Sun Life Financial | Life, Critical Illness Insurance - PolicyAdvisor

Sun Life Financial


Sun Life Financial is a large, global insurance company catering to their clients via an abundance of comprehensive product options to choose from. They offer medical and non-medical term life insurance, permanent whole, and universal life, as well as critical illness, disability, health, and dental insurance. Within each product type, they offer scaling tiers of coverage depending on your needs.

By Mark Cluett
Director of Content
8 min read

Sun Life is a global insurance company that operates in the UK, North, South, and Central America, India, China, Japan, North Africa, and the West Indies. Sun Life Financial Inc. was founded in 1865. It is one of the largest insurance companies in the world. The company was initially headquartered in Montreal but shifted its global offices to Toronto in 1979. Sun Life Financial’s Canadian insurance headquarters is located in Waterloo.

At present, the company has 37,000 employees working in areas of insurance and wealth and asset management.

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Contact Information


Sun Life Financial – Canadian Headquarters
227 King Street South
Waterloo, Ontario
Canada N2J 4C5

Phone Numbers

Canada-Wide Toll-Free: 1-877-SUN-LIFE / 1-877-786-5433


Sun Life Website / Sun Life Wikipedia Page

Financial Ratings

Based on 2019 financial reports.

Total premiums and deposits: $20.9 Billion
Assets under administration: $173.2 Billion

AM Best Rating: A+ (Superior)

Term Life Insurance

Term life insurance is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance.

Sun Life Insurance offers four different term life insurance products:


Sun Life’s standard product, with features you would find in most term life insurance plans.

  • Offered in 10, 15, 20 and 30-year terms with guaranteed level premiums
  • SunTerm 10 and SunTerm 15 are exchangeable for SunTerm 20 or SunTerm 30 should your coverage needs change
  • All terms offer optional benefits such as children’s insurance riders, waiver of premium on total disability, guaranteed insurability, and accidental death benefit
  • Includes a non-contractual living benefit where the insured may be eligible to take a 50% advance of the coverage amount, in the case of a terminal illness, up to a maximum of $250,000. The fine print: the payment is not contractual and is discretionary by Sun Life on a case-by-case basis
  • All terms are renewable to age 85 and convertible before age 75
  • Joint-first-to-die and multiple life options available
  • Minimum coverage amount for this product is $250,000

SunSpectrum Term Insurance

Similar to SunTerm, but with a considerably lower minimum coverage amount of $50,000. You could consider this if you want coverage for smaller amounts. Offers most features included in SunTerm such as:

  • 10, 15, 20 and 30-year terms with guaranteed level premiums
  • All terms are renewable to age 85 and convertible before age 75.
  • SunSpectrum Term 10 and SunSpectrum Term 15 are exchangeable for 20 or 30 year terms, should your coverage needs change.
  • All terms offer optional benefits such as children’s insurance riders, waiver of premium on total disability, guaranteed insurability, and accidental death benefit
  • Includes a non-contractual living benefit, as above
  • All terms are renewable to age 85 and convertible before age 75.
  • Joint-first-to-die and multiple life options available

Sun Life Go Term Life Insurance

  • A simpler to issue insurance product with coverage amounts from $100,000 to $1 million
  • Available in 10 or 20-year terms for those between the ages of 18 and 69
  • Simpler online application process
  • Answer some health questions to apply online: You will not need to take a medical test
  • Terminal illness benefit
  • This product does not have the other benefits/riders available with SunSpectrum Term and SunTerm
  • Price is significantly more expensive than other term insurance products

Sun Life Go Simplified Term Life Insurance

  • A simplified issue, non-medical term insurance product for small coverage amounts
  • You can choose from 3 amounts: $50,000, $75,000 or $100,000
  • The only term available is 10 years
  • You only need to answer 3 health-related questions
  • Terminal illness benefit
  • No other optional riders/benefits
  • Product is suitable for those with moderate to severe health considerations, who may not qualify for traditional medically underwritten products or other non-medical products available in the market
  • Significantly more expensive due to limited health information being shared

For more information and an in-depth look at their coverage, read our Sun Life Term Life Insurance Review.

Check out PolicyAdvisor's life insurance calculator.

Permanent Insurance

Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums the coverage never expires. Sun Life offers three different permanent life insurance policy options: non-participating, participating, and universal.

Non-Participating Life Insurance

Sun Life offers three policy options for non-participating permanent insurance.

  • Sun Life Go Guaranteed Life Insurance. Simplified, guaranteed no-medical whole life coverage available with death benefits from $5,000 to $25,000. Complete online fulfillment
  • SunSpectrum Permanent Life II. Whole life insurance coverage up to $10,000,000 that needs no active management.
  • Sun Permanent Life Insurance. Guaranteed lifetime protection with coverage from $250,000 to $10,000,000

Participating Life Insurance

  • Sun Par Protector II. Participating whole life insurance that seeks to generate long-term cash value and death benefit growth
  • Sun Par Accumulator II. This policy focuses on higher cash value growth in the near term
  • Sun Par Accelerator. Participating permanent life insurance guaranteed to be fully paid-up in eight years. Provides high cash values over the short term, as well as long-term cash value and death benefit growth

Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed long term investment component: your insurer gives you options for investing the cash value of your policy.

Sun Life offers 3 options for universal life insurance:

  • SunUniversalLife II. Policyholders can choose from four coverage options, six Cost Of Insurance structures, and five death benefit options
  • SunUniversalLife Pro. This is permanent protection that has been designed specifically for corporations, business owners, and professionals
  • SunSpectrum Universal Life II.  This policy’s reduced paid-up feature allows the policyholder to stop making payments after age 70. It also features a guaranteed investment bonus that rewards you for maintaining and growing the policy

Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length; and you determine it when purchasing the policy.

Sun Life offers critical illness insurance for adults and children through several policy options with its Sun Critical Illness Insurance product:

  • Enhanced (26 conditions) and children’s coverage available (5 additional conditions)
  • 8 conditions are eligible for partial payouts
  • Early detection is eligible for partial payment (10% of the benefit up to $50,000)
  • Terms: 10 years and to age 75 and 100
  • 10 and 15 year limited pay options
  • Maximum coverage: $2.5-million
  • Coverage for Loss of Independent Existence Included
  • Return of Premium on death and expiry/cancellation available (after 15 years)

For more information and an in-depth look at their critical illness coverage, read our Sun Life Critical Illness Insurance Review.

Still looking for the best critical illness insurance rates?
PolicyAdvisor saves you time and money when comparing Canada’s top life insurance companies. Check it out!

Disability insurance

Disability insurance (or income protection insurance) is a policy that offers you protection against loss of income. It replaces a substantial portion of your paycheque if you become disabled until you return to good health and resume work (or the end of your coverage period).

Sun Life offers different options for disability insurance though one needs to contact an insurance broker to get coverage and information and quotes pertaining to Sun Life’s policies.

Other Types of Insurance

Health and Dental Insurance

Sun Life administers both group and individual plans for health and dental insurance and is one of the country’s most recognizable names in workplace insurance benefits. They offer individuals Basic, Standard, and Enhanced plans. Sun Life also offers easy conversion to individually owned health insurance plans when switching over from group coverage – which is available without medical underwriting.

Long Term Care Insurance

Sun Life offers both Sun Long Term Care Insurance and Sun Retirement Health Assist to protect against healthcare costs in retirement.

The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.

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By Mark Cluett
Director of Content
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