Why Sun Life vs. Canada Life is a common comparison

When Canadians begin researching term life insurance, two companies frequently appear at the top of comparison lists: Sun Life and Canada Life. Both are long-established insurers with a major presence in the Canadian insurance market, offering term life insurance products to individuals and families.

Sun Life and Canada Life are often compared because both companies have built strong reputations over decades of operation and offer flexible term life products with multiple coverage options. For someone who is buying a term life insurance policy in Canada, this creates a natural question: if both insurers appear reliable and offer similar types of coverage, which one is actually the better fit?

That’s where a direct comparison becomes useful. By looking at their plans side by side, including policy features, flexibility, pricing structure, and ideal buyer profiles, it becomes easier to understand how Sun Life and Canada Life differ and which option may align better with your needs.

Sun Life vs. Canada Life at a glance

Here’s a table to give you a quick overview of Sun Life and Canada Life

Company snapshot: Sun Life vs. Canada Life

About Sun Life term life insurance

Sun Life’s primary term life insurance product is Evolve Term Insurance. The plan offers coverage amounts ranging from $50,000 to $25 million, with term lengths available from 5 to 40 years.

One of the distinguishing features of Evolve Term is its flexibility. Policyholders can increase their coverage at certain life stages without additional medical underwriting and may also have the option to extend the policy’s coverage duration. The plan can also be converted to a permanent life insurance policy until age 75, giving buyers the option to transition to lifelong coverage later.

In addition to Evolve Term, Sun Life also offers two simplified term options: Go Simplified and Go Term. Go Simplified is a no-medical policy that can be purchased online, while Go Term requires applicants to answer only a limited number of health questions during the application process.

These simplified plans typically come with lower coverage limits and higher premiums compared to fully underwritten policies, which makes Evolve Term the more suitable option for individuals seeking higher coverage amounts and greater policy flexibility.

Key features of Sun Life term life insurance

Here are the core features of Sun Life term insurance:

1. Guaranteed renewability

• Level and guaranteed premiums during the selected term
• Automatic renewals without any medical evidence
• Renewability available till 85 years of age

2. Conversion to permanent life insurance

• Term policies can be converted to permanent policies (available for select plans) typically before the policy anniversary nearest age 75
• No additional evidence is required for conversion

3. Flexible term length options

• For Sun Evolve 5-40 is available
• The flexible term length aids diverse coverage needs

4. Optional benefits and riders included

• Accidental death benefit rider
• Child term rider
• Disability waiver rider
• Owner waiver disability rider
• Guaranteed insurability benefit rider
• Business value protection rider
• Renewal protection rider
• Partner protection rider

5. Coverage options

• Flexible coverage options from $50,000 to $25 million to suit diverse family needs
• Available coverage structures: single life, joint first-to-die, and multiple life

6. Living benefit access

• May provide up to 50% of the basic insurance amount (maximum $250,000) if diagnosed with a terminal illness
• Offered on a discretionary, compassionate basis

Pros and cons of Sun Life term life insurance

About Canada Life term life insurance

Canada Life’s main term life insurance product is My Term™ Life Insurance. The plan is available in two coverage structures: single-life and joint first-to-die, making it suitable for both individuals and couples looking for shared protection.

The policy is available to applicants starting at age 15, with coverage beginning at $100,000. There is no strict maximum base coverage limit, although applications requesting more than $25 million in coverage typically require special underwriting and quoting.

Key features of Canada Life term life insurance

Here are the core features of the Canada Life term insurance policy:

1. Guaranteed renewability

• Automatic renewals when the term is up
• No medical evidence required for renewals
• Renewable until the policy anniversary nearest age 85

2. Convertible

• Option to convert term policy to a permanent policy up to 70 years of age
• No additional underwriting is required
• Term policies may also be exchanged for a longer term, provided the new term is typically at least 10 years longer than the existing one
• The term-to-term conversion can only be requested after the first policy anniversary

3. Longer term lengths

• 5-50 term length is available

4. Optional benefits and riders

• Accidental death benefit rider
• Child term rider
• Disability waiver rider
• Guaranteed insurability benefit rider
• Business value protection rider

5. Coverage options

• Available coverage structures: single life and joint first-to-die
• Joint first-to-die coverage insures 2 lives on a joint coverage

Pros and cons of Canada Life term life

Sun Life vs. Canada Life comparison

Wondering whether to choose Sun Life or Canada Life term insurance? Here’s a table illustrating the difference between the two based on features such as term products offered, flexibility, renewability, availability of riders, coverage options, and more.

Our Ratings

Who should choose Sun Life?

Sun Life may be a better fit for buyers who value flexibility and rider customization within their term policy. Its plans are designed for people who want more control over how their coverage evolves over time, rather than simply choosing the lowest premium.

Choose Sun Life if:

• You want exact term length: If you are trying to match policy term to your needs, such as a mortgage, loan schedule, or business obligation, Sun Life’s flexible term lengths (5-40 years through Evolve) can allow better planning
• You want the option to exchange your term length: If you are unsure of the term length, Sun Life’s term exchange feature allows certain policies to be exchanged to 20- or 30-year terms. This is available within the first five years without new medical evidence
• You prefer wider rider options: Families or business owners prioritizing multiple riders, like critical illness, child protection rider, business value protection rider, partner protection rider, etc

Who should choose Canada Life?

Canada Life may appeal to buyers who prefer straightforward, long-term coverage with fewer structural changes over time. It’s My Term™ Life Insurance is designed around stable protection rather than extensive customization.

However, compared with some competitors, the product structure tends to be simpler and less flexible, which may or may not suit buyers depending on their planning needs.

Choose Canada Life if:

• You want longer term lengths: Canada Life offers term lengths that can extend up to 50 years, which can appeal to buyers seeking coverage that lasts well into later life stages without needing multiple renewals
• You value a straightforward conversion pathway: Canada Life policies allow conversion to permanent life insurance before age 70 without additional medical exams, making it relatively easy to transition to lifelong coverage later
• You need very large coverage amounts: Canada Life allows very high coverage limits, with special underwriting available for policies exceeding $25 million, which may be useful for high-net-worth individuals or certain business planning needs

Final Verdict: Sun Life or Canada Life

Listed below are ratings based on different ratings for Sun Life and Canada Life term insurance:

• Best overall: Sun Life

Sun Life, with an overall rating of 4.7, is slightly better than Canada Life. Sun Life’s term life insurance plan offers comprehensive coverage options and broader rider options, making it the best overall.

• Best for riders: Sun Life

While both Sun Life and Canada Life have multiple rider options, Sun Life has a slight edge. Sun Life has a greater number of rider options.

• Best for flexibility: Sun Life

Sun Life offers flexible term length (5-40 years), term-exchange options, multi-life coverage, and broader riders.

• Best for high coverage needs: Canada Life

Canada Life’s My Term™ Life Insurance has no maximum base coverage limit. This means you can choose a high coverage (subject to underwriting), depending on your evolving term insurance needs.

• Best for price: Canada Life

Both Canada Life and Sun Life offer competitive pricing, but Canada Life has an affordable term life insurance solution to match your budget needs.

Is Sun Life a good insurance company in Canada?

Yes, Sun Life is a reputable insurance company in Canada. It earns A+ ratings from AM. Best and AA from DBRS. Sun Life’s Evolve term is a flexible term life insurance policy that can be adapted as per your evolving term insurance needs. It is also renewable and convertible.

Sun Life vs Canada Life term insurance: Which is better?

Sun Life and Canada Life are leading names when it comes to term life insurance policies. To choose which one is better for you, you must look for factors that will help you decide, such as coverage requirements, price, flexibility, conversion options, and riders’ availability. Sun Life has an edge over Canada Life as its Evolve term offers multiple term lengths (5-40 years), broader rider options, and greater flexibility.

What are the term life insurance options available with Canada Life?

Canada Life has only one term life insurance policy, which is My Term™ Life Insurance. It is available in two coverage options: single life and joint-first-to-die. The My Term™ Life Insurance can be issued at a minimum coverage of $100,000. There is no maximum base coverage amount limit.

What is the difference between joint first‑to‑die and joint last‑to‑die?

Joint first-to-die pays the death benefit after the first insured person passes away and is often used for income protection or mortgage coverage. Joint last-to-die pays the benefit only after both insured individuals have passed away and is typically used for estate planning purposes.

What is Sun Life Evolve Term insurance?

Sun Life Evolve Term Life Insurance is a fully underwritten term life policy offered by Sun Life Canada. It pays a death benefit if the insured person passes away during the policy term.

The plan is called “Evolve” because it allows policyholders to adjust coverage as their needs change. For example, coverage can be increased after certain life events such as marriage, the birth of a child, or a new mortgage.

Coverage starts at $50,000 and goes up to $25 million, with term lengths ranging from 5 to 40 years. Compared with other Sun Life term products, Evolve offers more flexible term length options, higher coverage limits, and broader rider customization.

Key features of Sun Life Evolve Term insurance

1. Broad coverage and terms

Evolve allows a wider range than Sun Life’s other term plans: you can get as little as $50,000 or as much as $25 million coverage, and choose terms from 5 up to 40 years (renewable). By contrast, the other Sun Life Go term plan available online tops out at just $1 million and only offers 10- or 20-year terms.

2. Fixed premiums

With Evolve, your monthly or annual premium is guaranteed not to change for the length of the term. For example, a healthy 30‑year-old non‑smoker pays about $24 per month for a 10‑year, $1 million Evolve policy. This level payment continues through year 10; on renewal (each year after), premiums rise with age.

3. Coverage increases on life events

A standout feature is that Evolve lets the insured increase coverage after the first policy year if certain life milestones occur. Eligible events include marriage, the birth of a child, a rise in income, or getting a new/larger mortgage. If you’re age 18–60, you can apply to raise your insured amount by up to 50% (to a maximum additional $1 million). Sun Life will simplify the underwriting (fewer medicals), though health questions still apply.

4. Convertibility to permanent insurance

Evolve policies include a guaranteed conversion privilege. At any time before the insured’s 75th birthday, you can convert the term coverage into a permanent life policy without new evidence of insurability. This conversion right applies regardless of health changes, giving flexibility for long-term planning. (None of Sun Life’s Go plans offer such a conversion option.)

5. Renewable to age 85

The policy is renewable each term until roughly the insured reaches age 85. After that point coverage ends. You’ll be notified a couple of days before each renewal. If you outlive the term you’ve chosen, you don’t get a cash payout (term policies pay only on death, but you retain the peace of mind that you had coverage while needed.

Optional benefits (riders) with Sun Life Evolve Term insurance

Evolve can be enhanced with a variety of optional riders to cover additional needs. Key riders include:

• Child Term Insurance Benefit (CTB): Adds small term coverage for your children (birth to age 25) at additional premium. CTB also lets each child buy their own permanent policy later without medical questions.
• Waiver of Premium on Total Disability: If the insured becomes totally disabled, this rider continues the policy in force without requiring further premiums. In effect, the insurer waives future premiums while disability continues.
• Accidental Death Benefit (ADB): The ADB rider pays an additional stated amount if death is due to a covered accident, subject to rider limits and caps. 
• Guaranteed Insurability Benefit (GIB): Allows the insured to buy more life insurance in the future (at specific ages or events) without new medical evidence. This can be useful if, say, family or business obligations grow.
• Business Value Protection. For business owners, this rider lets you increase coverage as the business grows in value, again without new medical questions. This helps key-person or buy-sell insurance keep pace with the company’s worth.

Pros and cons of Sun Life Evolve Term insurance

How Evolve compares to other Sun Life term life insurance plans

Sun Life’s current term lineup primarily includes Evolve Term and Go Term. Older products like SunTerm and SunSpectrum have largely been phased out and replaced by Evolve’s more flexible structure.

1. Coverage and Term Length

Evolve Term covers $50,000 up to $25 million and offers a huge range of term lengths. You can pick any term from 5 up to 40 years. This means you could insure for just a few years or for four decades, depending on your needs. 

Sun Life’s Go Term plan provides coverage up to $1 million with only 10- or 20-year terms. You answer some health questions (and often skip exams if young/healthy) for faster underwriting. Premiums are level for the chosen term and you can apply for the insurance online.

The Go Simplified version offers only $50K, $75K or $100K coverage for a 10‑year term. Premiums are fixed for those 10 years and applicants answer three health questions (no exam). This makes approval quick, but premiums are quite high. 

2. Flexibility and long-term options

This is where Evolve clearly stands apart.

Evolve includes a conversion privilege, allowing you to convert your term policy into permanent insurance before age 75, without providing new medical evidence. This is valuable if your health changes but you later decide you want lifetime coverage.

It also allows you to increase coverage by up to 50% after certain life events (such as marriage, a new child, income growth, or taking on a new mortgage), subject to simplified underwriting.

Go Term does not offer built-in life-event coverage increases or conversion options. 

3. Customization and riders

Evolve offers access to a broader suite of optional riders, including:

• Child Term Benefit
• Waiver of Premium (disability)
• Accidental Death Benefit
• Guaranteed Insurability Benefit
• Business Value Protection

Go Term does offer some optional benefits/riders, but they are very limited compared with Evolve.

4. Renewability and conversion

Evolve Term is both renewable and convertible. You can renew the policy at the end of each term (typically as annual renewals) without new medical evidence, generally up to age 85. Premiums increase at renewal due to age, but remain level during the initial term period.

Evolve also includes a guaranteed conversion privilege, allowing you to convert your term coverage into a permanent life insurance policy before age 75, regardless of changes in health.

Go Term, while renewable, does not offer a guaranteed conversion option, which is a major disadvantage of this plan.

5. Pricing

For comparable coverage amounts and term lengths, Evolve’s pricing is generally more competitive than the Go term plans.

Go Term may appear cheaper upfront for smaller policies due to its simplified structure and limited features. However, Evolve often provides better value per dollar of coverage once you factor in the added flexibility this plan offers.

For buyers who need more than basic protection, Evolve often delivers better long-term value.

Which Sun Life term plan should you choose?

Choose Evolve if you want maximum flexibility and coverage adaptability. It lets you adjust the coverage at life milestones. It’s great for people who want term insurance that evolves with life changes (as the name suggests).

Both Go plans are a big NO for longer term needs. If you only need a small amount of coverage, these plans may be faster to buy online. But Evolve offers far more flexibility (up to 40-year terms and $25M coverage) and features (conversion, riders) that the Go product doesn’t.

Is Evolve term insurance right for you?

Sun Life Evolve Term Insurance is ideal if you:

• Prefer a policy with flexible term lengths (5-40 years)
• Want the option to convert to permanent insurance later (guaranteed up to age 75)
• Prefer a policy you can adjust over time (e.g. increase coverage at life events)
• Are a business owner who needs to insure the company’s value or key people (using the Business Value Protection rider)
• Like having the option to renew after the initial term rather than buy a new policy

Is Sun Life Evolve Term insurance renewable?

Yes, Sun Life Evolve Term insurance is renewable. At the end of your selected term (such as 10, 20, or 30 years), the policy can be renewed without providing new medical evidence. Renewals typically occur on an annual basis after the initial term, and premiums will increase based on your age at renewal. Coverage can generally continue up to age 85.

Can you increase coverage later with Sun Life Evolve Term?

Yes. One of Evolve’s key features is the ability to increase coverage after the first policy year if certain life events occur. These events may include marriage, the birth of a child, an increase in income, or taking on a new mortgage. You can apply to increase coverage by up to 50% (subject to limits and underwriting conditions), making it more flexible than many traditional term policies.

What is the maximum coverage amount available under Sun Life Evolve Term?

Sun Life Evolve Term offers coverage starting at $50,000 and going up to $25 million. For amounts exceeding $25 million, special quotes may be available depending on underwriting approval. This makes Evolve suitable for both personal and business-related insurance needs.

Can you convert Sun Life Evolve Term to permanent insurance?

Yes. Evolve Term includes a guaranteed conversion privilege. You can convert your term policy to a permanent life insurance policy before age 75 without providing new medical evidence. This means even if your health changes, you still retain the option to secure lifetime coverage.

Is Evolve better than Go term?

Yes, for most buyers, Sun Life Evolve Term is the stronger and more flexible option. Evolve offers significantly higher coverage limits (up to $25 million), longer term lengths (5 to 40 years), the ability to increase coverage after major life events, and a guaranteed conversion option to permanent insurance before age 75. These features make it better suited for long-term financial planning, larger mortgages, growing families, and business protection needs.

Sun Life insurance in Canada: The facts behind the myths

Sun Life is one of Canada’s most established life insurance providers, offering everything from basic term coverage to flexible estate planning solutions. However, with size, history, and visibility comes speculation. 

From assumptions about pricing and underwriting to concerns about claims and flexibility, there are several misconceptions surrounding Sun Life insurance in Canada. 

Quick summary: Sun Life insurance myths vs. facts

Common myths about Sun Life insurance explained

Myth 1: “Sun Life insurance is too expensive”

Why this myth exists

Sun Life is one of Canada’s biggest insurers. Many people assume that larger companies automatically charge higher premiums. Others compare permanent policies to basic term coverage and conclude the insurer is “expensive” without comparing similar products.

The reality

Sun Life offers both term and whole life insurance. Term policies are designed to provide affordable coverage, especially during high-responsibility years, such as paying off a mortgage or raising children.

Premiums depend on age, smoking status, health history, coverage amount, and policy type. For healthy applicants in their 20s and 30s, entry-level term coverage can be competitively priced within the Canadian market.

For example, a healthy 30-year-old male could pay roughly $32 per month for $1 million coverage for a 10 year term under Sun Evolve Term.

Costs may only increase when you choose permanent insurance, add riders, or apply later in life (which is true across all insurers, not just Sun Life).

Myth 2: “If I’m not perfectly healthy, I won’t qualify”

Why this myth exists

Many applicants assume life insurance approval is binary: either you’re in perfect health or you’re declined. Since Sun Life is a large, established insurer, some people believe its underwriting standards must be extremely strict, like for applicants with diabetes or high blood pressure.

The reality

Sun Life, like all major Canadian insurers, evaluates applicants based on overall risk and then determines eligibility, pricing, and possible exclusions. A health condition does not necessarily mean a decline. In many cases, stable and well-managed conditions may be insurable, though possibly at a higher cost.

Importantly, Sun Life also has specific plans for people with pre-existing conditions. For instance, Sun Life offers a dedicated term insurance solution designed specifically for individuals with diabetes.

Sun Life also offers simplified issue options in Canada, which may require fewer medical questions but often come with lower coverage limits. Imperfect health rarely means “zero options.”

Myth 3: “Term insurance with Sun Life has no long-term flexibility”

Why this myth exists

A common pushback against term insurance is that it’s temporary and you’re stuck when the term ends. That leads many to assume Sun Life term policies offer no future flexibility.

The reality

Sun Life offers term products that include conversion options and flexible term lengths. Its “Evolve Term” comes with flexible term lengths (5 to 40 years), allowing buyers to match coverage to specific milestones.

Most importantly, the plan offers conversions from term to permanent coverage when needed (an important flexibility feature that counters the myth).

This matters if you later decide that you want lifelong coverage, or if your financial planning needs evolve over time.

Myth 4: “Claims with large insurers like Sun Life are always difficult”

Why this myth exists

Large companies attract more complaints in absolute numbers, simply because they serve more customers. That, combined with viral “claims denied” stories, creates a perception that big insurers make claims difficult.

The reality

Sun Life provides clear, step-by-step guidance for life and health claims on its website. Claims complexity generally varies by case, including cause of death, policy type, and investigative needs. Sun Life lists multiple submission methods and clearly shares requirements to reduce surprises.

In straightforward cases, such as a policy that has been active beyond the contestability period (generally contestable for the first two years) and where cause of death is clear, claims are typically processed once documentation is complete and as per policy terms.

Where delays occur, they’re usually related to incomplete paperwork, cause-of-death investigations, policies still within the contestability window, or misrepresentation at application. These are industry-wide standards, not insurer-specific barriers.

Large insurers like Sun Life in Canada also tend to have established claims departments, digital submission options, and structured escalation processes, which can improve predictability.

Note: most Canadian life policies include a suicide exclusion and a contestability period in the early policy years; review your contract wording and the insurer’s claims page for specifics.

Myth 5: “Sun Life only offers basic term insurance”

Why this myth exists

Sun Life is widely known for its term insurance offerings, especially for mortgage and income replacement needs. Many consumers assume that’s the extent of its product lineup.

The reality

If you only look at term pricing, you’re seeing one segment of the offering. Sun Life’s portfolio includes both protection-focused and wealth-building life insurance solutions.

Sun Life offers multiple types of life insurance, including:

• Term life insurance
• Participating whole life insurance
• Universal life insurance

The right fit depends on whether your priority is affordability, lifelong coverage, estate planning, or a combination of these goals.

Myth 6: “Sun Life policies are only for high-income individuals”

Why this myth exists

Sun Life offers life insurance coverage amounts that can go as high as $25 million, depending on underwriting approval.

Due to this, many people associate Sun Life primarily with affluent families, business owners, and high-income professionals.

The reality

Sun Life has the capacity to underwrite large face amounts for estate planning and wealth transfer; however, its product lineup isn’t limited to high-net-worth clients.

Sun Life also offers:

• Term insurance designed for income replacement
• Coverage structured for mortgage protection
• Entry-level coverage amounts
• Short- and mid-term durations

The same insurer that can underwrite multi-million-dollar estate policies can also issue straightforward term policies for everyday financial protection needs.

Myth 7: “Sun Life automatically rejects high coverage amounts”

Why this myth exists

When applicants request multi-million-dollar coverage, the underwriting process becomes more detailed.

Medical exams or longer review timelines can feel like resistance. If someone experiences extra scrutiny during a large application, it’s easy to interpret that as reluctance to insure.

The reality

Sun Life offers coverage limits that can extend up to $25 million, depending on underwriting approval.

Higher amounts typically require:

• Medical evidence
• Financial justification
• Full underwriting review

This is standard across major insurers. The requirement for documentation reflects risk assessment, not unwillingness to insure.

Myth 8: “Sun Life underwriting is slower than other smaller insurers”

Why this myth exists

With the rise of various small and digital-first insurers offering simplified applications, some buyers assume larger insurers like Sun Life operate more slowly or require excessive paperwork.

The reality

Underwriting timelines depend more on coverage amount, medical complexity, and required documentation.

For straightforward term applications, underwriting can move efficiently. Delays typically occur when medical records are required, financial justification is needed, or there are complex health disclosures.

Larger insurers often have dedicated underwriting teams, medical directors, and structured review systems capable of handling both standard and complex cases.

Speed-it-up tips: respond quickly to forms and e-consents, book medicals promptly if needed, have your doctor’s details handy, and keep recent test results accessible to reduce follow-up delays.

Myth 9: “Sun Life participating policies always pay high dividends”

Why this myth exists

Sun Life’s participating whole life policies are often discussed in the context of dividend performance. Over time, participating policies can generate dividends based on the insurer’s participating account performance.

Some buyers assume dividend payouts are guaranteed or consistently high because Sun Life is a large, established insurer.

The reality

Dividends in participating whole life policies are not guaranteed. They depend on factors such as:

• Investment performance of the participating account
• Mortality experience
• Expenses
• Interest rate environment

Sun Life has a long history in the participating space; however, dividend scales can change over time. Participating policies provide stability and potential growth, but they should not be treated as fixed-return investment vehicles.

Myth 10: “Sun Life term policies are only available through workplace plans”

Why this myth exists

Sun Life is highly visible in group benefits and employer-sponsored coverage. Many Canadians first encounter the brand through workplace health or life insurance.

This creates the assumption that Sun Life coverage is primarily employer-based.

The reality

Sun Life offers both group insurance and individual retail policies.

Workplace coverage:

• Is typically limited in amount
• May end when employment ends
• Is not always portable

Individual Sun Life policies:

• Are personally owned
• Remain in force regardless of job changes
• Can offer higher coverage amounts
• Can include conversion privileges

The brand’s strong group presence doesn’t limit its individual offerings.

Is Sun Life a good life insurance company in Canada?

Sun Life is one of the largest and most established life insurance providers in Canada. It offers both individual and group insurance products, along with term, participating whole life, and universal life options. Whether it’s “good” for you depends on your coverage needs, budget, and long-term financial goals.

How much does Sun Life life insurance cost?

Premiums depend on age, smoking status, health history, coverage amount and policy type. Term insurance is generally more affordable than permanent coverage. Permanent policies cost more because they provide lifetime protection and may include cash value or dividend components. The best way to determine pricing is through a personalized quote based on your profile.

Does Sun Life offer term-to-permanent conversion?

Yes. Sun Life term policies typically include conversion options within specified timelines. This allows policyholders to convert their term coverage into permanent insurance without undergoing new medical underwriting, provided eligibility conditions are met.

What is the maximum coverage amount Sun Life offers?

Sun Life can underwrite coverage amounts up to $25 million, depending on the product and underwriting approval. Higher coverage amounts require medical and financial documentation, which is standard across major insurers.

Does Sun Life only offer insurance through employers?

No. Sun Life provides both group (workplace) insurance and individual retail life insurance policies. Individual policies are personally owned and remain in force regardless of employment changes.

Sun Life term life costs vs other insurers in Canada

With a maximum coverage limit of $25 million, Sun Life manages to offer competitive term life insurance costs in Canada. Here’s a table depicting the cost of a $2M term life insurance policy offered by some of the popular insurers in Canada: Sun Life, iA, Desjardins, Manulife, and RBC Insurance.

Why choose Sun Life term life insurance in Canada

Sun Life term life plans come with several benefits, such as those listed below:

• It has a longer term length of 5-40 years, giving you the flexibility to choose a suitable term length
• The term plan can be renewed to age 85 without medical evidence and converted to permanent life insurance to age 75
• There are multiple coverage options to choose from: single, joint first-to-die, or joint last-to-die
• It offers a coverage limit of up to $25 million, which is quite high compared to many term life insurance policies in Canada
• There is an option to customize the policy with add-ons like child term, guaranteed insurability, disability waiver, renewal protection, and business value benefit. These add-ons are, however, available at an additional cost

How to reduce Sun Life term life cost in Canada?

The cost of Sun Life term insurance plans depends on a number of factors, such as health status, coverage amount, add-ons, age, and a few more. Here’s how you can optimize the Sun Life term life cost in the best possible way:

• Maintain a good health status: Sun Life term life quotes are largely based on how healthy you are, which depends on your lifestyle. When you have a healthy lifestyle, you will easily be able to qualify for affordable rates at Sun Life. Additionally, if you quit smoking for at least a year, you may become eligible for non-smoker rates, which are typically lower than smoker premiums
• Choose the right coverage: You must choose the coverage you really need. Pick a coverage amount based on your income, financial obligations, and the costs associated with your dependents
• Apply when you are young: Age is one of the most important factors affecting term life insurance costs. The older you get, the higher the term insurance premiums. Buying early can help you get Sun Life term life plans at more affordable rates
• Speak to our licensed advisors: To get the most affordable rates, speak to our licensed advisors at PolicyAdvisor, who will help you get the best rates. We will help you choose the right strategy and ensure it fits your financial and estate planning goals. Schedule a consultation with our advisors now!

Is Sun Life term life insurance competitive compared to other insurers?

Sun Life generally offers competitive pricing, but rates vary by insurer and individual health profile. For $2M in coverage, Sun Life has an estimated premium of $43.65/month, while other insurers such as Desjardins, iA, RBC, and Manulife have premiums of $46.80, $48.60, $49.32, and $49.52, respectively.

How much does Sun Life term life insurance cost in Canada?

Sun Life term life premiums depend on age, gender, smoking status, health class, coverage amount, and term length. Speak to our licensed advisors to get exact rates for your Sun Life term life insurance policy.

What is the most popular term life plan that Sun Life offers?

The most popular term life plan that Sun Life offers is Evolve Term. This policy has a term length of 5-40 years and is renewable and convertible. This policy provides coverage up to $25 million.

Is Sun Life a good insurance company?

Yes, Sun Life is a reputable insurance company in Canada, backed by strong financial ratings. It’s Evolve Term insurance is a flexible term insurance policy that can be adapted as per evolving needs. Sun Life Evolve Term insurance can also be customized with riders like accidental death benefit rider, child term rider, disability waiver rider, Guaranteed insurability benefit rider, and a few more.

Why Sun Life vs. Manulife is a common comparison

When people in Canada start looking for term life insurance, two names consistently pop up online: Sun Life and Manulife, not because of aggressive marketing but because both companies have deep roots in the Canadian insurance landscape and offer broad, accessible term life options.

Both Sun Life and Manulife have been operating in Canada for more than a century. Both offer multiple term lengths. Both allow policies to be renewed. Both provide the option to convert certain term plans into permanent life insurance later on.

Due to that overlap, buyers often end up comparing them directly. When two providers offer similar coverage structures alongside strong reputations, the decision shifts from “Is this company reliable?” to “Which one fits my situation better?” That’s where the comparison becomes meaningful.

Instead of vague statements like “both are great,” let’s break down Sun Life and Manulife side by side – looking at the plans’ structure, features, flexibility, and buyer fit, so you can understand not just what they offer, but which one may align better with your priorities.

Sun Life vs. Manulife at a glance

Both Sun Life and Manulife are major players in the Canadian insurance market with long histories and global reach, but there are some meaningful distinctions in size, focus, and operations.

Company snapshot: Sun Life vs. Manulife

About Sun Life term life insurance

Sun Life offers multiple term life insurance plans in Canada designed to support different buying preferences, coverage needs, and underwriting requirements. Out of them, Sun Life Evolve Term is Sun Life’s most customizable term product. It’s built for people who want long-term flexibility.

Sun Life term plans overview

Sun Life Evolve Term is a fully underwritten term life insurance product offering:

• Term lengths from 5 to 40 years
• Coverage limits of up to $25 million
• Option to convert to a longer term length
• Option to increase the coverage amount (but require new underwriting)
• Eligible for conversion to permanent insurance

Besides these, Sun Life also offers Sun Life Go Term plans, which are simplified term life insurance options designed for quick online applications.

These plans provide lower maximum coverage than Sun Evolve and may carry higher premiums. For higher coverage amounts, more competitive pricing, flexible term structures, and multi-life planning, Sun Life Evolve may be more suitable.

Previously, Sun Life offered SunTerm and SunSpectrum Term as its standard term life insurance products, but both have since been replaced by Evolve Term, a unified and more flexible term solution.

Key features of Sun Life term life insurance

Sun Life’s term portfolio is built around flexibility, renewability, and long-term conversion options.

Here are the core features that define most Sun Life term life insurance plans:

1. Guaranteed renewability

• Level, guaranteed premiums during the selected term
• Automatically renewable without medical evidence
• Renewable until the policy anniversary date nearest the insured person’s 85th birthday
• Ensures continued protection even if health changes over time

2. Conversion to permanent insurance

• Eligible term policies can be converted to permanent life insurance
• No additional medical evidence required at conversion
• Convertible until the policy anniversary date nearest the insured person’s 75th birthday
• Provides long-term flexibility if insurance needs evolve

3. Multiple term length options

• Flexible term lengths: 5 to 40-year terms 
• Allows coverage to align with mortgages, income protection timelines, or estate planning strategies

4. Flexible coverage structures

• Flexible coverage structures, including: single life, joint first-to-die, multiple life (up to five insureds under one policy)
• This supports both family and business coverage planning

5. Optional benefits and riders

• Child term benefit
• Guaranteed insurability benefit
• Accidental death benefit
• Total disability waiver benefit
• Owner waiver disability benefit
• Business value protection benefit
• Partner protection benefit

6. Living benefit access

• May provide up to 50% of the basic insurance amount (maximum $250,000) if diagnosed with a terminal illness
• Offered on a discretionary, compassionate basis

7. Survivor benefit

• Within 90 days of the death of the first insured person, the surviving insured person may buy life insurance to replace the joint coverage without providing medical evidence of insurability
• The base coverage amount is paid out twice if both insured persons die together or within 90 days of each other

Pros and cons of Sun Life term life insurance

About Manulife term life insurance

Manulife term life insurance provides affordable financial protection for you and your loved ones in case of death during a specified period. The company offers several term life options intended to fit different needs, ranging from simple, easy-to-apply plans to more structured family plans with higher coverage limits and optional wellness-linked features. 

Manulife term plans overview

1. Manulife Family Term

• Designed for family or business protection
• Available as single life or multi-life coverage
• Lower premiums if you protect two or more people under a single policy
• Pay level premiums for 10 years, 20 years, or to age 65
• Broad coverage range ($100,000 to $20 million)
• Optional riders, such as disability waiver
• Includes a terminal illness benefit 
• 30-day money-back guarantee 

2. Family Term with Vitality Plus

• Includes access to the maximum benefits of the Manulife Vitality program
• Potential rewards or premium benefits based on healthy lifestyle engagement
• Track physical activity and health goals through the Vitality platform
• Incentives may include gift cards, device discounts, etc
• Pay level premiums for 10 years, 20 years, to age 65, or for life
• Broad coverage ($250,000 to $25 million)
• Same term options: T10, T20, and T65
• Includes coverage for bereavement counselling costs up to $1,000
• Includes a terminal illness benefit

Besides these, Manulife also offers CoverMe term life plans, including Term 10, Term 20, and Easy Issue options. These plans are designed for simplified online purchase but come at significantly higher prices. For higher coverage amounts, affordable premiums, flexible term structures, and multi-life planning, Manulife Family Term is a more comprehensive offering.

Key features of Manulife term life insurance

Across its term life products, Manulife’s term portfolio focuses on guaranteed premiums, renewability, and optional wellness-linked features.

1. Level, guaranteed premiums

• Premiums remain level during the selected term 
• Provides cost predictability during the chosen coverage period

2. Multiple-term options

• Term 10 (T10)
• Term 20 (T20)
• Term 65 (coverage to age 65)

3. Convertibility

• Transition from temporary term coverage to permanent coverage 
• Conversion typically does not require new medical evidence
• Helps preserve insurability if long-term needs evolve

4. Multi-life flexibility

• Ability to cover multiple individuals under a single policy
• Multi‑life structures can be cost‑efficient (e.g., shared policy fees), but savings vary by case
• Suitable for family income protection or business partner planning

5. Manulife Vitality integration

• Wellness-linked rewards program
• Potential rewards or benefits tied to healthy activities
• Includes bereavement counselling coverage up to $1,000 with Vitality Plus benefits

6. 30-day money-back guarantee

• Cancel your policy within 30 days of receiving it (varies by product)
• If you cancel within that period, Manulife refunds the premiums paid

Pros and cons of Manulife term life

Sun Life vs. Manulife comparison

Our Ratings

Who should choose Sun Life?

Sun Life may be a better fit for buyers who value flexibility and rider customization within their term policy. Its plan is designed for people who want more control over how their coverage evolves. It suits buyers who think beyond just price and focus on long-term insurability and planning. Choose Sun Life if:

• You want precise term alignment. If you’re trying to match coverage exactly to a mortgage, loan schedule, or business obligation, Sun Life’s flexible term lengths (including 5, 15, or up to 40-year options through Evolve) may allow more precise planning.
• You want the ability to exchange terms early. If you’re unsure whether 10 or 15 years will be enough, Sun Life’s term exchange feature (10/15 to 20/30 within the first five years without medical evidence) can provide flexibility if your needs change early in the policy.
• You anticipate evolving business needs. Sun Life offers business-focused riders such as partner protection and business value protection. If you are a business owner, this added customization may be important.
• You prefer wider rider options. If optional benefits like child term riders, guaranteed insurability, disability waivers, or accidental death coverage are priorities, Sun Life provides broader rider selection across its advisor-based plans.

Who should choose Manulife?

Manulife Family Term may appeal to buyers who want more than just basic term coverage, particularly those who value lifestyle-linked engagement, structured retirement planning, and the option of lifetime coverage. Choose Manulife if:

• You’re interested in wellness-linked rewards. Family Term with Vitality Plus integrates the Manulife Vitality program, which encourages healthy behaviour through activity tracking and reward incentives. For buyers who like the idea of engaging with their policy, this can be a meaningful differentiator.
• You want coverage aligned to your working years. Term 65 (T65) provides protection up to age 65, aligning coverage directly with income-earning years. This can simplify retirement planning without requiring policy renewal beyond that age.
• You are insuring multiple individuals under one contract. Family Term allows multi-life coverage and may offer efficiencies when protecting two or more insured individuals under a single policy. It also comes with additional support features, such as bereavement counselling.

Final Verdict: Sun Life or Manulife

Best overall: Sun Life

Sun Life earns a slight overall edge due to slightly flexible term options and broader rider selection. For buyers focused on long-term planning depth rather than just short-term coverage, Sun Life might be better.

Best for price: Tie

It depends on the underwriting profile. Both Sun Life and Manulife offer competitive pricing depending on age, health, coverage amount, term length, etc. Actual pricing will vary by individual risk profile. Comparing quotes side by side can be helpful.

Want to see how your personal pricing compares between Sun Life and Manulife? PolicyAdvisor can generate personalized term life quotes so you can choose confidently.

Best for flexibility: Sun Life

Sun Life takes the lead here. It offers various flexible term lengths from 5 to 40 years to choose from, term exchange options (10/15 to 20/30), multi-life structuring (up to five insureds), broader rider customization, and more.

Best for high coverage needs: Tie

Both insurers support high coverage amounts. Sun Life’s advisor-sold products offer coverage of up to $25 million, while Manulife Family Term supports coverage of up to $20 million, and Vitality Plus plans offer coverage of up to $25 million.

Best for wellness-linked benefits: Manulife

Manulife is better. The Family Term with Vitality Plus plan includes a wellness rewards program and a bereavement counselling benefit (up to $1,000). This adds a lifestyle engagement component that Sun Life’s term products do not include.

Best for structured business planning: Sun Life

Sun Life’s term products include business-focused riders such as partner protection and business value benefits, along with multi-life structuring. This may suit business owners seeking a more tailored protection design.

Which insurer offers higher term life coverage limits: Sun Life or Manulife?

Both insurers offer substantial coverage amounts. Sun Life’s advisor-sold policies can provide coverage of up to $25 million, while Manulife Family Term offers coverage of up to $20 million, with Vitality Plus plans extending up to $25 million.

Does Sun Life or Manulife offer better flexibility?

Sun Life generally offers better flexibility. Its Evolve Term policy allows policyholders to choose custom term lengths ranging from 5 to 40 years, making it easier to match coverage with specific financial needs such as mortgage duration or income protection.

Can I convert my term life policy to permanent insurance?

Both Sun Life and Manulife Family Term policies may be convertible to eligible permanent life insurance products, subject to policy terms and deadlines.

Which insurer is better for business owners?

Sun Life may have an edge for business-focused planning due to riders such as partner protection and business value protection. Both insurers offer multi-life configurations, but Sun Life provides broader rider options tailored for structured business arrangements.

Does Manulife offer wellness rewards on term life insurance?

Yes. Manulife Family Term with Vitality Plus integrates the Manulife Vitality program, which provides activity-based rewards and includes bereavement counselling coverage. Sun Life term products do not include a wellness-linked rewards program.

Which term life insurance is cheaper: Sun Life or Manulife?

Pricing depends on your age, health classification, smoking status, and coverage amount. Both insurers offer competitive underwriting tiers. The best way to determine pricing is to compare personalized quotes side by side based on your profile.

Can I insure multiple people under one policy?

Yes. Both Sun Life and Manulife Family Term allow multi-life coverage structures. Sun Life supports up to five insured lives under one contract, while Manulife Family Term also supports multi-life configurations.

Is lifetime term coverage available?

Yes. Both insurers offer lifetime protection options. Manulife provides Term 100 (T100) with lifetime level-premium coverage, while Sun Life offers permanent life insurance products, and its term policies can be converted to permanent coverage before age 75 without new medical evidence.

Sun Life whole life insurance is one of Canada’s most trusted permanent coverage options. Founded in 1865, Sun Life has grown into a top-rated global insurer. With over 160 years of experience, Sun Life offers Canadians coverage that balances predictable growth, reliable cash value accumulation, and flexible options for long-term financial goals. It manages $1.62 trillion in assets and holds strong financial ratings, including A+ from A.M. Best and AA from S&P.

A key strength of Sun Life’s whole life insurance is its Participating Account, which holds approximately $21.2 billion in assets and supports over 400,000 active policies, one of the strongest par fund structures in Canada. In this review, we cover Sun Life’s key features, plan options, financial strength, and what makes it stand out among Canadian insurers.