Last updated: May 08, 2023

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What is term life insurance?

Term life insurance is an affordable life insurance policy that gives you financial protection for a certain period of time. You get to choose how long you want your term policy to last – 10, 15, 20 or 30 years. If you die while your policy is still active, then your beneficiaries A beneficiary is the person or entity you name in your life insurance policy to receive payment after you die. receive a lump-sum, tax-free payment (called the death benefit). They can use this money any way they please. 

Benefits of term life insurance

Your fees (premiums Premiums are the monthly or annual fees you pay in return for having insurance.) are fixed. They won’t change during your term.

Most term plans offer instant temporary coverage. Temporary coverage lasts up to 90 days. With temporary insurance, you’ll get coverage after you submit your life insurance application and pay any required premiums. You’ll also stay covered until Sun Life approves or denies your application. Temporary coverage applies only for certain plans.  Connect with an advisor for more information.

Option to convert to permanent life insurance at any time. This option is available only if you have an active SunSpectrum Term Life Insurance or SunTerm Life Insurance policy. Keep in mind the option to convert to permanent life insurance lasts only until you reach age 75. 

Guaranteed tax-free payment or death benefit that stays the same.

How much term life insurance can you get?

We have 4 term life insurance products. Coverage varies depending on which plan you choose.

$50,000, $75,000 or $100,000

Sun Life Go Simplified Term Life Insurance offers:

  • 10-year plan
  • No medical term life insurance
  • Instant temporary coverage

You only answer 3 simple health questions.

See product details

Get a quote and apply online


$50,000 and up to $25 million

SunSpectrum Term Life Insurance offers:

  • Your choice of a 10, 15, 20 or 30 year plan
  • Option to convert to permanent at any time up to age 75
  • Optional benefits to add on to your plan.

Coverage is also available for children under age 18.

See product details

Connect with an advisor to get a quote

$100,000 and up to $1 million

Sun Life Go Term Life Insurance offers:

  • Your choice of a 10- or 20-year plan
  • Instant temporary coverage

See product details

Get a quote and apply online


$250,000 and up to $25 million

SunTerm Life Insurance offers:

  • Your choice of a 10, 15, 20 or 30 year plan
  • Option to convert to permanent at any time up to age 75
  • Optional benefits to add on to your plan.

See product details

Connect with an advisor to get a quote

 

Get term life insurance

Not sure which product is right for you?

A Sun Life advisor can help you figure it out. They can also answer any questions you have.

Enter your postal code to find an advisor near you.

Online options

You can apply online for a term plan up to a $1 million of coverage.

You get instant temporary insurance up to 90 days while we review your application. Please note that some exclusions may apply.

Get a quote online

Term life insurance eligibility

In order to apply for any of these products, you must currently be legally living in Canada.

Depending on which term product you’re applying for, you may 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.

How much coverage do you need?

Use our free life insurance calculator to find out how much coverage you might need to help protect the people you love if you die.

Life insurance calculator

Frequently Asked Questions

How does term life insurance work?

Term coverage provides protection for a fixed payment amount, for a given number of years. This could be 10, 15, 20 or 30 years depending on the product you choose. You can choose the amount of time you need.

What happens if I die while my term life insurance policy is still active?

Then your beneficiaries – the people, person or entity you want to leave money to – will get a tax-free death benefit. This is provided you give us accurate information when you apply and pay your premiums on time.

The death benefit refers to the amount of money your beneficiary gets when you die. The exact amount they get depends on how much life insurance coverage you buy. Your beneficiaries can use the money any way they want. 

What’s not covered in a term life insurance plan?

Term life insurance plans do not cover death due to suicide.1 If any information you provided is fraudulent, then Sun Life will not pay the death benefit to your beneficiaries. Please note that Sun Life can contest your policy at any time due to fraud.

1If someone commits suicide within the first two years since the policy took effect, Sun Life will return the premiums that were paid minus any administration fees.

Do you have to be Canadian to apply for term life insurance?

You don’t have to be a Canadian citizen to apply for life insurance in Canada. But you must be legally living in Canada to purchase any of our life insurance products.

What if I already have insurance through my employee benefits?

You can buy additional life insurance (e.g. term life insurance, permanent life insurance, etc.) to top up the life insurance you get through your employee benefits. This way, you’ll still have your own insurance coverage even if you lose your employee benefits after job loss, change of work or retirement. 

I’m retiring or losing my insurance from my workplace. How can I replace it? 

If you're leaving your job and losing your life insurance coverage, you may qualify to replace it (no matter which provider). My Life Choice lets you replace your employer's coverage with your own insurance. Learn more

Got more questions?

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.