Term life insurance
Get affordable life insurance coverage.
Choose how long you need it.
Term life insurance eligibility
In order to apply for any of these products, you must currently be legally living in Canada.
Depending on which term product you’re applying for, you may have to go through the underwriting process. Underwriting assesses your risk when you apply for insurance. This helps us determine the coverage you’re eligible for and ensures your premiums (monthly or annual insurance fees) reflect your level of risk. Your risk level decides your premium.
If you get term insurance, you can renew your policy after your term ends, but your coverage will expire at age 85.
Frequently Asked Questions
Term coverage provides protection for a fixed payment amount, for a given number of years. This could be 10, 15, 20 or 30 years depending on the product you choose. You can choose the amount of time you need.
How does term life insurance work?
Then your beneficiaries – the people, person or entity you want to leave money to – will get a tax-free death benefit. This is provided you give us accurate information when you apply and pay your premiums on time.
The death benefit refers to the amount of money your beneficiary gets when you die. The exact amount they get depends on how much life insurance coverage you buy. Your beneficiaries can use the money any way they want.
What happens if I die while my term life insurance policy is still active?
Term life insurance plans do not cover death due to suicide.1 If any information you provided is fraudulent, then Sun Life will not pay the death benefit to your beneficiaries. Please note that Sun Life can contest your policy at any time due to fraud.
1If someone commits suicide within the first two years since the policy took effect, Sun Life will return the premiums that were paid minus any administration fees.
What’s not covered in a term life insurance plan?
You don’t have to be a Canadian citizen to apply for life insurance in Canada. But you must be legally living in Canada to purchase any of our life insurance products.
Do you have to be Canadian to apply for term life insurance?
You can buy additional life insurance (e.g. term life insurance, permanent life insurance, etc.) to top up the life insurance you get through your employee benefits. This way, you’ll still have your own insurance coverage even if you lose your employee benefits after job loss, change of work or retirement.
What if I already have insurance through my employee benefits?
If you’re leaving your job and losing your life insurance coverage, you may qualify to replace it (no matter which provider). My Life Choice lets you replace your employer’s coverage with your own insurance.