Why Sun Life vs. BMO insurance is a common comparison

Sun Life and BMO insurance are frequently compared because they both offer the essential pillars of a quality term policy, including level premiums, guaranteed renewal without medical exams, and the right to convert to permanent insurance. Both are backed by the massive financial stability of “Big Five” institutions, making them go-to choices for those who prioritize long-term brand reliability.

Sun Life Evolve Term is built for high-level customization, offering a vast range of terms and multiple riders that allow you to “engineer” a policy for specific business or estate needs. In contrast, BMO insurance focuses on a more traditional, “fixed-bucket” approach, providing standardized terms that are easier to understand and manage. Ultimately, this comparison is a trade-off between flexibility and ease of use.

Sun Life vs. BMO insurance at a glance

Before evaluating their term insurance offerings, it is important to know how both insurers are positioned within the Canadian insurance market.

About Sun Life term life insurance

Sun Life’s flagship product, Sun Life Evolve Term, is one of the most flexible term life products in Canada. It is a designed for people who want coverage that can grow and change as their life does. While many companies offer basic plans with only a few choices, Evolve Term is built to be a complete financial tool that works for everything from a simple mortgage to protecting a large business.

This plan is a significant step up from the more basic Sun Life Go Term. While the “Go” version is meant for quick online sign-ups with lower coverage limits, Evolve Term offers much higher protection and many more ways to customize your policy. It is the better choice if you want a plan that stays with you for the long haul, especially since it gives you a guaranteed path to permanent insurance later on without any new medical tests.

Key features of Sun Life term life insurance

1. Flexible term structure: Unlike most insurers, Sun Life term insurance allows a wide range of term durations (choose any term between 5 to 40 years). This makes it easier to align coverage with different obligations like mortgages or retirement timelines.

2. Multi-life coverage: A unique feature of this plan is that it allows you to cover up to five people under a single policy. This is a very efficient way for business partners to protect their company or for families to cover multiple members at once.

3. Conversion up to age 75: One of the best parts of Evolve Term is the conversion window, which is open until you reach age 75. This means you can switch your temporary term insurance into a permanent life insurance plan at any time without answering new health questions.

4. High customization via riders: You can customize your policy with a wide variety of “riders,” which are like add-ons for extra protection. These include:

• Child term benefit
• Disability waiver
• Business protection riders
• Guaranteed insurability

5. Guaranteed renewability to age 85: When your initial term ends, the policy is guaranteed to renew automatically every year until you are 85. You do not need to provide any new medical evidence to keep your coverage active. While the cost will go up as you get older, this guarantee ensures that you will never lose your insurance just because your health has changed.

6. Living benefit access: Sun Life offers a compassionate living benefit that may allow policyholders diagnosed with a terminal illness to receive up to 50% of their basic insurance amount, to a maximum of $100,000. Offered on a discretionary basis, it can provide financial support during challenging circumstances.

Pros and cons of Sun Life term life insurance

About BMO term life insurance

BMO has designed its term life plans to be straightforward and reliable, focusing on “fixed-bucket” terms that make it easy for policyholders to understand their coverage. The company uses standard terms of 10, 15, 20, 25, and 30 years to match typical life milestones like raising children or paying off a mortgage. Despite this simple structure, the plan is highly scalable, offering some of the highest limits in the industry.

The BMO term plan is built to be “low maintenance” while still providing long-term security through guaranteed renewals up to age 85 and the right to switch to permanent insurance during the term. BMO insurance further simplifies the process with a Term Exchange option, which allows you to upgrade a shorter policy (like a 10-year term) to a longer one without undergoing new medical exams. While the company also offers a Simplified-Issue product for those who want quick approval on smaller amounts, their main term plan remains the preferred vehicle for those seeking clear, high-value coverage in Canada.

Key features of BMO term life insurance

1. Fixed term options: BMO uses a structured model that offers terms ranging from 10 to 30 years. While this fixed approach is slightly less granular than a custom year-by-year model, it is much easier for the average person to understand and manage. This structure is ideal for people who want to match their insurance to traditional life stages, such as the 20 years left on a mortgage.

2. High coverage limits: One of BMO’s biggest strengths is its ability to provide very high levels of protection, with coverage limits reaching up to $30 million. This slightly exceeds the maximum offered by many other major insurers, making it a top choice for high-net-worth individuals who need to cover significant estate taxes or large business liabilities.

3. Conversion to permanent insurance: BMO insurance allows you to convert your temporary term policy into a permanent life insurance plan without the need for any new medical exams or health questions. This is a vital feature for people whose long-term financial goals change, as it guarantees that you can secure lifelong protection even if your health has declined.

4. Term exchange option: A standout feature of BMO’s policy is the term exchange option, which allows you to “upgrade” from a shorter term to a longer one early in the policy without a new medical exam. For example, if you start with a 10-year term but realize a few years later that you actually need 20 or 30 years of protection, you can often make that change easily.

5. Living benefit: BMO Term Life Insurance plans do not automatically include a “living benefit” in the base price, but you can add it as an optional rider. You can typically choose between Living Benefit 10 or Living Benefit 20 riders. These match the term length of your life insurance (e.g., a 10-year or 20-year term).

Pros and cons of BMO term life insurance

Sun Life vs. BMO insurance comparison

Our Ratings

Who should choose Sun Life?

You should consider Sun Life term plan if you want a policy that can offer flexible term lengths. It is also a strong fit if you fall into any of the following profiles:

• Families with evolving needs: If you expect your coverage requirements to change over time (for example, adding dependents or increasing income), Sun Life’s ability to increase coverage (subject to underwriting) and convert policies up to age 75 provides long-term adaptability.
• Business owners or partners: Sun Life’s support for multi-life coverage (up to 5 insured individuals) and business-focused riders makes it a better option for structuring insurance around partnerships, key-person protection, or shared liabilities.
• Users who want broad riders: If you want to build your policy using riders such as disability waiver, child term benefit, or guaranteed insurability rider, Sun Life offers one of the most extensive rider ecosystems among Canadian insurers.

Who should choose BMO insurance?

BMO is a better choice if your primary goal is to get reliable, straightforward coverage. Its term life insurance is built around fixed, clearly defined structures, with term options of 10, 15, 20, 25, and 30 years. BMO insurance is particularly suitable if you fall into the following categories:

• Users with clearly defined financial goals: If your primary need is to cover a specific liability, for example, a 20-year mortgage protection window, BMO’s standard term options align well without requiring customization.
• Price-sensitive buyers: BMO insurance is often slightly more affordable than Sun Life for comparable coverage, making it a strong option for those prioritizing cost efficiency.
• Users who prefer simplicity over flexibility: If you don’t need features like multi-life coverage, extensive riders, or complex structuring, BMO insurance provides a clean and predictable insurance solution.

Final Verdict: Sun Life or BMO

Best overall: Sun Life

Sun Life stands out as the better overall option for users who want a policy that can evolve over time. Its ability to offer term lengths from 5 to 40 years, along with features like multi-life coverage (up to 5 insured individuals) and conversion up to age 75, makes it one of the most flexible term life products in Canada.

Best for simplicity: BMO

BMO is the better option for users who want a clean, easy-to-understand policy without unnecessary complexity. With fixed term options of 10, 15, 20, 25, and 30 years, BMO allows you to match coverage directly to specific financial obligations such as a mortgage or income replacement period.

Best for customization: Sun Life

Sun Life clearly leads when it comes to customization. It offers flexible term durations (anything between 5–40 years), multiple policy structures (single, joint, multi-life) and extensive riders (child, disability, business protection). This makes it ideal for users who want to build a policy tailored to their exact needs.

Best for affordability: BMO

BMO generally offers slightly more competitive pricing for standard term life policies. This is largely because BMO offers standardized plans and fewer customization features. If cost is your primary concern and you don’t need customizable features, BMO offers better value.

Best for families and business owners: Sun Life

Sun Life term insurance comes with multi-life coverage (up to 5 individuals), business protection riders and flexible structuring options, making it ideal for families with shared financial responsibilities and business partners needing structured coverage.

Which insurer offers more flexible term options: Sun Life or BMO?

Sun Life offers significantly more flexibility when it comes to term lengths. It provides options ranging from 5 to 40 years, allowing you to align your coverage very precisely with different financial goals. BMO, on the other hand, offers fixed term options of 10, 15, 20, 25, and 30 years. While these cover most standard needs, they don’t offer the same level of customization.

Which insurer offers higher coverage limits?

BMO offers slightly higher maximum coverage, typically going up to $30 million, compared to Sun Life’s cap of around $25 million. For most individuals, this difference may not matter. However, it can be important for high-net-worth individuals and business owners requiring large coverage.

Can I convert my term policy to permanent insurance with both insurers?

Yes, both Sun Life and BMO allow you to convert your term life insurance into permanent coverage without medical underwriting. However, Sun Life typically allows conversion up to around age 75, while BMO’s conversion window is usually earlier (often around age 71–75 depending on the plan).

Which insurer is better for families?

Sun Life is generally better suited for families because it allows multi-life coverage (up to 5 insured individuals) under a single policy. This makes it easier to structure coverage for:

• Couples
• Parents and children
• Shared financial responsibilities

BMO does not offer multi-life coverage in the same way.

Which insurer is better for first-time buyers?

BMO is typically the better choice for first-time buyers. Its fixed-term structure (10–30 years) and simpler policy design make it easier to understand and purchase without feeling overwhelmed. Sun Life, while more flexible, can feel complex due to the number of options available.

Which insurer is better for business owners?

Sun Life is generally the better choice for business owners. It offers:

• Business-focused riders
• Multi-life coverage
• More flexible structuring options

These features make it easier to design policies for key person insurance, partnership protection and business continuity planning.

Why RBC vs. Canada Life is a common comparison

Canada Life and RBC Life Insurance are frequently compared because both target mainstream Canadian insurance buyers, but approach product design very differently.

Canada Life is one of Canada’s oldest insurers, known for stability and long-term planning tools. RBC Insurance, backed by one of Canada’s largest financial institutions, focuses on modern insurance design with flexibility and customization. Both insurers offer conversion and renewability, but the way coverage is structured differs significantly.

Naturally, it becomes important to compare the two leading insurers in Canada, so that it becomes easier to pick the one that best aligns with your budget, coverage, flexibility needs, and more.

RBC vs. Canada Life at a glance

Before comparing product features in detail, it’s important to understand the overall positioning of both insurers in the Canadian market. While both Canada Life and RBC Insurance are well-established and financially strong, they operate with slightly different philosophies and distribution models when it comes to their term insurance plans.

Company snapshot: Canada Life vs. RBC

About RBC term life insurance

RBC Insurance offers RBC YourTerm Life Insurance, a term life insurance plan designed to provide financial protection for a set period of time. Instead of restricting to a small set of fixed-term options, RBC YourTerm allows you to choose a custom coverage term between 10 and 40 years. This flexibility makes it easier to align your insurance coverage with real-life financial responsibilities such as mortgages, personal loans, education costs, or long-term income replacement needs.

Policyholders can select coverage amounts typically ranging from $50,000 up to $25 million, depending on eligibility and underwriting approval. This wide coverage range makes the product suitable for both individuals seeking basic protection and those with higher financial responsibilities.

Key features of RBC term life insurance

1. Flexible term length:  RBC term life insurance typically offers flexible term lengths ranging from 10 to 40 years. This allows policyholders to choose a duration that aligns with their financial responsibilities, such as mortgages, income replacement, or long-term planning needs

2. Level premiums: Premiums remain fixed throughout the selected term, providing a stable and predictable cost structure. This makes it easier for policyholders to budget and plan their finances without worrying about premium increases during the term

3. Conversion option: The policy includes an option to convert to permanent life insurance without requiring a medical exam. This helps maintain long-term insurability and is especially beneficial if health conditions change over time

4. Renewability: Coverage can be renewed after the initial term without a medical exam, ensuring continued protection up to age 85. However, premiums will increase at renewal based on the policyholder’s age

5. Wide coverage range: RBC offers coverage amounts of up to $25 million, depending on the applicant’s eligibility. This makes the policy suitable for both basic coverage needs and more complex financial protection requirements

6. Optional benefits and riders: A range of optional riders is available to enhance coverage, including accidental death benefit rider, child term rider, disability waiver rider, guaranteed insurability benefit rider, and critical illness rider. These add-ons allow policyholders to customize their coverage based on personal, family, or business needs

7. Layered coverage: RBC offers layering, allowing policyholders to combine multiple term policies with different durations under one plan

Pros and cons of RBC term life insurance

About Canada Life term life insurance

Canada Life offers term life insurance designed for individuals who want more than just basic protection. Their term insurance plans are structured to support long-term financial planning, especially for families, business owners, and individuals who expect their insurance needs to evolve over time.

Canada Life offers its term life insurance under products such as Canada Life My Term™, which is designed to evolve with your life circumstances rather than forcing you into a one-size-fits-all product. The My Term™, available in 5-50 year term lengths, allows policyholders to choose term lengths that closely match their financial goals and obligations. This flexibility lets you tailor your coverage to things like mortgage duration, family dependency periods, or business planning timelines without being restricted to rigid preset term buckets.

The ability to convert or customize with riders makes the Canada Life term insurance plan appealing to those who want insurance that can grow or shift as their financial and family landscapes evolve.

Key features of Canada Life term insurance

1. Level premium structure: Premiums remain fixed for the entire duration of the selected term, supporting long-term financial planning and helping policyholders manage their budgets effectively

2. Multiple-term options: Canada Life offers a wide range of term lengths, from 5 to 50 years. This flexibility allows policyholders to align their coverage with key financial milestones such as mortgage duration, child dependency periods, or retirement planning timelines

3. Conversion to permanent insurance: Policyholders have the option to convert their term policy into permanent life insurance without requiring medical evidence up to age 70. This feature supports long-term planning needs, including estate and legacy planning

4. Renewability: The policy can be renewed at the end of the term without a medical exam (up to age 85), ensuring continued coverage even if health conditions change. However, premiums will increase upon renewal based on the policyholder’s age

5. Optional benefits and riders: A variety of riders can be added to enhance coverage, including accidental death benefit rider, child term rider, disability waiver rider, guaranteed insurability benefit rider, and business value protection rider

6. Coverage options: Canada Life offers both single life and joint first-to-die coverage options. Joint first-to-die policies insure two individuals under one plan, making them suitable for couples or shared financial responsibilities

Pros and cons of Canada Life term insurance

RBC vs. Canada Life comparison

Our Ratings

Who should choose RBC?

RBC is a good choice for those who:

• Want flexibility in choosing standard term lengths: RBC Insurance allows you to choose from a range of term durations (10 to 40 years), making it easier to match coverage with specific financial obligations like a mortgage or income replacement period
• Are a first-time buyer: With coverage options starting from around $50,000, RBC is accessible for those just starting out with life insurance and looking for a smaller, more affordable policy
• Value the familiarity of a bank-backed insurer: As part of Royal Bank of Canada, RBC Insurance may appeal to those who prefer dealing with a well-known financial institution they may already bank with

Who should choose Canada Life?

Canada Life becomes a suitable choice for those who:

• Want to align coverage with long-term financial milestones: Canada Life’s My Term™ Life Insurance offers a broad range of term lengths (5-50 years), allowing you to match coverage with extended responsibilities such as raising children, long-term debt, or retirement planning
• Value conversion optionality for future planning: Canada Life allows you to convert your term policy into permanent life insurance without additional medical evidence (subject to eligibility conditions)
• Prefer customization through riders: You can enhance your base policy with life insurance riders such as accidental death benefit, child term rider, disability waiver, and guaranteed insurability options
• Want a policy that can evolve with your life stages: With flexible structuring and conversion features, Canada Life supports policyholders who expect their insurance needs to change over time, rather than remain static

Final Verdict: RBC or Canada Life

1. Best overall: Canada Life

Canada Life stands out overall due to its flexibility, competitive pricing, and strong customization options. It is well-suited for individuals who want coverage that can evolve alongside their financial responsibilities without significantly increasing costs.

2. Best for flexibility and customization: Canada Life

Canada Life offers more control over long-term policy design through varied term options, rider choices, and conversion flexibility. It works best for those who prefer a more planning-driven approach to insurance.

3. Best for simplicity and ease of purchase: RBC

RBC excels in simplicity, with a streamlined product structure and easy purchase process. It is particularly appealing for first-time buyers or those who want straightforward coverage without complexity.

4. Best for higher coverage limits: Canada Life

Canada Life is a stronger choice for individuals seeking higher coverage amounts. Its underwriting capacity and product structure make it better suited for those with larger protection needs, such as high-income earners or business owners.

5. Best for conversion and renewability: Tie

Both Canada Life and RBC provide solid conversion and renewability options, allowing policyholders to extend or transition coverage without additional medical underwriting.

Which is better: Canada Life or RBC Insurance for term life insurance?

Canada Life is generally better suited for individuals who want long-term flexibility, stronger customization, and the ability to structure insurance around evolving financial goals such as family planning or estate needs. 

Is Canada Life more expensive than RBC Insurance?

No, Canada Life is a more affordable option than RBC when it comes to a term life insurance policy. To get the most affordable quotes, you can get in touch with our advisors at PolicyAdvisor, who will help you compare and get the best possible rates for your term life insurance policy. 

Can I convert both Canada Life and RBC Insurance term policies to permanent insurance?

Yes, both Canada Life and RBC Insurance offer conversion options that allow policyholders to switch their term life insurance into permanent life insurance without requiring new medical underwriting. This is an important feature for long-term planning because it protects your insurability even if your health changes over time. Conversion rules may vary depending on age limits and policy conditions, so it is important to understand the specific conversion window for each insurer.

Does Canada Life offer more flexibility than RBC Insurance?

Yes, Canada Life generally offers more flexibility compared to RBC Insurance, especially in terms of long-term planning, policy customization, and integration with financial strategies. It allows more structured decision-making around term selection, riders, and conversion planning. RBC Insurance focuses more on simplicity and structured protection, offering flexibility mainly through its custom term range and layered coverage design. Therefore, Canada Life is better for planning-heavy users, while RBC is better for straightforward needs.

What happens when my term life insurance expires with Canada Life or RBC Insurance?

When a term policy expires with either Canada Life or RBC Insurance, coverage typically ends unless you choose to renew or convert it. Both insurers allow renewal without requiring medical evidence, but premiums will increase based on your age at renewal. Alternatively, if you have a conversion option available, you can convert the policy into permanent life insurance. This ensures continued coverage, but it is usually more expensive than the original term policy.

Which insurer is better for families or long-term financial planning?

Canada Life is often considered better for families and long-term financial planning because it offers more customization, flexible term structuring, and stronger alignment with future financial needs like education planning, mortgage protection, or estate planning. 

Why Canada Life vs. BMO is a common comparison

When Canadians look for term life insurance, Canada Life and BMO Insurance often appear in the discussion. Both Canada Life and BMO have strong histories and offer solid term life options widely available. 

Both offer level premiums, coverage that is renewable, and the ability to convert term policies to permanent insurance later. They also support high coverage amounts for different needs, from families to business owners.

Because of these similarities, people frequently compare them directly. When two reliable providers offer overlapping basics, the focus shifts from general trust to specific fit: Canada Life vs BMO term life insurance. This comparison examines their plans side by side, so you can see which aligns with your own situation and priorities.

Canada Life vs. BMO at a glance

Before comparing product details, it is important to understand how both companies are positioned within the Canadian insurance market. While both are financially strong, their term insurance products differ significantly

Company snapshot: Canada Life vs. BMO

About Canada Life term life insurance

Canada Life offers My Term Life Insurance as its main term product. This plan works for basic needs like income protection as well as more detailed financial arrangements.

A key feature is the wide choice of term lengths, from 5 to 50 years. This lets people match coverage to specific goals, such as paying off a mortgage or covering education costs. 

If your needs evolve, for example, if you decide you want longer coverage or want to transition into a permanent life insurance solution, Canada Life allows several types of conversions without requiring new evidence of insurability up to a certain age. Optional riders and benefits can be added to customize protection further, such as enhanced coverage for critical situations or additional death benefit options.

Key features of Canada Life term life insurance

1. Level, guaranteed premiums: Premiums remain fixed throughout the chosen term length, ensuring stability in insurance costs. This helps support consistent and predictable long-term financial planning

2. Flexible term options: Canada Life offers a wide range of term lengths, typically from 5 to 50 years. This flexibility allows policyholders to align their coverage with key financial needs such as mortgages, dependent care, or retirement planning

3. Conversion flexibility: The policy includes an option to convert to permanent life insurance without requiring medical evidence, generally available until age 70. This feature helps preserve insurability and provides flexibility if long-term coverage needs change

4. Renewability: Canada Life My Term renews automatically at the end of the chosen term (not annually), without medical evidence, with guaranteed renewal premiums, up to policy anniversary nearest age 85

5. Optional riders: A range of riders is available to enhance coverage, including accidental death benefit rider, child term rider, disability waiver rider, guaranteed insurability benefit rider, and business value protection rider. These riders allow for greater customization based on individual or business needs

Pros and cons of Canada Life term life insurance

About BMO term life insurance

BMO Term Life Insurance is designed to provide straightforward and predictable financial protection for individuals and families who want coverage aligned with specific life stages and financial responsibilities.

The plan allows policyholders to choose from a range of fixed term lengths, typically 10, 15, 20, 25, or 30 years, depending on their needs and goals. During the selected term, the policy remains active as long as premiums are paid, offering a stable protection structure that is easy to understand and manage.

Because of its simple structure and wide availability of term options, BMO Term Life Insurance is often chosen by individuals looking for reliable protection without complex features or layered policy structures. It focuses on delivering essential life insurance coverage in a clear and accessible format, making it suitable for both first-time buyers and those seeking simple, goal-based protection.

Key features of BMO Term Life Insurance

1. Term exchange options: BMO’s Term 10 or Term 15 coverage can be exchanged for a longer term (such as Term 20, 25, or 30) during the early years of the policy without additional underwriting.

2. Level, guaranteed premiums: Premiums remain fixed throughout the chosen term length without the risk of unexpected increases during the term

3. Multiple term lengths: BMO offers a range of term options, including 10, 15, 20, 25, and 30 years. This flexibility allows policyholders to align coverage with key financial milestones such as mortgages, income replacement needs, or different life stages

4. Wide coverage range: Coverage amounts can go up to $30 million, depending on eligibility. This makes the policy suitable for individuals with both basic and significant financial responsibilities, including high-income earners or business owners

5. Conversion flexibility: Policyholders have the option to convert their term coverage into permanent life insurance without undergoing medical underwriting (up to age 71)

6. Renewal option: The policy can be renewed after the term ends without requiring medical exams, ensuring continued protection. However, premiums will increase at renewal based on the policyholder’s age at that time

Pros and cons of BMO term life insurance

Canada Life vs. BMO comparison

Our Ratings

Who should choose Canada Life?

Canada Life is a good choice for those who:

• Want to match the term precisely to your milestones: Canada Life’s My Term™ Life Insurance offers a wide range of term lengths that can extend up to longer durations, depending on eligibility, making it suitable for people who want coverage aligned with long-term financial responsibilities rather than short fixed milestones
• Want conversion option: Canada Life allows you to convert your term policy into permanent life insurance without medical evidence (subject to policy conditions and age limits), helping ensure continued insurability even if your health changes in the future
• Prefer more rider customization: My Term™ provides you the option to customize through riders like accidental death benefit rider, child term rider, and disability waiver rider. guaranteed insurability benefit rider, or business value protection rider

Who should choose BMO?

BMO is a good choice for those who:

• Prefer fixed term length: BMO Term Life Insurance offers clear term options such as 10, 15, 20, 25, and 30 years, making it easy to select coverage that directly matches your financial obligations without complex planning decisions
• Value additional support for your beneficiaries: BMO policies also include complimentary support for your beneficiaries, which may provide services like guidance on estate-related matters or grief support resources after a claim
• Want to exchange your term: BMO allows Term 10 or Term 15 policies to be upgraded to longer durations, such as Term 20, 25, or 30, within the initial policy years, without requiring additional medical underwriting

Final Verdict: Canada Life or BMO

1. Best overall: BMO Insurance

BMO Insurance stands out overall due to its simple policy design options and fixed-term lengths that let you align coverage with long-term financial goals. It is ideal for individuals who want insurance that can evolve with their needs and comes with a term exchange feature.

2. Best for flexibility and customization: Canada Life

Canada Life offers significantly more control over policy structure, with a wider range of term options (5-50 years), riders, and long-term planning features. It is better suited for those who want a more tailored insurance strategy.

3. Best for simplicity and ease of understanding: BMO Insurance

BMO Insurance excels in offering straightforward, easy-to-understand policies. This makes it a strong choice for first-time buyers or those who prefer minimal complexity.

4. Best for exchange: BMO Insurance

BMO’s term insurance plan lets you convert  T10/T15 to 20, 25, or 30-year term length. There is no medical evidence required for the term exchange to happen.

1. Which is better: Canada Life or BMO for term life insurance in Canada?

Canada Life is generally better suited for individuals who want more flexibility, especially through its My Term product, which offers a wider range of term lengths, stronger customization options, and more planning-oriented features like structured renewability and conversion flexibility. 

2. Is Canada Life more expensive than BMO Insurance?

Canada Life is more affordable than BMO insurance. However, to get the most affordable rates, you can get in touch with our licensed experts at PolicyAdvisor, who will help you obtain a suitable term life insurance quote at the most affordable rates.

3. Can I convert both Canada Life and BMO term policies to permanent insurance?

Yes, both Canada Life and BMO allow policyholders to convert their term life insurance into permanent life insurance without requiring new medical underwriting. This feature is extremely important for long-term planning because it protects insurability even if your health changes over time. Conversion rules, age limits, and eligible conversion periods may vary between insurers, so it is important to review policy conditions carefully to understand how and when conversion can be exercised effectively.

4. Which insurer is better for first-time life insurance buyers?

BMO Insurance is often considered more suitable for first-time buyers because its term life insurance structure is simple, with clearly defined term lengths and easy-to-understand features. The application process is also generally straightforward, making it easier for individuals who are new to insurance. Canada Life, while more flexible and feature-rich, may feel more complex due to its broader range of term options and customization possibilities, which may require more understanding before selecting a policy structure.

5. Does Canada Life offer more flexibility than BMO Insurance?

Yes, Canada Life generally offers more flexibility compared to BMO Insurance, particularly through its My Term product. It provides a wider range of term lengths, more structured renewal options, and stronger customization through riders and conversion features. This makes Canada Life more suitable for individuals with long-term planning needs.

6. What term life insurance options are available with Canada Life?

Canada Life offers a single primary term life insurance product called My Term™ Life Insurance, designed to provide flexible and customizable coverage. This plan is available in two structures: single life coverage and joint first-to-die coverage, allowing individuals or couples to choose protection based on their needs. The policy typically starts at a minimum coverage amount of $100,000, with no stated maximum limit on base coverage, making it suitable for both standard and high-coverage financial protection requirements. 

Why Manulife vs. BMO is a common comparison

BMO and Manulife are frequently compared because they represent two popular insurers within the Canadian term life insurance market. While both companies are well-established and financially strong, their approach to term insurance and customer needs differs significantly, making them natural alternatives for comparison.

One of the many reasons why this comparison is so common is that both insurers are widely accessible and competitively priced across a range of demographics. Whether you are a young professional purchasing your first policy or a high-income earner seeking substantial coverage, both Manulife and BMO are likely to appear on your shortlist. This overlap in market presence naturally leads to direct comparisons.

The comparison also becomes particularly important in the context of long-term planning. Term life insurance is often purchased with future conversion in mind, and the way a policy is structured today can influence its usefulness years or even decades later. By comparing Manulife and BMO, buyers can better understand how each insurer supports or limits these long-term strategies.

Manulife vs. BMO Insurance at a glance

Before comparing specific product features, it’s important to understand the overall positioning of Manulife and BMO Insurance within the Canadian insurance market. Both are well-established institutions with strong financial backing, but they approach insurance product design differently based on their broader business models. The table below provides a quick snapshot of how these companies compare.

Company snapshot: Manulife vs. BMO

About Manulife term life insurance

Manulife term plans come in two variations: Manulife Family Term and Manulife Family Term with Vitality Plus. These plans are designed for needs ranging from basic income protection to more complex financial planning scenarios involving multiple insured individuals.

One of the defining characteristics of Manulife’s term plans is the range of term options available. Policyholders can choose from multiple term lengths, including T10, T20, and T65, allowing them to align their coverage with specific financial timelines.

In addition to its core offerings, Manulife also provides enhanced features through its Manulife Vitality program. This feature introduces a wellness component to life insurance, rewarding policyholders for maintaining healthy lifestyles.

Key features of Manulife term life insurance

1. Level, guaranteed premiums: Premiums remain fixed throughout the selected term, ensuring stability in insurance costs. This predictable structure helps policyholders plan their finances with confidence over the long term

2. Multiple term options: The plan offers term options such as T10, T20, and T65, allowing coverage to align with different financial needs. These options support goals like mortgage protection, income replacement, and long-term estate planning

3. Convertibility: Policyholders can convert their term life insurance into permanent coverage without providing medical evidence. This feature helps preserve insurability and offers flexibility if long-term coverage needs change

4. Multi-life flexibility: The policy allows multiple individuals to be covered under a single plan, making it a cost-efficient option for families or business partners seeking shared coverage

5. Manulife Vitality integration: The plan can be integrated with Manulife Vitality, a wellness rewards program that encourages healthy lifestyle choices. Policyholders can earn incentives and rewards for maintaining good health habits

6. 30-day money-back guarantee: A 30-day money-back guarantee is included, providing a risk-free trial period. This allows policyholders to review the policy and cancel within the period if it does not meet their needs

Pros and cons of Manulife term life insurance

About BMO term life insurance

BMO’s term life insurance offerings are designed with simplicity in mind. The company provides a range of fixed-term options, typically spanning 10 to 30 years, which allows policyholders to select coverage that aligns with specific financial obligations such as mortgages or income replacement periods.

The structure of BMO term life insurance is straightforward, which means policyholders pay level premiums during the selected term, and coverage remains in place as long as premiums are paid.

Key features of BMO term life insurance

1. Fixed-term options: BMO term life insurance offers a range of fixed-term options, including Term 10, 15, 20, 25, and 30 years. This flexibility allows policyholders to choose coverage that aligns with specific financial timelines, such as mortgages or income protection needs

2. High coverage limits: The policy provides coverage amounts of up to $30 million, making it suitable for both individuals seeking basic protection and those with higher-value financial responsibilities or complex planning needs

3. Level premiums: Premiums remain stable throughout the selected term, ensuring predictable insurance costs. This consistency helps with long-term budgeting and financial planning

4. Renewable coverage: Policies can be renewed at the end of the term without requiring a medical exam. However, premiums typically increase at renewal based on the policyholder’s age at that time

5. Conversion option: The policy includes the option to convert to permanent life insurance without undergoing new medical underwriting. This provides flexibility for those who may want lifelong coverage in the future

6. Term exchange: Policyholders can exchange their existing policy for a longer-term option without additional medical underwriting. T10/15 can be exchanged for 20, 25, or 30-year term lengths

7. Coverage structures: BMO offers different coverage structures, including single life and joint last-to-die options. These choices make it suitable for individuals, couples, and estate planning needs

Pros and cons of BMO term life insurance

Manulife vs. BMO comparison

Our Ratings

Who should choose Manulife?

Manulife is a good choice for those who:

• Need multi-life or business coverage: Manulife is well-suited if you are insuring multiple individuals under one policy (such as spouses or business partners) or require coverage structured for business purposes
• Want customization and flexibility: Manulife offers a wider range of structuring options, including varied term lengths, layering strategies, and the ability to tailor coverage based on evolving financial goals rather than sticking to a rigid format
• Value wellness incentives: Manulife integrates wellness-focused features (such as its Vitality program), allowing policyholders to engage in healthier lifestyle habits and potentially benefit from rewards tied to those activities

Who should choose BMO?

BMO becomes a better choice for those who:

• Want simple, fixed-term coverage: BMO focuses on straightforward term policies with clearly defined durations, making it easier to select coverage for 10, 15, 20, 25, and 30 years
• Prefer to exchange the term: You can exchange your BMO term life insurance policy for a longer term, such as Term 20, 25, or 30, without any new medical evidence
• Value higher coverage limit: BMO provides coverage of up to $30 million, beneficial for high-net-worth individuals

Final Verdict: Manulife or BMO

1. Best overall: Manulife

Manulife takes the lead overall due to its broader product range, strong financial backing, and added features like wellness integration. It caters to individuals looking for basic coverage, to families, or professionals who want more flexibility and enhanced benefits.

2. Best for flexibility and product range: Manulife

With multiple product tiers, multi-life coverage options, and programs like Vitality, Manulife offers a more adaptable insurance experience. It is especially suitable if your needs may evolve over time.

3. Best for simplicity and ease of understanding: BMO

BMO stands out for its straightforward, no-frills approach to term life insurance. Its fixed-term options and clear structure make it easier for first-time buyers to understand and manage.

4. Best for straightforward conversion strategy: BMO

BMO offers standard, easy-to-understand conversion options to permanent insurance. While less flexible than some competitors, it appeals to those who prefer simplicity over customization.

5. Best for family or multi-life coverage: Manulife

Manulife’s multi-life policy options make it a stronger choice for families or business partners looking to consolidate coverage under one plan.

6. Best for engagement and added benefits: Manulife

With the Vitality program, Manulife creates a more interactive insurance experience by rewarding healthy behaviour, adding value beyond traditional coverage.

7. Best for flexibility and customization: Manulife

Manulife offers significantly more flexibility with multi-life coverage, multiple term structures, and wellness integration through the Vitality program. BMO remains more rigid with fixed-term options.

Which is better: Manulife or BMO for term life insurance in Canada?

Manulife is generally a better fit for individuals who need flexibility, such as those looking to insure multiple people under one policy, incorporate long-term planning strategies, or potentially convert to permanent insurance later. Manulife also offers the benefit of wellness-linked rewards.

Is Manulife cheaper than BMO for term life insurance?

Both Manulife and BMO are on par when it comes to term life insurance pricing. The actual pricing between Manulife and BMO can vary significantly depending on factors such as age, health, smoking status, and coverage amount, so there is no universal answer to which insurer is cheaper.

Can I convert both Manulife and BMO term policies to permanent insurance?

Yes, both Manulife and BMO allow policyholders to convert their term life insurance policies into permanent life insurance without requiring additional medical underwriting, which is a critical feature for long-term planning. This means that even if your health changes after purchasing the policy, you can still transition to permanent coverage.

Which insurer is better for families or joint coverage?

Manulife is generally the stronger option for families or individuals seeking joint coverage because of its ability to support multi-life policies under a single contract. This allows multiple insured individuals to be covered together, which can simplify administration and potentially reduce costs. It is particularly useful for couples, families, or even business partners who want coordinated coverage. So, if your goal is to build a comprehensive family insurance strategy rather than simply cover one individual, Manulife typically provides more options and better long-term adaptability.

Which is better for first-time buyers: Manulife or BMO?

For first-time buyers, the choice between Manulife and BMO often comes down to how comfortable you are with complexity. BMO is usually the better starting point for individuals who want a straightforward policy that is easy to understand and quick to set up. Its fixed-term options and simple structure make it easier to compare and purchase without needing extensive knowledge of insurance products.

Does Manulife’s Vitality program make a real difference compared to BMO?

Manulife’s Vitality program is a unique feature that differentiates it from BMO. The program rewards policyholders for healthy behaviours such as regular exercise, health check-ups, and wellness activities, offering incentives like gift cards or discounts.

For individuals who are motivated to actively participate, this can add tangible value and even offset some of the cost of insurance over time. However, if you are unlikely to engage with the program consistently, its benefits may be minimal. BMO does not offer a comparable feature, focusing instead on keeping its policies simple and straightforward. Therefore, Vitality is best viewed as an added bonus rather than a core deciding factor.

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

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:

1. Guaranteed renewability

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

2. 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

3. 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

4. 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

5. 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

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:

1. 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

2. 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

3. Term life options

• Term 10
• Term 20
• Term 30

4. 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

5. 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

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

Our Ratings

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!

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

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.

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!

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.

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:

Pros and cons of Sun Life term life insurance riders

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!

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.