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Term life insurance plays a crucial role in protecting your family’s financial future in the event of your death during the policy term. In Canada, 20-year term life insurance is one of the most preferred term insurance options because it provides financial protection to your beneficiaries at affordable premiums.

In this guide, we explain why 20-year term life insurance is a popular choice in Canada, who should consider it, how much it costs, and what happens when the policy expires.

Age (in years)

Gender

Smoker

Yes

No

Coverage amount

What is a 20-year term life insurance policy?

A 20-year term life insurance policy provides financial protection for a fixed period of 20 years.

Here’s how it typically works:

John, a 35-year-old parent living in Ontario, purchases a $500,000 life insurance policy with a 20-year term. He has a 5-year-old son and a spouse who depends on his income.

If John dies in an accident at 49, the insurer will pay a $500,000 tax-free death benefit to his beneficiaries. This payout can help the family cover financial obligations such as debts, mortgage payments, children’s education, or daily living expenses, ensuring that dependents remain financially supported if something unexpected happens.

If John lives beyond the 20-year term and reaches age 55, the policy will typically renew automatically, unless he chooses to terminate the coverage or convert the policy to permanent life insurance.

If he continues with the renewed policy, he usually won’t need new medical underwriting; however, additional documentation may be required if he decides to increase the coverage amount at the time of renewal. The key point to keep in mind is that the premium for the renewed policy will be significantly higher, as it will be based on his age at the time of renewal.

Who should consider a 20-year term life insurance policy?

A 20-year term life insurance policy may be suitable for the following individuals:

1. Parents with young kids between 10-12 years: Parents who want the coverage to last until their children become financially independent
2. Homeowners with ongoing mortgages: Term 20 aligns well when there are 15-20 years left on the mortgage
3. Mid-career professionals: Individuals in their 30s or early 40s who want coverage during the years when they carry the greatest financial responsibility for their family and are typically at the height of their earning potential
4. People seeking protection at affordable rates: Term 20 offers lower premiums than Term 30 because the coverage period is shorter

Comparing 20-year term with other term lengths

In Canada, insurers offer several term lengths such as 10-year, 20-year, and 30-year. The right choice depends on your financial obligations.

Term length	Ideal for
10-year	Individuals with short-term financial obligations or temporary coverage needs
20-year	Parents with young kids, homeowners with mortgages, or families relying on a single income
30-year	Individuals who want long-term income protection for dependents

Cost of 20-year term life insurance in Canada

The cost of a 20-year term life insurance policy in Canada depends on the policyholder’s age, health status, occupation, smoking profile, and gender. In the table below, we have illustrated the cost of a 20-year term based on different ages and coverage amounts.

20-year term life insurance cost for $500k coverage

The table below shows how age affects the rates for $500k coverage term insurance coverage for a non-smoker:

Age	Male	Female
30 years	$28.80	$19.80
35 years	$30.15	$22.05
40 years	$42.75	$32.40
45 years	$69.30	$49.95

20-year term life insurance cost for $750k coverage

The table below shows how age affects the rates for $750k coverage term insurance coverage for a non-smoker:

Age	Male	Female
30 years	$41.40	$27.68
35 years	$42.53	$30.38
40 years	$63.00	$45.90
45 years	$101.93	$72.23

20-year term life insurance cost for $1M coverage

The table below shows how age affects the rates for $1M coverage term insurance coverage for a non-smoker:

Age	Male	Female
30 years	$51.29	$35.10
35 years	$52.20	$38.70
40 years	$81.90	$59.13
45 years	$133.20	$93.51

What happens when a 20-year term life insurance policy expires?

A 20-year term life insurance policy reaches the end of its coverage period after 20 years. At that point, the policyholder typically has several options, depending on the insurer and the policy terms:

Renew the policy: Many insurers in Canada allow the policy to automatically renew on a yearly basis after the initial term ends. However, the premiums at renewal will be higher because they are based on the policyholder’s age at the time of renewal
Convert to permanent life insurance: A few insurers also offer the option to convert the 20-year term life insurance policy to a permanent life insurance policy. This conversion is often available without any new medical tests, which is beneficial if your health has changed over time
Let the coverage end: If coverage is no longer needed, the policyholder can choose not to renew or convert the policy. In this case, the coverage ends, and no death benefit will be payable once the policy expires

Tips to choose the best 20-year term life insurance policy

Here are some tips to help you choose the right 20-year term life insurance policy:

Choose the right coverage amount: Based on expenses like your child’s education, mortgage, final expenses, and income replacement, choose a coverage amount that best aligns with your long-term protection needs
Compare across insurers: Different insurers in Canada offer varying premiums, riders, and conversion options. Comparing these features can help you find a policy that offers the best protection for your needs
Apply early: You should apply for a 20-year term policy when you are young and healthy. This is because younger applicants typically qualify for lower rates due to their lower insurance risk
Consult with advisors: Get in touch with our licensed advisors at PolicyAdvisor who will help you get the most affordable rates for your 20–year term life insurance policy. Schedule a call now!

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

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Frequently Asked Questions

Is 20-year term life insurance worth it in Canada?

Yes, a 20-year term life insurance policy is worth it in Canada for those who want affordable protection. It is ideal for homeowners with a mortgage, young parents who have kids below 5 years old, and sole breadwinners.

How much does a 20-year term life insurance policy cost?

The cost of a 20-year term life insurance policy depends on factors like the policyholder’s age, gender, occupation, and health status. Younger and healthier applicants typically pay lower premiums than older applicants or those with medical conditions.

For example, the average monthly cost of a 20-year term life insurance policy with $500,000 in coverage for a 30-year-old non-smoking male is approximately $28.80. For a 30-year-old non-smoking female, the monthly premium is typically lower, around $19.80, as women generally have longer life expectancies.

Can you renew a 20-year term life insurance policy?

Yes, many insurance companies in Canada offer the automatic renewal of your 20-year term life insurance policy. Renewal usually allows policyholders to extend coverage without a new medical exam. However, premiums for a renewed policy will increase because they are based on the insured’s age at renewal.

What happens if you outlive a 20-year term life policy?

If you outlive a 20-year term life insurance policy, the coverage will end after 20 years. There will be no payment of the death benefit, but depending on your insurer, you can choose to renew the existing policy, convert it to a permanent life insurance policy, or purchase a new term life insurance policy.

Can a 20-year term policy be converted to permanent life insurance?

Yes, many insurers in Canada allow policyholders to convert their term life insurance policy to a permanent life insurance policy. This option is often available without additional medical underwriting. The option to convert is ideal for those who want longer coverage or whose health has changed.

Should I buy a 20-year or 30-year term insurance policy in Canada?

The choice between a 20-year and a 30-year term life insurance policy depends on how long you expect your financial responsibilities to last. You should choose a term length that covers the period when your dependents rely most on your income or when major debts are still outstanding.

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Life is unpredictable, and many people choose term life insurance to help protect their family’s financial stability if something unexpected happens to them. In Canada, a shorter policy like 10-year term insurance may make more sense, especially if your financial obligations are shorter.

Understanding how a 10-year term insurance works can help you decide whether it fits your financial plans and protection needs. Read on to learn more about it.

Age (in years)

Gender

Smoker

Yes

No

Coverage amount

What is a 10-year term life insurance policy in Canada?

A 10-year term insurance policy provides coverage for a fixed period of 10 years with a premium that stays the same throughout the term.

Let’s understand this with an example:

Oliver, a 35-year-old non-smoker, purchased a $500,000 policy to protect his family while paying off debts and funding his children’s education. He pays a fixed monthly premium for the next 10 years. If he passes away during this period, his family receives the $500,000 tax-free death benefit, which they can use to cover living expenses and final costs, pay off remaining debts, or support future financial needs.

If Oliver is still alive at the end of the 10-year term, he can choose to renew the policy at a higher premium or convert it into permanent life insurance, depending on the policy terms.

Learn more about what is term insurance and how it works

Who should consider a 10-year term life insurance policy?

A 10-year term policy may be suitable for the following:

1. Young professionals: People in their 20s or early 30s who have just started their careers and want affordable term life insurance while their incomes grow
2. People with short-term financial obligations: If you have debts such as personal loans, a small mortgage, or other liabilities that need to be paid off within the next 10 years, a 10-year term policy can be helpful
3. People switching jobs: Individuals who want temporary protection until their group insurance or employer benefits kick in
4. People planning to change the coverage later: Individuals who want affordable protection now but may convert to a longer-term policy in the future as their financial needs and budget evolve

10-year vs 20-year vs 30-year term life insurance

Features	10-year term life	20-year term life	30-year term life
Coverage length	10 years	20 years	30 years
Affordability	Lowest among the three	Moderate	Highest due to longer coverage
Suitable for	Temporary debts, budget-conscious individuals	Raising young children, mortgage payments	Estate planning, long-term income protection

Cost of 10-year term insurance in Canada

10-year term policies are often more affordable than longer-term options because the coverage period is shorter. The cost of a 10-year term life insurance policy in Canada varies based on the following factors:

Age at the time of application: Younger applicants qualify for lower premiums because they are considered lower risk
Medical history: Existing medical conditions or certain health risks may lead to higher premiums
Gender: Women often pay slightly lower premiums than men due to longer average life expectancy
Smoking profile: People who smoke pay higher premiums because of increased health risks

10-year term life insurance cost for $500k coverage

The table below shows how age affects the rates for $500k coverage term insurance coverage for a non-smoker:

Age	Male	Female
30 years	$22.04	$15.30
35 years	$22.04	$15.75
40 years	$26.99	$19.35
45 years	$40.05	$27.90

10-year term life insurance cost for $750k coverage

The table below shows how age affects the rates for $750k coverage term insurance coverage for a non-smoker:

Age	Male	Female
30 years	$30.38	$20.70
35 years	$30.38	$21.38
40 years	$38.25	$26.78
45 years	$58.95	$39.15

10-year term life insurance cost for $1M coverage

The table below shows how age affects the rates for $1M coverage term insurance coverage for a non-smoker:

Age	Male	Female
30 years	$35.54	$23.40
35 years	$36.17	$26.10
40 years	$47.60	$33.75
45 years	$74.96	$50.40

Pros and cons of 10-year term life insurance

Pros	Cons
Lower premiums than 20-year or 30-year term policies	Limited coverage period
Offers a fixed death benefit
An option to convert to a longer term is available

What happens when a 10-year term life insurance policy expires?

When a 10-year term policy reaches the end of its coverage period, insurers offer the following options:

Renew the policy: Most insurers in Canada let you automatically renew 10-year term policy for another term. However, the premiums will usually increase because they will be based on your current age
Convert to permanent life insurance: Some policies allow conversion to permanent life insurance. This can often be done without additional medical underwriting
Let the policy expire: If you no longer need coverage, you can allow the policy to end once the 10-year term is complete

Things to keep in mind while buying 10-year term life insurance

When buying a 10-year term life insurance policy in Canada, here are the things you need to keep in mind:

Coverage amount: Choose a coverage amount that can adequately support your dependents. The coverage should ideally be enough to cover debts, living expenses, and future financial obligations
Conversion options: Some policies allow you to convert your term policy into permanent life insurance without undergoing a new medical exam. This can be valuable if your insurance needs change later
Check different insurers: Compare insurers by financial strength and additional features. Choose the one that best suits your needs
Consult a licensed advisor: Our expert advisors at PolicyAdvisor can help you get a suitable and affordable 10-year term life insurance policy. Schedule a call now

Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.

SCHEDULE A CALL

Frequently Asked Questions

What is the difference between 10-year and 20-year term life insurance?

The main difference is the length of coverage. A 10-year term policy provides protection for 10 years and usually has lower premiums, while a 20-year term policy provides longer coverage but generally costs more. The right choice depends on your financial obligations.

Can a 10-year term life insurance policy be converted to permanent insurance?

Many insurance companies in Canada let you convert your term life insurance policy into permanent life insurance, such as whole life or universal life insurance. This conversion can usually be done without new medical underwriting, depending on the insurer’s terms.

How much coverage should you get with a 10-year term life insurance policy?

The coverage amount depends on your financial responsibilities and family needs. You should choose a death benefit that can cover outstanding debts, replace several years of income, and support future expenses such as children’s education or household costs.

What riders can be added to a 10-year term life insurance policy?

Some common riders that you can add to your 10-year term life insurance policy include a child term rider, a waiver of premium rider, an accidental death benefit rider, and a critical illness rider, depending on the insurer.

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When Canadians begin comparing term life insurance providers, Sun Life is often one of the first names that comes up. As one of Canada’s largest and most established insurers, Sun Life offers Evolve term life policy designed to support everything from family income protection to long-term financial planning.

ivari Life is also a Canadian insurer that offers term life coverage through advisor channels, though it operates on a smaller scale and typically focuses on more standardized term structures.

While both insurers provide renewable and convertible term policies, there are meaningful differences in areas such as term length flexibility, rider options, coverage limits, and policy customization. In this guide, we compare Sun Life vs. ivari term life insurance to help you understand how the two providers differ and which insurer may better align with your needs.

4.7

out of 5

3.3

out of 5

Sun Life term life plans has greater flexibility, better customization, conversion options, and riders availability.

ivari Life has T10, T20, and T30 as available term life insurance options. It also offers the option for customization with riders.

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4.7/5

Sun Life term life plans has greater flexibility, better customization, conversion options, and riders availability.

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3.3/5

ivari Life has T10, T20, and T30 as available term life insurance options. It also offers the option for customization with riders.

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Quick verdict

Choose Sun Life if:

You want flexible term lengths (5-40 years)
You need higher coverage (up to $25 million)
You want business-focused riders
You prefer broader rider customization

Choose ivari Life if:

You want multi-life coverage options for up to 17 individuals

Sun Life vs. ivari Life at a glance

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

Company snapshot: Sun Life vs. ivari Life

Features	Sun Life	ivari Life
Number of years of operation	160 years	90 years
Headquarters	Toronto	Toronto
AM. Best ratings	A+	A+
Asset size	$1.51 trillion	$13.9 billion
Global presence	Operates in 20+ countries	London, Canada, and a few other countries
Premiums	$29.1 billion	$830.9 million

About Sun Life term life insurance

Sun Life’s most popular term life insurance plan is Evolve Term Insurance, which offers coverage starting at $50,000 and going up to $25 million. Its policy terms typically range from 5 to 40 years, letting you choose a term length that matches your financial obligations.

A key benefit of Evolve Term is its flexibility. With this policy, you may be able to increase coverage at certain life stages without additional medical underwriting, and the policy can also be converted to permanent life insurance up to age 75.

In addition to Evolve Term, Sun Life offers simplified options such as Go Simplified and Go Term. These plans require either no medical exam or only a few health questions, but usually provide lower coverage limits and higher premiums compared to fully underwritten policies.

Key features of Sun Life term life insurance

Here are the core features of Sun Life term insurance:

Guaranteed renewability

Level and guaranteed premiums
Instant renewals without any medical evidence
Renewable till the age of 85 years

Conversion to permanent life insurance

Can be converted to a permanent life insurance policy
Conversion can be done without any medical evidence
Conversion can be done before the policy anniversary nearest to age 75

Flexible term length

Sun Life Evolve has 5-40 year terms
The flexible term length aligns with different needs, like mortgage, estate planning or tax-saving death benefit

Optional benefits and riders

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

Coverage options

Single life, joint first-to-die, multiple lives (up to five insureds under one policy)
Multiple coverage to suit family needs

Pros and cons of Sun Life term life insurance

Pros	Cons
A wide variety of riders are available	Stricter underwriting for serious health conditions
Can be converted to a suitable term length and coverage type
Multi-life and joint first-to-die options (up to five insureds)

About ivari life term insurance

Term 10: This is a 10-year term insurance policy that provides coverage for temporary needs like a mortgage or debts
Term 20:This is ideal for those looking for a term life policy with a longer duration. It is suitable for those looking to cover income replacement and debts like loans or mortgages, especially in their children’s younger years
Term 30 with SelectOptions: ivari’s Term 30 provides affordable premium rates and is ideal for those who have longer-term debts. Term 30 with SelectOptions offers flexibility along with multiple coverage options: single, joint first-to-die, and last-to-die. With this policy, you can also take advantage of features like Select30, SelectLife, and SelectValue, which are applicable between the 15th and 20th coverage anniversary

Key features of ivari Life term life insurance

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

Guaranteed renewability

Term 10 and Term 20 plans are renewable every 10 or 20 years, respectively
TermSelect 30 is renewable at year 30 with level premiums to age 100
No medical evidence is required for renewals

Conversion to permanent life insurance

All terms are convertible to permanent policies before the age of 71
Conversion is done as per the same underwriting class
For equal coverage, no medical evidence is required
Partial conversions are also possible, depending on administrative guidelines

Term life options

Term 10
Term 20
Term 30

Optional benefits and riders

AD&D (Accidental death and dismemberment)
Critical illness protection
Payor waiver of premiums
Waiver of premium
Children’s insurance
Term riders

Coverage options

Single life
Joint first-to-die (maximum 5 lives)
Joint last-to-die (maximum 5 lives)
Multiple lives (up to 17 coverages)

Pros and cons of ivari Life term life

Pros	Cons
Full or partial conversion to a permanent policy	Shorter term length, up to 30 years only
Term 30 with SelectOptions has multi-life coverage options (up to 17 coverages)
Term riders that add an extra layer of protection to 10-, 20- or 30-year term (without SelectOptions)

Sun Life vs. ivari Life comparison

Now that we have talked about both Sun Life and ivari Life term insurance offerings in detail. Let’s also take you through the key differences between the two that will help you make a final decision.

Sun Life vs ivari Life term insurance

Features	Sun Life term insurance	ivari Life term insurance
Term policies offered	Evolve Term Insurance	Term 10, Term 20, Term 30 with SelectOptions
Term length flexibility	5 to 40 years	10, 20, 30 years
Minimum base coverage	$250,000	Single coverage: $50,000 Joint coverage $100,000
Renewability	Renewable, up to 85 years of age	Renewable, up to 80 years of age
Riders	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	AD&D (Accidental death and dismemberment) Critical illness protection Payor waiver of premiums Waiver of premium Children’s insurance Term riders
Conversion	Convertible to permanent policy, up to 75 years of age	Convertible to permanent policies till the age of 71
Coverage option	Single, joint first-to-die, and multiple coverage options	Single life, joint first-to-die, joint last-to-die, multiple lives (up to 17 coverages)
No medical policy	Yes, available with Sun Life Go Simplified	Not available

Our Ratings

VS

Term policies offered

Term length flexibility

Minimum base coverage

Renewability

Riders

Conversion

Coverage option

No medical policy

Who should choose Sun Life?

Sun Life may be a better choice for those who want greater flexibility and customization within their term life policy. Its Evolve term life insurance is designed for people who want coverage that can adapt as their financial needs evolve over time. Sun Life may be a good fit if:

You want flexible term lengths: Sun Life Evolve Term offers term lengths ranging from 5 to 40 years, allowing you to align coverage with mortgages, income protection periods, or long-term financial planning goals
You need higher coverage limits: Sun Life supports coverage amounts of up to $25 million, which can be useful for high-income households or business owners
You prefer more customization options: Sun Life offers a broad selection of riders, including accidental death benefit, guaranteed insurability, disability waivers, and business-focused riders such as partner protection and business value protection
You want coverage that can evolve with your needs: Sun Life’s Evolve term can be converted to permanent insurance later without new medical evidence

Who should choose ivari Life?

ivari Life may be suitable for buyers who prefer a more straightforward term life insurance structure and are comfortable choosing from standard term lengths. Its policies are typically offered through advisors and focus on providing reliable term coverage with fewer customization features. ivari Life may be a good fit if:

You prefer simple, traditional term options: ivari offers Term 10, Term 20, and Term 30 policies, which can be sufficient for covering common needs such as mortgage protection or income replacement
You want multiple coverage structures: ivari allows multiple coverage options, including single life, joint first-to-die, joint last-to-die, and multiple lives (up to 17 coverages)

Final Verdict: Sun Life or ivari Life

Here’s our final verdict on Sun Life vs ivari Life, based on different categories:

Best overall: Sun Life

Sun Life has an edge over ivari Life in the overall category. This is mainly because it offers greater flexibility, multiple rider options, and longer term length.

Best for riders: Sun Life

Sun Life offers more focused riders based on your evolving needs. For instance, it also has business-specific riders like the business value protection rider and the partner protection rider.

Best for flexibility: Sun Life

Sun Life term life insurance plans provide a range of coverage options, including single life, joint first-to-die, joint last-to-die, and multiple lives.

Best for conversion: ivari

Sun Life term life insurance plans provide greater flexibility in terms of coverage amount, term length, riders, and more.

Best for price: Sun Life

Sun Life offer affordable term life insurance solutions. The best way to get the most affordable quotes is by consulting our expert advisors, who will help you get a term life insurance quote that suits your budget and coverage needs. Schedule a call now with PolicyAdvisor!

Frequently asked questions

Which insurer offers greater flexibility: Sun Life or ivari Life?

When it comes to flexibility, Sun Life term life insurance plans offer greater flexibility. Their term life insurance plans can be customized with a wide range of riders. They are also available at a longer term length of 5-40 years.

What are the different coverage options that ivari Life offers?

Ivari Life offers multiple coverage options to suit your personal and family needs. The available options are single, joint first-to-die, joint last-to-die, and multiple lives, which can include coverage for up to 17.

What are the different riders available with Sun Life term life insurance policy?

The different riders available with Sun Life’s term life insurance policy include:

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

What are the different term life plans available with ivari Life?

ivari Life has term life plan available in different term length: Term 10, Term 20, and Term 30 with SelectOptions. All three options can be renewed automatically without any medical evidence and can even be converted to a permanent life insurance policy.

When do Sun Life term life insurance plans become a better choice?

Sun Life term life insurance plans are more suitable if:

You are looking for a longer and more flexible term length
You want a wider range of riders
You are looking for higher coverage of up to $25 million

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Getting approved for term life insurance with diabetes can be more complex than a standard application, but that does not mean coverage is out of reach. Sun Life offers a diabetes-focused underwriting pathway that may lead to one of several term life options depending on your health profile, diabetes type, and underwriting assessment.

In this guide, we explain how Sun Life term life insurance for diabetes works, what plan options may be available, and what applicants in Canada should know before applying.

Why do people with diabetes often consider term life insurance?

Living with diabetes can make financial planning more important, especially for individuals who want to ensure their family is protected if something unexpected happens. Term life insurance provides a way to secure financial protection for loved ones while covering important obligations such as mortgages, debts, or future expenses. For people living with diabetes, term life insurance can help:

Protect your family’s financial stability by providing a tax-free death benefit that can help replace lost income or cover everyday living expenses
Cover outstanding debts or major obligations, such as mortgages, loans, or education costs for children
Support long-term financial planning, especially if you want to ensure your dependents are financially secure
Preserve insurability while your health is stable, since coverage can become harder to obtain if health conditions worsen over time

How diabetes affects term life insurance approval

When you apply for term life insurance with diabetes, Sun Life evaluates your overall health profile to estimate the level of risk associated with the condition. The underwriting process typically focuses on how well the condition is managed and whether there are any related complications. Here are the things that will be taken into consideration:

Type of diabetes: The type of diabetes you have can influence underwriting decisions. In general, type 2 diabetes that is well controlled may be viewed more favourably than type 1 diabetes because it often develops later in life and may be managed through lifestyle changes or medication. However, individuals with type 1 diabetes can still qualify for coverage if their condition is stable and well-managed
Age at diagnosis: The age at which diabetes was diagnosed is another important consideration. An earlier diagnosis may indicate a longer duration of the condition, which can increase the likelihood of complications over time. Applicants who were diagnosed later in life and have maintained stable health outcomes may sometimes receive more favourable underwriting assessments
Blood sugar control: Sun Life can also review long-term blood sugar management, typically through measurements such as HbA1c levels. Consistently controlled blood sugar levels suggest that the condition is being effectively managed, which may improve the chances of qualifying for coverage or receiving a lower rating
Medication or insulin use: The type of treatment used to manage diabetes is also reviewed. Some applicants manage their condition through oral medications, lifestyle changes, or insulin therapy. Insurers evaluate whether the treatment plan is stable and whether the condition is being monitored regularly by a healthcare professional
Diabetes-related complications: Underwriters will also assess whether the condition has led to complications such as cardiovascular disease, kidney issues, neuropathy, or vision problems. The presence or absence of complications can significantly influence underwriting outcomes and the type of policy offered

How does Sun Life term insurance for diabetes work?

When you apply for Sun Life term life insurance and disclose that you have diabetes, the application is reviewed through the insurer’s underwriting process. During this review, factors such as the type of diabetes, treatment plan, blood sugar control, and overall health are evaluated.

Depending on the underwriting assessment, several outcomes may be possible:

Rated Evolve Term: You may be approved for Evolve Term with a rating that adjusts the premium based on your health profile. In some cases, you may also be offered the option to choose between Evolve Term and Essential Term
Achievers Term: For certain non-smokers with well-controlled type 2 diabetes, Sun Life may propose Achievers Term, which is designed for applicants who meet specific health criteria
Bridge Term: If the underwriting decision is postponed, Sun Life may offer a one-year Bridge Term policy that provides temporary coverage while the application is reassessed

The table below explains these possible outcomes and how each Sun Life term option works for applicants with diabetes.

Plan name	Diabetes eligibility	Features	Age eligibility	Outcome
Evolve	Type 1/2, gestational, prediabetes, high blood sugar	Renewable, convertible, terms available from 5 to 40 years	0-80 years	Underwriting evaluates the Evolve Term application with a rating of 150–350%
Essential	Type 1/2, gestational, prediabetes, high blood sugar	Non-renewable, non-convertible, 5-20 years	18-65 years	Underwriting evaluates the Evolve Term application with a rating of 175–350% and offers Essential Term There is an option to choose between Evolve and Essential
Achievers	Type 2 diabetes only	Non-renewable, non-convertible, 5-20 years	18-65 years	Underwriting assesses your application and may offer Achievers Term at the term length closest to your request, requiring you to maintain 7 key health metrics Within one year, you must submit lab tests. If your health is maintained, the policy continues. If it is discontinued, the face value will be reduced
Bridge	Type 1/2, gestational, prediabetes, high blood sugar	1-year only	18-65 years	Underwriting assesses the application and results in a decision of “postpone” If you accept Bridge, the policy will start from the underwriting decision date

Sun Life diabetes care program

Sun Life’s Diabetes Care Program, designed specifically for policyholders with type 1 or type 2 diabetes, is offered through the Online Pharmacy by Pillway. This initiative provides free access to trained health care professionals without any additional costs. Upon enrolment, members gain entry to an online pharmacy, with coverage determined by their specific plan benefits. Here is a list of services offered under this program:

1-1 coaching with pharmacists who are trained in diabetes care
Personalized advice and recommendations on diet, medication therapy, and monitoring
Sensor-based glucose monitoring integrated with the Diabetes Care Program for personalized recommendations

How to apply for Sun Life term life for diabetes

Ready to get coverage with Sun Life? If yes, do not delay and schedule a call with our expert advisors at PolicyAdvisor. Our licensed advisors will help you determine which Sun Life term policy is right for you. We will help you find a plan that is best suited to your coverage needs and budget. Schedule a consultation with our advisors now!

Frequently asked questions

Can diabetics get a term life insurance policy?

Yes, people with diabetes can get a term life insurance policy if they buy plans specifically designed for diabetes. Otherwise, it can be difficult to get a term life policy because the health risks associated with diabetes are higher, and insurers assess these risks before issuing a policy.

What different term plan options for diabetes does Sun Life offer?

Sun Life has four different plan options for diabetes: Evolve Term, Essential Term, Achievers Term, and Bridge Term. Each option comes with distinct features. While Evolve Term is renewable and convertible, the other three options are non-renewable and non-convertible. Moreover, only Evolve Term is available in single and joint life options, whereas Essential, Achievers, and Bridge Term are available for single life coverage only.

Why should I buy Sun Life term life for diabetes?

Sun Life term life for diabetes has many benefits: higher chances of approval, affordable premiums, and coverage for type 1, type 2, gestational diabetes, and prediabetes. These plans also offer access to the Diabetes Care Program.

What is the Sun Life Bridge Term policy?

The Sun Life Bridge Term policy is beneficial for those whose term life insurance underwriting process has been postponed. This term policy has a term length of 1 year and cannot be further renewed or converted. Bridge Term has a minimum issue amount of $50,000 and a maximum of $1,000,000.

What is the Sun Life Diabetes Care Program?

The Sun Life Diabetes Care Program is an initiative that helps Sun Life policyholders manage their diabetes more effectively by connecting them with trained health care professionals. Through this, policyholders can get one-to-one coaching, personalized advice on nutrition, as well as diabetes care management tips.

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Sun Life is one of Canada’s most established insurers, with over 150 years of experience supporting individuals and businesses with their financial protection needs. Backed by an A+ rating from AM Best, the company is recognized for its strong financial stability and claims-paying ability.

Sun Life’s term life insurance plans offer flexible coverage that can be enhanced with optional riders. These include accidental death benefit, child term benefit, owner waiver disability, and more, allowing policyholders to tailor coverage based on their personal and financial needs. Below is a detailed look at the riders available with Sun Life term life insurance in Canada.

Age (in years)

Gender

Smoker

Yes

No

Coverage amount

A list of Sun Life term life insurance riders in Canada

Sun Life offers a variety of riders, such as the child term benefit, critical illness rider, total disability waiver, and accidental death benefit, that allow you to customize your term life insurance policy to better fit your needs. These optional add-ons enhance your coverage and provide additional financial protection for you and your family.

1. Accidental death benefit (ADB)

The accidental death benefit rider pays an additional death benefit if the insured dies due to an accident. To qualify, the death must occur within 365 days of the accident or before the policy anniversary nearest the insured person’s 70th birthday.

Here are some of the features of the ADB rider:

Rider issue age	0-65
Minimum benefit amount	$10,000
Maximum benefit amount	Ages (0-17): the lesser of two times the policy face amount and $250,000 Ages (18-65): the lesser of two times the policy face amount and $1,000,000
Coverage availability	Single life, joint-first-to-die, and multiple lives Can be added after the issue at the policy anniversary only
Expiry	This rider expires on the policy anniversary nearest the insured’s 70th birthday or at the end of the policy term, whichever occurs earlier

2. Child term benefit (CTB)

The child term benefit rider applies to the children of the insured under the Sun Life term life policy. This rider provides coverage for the insured’s children, including future children, until they turn 25 years of age. At 25, the child also has the option to convert the coverage into an individual term insurance policy without undergoing an additional medical questionnaire.

Here are some of the features of the CTB rider:

Rider issue age	Parents: 18-55 Insured children must be less than 18 years of age
Minimum benefit amount	$10,000
Maximum benefit amount	$30,000
Coverage availability	Single life and multiple policies For joint-first-to-die, only one life can have this benefit CTB can be added after the issue at the policy anniversary only
Expiry	Expires at policy anniversary nearest insured’s 70th birthday or at the end of the policy term, whichever happens before If the insured dies while CTB is in effect, children remain covered until the age of 25 or until they apply for a new life insurance policy
Children covered under this benefit	Biological or legally adopted children Stepchildren
Option to purchase new life insurance	Additional life insurance can be purchased for children between 18 and 25 years of age

3. Total disability waiver benefit (TDB)

With this disability rider, the premiums for the base insurance and any additional benefits will be waived if the insured becomes disabled. This rider keeps coverage in force if the insured becomes completely disabled and is unable to earn an income.

Here are some of the features of the TDB rider:

Rider issue age	18-55
Maximum premium amount Sun Life will waive	$50,000
Waiting period	6 months of continuous disability
Coverage availability	Single, joint-first-to-die, and multi life Not available after the issue
Expiry	Policy expiry nearest the insured person’s 60th birthday or at the end of the policy term, whichever occurs earlier
Length of time for which the premium is waived	As long as the insured under this benefit is disabled
Exclusions	Benefits will stand void if: Disability is for less than 6 months Disability is due to self-inflicted injuries Disability is due to a criminal offence

4. Owner waiver disability

The owner waiver disability rider applies if the policy owner becomes disabled between the ages of 18 and 60. If this happens, the insurer will waive the policy premiums while the owner remains disabled.

Here are some of the features of the owner waiver disability rider:

Issue age	18-55
Coverage availability	Single, joint-first-to-die, and multi-life For joint policies, only the owner is covered Not available after issue or if you select the business value protection benefit
Benefit expiry	Age 18-55: policy anniversary nearest policy owner’s 60th birthday or at the end of the policy term, whichever occurs earlier
Length of time for which the premium is waived	As long as the insured under this benefit is disabled
Waiting period	6 months of continuous disability
Maximum amount Sun Life will waive	$50,000 annual premium across all Sun Life policies
Exclusions	Benefits will not be applicable if: Disability is for less than 6 months Disability is due to self-inflicted injuries Disability is due to a criminal offence

5. Guaranteed insurability benefit (GIB)

With this rider, the policy owner can get additional life insurance for the insured at their attained age. No evidence of insurability is required.

Here are some of the features of the GIB rider:

Issue age	0-45
Minimum issue amount	$20,000
Maximum issue amount	The lesser of the term policy’s face amount across all Sun Life policies
Coverage availability	Single life and multiple life options Unavailable after the issue
Benefit expiry	On the policy anniversary nearest the insured’s 55th birthday Or at the end of the policy term, whichever occurs earlier
Purchasing new insurance	First election available at the policy anniversary nearest the insured’s 18th birthday Elections are available after 3 years

6. Business value protection benefit (BVPB)

This rider is designed for business owners and lets them buy additional insurance at their attained age. This additional insurance does not require medical evidence.

Here are some of the features of the BVPB rider:

Issue age	18-65
Minimum issue option	$250,000
Maximum option amount	$2,500,000
Coverage availability	Single-life and multi-life policies Unavailable if you select the owner waiver, disability or guaranteed insurability benefit Not available after issuance
Benefit expiry	For a period of 10 years from the policy issue or until the maximum elections have been used, or at the end of the policy term
Purchasing new insurance	Annual options available at each policy anniversary for the first 10 years The new insurance must be applied for within 31 days of each policy anniversary

Sun Life term life insurance riders cost

Here is a table depicting the cost of different riders that you can include in your Sun Life term life insurance policy:

Riders name	Cost
Accidental death benefit (ADB)	$9.00
Child term benefit (CTB)	$14.85
Total disability waiver benefit (TDB)	$9.80
Owner waiver disability	$10.98
Guaranteed insurability benefit (GIB)	$21.96

*Illustrating monthly rider costs for a 35-year-old man who has a $500,000 term policy for 20 years

Pros and cons of Sun Life term life insurance riders

Pros	Cons
Riders like accidental death benefit and child term benefit can also be added after the policy is issued	Bundling multiple riders can raise the cost
Sun Life also has business-focused riders designed for business owners
Most of these riders do not require medical evidence

Ready to customize your Sun Life term life policy?

Now that you know the benefits of the different riders that Sun Life offers, you would want to customize your policy and get the most affordable rates. If so, schedule a call with our expert advisors at PolicyAdvisor and get a Sun Life term life policy with suitable riders. Schedule a call now!

Frequently asked questions

What are the different riders I can include in my Sun Life term life policy?

Some of the riders that you can include in your Sun Life term life insurance policy include accidental death benefit, child term benefit, total disability waiver, owner waiver disability, guaranteed insurability benefit, and business value protection benefit.

Can I include riders to my Sun Life term life policy after it is issued?

Some riders, such as the accidental death benefit and child term benefit, may be added at a policy anniversary, while others, like waiver of premium or guaranteed insurability, must be selected at issue.

Are Sun Life term life riders worth adding?

Riders can enhance protection by addressing disability risk, child coverage, or business succession needs. They are definitely worth adding if you want to enhance the benefits of your Sun Life term life insurance plans.

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In Canada, there are a number of insurance companies offering term life insurance policies, yet Sun Life and Canada Life remain the key players in the industry. Both companies demonstrate stable financial strength and have a strong product portfolio.

If you are looking for flexible coverage or affordable term life insurance, both Sun Life and Canada Life offer options that may suit your needs. In this guide, we will walk you through an overview of Sun Life and Canada Life, along with their key features and coverage options, to help you decide which insurer may be the better fit for you. Read on to explore all about Sun Life vs Canada Life.

4.7

out of 5

4.5

out of 5

Sun Life provides better customization, flexible term lengths, a term-to-permanent conversion option, and a wide range of riders.

Canada Life offers longer term lengths, higher coverage limits, and better pricing.

Get Quote

4.7/5

Sun Life provides better customization, flexible term lengths, a term-to-permanent conversion option, and a wide range of riders.

Get Quote

4.5/5

Canada Life offers longer term lengths, higher coverage limits, and better pricing.

Get Quote

Quick verdict

Choose Sun Life if:

You want a flexible term length (5-40 years)
You want access to a wider range of optional riders, such as accidental death benefits, child term rider, or disability waiver

Choose Canada Life if:

You want to choose a longer-term policy (up to 50 years)
You want term-to-term conversion

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

Features	Sun Life	Canada Life
Founded	1865	1847
Headquarters	Toronto, Ontario	Winnipeg
Global presence	Canada, U.S., Asia	Canada, the United States, the United Kingdom, Ireland, Germany, and a few more
Core focus	Insurance, wealth and asset management	Insurance, investment, and retirement plans
Market position	One of Canada’s largest life insurers, with a market capitalization of around CAD 40–45 billion	One of Canada’s largest life insurers, operating under Great-West Lifeco, which has a market capitalization of approximately CAD 55–57 billion
AM Best Rating	A+	A+
LICAT Ratio	Well above OSFI’s 100% supervisory target	Well above OSFI’s 100% supervisory target
Assets under Management (approx.)	Over CAD 1.3-1.4 trillion	Over CAD 460 billion in total assets
Publicly traded	Yes (TSX & NYSE)	Indirectly through the parent company, Great-West Lifeco

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:

Guaranteed renewability

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

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

Flexible term length options

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

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

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

Pros	Cons
Multiple rider options are available	Underwriting can be strict for serious health conditions
Option to convert the coverage type and term length
Flexible term length available (5-40 years)
Renewable up to age 85 without any medical evidence

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:

Guaranteed renewability

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

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

Longer term lengths

5-50 term length is available

Optional benefits and riders

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

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

Pros	Cons
Offers single-life and joint-first-to-die coverage options	The minimum coverage for a term policy starts at $100,000
Provides longer-term lengths from 5 to 50 years
Offers affordable term life insurance policies

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.

Features	Sun Life term insurance	Canada Life term insurance
Term policies offered	Evolve Term Insurance	My Term™ Life Insurance
Term length flexibility	5 to 40 years	5 to 50 years
Minimum issue age	0(Single), 18 years(Joint-first-to-die)	15 years
Renewability	Renewable, up to 85 years of age	Automatic renewals without medical underwriting, up to 85 years
Riders	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	Accidental death benefit rider Child term rider Disability waiver rider Guaranteed insurability benefit rider Business value protection rider
Conversion	Convertible to permanent policy, up to 75 years of age	Can be converted to a term that is 10 or more years longer than your existing term or to a permanent policy before the age of 70
Coverage option	Single, joint first-to-die, and multiple coverage options	Single-life, joint first-to-die
Maximum term coverage limit	$25 million	No limit on My Term™ Life Insurance (special quote is required if the coverage exceeds $25 million)
No medical policy	Yes, available with Sun Life Go Simplified	Limited options

Our Ratings

VS

Term policies offered

Term length flexibility

Minimum issue age

Renewability

Riders

Conversion

Coverage option

Maximum term coverage limit

No medical policy

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.

Frequently asked questions

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.

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When you buy term life insurance, you’re not just buying coverage, you’re creating financial certainty for your family. In the event of an unforeseen circumstance, the pay out can help cover major obligations like a mortgage, children’s education, or everyday living expenses so your family’s financial stability isn’t disrupted. Sun Life Evolve Term Insurance is designed to provide that financial protection.

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

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.

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.

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.

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.)

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

Pros	Cons
Wide term choices (5–40 years) and high coverage up to $25M	Initial coverage often requires medical questions or exams
Can write multiple term policies for different needs (e.g. one 10-year, one 25-year)	Like all term life, if you outlive the term you get no refund
Can convert to permanent insurance regardless of health (up to age 75)	The policy cannot be renewed after age 85
Can boost coverage after marriage, baby, income raise, or new mortgage
Supports child coverage, disability waivers, accidental death, business growth protection, etc
Can renew after each term without new medicals (until about age 85)

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.

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.

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.

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.

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.

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

Frequently asked questions

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.

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When it comes to life insurance in Canada, Sun Life is one of the biggest names in the industry. But with size comes speculation. Is Sun Life too expensive? Are claims difficult? Can you even qualify if you have health concerns? There’s a lot of noise out there, and not all of it is accurate.

In this blog, our experts break down the most common myths and facts about Sun Life insurance so you can make an informed decision based on reality and not rumours.

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

Myth	The Reality
Sun Life is too expensive	Offers both affordable term and higher-cost permanent options. Pricing depends on age, health, and coverage type
I won’t qualify if I’m not perfectly healthy	Underwriting evaluates overall risk. Stable conditions may still qualify. Specialized options exist for certain conditions like diabetes
Term policies have no flexibility	Term plans include conversion options and flexible durations (5 to 40 years)
Claims are difficult with large insurers	Claims follow structured processes. Delays usually relate to documentation or contestability periods, not company size
Sun Life only offers basic term	Offers term, participating whole life, and universal life insurance
Sun Life is only for high-income individuals	Can underwrite up to $25M but also offers lower coverage and short-term options
High coverage amounts are rejected	Larger amounts require medical and financial justification, which is standard practice
Underwriting is slower than smaller insurers	Timelines depend on on coverage amount, medical complexity, and required documentation
Participating policies always pay high dividends	Dividends are not guaranteed and depend on performance factors
Sun Life is only available through workplace plans	Offers both group and individual term policies

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:

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.

Frequently asked questions

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.

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Term life insurance in Canada offers affordable financial protection for your loved ones over a specific period. It can help cover major expenses such as mortgages, education costs, or other family needs in the event of your death. In return for the premiums you pay, your beneficiaries receive a tax-free payout to help manage these financial obligations.

In Canada, Sun Life is one of the leading providers of term life insurance. But how much does their term life insurance cost? Below, we break down Sun Life term life premiums by age and coverage amount, along with tips to help keep your premiums affordable.

Age (in years)

Gender

Smoker

Yes

No

Coverage amount

Sun Life term life insurance rates

One of the main term life insurance policies offered by Sun Life is Sun Life Evolve Term insurance. This term life insurance plan has a term length of 5-40 years and offers multiple rider options to help you customize the plan as per your needs.

Rates for Sun Life Evolve term insurance

Sun Life Evolve term’s coverage amount ranges from $50,000 – $25,000,000 and gives the flexibility to increase the coverage at certain life events (marriage, child, mortgage, etc.) through a simplified underwriting process. In the table below, we detail the cost of Sun Life Evolve Term insurance based on age and coverage.

Monthly premiums for male, non-smoker

Age	$500k coverage	$1M coverage	$2M coverage	$5M coverage
20	$25.20	$32.01	$54.45	$132.75
30	$25.65	$32.01	$54.45	$132.75
40	$31.95	$40.13	$70.65	$173.25
50	$54.45	$96.75	$180.45	$447.75
60	$160.20	$298.35	$531.45	1,325.25

*Illustrating the monthly cost of a 10-year policy

Monthly premiums for female, non-smoker

Age	$500k coverage	$1M coverage	$2M coverage	$5M coverage
20	$16.65	$21.19	$34.65	$83.25
30	$17.55	$24.80	$36.45	$87.75
40	$23.40	$31.11	$58.05	$141.75
50	$37.35	$65.25	$128.25	$317.25
60	$112.50	$212.85	$421.65	$1,050.75

*Illustrating the monthly cost of a 10-year policy

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.

Insurance company name	Monthly premium
Sun Life	$43.65
Desjardins	$46.80
iA	$48.60
RBC	$49.32
Manulife	$49.52

*Illustrating the cost of term life insurance for a 10-year period for a 30-year-old female non-smoker with $2M in coverage

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!

Frequently asked questions

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.

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If you’re comparing Sun Life vs Manulife term life insurance, you’re looking at two of the largest life insurance providers in Canada. Both companies offer flexible term life coverage, tax-free payouts to beneficiaries, and strong financial stability.

However, differences in term length options, pricing, coverage limits, riders, and added perks can make one insurer a better fit depending on your needs and budget.

In this guide, we compare Sun Life vs Manulife across key features to help you decide which term life insurance provider may be right for you. Let’s start with the quick verdict.

4.7

out of 5

4.4

out of 5

Sun Life stands out for customization, offering flexible term lengths, a term-to-permanent conversion option, and broader rider options.

Manulife is known for its structured term plans, multi-life coverage, and wellness-linked rewards through the Vitality program.

Get Quote

4.7/5

Sun Life stands out for customization, offering flexible term lengths, a term-to-permanent conversion option, and broader rider options.

Get Quote

4.4/5

Manulife is known for its structured term plans, multi-life coverage, and wellness-linked rewards through the Vitality program.

Get Quote

Quick verdict

Choose Sun Life if:

You want flexible term lengths ranging from 5 to 40 years
You want broader rider options, such as child coverage, disability waiver, or accidental death benefits

Choose Manulife if:

You want wellness-linked rewards through Manulife Vitality
You want to cover multiple family members under a single policy

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

Feature	Sun Life	Manulife
Founded	1865 in Canada	1887 in Canada
Headquarters	Toronto, Ontario	Toronto, Ontario
Global presence	Canada, U.S., Asia	Canada, U.S., Asia
Core focus	Insurance, wealth and asset management	Insurance, wealth management, and banking services
Market position	One of Canada’s largest life insurers, with a market capitalization of around CAD 40–45 billion	One of Canada’s largest insurance companies, with a market cap around CAD 45–50 billion
AM Best Rating	A+	A+
LICAT Ratio	Well above OSFI’s 100% supervisory target	Well above OSFI’s 100% supervisory target
Assets under Management (approx.)	Over CAD 1.3-1.4 trillion	Over CAD 1.4-1.5 trillion
Publicly traded	Yes (TSX & NYSE)	Yes (TSX & NYSE)

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:

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

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

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

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

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

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

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

Pros	Cons
Renewable without medical evidence to age 85	Renewal premiums increase after the initial term ends
Convertible to permanent insurance without medical evidence before age 75	Living Benefit is discretionary, not contractually guaranteed
Multiple term lengths available (5 to 40 years, depending on product)	Monthly premium payments cost slightly more than annual payments
Term exchange option (10/15 to 20/30 within five years)
Multi-life and joint first-to-die options (up to five insureds)
Wide range of optional riders, including business-focused benefits

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

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

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.

Level, guaranteed premiums

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

Multiple-term options

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

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

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

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

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

Pros	Cons
Level, guaranteed premiums during the selected term	Terminal illness advance is subject to policy conditions
30-day money-back guarantee	Easy Issue coverage amounts limited to $50,000 or $75,000 only
Terminal illness benefit available on most plans up to 50% capped, e.g., $250k) for current Family Term	Higher coverage plans require full underwriting
Simplified issue option with no medical exam (Easy Issue)	Vitality benefits are only available on select plans
High coverage limits available (up to $20 million on Family Term options)
Manulife Vitality rewards program available

Sun Life vs. Manulife comparison

Feature	Sun Life term life insurance	Manulife term life insurance
Number of term products	2 main options: Evolve Term (fully underwritten) and Sun Life Go Simplified (simplified issue)	2 main options: Family Term (fully underwritten) and CoverMe Term (simplified issue)
Term length flexibility	Flexible term length to choose from; 5 to 40 years available	Structured term options including T10, T20, and coverage to age 65
Term exchange option	10/15-year terms can be exchanged for 20/30 years within first 5 years (no medical evidence)	Option to exchange Term 10 to Term 20 or age 65 within first 5 years (no medical evidence)
Renewability	Renewable without medical evidence to age 85	T10/T20 renewable to age 85
Convertibility	Convertible to permanent insurance before age 75	Convertible on select plans only
Multi-life coverage	Single, joint first-to-die, or up to 5 insureds under one policy	Available on Family Term options
Maximum coverage limit	Up to $25 million (for Evolve Term)	Up to $20 million for Family Term; up to $25 million with Vitality Plus
Simplified/no medical option	Sun Life Go Simplified available	CoverMe Easy Issue available
Wellness rewards program	Not included	Available only on Family Term with Vitality Plus
Additional riders available	Multiple optional benefits: Child term, guaranteed insurability, disability waiver (insured & owner), renewal protection (T10), business value & partner protection riders	Riders may include child term coverage, guaranteed insurability, disability waiver, and Vitality wellness benefits

Our Ratings

VS

Number of term products

Term length flexibility

Term exchange option

Renewability

Convertibility

Multi-life coverage

Higher coverage limit

Simplified/no medical option

Wellness rewards program

Additional riders

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.

Frequently asked questions

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.

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A Guide to 20-year Term Life Insurance in Canada

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What is a 20-year term life insurance policy?

Who should consider a 20-year term life insurance policy?

Comparing 20-year term with other term lengths

Cost of 20-year term life insurance in Canada

20-year term life insurance cost for $500k coverage

20-year term life insurance cost for $750k coverage

20-year term life insurance cost for $1M coverage

What happens when a 20-year term life insurance policy expires?

Tips to choose the best 20-year term life insurance policy

Need insurance answers now?

Frequently Asked Questions

Is 20-year term life insurance worth it in Canada?

How much does a 20-year term life insurance policy cost?

Can you renew a 20-year term life insurance policy?

What happens if you outlive a 20-year term life policy?

Can a 20-year term policy be converted to permanent life insurance?

Should I buy a 20-year or 30-year term insurance policy in Canada?

10-year Term Life Insurance in Canada: All You Need to Know

How much does term life insurance cost?

What is a 10-year term life insurance policy in Canada?

Who should consider a 10-year term life insurance policy?

10-year vs 20-year vs 30-year term life insurance

Cost of 10-year term insurance in Canada

10-year term life insurance cost for $500k coverage

10-year term life insurance cost for $750k coverage

10-year term life insurance cost for $1M coverage

Pros and cons of 10-year term life insurance

What happens when a 10-year term life insurance policy expires?

Things to keep in mind while buying 10-year term life insurance

Need insurance answers now?

Frequently Asked Questions

What is the difference between 10-year and 20-year term life insurance?

Can a 10-year term life insurance policy be converted to permanent insurance?

How much coverage should you get with a 10-year term life insurance policy?

What riders can be added to a 10-year term life insurance policy?

Sun Life vs ivari term life insurance: Which term policy is right for you?

Quick verdict

Choose Sun Life if:

Choose ivari Life if:

Sun Life vs. ivari Life at a glance

Company snapshot: Sun Life vs. ivari Life

About Sun Life term life insurance

Key features of Sun Life term life insurance

Pros and cons of Sun Life term life insurance

About ivari life term insurance

Key features of ivari Life term life insurance

Pros and cons of ivari Life term life

Sun Life vs. ivari Life comparison

Our Ratings

Who should choose Sun Life?

Who should choose ivari Life?

Final Verdict: Sun Life or ivari Life

Best overall: Sun Life

Best for riders: Sun Life

Best for flexibility: Sun Life

Best for conversion: ivari

Best for price: Sun Life

Frequently asked questions

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