Sun Life Term Life Insurance Review for 2021 - PolicyAdvisor

Sun Life Insurance Review


Sun Life Financial produces traditional term life insurance packages with medical and non-medical policies with permanent conversion options. The four product lines include SunTerm (what you would see standard in the full term life market up to $15 million in coverage), SunSpectrum Term (smaller premiums for lower coverage), SunLife Go (shorter terms and fewer rider options, but up to $1 million coverage), and SunLife Go Simplified (non-medical, lower coverage).

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
7 min read

Sun Life’s flagship products (Sun Term and Sun Spectrum Term) are sold primarily offline, through in-person meetings with their vast network of financial advisors and distributors.

Sun Life Term products offer standard features and optional benefits that are generally comparable to the market. However, the pricing of their premiums may not be easy on your wallet.

If you are looking for traditional term insurance with an in-person purchase process, you should consider Sun Life.


Sun Term




Best for In-Person Purchase


  • Optional benefits: Customize the policy with multiple riders, both for yourself and for other family members
  • Convertibility up to age 75, most competing products convert up to age 70 or 71
  • Can optionally convert into a robust set of whole life and universal life Sun Life products
  • Medical and non-medical options available
  • Sun Life Go offers up to $1 Million coverage for all persons legally living in Canada


  • Limited term options are available (only 4)
  • You cannot choose your own coverage term as some other companies offer
  • Pricing is significantly higher than comparable term life insurance products 
  • No digital policy delivered; only paper policies
  • Application has to be signed with pen and paper 
  • Stricter underwriting process for prior health conditions
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Who is Sun Life Insurance?

Sun Life Financial, Inc., founded in 1865, is one of the largest life insurance companies in the world.

The company was started in Montreal, Quebec, as The Sun Insurance Company of Montreal. In 1979 the company shifted its headquarters from Montreal to Toronto. Today the company is a leading global financial organization with operations in a number of markets worldwide including the U.S., the U.K., Ireland, Hong Kong, Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. The company has 37,000 employees and distributes its products through more than 112,000 advisors.

Apart from insurance, Sun Life is a major player in the wealth and asset management market, with over $1 trillion CAD worth of assets under management (AUM) across the world.

Sun Life: Quick Facts

    • Founded: 1865
    • Headquarters: Toronto, Ontario
    • AM Best Rating: A+
    • Better Business Bureau Accreditation and Rating: No / A+
    • Assets: $173.2 billion
    • Annual Premiums: $20.9 billion

Find out more insurance facts about the biggest life insurance companies in Canada.

Sun Life Term Life Insurance Pricing

Representative values for SunTerm 20, based on non-smokers in good health. $500,000 coverage, 20-year term.

Age Male Female
30 $33.30 $26.10
35 $35.10 $28.80
40 $52.65 $40.50
45 $82.80 $59.40
50 $141.75 $95.85
55 $259.20 $176.40
60 $469.80 $322.20
65 $718.20 $498.60

Check out PolicyAdvisor's life insurance calculator.

What types of term life insurance products does Sun Life Insurance offer?

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 Sun Spectrum 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
More choice. Lower price.
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What term life insurance amounts and coverage does Sun Life Insurance offer?

  • Available Term Lengths: 10, 15, 20, and 30 years
  • Available Term Types: Guaranteed level premiums
  • Maximum Amount of Coverage: $15,000,000
  • Renewability: Yes, renewable to age 85 (for SunTerm and SunSpectrum only)
  • Convertibility: Yes, convertible before age 75 (for SunTerm and SunSpectrum only)

What other insurance coverage does Sun Life Insurance offer?

Sun Life Insurance offers a wide range of insurance products to customers, apart from term life, such as:

  • Health Insurance
  • Disability Insurance
  • Critical Illness Insurance
  • Travel
  • Mortgage Protection
  • Business Owner Insurance
  • Whole Life & Universal Life products
  • Various other investment products, including annuities and segregated funds

Is Sun Life Insurance right for you?

While Sun Life Insurance offers name recognition and basic life insurance coverage products that are a fit for many Canadian consumers  – there may be better options. As insurance advisors for multiple life insurance companies and products, we can help you decide if Sun Life’s products are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.

The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP

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