Term (‘Term’) policy and either a Sun Permanent Life (‘Perm’) or SunSpectrum Permanent Life II (Perm) policy at the same time through Sun eApp, between April 27th, 2026, to July 31st, 2026, you will be eligible to receive a 10% premium discount on the Perm policy (the ‘Special Offer’).
  • NOTE: Due to a system requirement, a percentage reduction must be applied to the Term policy in the bundle when a lifetime discount on Perm is activated. For this reason, you will also receive a nominal 0.01% premium reduction on the Term policy in the bundle. This premium reduction will appear as a premium discount and will be subject to the same terms and conditions as the 10% premium discount on Perm provided with this Special Offer.
  • Applicable premium discounts will be automatically applied upon application submission and will only be retained if both the Term and the Perm policies have been approved by our underwriting team and accepted by you after the underwriting process is completed.
  • This Special Offer consists of one Term policy and one Perm policy. If you are applying for multiple Term or Perm policies, must choose which Term and Perm policy to combine into the Special Offer.
  • All ownership types, individual, corporate and joint are eligible for the Special Offer. You must have either the same owner or the same insured on both the Term and Perm policies.
  • The Perm premium discount will apply to the premium associated with the base coverage, any ratings, and all optional benefit costs (i.e., Accidental Death Benefit) except for Term Insurance Benefit costs. Any premium associated with a Term Insurance Benefit will receive the 0.01% Term reduction.
  • The Term premium reduction will apply to the premium associated with the base coverage, any ratings, and all optional benefit costs.
  • Premium discounts will be reflected in the terms of the policy receiving the discount.
  • If any eligible policies within the Special Offer lapse for non-payment or are canceled the Perm and Term policy premium discounts will end.
  • If the Term policy in the Special Offer is partially or fully converted or replaced after purchase, the discount on the Perm policy will remain. The premium reduction on Term will remain only on the portion of the Term policy that remains.
  • If the Perm policy in the Special Offer is reduced after purchase, the discount will remain on the portion of the Perm policy that remains. The premium reduction on Term is not impacted.
  • If the Perm policy in the Special Offer is replaced after purchase, the discount will end on the date the new policy takes effect. The premium reduction on Term is not impacted.
  • If the Perm policy has a Term Insurance Benefit and it is partially or fully converted or replaced after purchase, the discount on the Perm policy will remain. The premium reduction on Term is not impacted.
  • Achievers Term, Essential Term, 1-year Bridge Term, Simplified Issued Term, and Sun Life Go Term are not eligible Term product types for this Special Offer. Sun Lifetime Alternative, Sun Simple Solutions, Sun Life Go Guaranteed Life Insurance, SunSpectrum UL II, Sun UL II, Sun Par Protector II, and Sun Par Accumulator II are not eligible Perm product types for this Special Offer.