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.

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

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

Sun Life vs. Canada Life at a glance

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

Company snapshot: Sun Life vs. Canada Life

About Sun Life term life insurance

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

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

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

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

Key features of Sun Life term life insurance

Here are the core features of Sun Life term insurance:

1. Guaranteed renewability: The policy includes automatic renewals without requiring medical evidence, allowing coverage to continue even if health conditions change. Renewability is typically available up to age 85

2. Conversion to permanent life insurance: Term policies can be converted into permanent life insurance plans, typically before the policy anniversary nearest age 75. This conversion does not require additional medical evidence, making it easier to secure lifelong coverage if needs evolve

3. Flexible term length options: Sun Life Evolve terms give you flexibility to choose the term length between 5 to 40 years. This conversion does not require additional medical evidence, making it easier to secure lifelong coverage if needs evolve

4. Optional benefits and riders included: A wide range of optional riders is available to enhance coverage, including 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, and partner protection rider. These options provide extensive customization based on personal, family, or business needs

5. Coverage range/options: Coverage amounts typically range from $50,000 to $25 million, making the policy suitable for diverse financial situations. Multiple coverage structures are available, including single life, joint first-to-die, and multi-life options (up to 5 insureds)

6. Living benefit access: The policy provides access to a living benefit if the insured is diagnosed with a terminal illness. In such cases, up to 50% of the basic insurance amount (to a maximum of $100,000) may be paid out early on a discretionary and compassionate basis

Pros and cons of Sun Life term life insurance

About Canada Life term life insurance

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

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

Key features of Canada Life term life insurance

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

1. Guaranteed renewability: The policy offers automatic renewals at the end of each term without requiring medical evidence. Coverage can typically be renewed until the policy anniversary nearest age 85

2. Convertible: Policyholders have the option to convert their term life insurance into a permanent policy up to age 70 without undergoing additional underwriting. In addition, term policies may be exchanged for a longer term, usually if the new term is at least 10 years longer than the existing one. This term-to-term conversion is generally available after the first policy anniversary

3. Longer term lengths: Canada Life offers a wide range of term lengths, from 5 to 50 years. This flexibility allows policyholders to align their coverage with both short-term and long-term financial needs, such as mortgages, income replacement, or retirement planning

4. Optional benefits and riders: A variety of optional 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

5. Coverage options: The policy offers flexible coverage structures, including single life and joint first-to-die options. Joint first-to-die coverage insures two individuals under one policy, making it suitable for couples or shared financial responsibilities

Pros and cons of Canada Life term life insurance

Sun Life vs. Canada Life comparison

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

Our Ratings

Who should choose Sun Life?

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

Choose Sun Life if:

• You want flexible 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 4.3, is slightly better than Canada Life. Sun Life’s term life insurance plan offers comprehensive coverage options and broader rider options, making it the best overall.

• Best for riders: Sun Life

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

• Best for flexibility: Sun Life

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

• Best for high coverage needs: Canada Life

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

• Best for price: Canada Life

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

Is Sun Life a good insurance company in Canada?

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

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

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

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

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

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

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

What is Sun Life Evolve Term insurance?

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

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

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

Key features of Sun Life Evolve Term insurance

1. Broad coverage and terms

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

2. Fixed premiums

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

3. Coverage increases on life events

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

4. Convertibility to permanent insurance

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

5. Renewable to age 85

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

Optional benefits (riders) with Sun Life Evolve Term insurance

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

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

Pros and cons of Sun Life Evolve Term insurance

How Evolve compares to other Sun Life term life insurance plans

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

1. Coverage and Term Length

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

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

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

2. Flexibility and long-term options

This is where Evolve clearly stands apart.

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

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

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

3. Customization and riders

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

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

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

4. Renewability and conversion

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

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

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

5. Pricing

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

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

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

Which Sun Life term plan should you choose?

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

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

Is Evolve term insurance right for you?

Sun Life Evolve Term Insurance is ideal if you:

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

Is Sun Life Evolve Term insurance renewable?

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

Can you increase coverage later with Sun Life Evolve Term?

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

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

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

Can you convert Sun Life Evolve Term to permanent insurance?

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

Is Evolve better than Go term?

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

Sun Life insurance in Canada: The facts behind the myths

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

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

Quick summary: Sun Life insurance myths vs. facts

Common myths about Sun Life insurance explained

Myth 1: “Sun Life insurance is too expensive”

Why this myth exists

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

The reality

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

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

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

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

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

Why this myth exists

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

The reality

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

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

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

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

Why this myth exists

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

The reality

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

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

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

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

Why this myth exists

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

The reality

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

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

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

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

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

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

Why this myth exists

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

The reality

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

Sun Life offers multiple types of life insurance, including:

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

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

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

Why this myth exists

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

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

The reality

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

Sun Life also offers:

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

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

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

Why this myth exists

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

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

The reality

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

Higher amounts typically require:

• Medical evidence
• Financial justification
• Full underwriting review

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

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

Why this myth exists

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

The reality

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

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

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

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

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

Why this myth exists

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

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

The reality

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

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

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

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

Why this myth exists

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

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

The reality

Sun Life offers both group insurance and individual retail policies.

Workplace coverage:

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

Individual Sun Life policies:

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

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

Is Sun Life a good life insurance company in Canada?

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

How much does Sun Life life insurance cost?

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

Does Sun Life offer term-to-permanent conversion?

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

What is the maximum coverage amount Sun Life offers?

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

Does Sun Life only offer insurance through employers?

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

Sun Life term life costs vs other insurers in Canada

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

Why choose Sun Life term life insurance in Canada

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

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

How to reduce Sun Life term life cost in Canada?

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

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

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

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

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

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

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

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

Is Sun Life a good insurance company?

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

How much does term life insurance cost in Canada?

The cost of term insurance in Canada varies based on individual factors like age, gender, coverage amount, policy term, occupation, and health. Typically, for a $500,000 coverage amount, the cost of term life insurance can vary between $14 to $380 per month, depending on the age of the applicant.

What happens if I outlive the policy term?

If you outlive your policy term, your coverage ends, and no benefit is paid out by the insurer. However, you can renew your term policy or may also convert it to a permanent life insurance policy, depending on your policy terms and conditions. 

Is medical underwriting required for term life insurance?

Whether to have medical underwriting or not depends on your insurance provider. Most insurers these days may just ask a few medical questions at the time of application. 

So, if you are in good health and getting under $500K in coverage, you will probably not be asked to undergo medical underwriting.

Can I get term insurance even if I have health issues?

Yes, you can get term life insurance even if you have a pre-existing condition. However, depending on the severity of your health condition, you may have to pay a higher premium or get fewer coverage options.

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.

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 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 increase the coverage amount (but require new underwriting)
• Eligible for conversion to permanent insurance
• T10/T15 can be exchanged to T20/T30 within 5 years, no medical evidence

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

1. Guaranteed renewability: Sun Life term life insurance plan is designed to be automatically renewable without the need for further medical evidence, ensuring that protection remains in place even if the insured’s health declines over time. This coverage can be maintained until the policy anniversary nearest the insured person’s 85th birthday.

2. Conversion to permanent insurance: For those whose financial goals shift over time, the plan offers high-level flexibility through the ability to convert to permanent life insurance. This conversion does not require additional medical evidence. The option remains available until the policy anniversary nearest the insured’s 75th birthday.

3. Multiple term length options: To ensure coverage aligns perfectly with specific life milestones, Sun Life provides flexible term lengths ranging from 5 to 40 years. These varied durations allow individuals to tailor their insurance to match the timeline of a mortgage, specific income protection years while raising a family, or complex estate planning strategies.

4. Flexible coverage structures: The plan offers flexible coverage structures that include single life, joint first-to-die, and multiple life configurations. By allowing up to five insured individuals under a single policy, these structures effectively support both comprehensive family protection and sophisticated business succession planning.

5. Optional benefits and riders: Policyholders can further customize their security through a wide array of optional riders. These riders include:

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

6. Living benefit access: Sun Life provides a compassionate living benefit, which may grant policyholders access to up to 50% of their basic insurance amount (up to a maximum of $100,000) if they are diagnosed with a terminal illness. This benefit is offered on a discretionary basis to provide financial support during exceptionally difficult times.

7. Survivor benefit: In the event of a loss under a joint policy, the survivor benefit allows the remaining insured person to purchase life insurance to replace the joint coverage within 90 days without providing new medical evidence. Additionally, this feature provides enhanced security by ensuring the base coverage amount is paid out twice if both insured individuals pass away simultaneously or within 90 days of one another.

Pros and cons of Sun Life term life insurance

About Manulife term life insurance

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

1. Manulife Family Term

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

2. Family Term with Vitality Plus

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

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

Key features of Manulife term life insurance

1. Level, guaranteed premiums: Manulife’s term life insurance solutions are structured around level, guaranteed premiums, ensuring that your costs remain fixed and predictable throughout the entirety of your selected term.

2. Multiple-term options: Manulife offers several multiple-term options designed for different life stages. These include Term 10 (T10) and Term 20 (T20) for shorter or mid-range needs, as well as Term 65, which provides consistent coverage specifically until the insured reaches age 65.

3. Convertibility: Another key advantage of these plans is convertibility, which allows for a seamless transition from temporary term coverage to permanent life insurance. Because this conversion typically does not require new medical evidence, it serves as a vital tool to preserve insurability.

4. Multi-life flexibility: For families and business partners, the multi-life flexibility of these policies allows for the coverage of multiple individuals under a single contract. This structure is particularly suitable for family income protection or business succession planning.

5. Manulife Vitality integration: Unique to their offering is the Manulife Vitality integration, a wellness-linked program that rewards policyholders for engaging in healthy activities. Beyond potential rewards and benefits tied to a healthy lifestyle, the program includes practical support such as bereavement counseling coverage of up to $1,000 for those with Vitality Plus benefits, adding a layer of emotional support to financial protection.

6. 30-day money-back guarantee: Manulife provides peace of mind from the start with a 30-day money-back guarantee. This allows you to review your policy thoroughly and, if you choose to cancel within the first 30 days of receiving it, Manulife will refund the premiums paid. This feature ensures you can commit to a plan with the confidence that it truly fits your needs.

Pros and cons of Manulife term life

Sun Life vs. Manulife comparison

Our Ratings

Who should choose Sun Life?

Sun Life term plan 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: 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 wellness-linked benefits: Manulife

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

Best for structured business planning: Sun Life

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

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

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

Does Sun Life or Manulife offer better flexibility?

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

Can I convert my term life policy to permanent insurance?

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

Which insurer is better for business owners?

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

Does Manulife offer wellness rewards on term life insurance?

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

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

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

Can I insure multiple people under one policy?

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

Is lifetime term coverage available?

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

Frequently asked questions

How can I use the cash value of my whole life insurance policy to fund my retirement?

The cash value of your whole life policy can supplement your retirement income and help meet immediate financial goals. It can be accessed through loans or withdrawals to maintain your lifestyle post retirement, travel, and more. 

What are the best strategies to create generational wealth with whole life insurance?

Whole life insurance can create generational wealth by providing a guaranteed, tax-free death benefit to your heirs. You can also use it to fund trusts or cover estate taxes, ensuring your assets are passed on intact. Additionally, reinvesting dividends and growing the cash value increases the policy’s long-term financial benefits, securing wealth for future generations.

How does whole life insurance compare to other investment options for wealth building?

Whole life insurance offers guaranteed returns, tax advantages, and lifelong coverage, making it a low-risk, stable component of a diversified financial plan. Unlike stocks or real estate, it is not subject to market volatility and provides a predictable way to build wealth.

Can I use whole life insurance to fund my children’s education expenses?

Yes, the cash value of a whole life insurance policy can be accessed to fund education expenses. You can withdraw or borrow against the cash value to pay for tuition, books, or other costs.

What are the tax implications of borrowing against the cash value of a whole life insurance policy?

Borrowing against the cash value is generally tax-free as long as the policy remains in force. However, if the policy lapses or is surrendered, the loan amount exceeding the adjusted cost basis may become taxable as income. 

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

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