Permanent Life Insurance

Get lifetime protection. 

Lock in a 10% premium discount for life on critical illness insurance when you also buy eligible life insurance.

Offer ends December 31, 2026. Connect with an advisor. Terms and conditions apply.

Permanent life insurance gives you lifelong coverage, which never expires, no matter your age or health. Your beneficiaries will get a tax-free payment (the death benefit) after you die, provided you’ve paid your premiums (the monthly or annual  cost you pay in exchange for having insurance). They can use this money any way they want.

Many permanent insurance policies include a feature called cash value. It’s like equity in your home: It can grow over time. You can borrow from it as a loan or withdraw from it. But this will usually reduce your death benefit and there may be tax implications.

There are 3 types of permanent insurance: whole life insurance, universal life insurance and participating life insurance. Speak to an advisor to find out which one is right for you.

There’s no cost to talk to a Sun Life advisor – in person, virtually or by phone.

Find an advisor near you:

Why work with an advisor?

You get the advice that's right for you

Whether you want to build your savings or help protect your loved ones, you need advice that’s right for you. A Sun Life advisor can help you make well-informed financial decisions.

You get personalized service

A Sun Life advisor will take the time to listen and learn about your financial goals and what's important to you. They can help you build a roadmap to reach those goals.

You get support

Life can change and so can your financial situation. A Sun Life advisor is here to coach you and help you stay on track toward your goals. 

Sun Life Assurance Company of Canada is the insurer, and is a member of the Sun Life group of companies. Sun Life Assurance Company of Canada is licensed to offer life and health insurance in all jurisdictions in Canada. 

Note

The Non-Par Life + CII Bundle promotion described in these terms and conditions is referred to as the "Offer". The following terms and conditions constitute the complete terms and conditions of the Offer.

Offer Sponsor

  1. Sun Life Assurance Company of Canada (“Sun Life”) 

Offer Description

  1. Eligible Clients will receive a 10% discount on premiums payable under an eligible Sun Critical Illness Insurance ("Sun CII") policy.

Eligibility Requirements

  1. The Offer is available exclusively for applications submitted through Sun eApp; paper applications are not eligible.
  2. Clients who apply, on the same date, for
    a) a Sun Life Evolve Term life insurance (“Evolve Term”) policy;
    b) a SunSpectrum Permanent Life II policy;
    c) a SunSpectrum Universal Life II policy; or
    d) a SunUniversalLife II policy
    together with a Sun CII policy, may be eligible for the 10% Sun CII premium discount, provided all other eligibility requirements are satisfied.
  3. All bundle applications must be submitted within the offer campaign period from October 5, 2026 to December 31, 2026 (the “Campaign Period”).
  4. Bundle applications must be completed using the product bundling functionality available in Sun eApp.
  5. All available issue ages and face amounts for eligible policies qualify for the Offer. 

Bundle Requirements

  1. A bundle consists of one eligible non-participating life insurance policy and one eligible Sun CII policy.
  2. Where a Client applies for multiple eligible non-participating life insurance policies or Sun CII policies, the Client must designate, through Sun eApp at the time of application, which policies will form the bundle.
  3. The owner of all policies in a bundle must be the same; the insured person(s) may differ. 

Discount Application

  1. The Sun CII premium discount will be automatically applied upon submission of an eligible application, provided all Offer requirements are satisfied.
  2. The Sun CII premium discount will apply to the total premium payable under the Sun CII policy, including the base coverage premium, optional benefit premiums (including ROPC/ROPD and TDB), and any applicable ratings.
  3. The Sun CII premium discount will be reflected in the terms of the Sun CII policy. 

Retention of Discount

  1. To retain the Sun CII premium discount, both the eligible non-participating life insurance policy and the Sun CII policy must be approved by underwriting, issued, accepted by the Client, and remain in force.
  2. If either policy forming part of the bundle lapses for non-payment, is terminated, is cancelled, or otherwise ceases to be in force, the Sun CII premium discount will cease and the applicable non-discounted premium will be applied effective on the next premium billing date.

Conversions

  1. If an Evolve Term policy forming part of the bundle is partially or fully converted, the discount applicable to the Sun CII policy will continue.
  2. If a T10 Sun CII policy forming part of the bundle is partially converted, the discount will continue only with respect to the portion of the T10 Sun CII policy that remains in force following the conversion.
  3. If a Sun CII policy forming part of the bundle is fully converted, the discount will end on the effective date of the policy issued on conversion.

Backdating

  1. Backdating is permitted in accordance with Sun Life’s administrative rules and the maximum backdating period applicable to the relevant product.
  2. Bundle applications submitted during the Campaign Period but backdated to a date outside the Campaign Period will remain eligible for the Offer.
  3. Bundle applications submitted outside the Campaign Period will not be eligible for the Offer solely because they are backdated to a date within the Campaign Period.

Eligible Business

  1. The Offer is available for new business applications submitted during the Campaign Period.
  2. Clients with existing applications in underwriting who cancel and reapply during the Campaign Period will not be eligible for the Offer.

Ineligible Products

  1. The following products are not eligible for the Offer: Achievers Term, Essential Term, 1-year Bridge Term, Simplified Issued Term, Sun Life Go Term, and Express Critical Illness Insurance.

Additional Provisions

  1. There are no additional issue date or settlement date requirements applicable to the Offer.
  2. If a SunSpectrum Universal Life II policy or SunUniversalLife II policy forms part of the bundle and receives special quote pricing, Sun Life may determine, in its sole discretion, whether any applicable Universal Life commission bonus will apply.

Applicable Law

  1. The Offer and these terms and conditions are subject to all applicable Canadian federal, provincial and territorial laws.

Reservation of Rights

  1. Sun Life reserves the right to amend, suspend or withdraw this Offer at any time without notice, provided that any such amendment, suspension or withdrawal will not affect discounts already applied to policies that satisfied all eligibility requirements before the effective date of the change.