Sun Life vs. Manulife term life insurance: Which is better in 2026?

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

How we compared Sun Life and Manulife

At PolicyAdvisor, we compared Sun Life Evolve Term and Manulife Term based on the decisions that matter most to Canadian life insurance shoppers: how long coverage can last, how much protection is available, how easily a policy can change as your needs evolve, and which optional benefits are worth considering.

We reviewed insurer-published product information and assessed how each policy may fit common needs, including paying off a mortgage, replacing income, protecting young children, covering business obligations, and planning for future permanent coverage.

Since term life insurance is individually underwritten, we do not label either insurer as the cheapest option for everyone. Instead, we explain where each product may be the stronger fit and recommend comparing quotes using the same age, health profile, coverage amount, term, and underwriting assumptions.

Product features and flexibility

Sun Life Evolve Term is designed for applicants whose protection needs may evolve. It provides coverage starting at $50,000 and going up to $25 million, with renewable term durations ranging from 5 to 40 years based on the insured person’s age. The plan also includes future coverage-increase options after eligible life events and the ability to convert to permanent life insurance.

Manulife Term takes a different approach by offering several coverage structures rather than one continuous range of renewable terms. Depending on eligibility and age at application, applicants may be able to choose Term 10, Term 20, Term 65, or term-to-age-100 coverage. Coverage starts at $100,000 and can reach $25 million, with conversion options and rider availability depending on the policy.

Coverage amounts and term-length options

Your ideal term should reflect how long your financial responsibilities will last, not simply the longest coverage period available. Sun Life may be a good fit if you want to match coverage to a specific need, such as a 10-, 15-, 20-, 25-, or 30-year mortgage or income-replacement period, using renewable terms of up to 40 years.

Manulife may be worth considering if you prefer a defined term structure or need protection for a longer period. Its Term 65 and term-to-age-100 options may suit applicants who want coverage beyond a typical mortgage or income-replacement timeline, subject to eligibility.

Riders and conversion options

Sun Life Evolve Term includes options such as child term coverage, disability waiver, guaranteed insurability, accidental death, owner waiver disability, and business value protection. It also allows eligible policyholders to convert to permanent coverage and, in some cases, exchange to a longer term.

Manulife Term offers customization through optional benefits, including child protection coverage and other riders, depending on the policy. Its conversion options allow eligible coverage to move to permanent life insurance without new medical underwriting, though deadlines vary by term structure.

Underwriting and eligibility

Both Sun Life and Manulife use individual underwriting, so your final offer depends on more than the quoted premium. Age, health history, tobacco or nicotine use, occupation, hazardous activities, coverage amount, and selected term can all influence approval, pricing, and available riders.

If you have a complex health history or need a specific coverage amount, a licensed advisor can help identify whether a fully underwritten policy, simplified-issue option, or another insurer may be a better fit.

Pricing and value for money

Neither Sun Life nor Manulife is automatically the lower-cost insurer. The best value depends on your personal risk profile, the exact product and term structure you choose, and the underwriting class you receive.

To compare fairly, get quotes for the same coverage amount, term length, payment frequency, and underwriting assumptions. A slightly higher premium may be worthwhile if it comes with better conversion rights, rider options, or longer-term flexibility.

Sun Life vs. Manulife: Which is better for your needs?

Sun Life and Manulife both offer competitive term life insurance, but they solve different problems. The better insurer depends less on the brand and more on your coverage amount, how long you need protection, whether you expect your needs to change, etc.

Sun Life vs. Manulife for mortgage protection

Sun Life Evolve Term offers renewable terms from 5 to 40 years, which can align with many mortgage timelines. Its coverage-increase option may also be useful if you refinance, move to a larger home, or take on a larger mortgage after a qualifying life event.

Manulife Term offers 10- and 20-year structures, as well as longer-duration options such as Term 65 and term-to-age-100 coverage. These longer structures may appeal to homeowners who want protection beyond a typical 25- or 30-year mortgage without having to renew as frequently.

Sun Life vs. Manulife for income replacement

Sun Life Evolve Term offers coverage from $50,000 to $25 million, making it suitable for substantial income-replacement needs. Eligible policyholders may also be able to add coverage after a qualifying life event, such as a higher income, marriage or common-law relationship, birth or adoption, or a new or larger loan.

Manulife Term offers coverage from $100,000 to $25 million and may suit applicants who want protection for a defined working period or a longer duration. Its Term 20, Term 65, and term-to-age-100 structures can provide different ways to match coverage to long-term income needs.

Sun Life vs. Manulife for families with young children

Sun Life Evolve Term includes a child term benefit for eligible children age 18 or younger at the time of application. Insured children may be able to buy additional insurance between ages 18 and 25 (up to 10 times the child term benefit) without new medical evidence.

Sun Life also allows eligible policyholders to increase their own coverage after events such as the birth or adoption of a child, marriage or a common-law relationship, a qualifying income increase, or a new or larger loan.

Manulife offers a Child Protection Rider for eligible children aged 15 days to 18 years. The rider can allow the child to purchase up to $250,000 in additional life insurance, including up to $100,000 in critical illness insurance, at age 25 or another specified option date without medical evidence.

Sun Life vs. Manulife for business owners

Business owners may use term life insurance for key-person coverage, buy-sell agreement funding, business debt protection, or succession planning. 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.

Manulife offers life insurance solutions that can support business planning needs, and its term products may be structured for key-person or buy-sell arrangements. Confirm the available riders, coverage limits, and underwriting requirements for the specific Manulife Term policy being considered.

Sun Life vs. Manulife for seniors

Sun Life Evolve Term can renew until the policy anniversary nearest age 85, and permanent conversion is generally available until the policy anniversary nearest age 75.

Manulife Term availability and conversion rules vary by product. Its longer-duration structures may be relevant for some older applicants, but eligibility and conversion deadlines should be confirmed before applying.

Sun Life vs. Manulife for smokers

Both insurers consider tobacco and nicotine use during underwriting. Smoking status can significantly affect your premium, and insurers may treat cigarettes, vaping, cannabis, and nicotine-replacement products differently.

Neither Sun Life nor Manulife is automatically better for smokers. Your final premium will depend on your usage history, how long you have been nicotine-free, your health profile, and the underwriting class you receive.

Sun Life vs. Manulife for pre-existing conditions

A pre-existing condition does not automatically prevent you from buying term life insurance, but it can affect your premium, coverage amount, or approval. Insurers consider the condition, treatment, control, complications, and time since diagnosis.

Sun Life Evolve Term and Manulife 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 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.

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.