Last updated: May 13, 2024

What is term life insurance?

Term life insurance is an affordable life insurance policy that gives you financial protection for a set period of time. You get to choose how long you want your term policy to last – it can be anywhere between 5 to 40 years. If you die while your policy is still active, then your beneficiaries receive a lump-sum, tax-free payment (called the death benefit). They can use this money for any purpose.

How you can benefit from a term life insurance plan

Your fees are fixed

Your premiums (monthly or annual fees) remain the same and won’t change during the length of your term.

Instant temporary coverage

Temporary coverage lasts up to 90 days 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.. You may get this after you submit your life insurance application and pay any required premiums.

Convert to permanent life insurance

You can convert your plan from term to permanent, which provides lifelong coverage that never expires. This option is available for select term plans. Keep in mind the option to convert to permanent life insurance lasts only until you reach age 75.

Guaranteed death benefit

Your beneficiaries will receive a guaranteed tax-free payment (death benefit) that stays the same.

Our term life insurance products

We have 3 term life insurance products. Coverage varies depending on which one you choose.

Here are your coverage options:

Sun Life Go Simplified Term Life Insurance

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

  • Lasts 10 years.
  • No medical term life insurance. This means you won’t have to take a medical exam. You only answer 3 simple health questions.
  • Instant temporary coverage.


Ideal for: Those who want life insurance they can quickly apply for online.

How to buy:

Sun Life Go Term Life Insurance

$100,000 and up to $1 million

  • Your choice of 10 or 20 years.
  • Instant temporary coverage.






Ideal for: Those who want to buy online.

How to buy:

Sun Life Evolve Term Insurance

$50,000 and up to $25 million

  • Your choice of 5 to 40 years.
  • Get different term lengths for different needs.





Ideal for: Those who want more flexibility and the option of lifelong protection if their needs change.

How to buy:

Sun Life Term Insurance for Diabetes

Looking for peace of mind? We're introducing a first-of-its-kind life insurance product tailor-made for you.

  • Higher chance of approval
  • Affordable premiums
  • For Type 1, 2, gestational or pre-diabetes

To apply for any of these products, you must currently be a Canadian resident.

Depending on which term product you’re applying for, you may have to go through the underwriting  process. Underwriting looks at 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.

If you get term life insurance, you have the option to renew after your term ends. But keep in mind, your policy will expire when you reach age 85.

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.

Frequently Asked Questions

How does term life insurance work in Canada? 

In Canada, term coverage provides protection for a fixed payment amount, for a given number of years. This could be anywhere from 5 to 40 years depending on the product you choose.

How much is term life insurance in Canada?

The cost for term life insurance in Canada varies from person to person. Your premiums will depend on your age, sex assigned at birth, health, and lifestyle habits (e.g. smoker, non-smoker, etc.) when you purchase term life insurance or any other life insurance product.

For example, if you’re a healthy 30-year old, assigned female at birth, your premiums may be as little as $8.55/month for $100,000 of coverage – this applies for a 10-year term life insurance policy with a non-smoker rate.

What’s the age limit for term life insurance?

You’re able to apply for our term products until age 85. Keep in mind, if you get a term policy, you can only continue to renew it until you turn 85 since your policy will expire at that age.

What happens if I outlive my term life insurance?

When your term ends, your policy will automatically renew until age 85. Some plans allow you to convert to permanent life insurance.

However, if you live past 85, your term policy expires. When this happens, you’ll stop paying premiums. So, if you died after your policy ends, your beneficiaries won’t receive a death benefit. Remember, your beneficiaries are only eligible for the death benefit while your policy is active.

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

Term life insurance plans don’t cover death due to suicide if the insured person commits suicide within the first two years since the policy took effect, in which case, Sun Life will return the premiums paid within those two years minus any administration fees.

If any information you provided is fraudulent, then Sun Life won’t pay the death benefit to your beneficiaries. Please note that Sun Life can contest your policy at any time due to fraud.

Additional exclusions may apply. For more detailed information, please connect with an advisor

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

No, you don’t have to be a Canadian citizen to apply for life insurance in Canada. But you do need to be a Canadian resident to purchase any of our life insurance products.

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 – whether it was from Sun Life or another 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.

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