15-year term life insurance

Find out how it works, key benefits, eligibility rules, and more.

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What is 15-Year term Life insurance?

15-year term life insurance is a life insurance policy that offers a death benefit (lump sum of money) for a fixed period of 15 years. If you were to die during this 15-year term, your beneficiaries would receive payment from the death benefit. 

This type of insurance offers affordable financial protection and helps provide peace of mind for a specific timeframe when your dependents may need financial support most.

How does a 15-Year term life insurance policy work?

The basic process:

  • You apply either online or through an advisor for a policy and go through an underwriting review
  • If approved, you pay fixed monthly premiums (fees)
  • Your beneficiaries receive the death benefit if you die during the 15-year period
  • The policy automatically renews after 15 years unless you cancel it or convert it to a permanent life insurance policy 

Premium structure:

Your monthly premiums (fees) remain locked in throughout the entire 15-year term. You won't face rate increases, making budgeting more predictable and manageable. Premiums are based on factors like:

  • Your age and health status
  • Occupation and lifestyle
  • Smoking status
  • Desired death benefit amount
  • Medical history

Find out how much a term policy may cost you. Learn more about term life insurance rates and premiums

What are the benefits of a 15-year term life insurance policy?

Affordability

Premiums are typically cheaper than permanent life policies

Fixed rates

Guaranteed premiums that won’t increase during your term

Fair coverage amount

You can secure substantial financial protection at a low cost

Peace of mind

Helps ensure your family has financial protection during critical years

Conversion options

Some term policies allow you to convert to permanent coverage without re-applying

Who is a 15-Year term life insurance policy right for?

Ideal candidates include:

  • Young families with dependent children
  • Working parents with mortgage obligations
  • Individuals with student loan debt
  • Business owners who want to protect partners
  • Anyone seeking temporary, affordable coverage
  • People with financial obligations over the next 15 years

Consider this timeline as an example*:

A 15-year term often aligns with major life events. If you're 35 years old with young children, 15-year coverage takes you to age 50, when your kids may be independent and debts may be paid down.

* This example is provided for illustrative purposes only and should not be considered as financial or insurance advice. Consult with an advisor to determine the right coverage and term length for your unique circumstances and goals.

The 15-year term life insurance application process

Step 1: Determine your coverage need

Calculate how much death benefit your family would need. Consider the following:

  • Outstanding debts (e.g. mortgage, car loans, credit cards, etc.)
  • Income replacement for 15 years
  • Education funding for children

Our life insurance calculator can help you get started. Answer a few questions and get a quick estimate of how much insurance you may need. Think of the estimate as a foundation for your decision, then compare your options and talk to a Sun Life advisor if you want help narrowing them down.

Try our life insurance calculator

Step 2: Get a quote and complete the application

You can get a quote online or through an advisor. 

During the application process, you’ll have to provide accurate information about your:

  • Medical history
  • Current health conditions
  • Medications you take
  • Occupation details
  • Family history
  • Lifestyle habits

Step 3: Undergo medical underwriting

Depending on age and coverage amount, you may need:

  • A phone interview
  • Medical records review
  • Blood, urine tests and vitals

Step 4: Policy approval and activation

Once approved, your policy becomes active when you pay the first premium and your coverage begins. 

Get term life insurance

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

Get a quote online

Get coverage up to $2,000,000.*

Answer a few quick questions, get a quote and apply online for Sun Life GO.

* Coverage is subject to application approval

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Call us

Get advice on demand. 

Talk to a licensed Prospr by Sun Life advisor to help you choose a life insurance plan that meets your current needs. Available Mon-Fri, 8 a.m. to 8 p.m. ET

Call 1-844-528-0583

Connect with an advisor

Find an advisor near you.

Get personalized, long-term guidance from a Sun Life advisor who knows your goals and can adapt your coverage as life changes.

Frequently asked questions

Your options:

  1. Allow the policy to automatically renew : Upon renewal, rates will be higher based on your current age. 
  2. Convert to permanent life insurance, if your policy allows: Some term policies allow you to switch to permanent life insurance without a medical exam.
  3. Cancel your policy: If you don’t want to renew or convert to a permanent policy, you can cancel your policy. In this case, your coverage ends, and you're uninsured.
  4. Purchase a new policy: Buy a brand new policy. 

Planning ahead

Consider what your situation will be like 15 years from now. Will you still need life insurance? It helps to start thinking about this before your term expires.

Yes, a 15-year term life insurance policy can be more affordable compared to a permanent life insurance policy. Permanent policies tend to cost more because they never expire and last for your entire life. 

The benefits of a term plan are that rates will be locked in and won’t rise during the 15-year term period, so costs stay predictable and manageable.

Many Canadians can fit a 15-year term policy into their monthly budget without straining finances. It's one of the most cost-effective ways to get substantial life insurance coverage for your family.

See our Term Life rates to get an estimate of how much a term policy may cost.

Your rates remain unchanged during the 15-year period no matter your health. Underwriting happens only during the application process. Keep in mind, term rates will rise upon renewal regardless of any health changes. 

More resources

10-year term life insurance

Find out how a 10-year term policy works.

20-year term life insurance

Learn what a 20-year term policy has to offer.

30-year term life insurance

Find out if a 30-year term is right for you.

If you’re not sure what kind of life insurance is right for you, a Sun Life advisor can help you sort through your options. Connect with an advisor to talk about your goals and the kind of protection that may fit your life now.

Enter your postal code to find an advisor near you.

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

Reviewed by Jean Turcotte