Term conversion offer

Save up to 25% when you convert your Sun Life term life insurance policy by March 31, 2025.

Upgrade your life insurance and save

When you convert your term insurance policy to a permanent life insurance or a longer term-length policy, you can receive a 3-month premium discount once your policy is in-force for six months.* 

See terms and conditions.

* The premium discount may be partly or fully taxable. If it is, we’ll send you a tax reporting slip to report the taxable amount early in following year. Speak with your tax advisor for details.

Why make the switch?

Convert to a longer term-length for:

Better rates
You might save money compared to starting a new policy when you're older.

Longer coverage

Get protection for longer to align with your life stage and financial goals.

Insurance that fits your life
Change how long you're covered to match big life events like paying off your house or when your kids graduate.

Staying covered
Easily convert your coverage without providing more health information.

Options for the future
Keep the option to convert to permanent insurance later if you want or need.

Convert to a permanent life insurance for:

Guaranteed fixed premiums
Feel confident knowing that your cost of insurance will stay the same throughout the lifetime of your policy, in most cases.

Lifetime protection

Enjoy peace of mind knowing your coverage won't expire if your premiums are paid.

A way to grow your wealth

Build cash value over time that you can access if you need it.

Potential cost savings

Lock in lower rates now compared to renewing your term policy or converting to a permanent policy later.

An opportunity to leave a legacy
Provide a tax-free inheritance to your loved ones. 

Talk to your advisor

Call or email to book time to review your policy and goals to see what's best for you. 

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Term vs. permanent life insurance

Find out what’s right for you. Connect with an advisor to discuss all your options or get a quote for select products.

Is permanent life insurance right for you?

Looking for financial protection for the people who depend on you that will last as long as you live? Permanent life insurance might be the answer.

Is term life insurance right for you?

Seeking affordable financial protection for a specific period to secure the future of those who rely on you? Term life insurance might be the answer.

These terms and conditions apply to the Term conversion offer offered by Sun Life Assurance Company of Canada

  • The policy being converted must have been in force prior to January 20, 2025. 
  • Backdating more than 6 months isn’t allowed.  
  • The newly converted policy must remain in force for six months. The six-month eligibility window begins from the issue date. 
  • The premium discount will be reflected in the terms of the policy receiving the discount.
  • Participating whole life policies aren’t part of the offer.  
  • If optional benefits are carried over to the new policy, the costs for the optional benefits are included in the premium discount. 
  • For term-to-term conversions, the conversion must take place within the term-to-term conversion window and the following conditions apply:  
    • If the original policy is Evolve Term:  
      • The new term length must be at least 10 years longer than the existing term length. 
      • The new policy must have a term length of at least 20 years (e.g. an existing T10 policy could convert into a T25 policy). 
    • If the original policy is SunSpectrum Term:  
      • The original policy must be a T10 or T15 and the new policy must be a T20 or T30. 
      • The existing policy must have the term-to-term conversion feature in their policy contract. 
  • Partial conversions are eligible under the following conditions: 
    • Partial conversion to Evolve Term with a length of at least 20 years and the remaining coverage converted into another Evolve Term policy with a length of at least 20 years.  
    • Partial conversion to a non-par permanent policy with the remaining term coverage staying in force or cancelled. 
    • Partial conversion to a non-par permanent policy with the remaining term coverage converted into a stand alone Evolve Term policy with a term length of at least 20 years. 
    • Partial conversion to a non-par permanent policy with the remaining term coverage carried over to the permanent policy as long as the new term rider length is T20 or T30 coverage.  
      • Note: If the conversion is from a term insurance benefit already set up as part of a partial conversion with carry-over option, it won’t be eligible for the carry-over option again.