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- Both Sun Life and Canada Life are leading Canadian insurers with strong A+ ratings from AM Best. They offer term life insurance with level premiums during the policy term and optional riders such as child term, accidental death, and disability waiver benefits
- Sun Life stands out for customization, offering flexible term lengths, a term-to-permanent conversion option, and broader rider options
- Canada Life Insurance provides a term life insurance policy with a maximum term length of up to 50 years to meet long-term financial obligations
In Canada, there are a number of insurance companies offering term life insurance policies, yet Sun Life and Canada Life remain the key players in the industry. Both companies demonstrate stable financial strength and have a strong product portfolio.
If you are looking for flexible coverage or affordable term life insurance, both Sun Life and Canada Life offer options that may suit your needs. In this guide, we will walk you through an overview of Sun Life and Canada Life, along with their key features and coverage options, to help you decide which insurer may be the better fit for you. Read on to explore all about Sun Life vs Canada Life.
Quick verdict
Choose Sun Life if:
- You want a flexible term length (5-40 years)
- You want access to a wider range of optional riders, such as accidental death benefits, child term rider, or disability waiver
Choose Canada Life if:
- You want to choose a longer-term policy (up to 50 years)
- You want term-to-term conversion
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
| Features | Sun Life | Canada Life |
| Founded | 1865 | 1847 |
| Headquarters | Toronto, Ontario | Toronto, Ontario |
| Total assets (insurer) | $1.5T | $461.2B |
| AM Best rating | A+ | A+ |
| LICAT Ratio | 152% | 130% |
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
| Pros | Cons |
| Multiple rider options are available | Underwriting can be strict for serious health conditions |
| Option to convert the coverage type and term length | |
| Flexible term length available (5-40 years) | |
| Renewable up to age 85 without any medical evidence |
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
| Pros | Cons |
| Offers single-life and joint-first-to-die coverage options | The minimum coverage for a term policy starts at $100,000 |
| Provides longer-term lengths from 5 to 50 years | |
| Offers affordable term life insurance policies |
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.
| Features | Sun Life term insurance | Canada Life term insurance |
| Flagship term product | Sun Life Evolve Term | My Term™ Life Insurance |
| Term length options | 5 to 40 years | 5 to 50 years |
| Coverage range | $50,000 – $25M | $100,000 – no strict maximum (special quoting above $25M) |
| Renewability | Yes, without medical evidence, up to age 85 | Yes, without medical evidence, up to age 85 |
| Convertibility | To permanent up to age 75, no medical evidence | To permanent up to age 70 |
| Coverage structures | Single, joint first-to-die, multi-life (up to 5 insureds) | Single, joint first-to-die (up to 2 insureds) |
| Term exchange option | T10/T15 → T20/T30 within 5 years, no medical evidence | Covered under term-to-term conversion; (new term ≥10 years longer) |
| Riders available |
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Our Ratings
How we compared Sun Life and Canada Life
At PolicyAdvisor, we reviewed information published by each insurer and assessed how each product may fit common needs, such as mortgage protection, income replacement, family coverage, and business protection.
We compared Sun Life Evolve Term and Canada Life My Term using the features that matter most when choosing term life insurance: coverage flexibility, term lengths, conversion options, riders, underwriting, and overall value. Both are renewable term products, but they differ in maximum coverage, term-length availability, and optional benefits.
Product features and flexibility
Sun Life Evolve Term offers coverage from $50,000 to $25 million, with renewable terms of 5 to 40 years, depending on the insured person’s age. It also includes options to increase coverage after qualifying life events and to convert to permanent coverage.
Canada Life My Term offers term lengths that may range from 5 to 50 years, subject to eligibility. It provides several conversion routes, including term-to-term conversion, term-to-permanent conversion, partial conversion, and a conversion-with-reset option.
Coverage amounts and term-length options
The right term length should match the period your family, mortgage, business, or income-replacement need will last. Sun Life may suit applicants who want a broad choice of terms up to 40 years and high maximum coverage, while Canada Life may suit applicants seeking longer term-duration options, potentially up to 50 years where eligible.
Riders and conversion options
Both insurers offer optional benefits that can make a policy more flexible. Sun Life offers child term insurance, disability waiver, guaranteed insurability, accidental death, owner waiver disability, and business value protection benefits. Canada Life allows policy customization with optional benefits, though the exact riders available can depend on the policy and underwriting.
Underwriting and eligibility
Your age, health, smoking status, occupation, lifestyle, coverage amount, and chosen term can all affect whether you qualify and what you pay. A licensed advisor can help determine whether a fully underwritten policy, simplified-issue option, or alternative product is more appropriate.
Pricing and value for money
Neither insurer is automatically cheaper. The lowest premium depends on your personal risk profile and the exact product, term, and coverage amount you choose. The best way to compare value is to request quotes for identical coverage amounts, term lengths, and underwriting classes.
Sun Life vs. Canada Life: Which is better for your needs?
Sun Life and Canada Life both offer strong term life insurance options, but the better choice depends on your situation. The right insurer for you may depend on whether you need mortgage protection, income replacement, coverage for young children, business protection, etc.
Sun Life vs. Canada Life for mortgage protection
Sun Life Evolve Term offers renewable terms of 5 to 40 years, depending on the insured person’s age. This makes it suitable for many mortgage timelines, including 10-, 15-, 20-, 25-, and 30-year amortization periods. If your mortgage balance falls over time, you can also use term layering, such as combining a longer term with a shorter term, to match coverage to your declining debt.
Canada Life My Term may offer term lengths from 5 to 50 years, subject to eligibility. This can be useful if you have a longer mortgage, want coverage beyond a typical 30-year amortization, or prefer to keep protection in place while building other savings.
Sun Life vs. Canada Life for income replacement
Sun Life Evolve Term can provide coverage from $50,000 to $25 million, giving it strong potential for high income-replacement needs. Its coverage-increase option may also help if your income rises after marriage, the birth or adoption of a child, a new or larger loan, or a qualifying income increase. Eligible policyholders may be able to increase coverage by up to 50% of the original coverage amount, to a maximum of $1 million, subject to policy conditions.
Canada Life My Term can also support income-replacement needs, particularly if you want a longer coverage period. Its potential term durations of up to 50 years may suit younger applicants who want protection through most of their working life, subject to eligibility.
Sun Life vs. Canada Life for families with young children
Sun Life Evolve Term offers a child term benefit for children age 18 or younger at the time of application. Insured children may be able to convert their coverage later, and may be able to buy additional insurance between ages 18 and 25 (up to 10 times the child term benefit) without new medical evidence, helping protect their future insurability.
Sun Life also allows eligible policyholders to increase coverage after life events such as marriage or a common-law relationship, the birth or adoption of a child, a new or larger loan, or a qualifying income increase.
Canada Life My Term can be customized with optional benefits, and Canada Life’s term riders may include child term coverage, guaranteed insurability, disability waiver, accidental death, and business growth protection benefits, depending on the policy.
Sun Life vs. Canada Life for business owners
Sun Life Evolve Term includes a business value protection benefit, which may allow the policy owner to buy additional coverage based on an increase in the business’s value without new medical evidence. This can be useful when a business grows and the owner’s insurance needs increase.
Canada Life’s term insurance may include a business growth protection rider, which can support similar planning needs. Availability, eligibility, and benefit limits should be confirmed for the specific My Term policy being considered.
Sun Life vs. Canada Life for seniors
Sun Life Evolve Term can provide renewable coverage until the policy anniversary nearest age 85, and permanent conversion is generally available until the policy anniversary nearest age 75. This can be useful for someone who wants the option to move to permanent coverage later.
Canada Life My Term coverage ends at age 85, and term-to-permanent conversion is generally available without proof of health up to age 70. For policies issued at older ages, conversion rights may be more limited.
Sun Life vs. Canada Life for smokers
Both insurers will consider tobacco and nicotine use during underwriting. Smoking status can significantly affect your premium, and insurers may have different rules for cigarettes, vaping, cannabis, and nicotine-replacement products.
Neither Sun Life nor Canada Life is automatically better for smokers. The right choice depends on your exact usage history, how long you have been nicotine-free, your health profile, and the underwriting class you receive.
Sun Life vs. Canada Life for pre-existing conditions
Sun Life Evolve Term and Canada Life My Term are both fully underwritten products, so neither is automatically easier to qualify for. Sun Life’s simplified term products may be an alternative if traditional underwriting is difficult, though they generally offer lower coverage amounts.
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
Frequently asked questions
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.
Sun Life and Canada Life are two major insurers offering term life insurance in Canada, but their policies differ in term structure, coverage limits, rider availability, and conversion options. Sun Life emphasizes flexible term structures and customizable riders, while Canada Life’s My Term™ allows longer term durations of up to 50 years. Understanding these differences can help you choose the policy that better aligns with your long-term protection goals.
