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- Sun Life Evolve Term offers 5- to 40-year terms with coverage up to $25 million
- Premium rates for Sun Life term life policies vary based on age, gender, smoking status, health, and coverage amount
- For higher coverage amounts such as $2 million, Sun Life may offer competitive term life insurance premiums compared with insurers like RBC, Manulife, Desjardins Insurance, and iA
Term life insurance in Canada offers affordable financial protection for your loved ones over a specific period. It can help cover major expenses such as mortgages, education costs, or other family needs in the event of your death. In return for the premiums you pay, your beneficiaries receive a tax-free payout to help manage these financial obligations.
In Canada, Sun Life is one of the leading providers of term life insurance. But how much does their term life insurance cost? Below, we break down Sun Life term life premiums by age and coverage amount, along with tips to help keep your premiums affordable.
How much does term life insurance cost?
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Sun Life term life insurance rates
One of the main term life insurance policies offered by Sun Life is Sun Life Evolve Term insurance. This term life insurance plan has a term length of 5-40 years and offers multiple rider options to help you customize the plan as per your needs.
Rates for Sun Life Evolve term insurance
Sun Life Evolve term’s coverage amount ranges from $50,000 – $25,000,000 and gives the flexibility to increase the coverage at certain life events (marriage, child, mortgage, etc.) through a simplified underwriting process. In the table below, we detail the cost of Sun Life Evolve Term insurance based on age and coverage.
Monthly premiums for male, non-smoker
| Age | $500k coverage | $1M coverage | $2M coverage | $5M coverage |
| 20 | $25.20 | $32.01 | $54.45 | $132.75 |
| 30 | $25.65 | $32.01 | $54.45 | $132.75 |
| 40 | $31.95 | $40.13 | $70.65 | $173.25 |
| 50 | $54.45 | $96.75 | $180.45 | $447.75 |
| 60 | $160.20 | $298.35 | $531.45 | 1,325.25 |
*Illustrating the monthly cost of a 10-year policy
Monthly premiums for female, non-smoker
| Age | $500k coverage | $1M coverage | $2M coverage | $5M coverage |
| 20 | $16.65 | $21.19 | $34.65 | $83.25 |
| 30 | $17.55 | $24.80 | $36.45 | $87.75 |
| 40 | $23.40 | $31.11 | $58.05 | $141.75 |
| 50 | $37.35 | $65.25 | $128.25 | $317.25 |
| 60 | $112.50 | $212.85 | $421.65 | $1,050.75 |
*Illustrating the monthly cost of a 10-year policy
Sun Life term life costs vs other insurers in Canada
With a maximum coverage limit of $25 million, Sun Life manages to offer competitive term life insurance costs in Canada. Here’s a table depicting the cost of a $2M term life insurance policy offered by some of the popular insurers in Canada: Sun Life, iA, Desjardins, Manulife, and RBC Insurance.
| Insurance company name | Monthly premium |
| Sun Life | $43.65 |
| Desjardins | $46.80 |
| iA | $48.60 |
| RBC | $49.32 |
| Manulife | $49.52 |
*Illustrating the cost of term life insurance for a 10-year period for a 30-year-old female non-smoker with $2M in coverage
Why choose Sun Life term life insurance in Canada
Sun Life term life plans come with several benefits, such as those listed below:
- It has a longer term length of 5-40 years, giving you the flexibility to choose a suitable term length
- The term plan can be renewed to age 85 without medical evidence and converted to permanent life insurance to age 75
- There are multiple coverage options to choose from: single, joint first-to-die, or joint last-to-die
- It offers a coverage limit of up to $25 million, which is quite high compared to many term life insurance policies in Canada
- There is an option to customize the policy with add-ons like child term, guaranteed insurability, disability waiver, renewal protection, and business value benefit. These add-ons are, however, available at an additional cost
How to reduce Sun Life term life cost in Canada?
The cost of Sun Life term insurance plans depends on a number of factors, such as health status, coverage amount, add-ons, age, and a few more. Here’s how you can optimize the Sun Life term life cost in the best possible way:
- Maintain a good health status: Sun Life term life quotes are largely based on how healthy you are, which depends on your lifestyle. When you have a healthy lifestyle, you will easily be able to qualify for affordable rates at Sun Life. Additionally, if you quit smoking for at least a year, you may become eligible for non-smoker rates, which are typically lower than smoker premiums
- Choose the right coverage: You must choose the coverage you really need. Pick a coverage amount based on your income, financial obligations, and the costs associated with your dependents
- Apply when you are young: Age is one of the most important factors affecting term life insurance costs. The older you get, the higher the term insurance premiums. Buying early can help you get Sun Life term life plans at more affordable rates
- Speak to our licensed advisors: To get the most affordable rates, speak to our licensed advisors at PolicyAdvisor, who will help you get the best rates. We will help you choose the right strategy and ensure it fits your financial and estate planning goals. Schedule a consultation with our advisors now!
Frequently asked questions
Is Sun Life term life insurance competitive compared to other insurers?
Sun Life generally offers competitive pricing, but rates vary by insurer and individual health profile. For $2M in coverage, Sun Life has an estimated premium of $43.65/month, while other insurers such as Desjardins, iA, RBC, and Manulife have premiums of $46.80, $48.60, $49.32, and $49.52, respectively.
How much does Sun Life term life insurance cost in Canada?
Sun Life term life premiums depend on age, gender, smoking status, health class, coverage amount, and term length. Speak to our licensed advisors to get exact rates for your Sun Life term life insurance policy.
What is the most popular term life plan that Sun Life offers?
The most popular term life plan that Sun Life offers is Evolve Term. This policy has a term length of 5-40 years and is renewable and convertible. This policy provides coverage up to $25 million.
Is Sun Life a good insurance company?
Yes, Sun Life is a reputable insurance company in Canada, backed by strong financial ratings. It’s Evolve Term insurance is a flexible term insurance policy that can be adapted as per evolving needs. Sun Life Evolve Term insurance can also be customized with riders like accidental death benefit rider, child term rider, disability waiver rider, Guaranteed insurability benefit rider, and a few more.
Sun Life term life insurance in Canada offers flexible 5- to 40-year terms and coverage up to $25 million. Compare 10-year premiums by age and coverage amount, see how Sun Life compares to other insurers, and get tips to reduce your term life insurance costs.
