Term life insurance

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