Sun Life term life insurance riders in Canada (2026)

KEY TAKEAWAYS

Sun Life term life policies can be customized with riders such as accidental death benefit, child term benefit, waiver of premium, and guaranteed insurability
Business owners can add specialized riders like a business value protection benefit
Sun Life term life insurance riders are available at additional premiums but enhances the overall plan benefits

Sun Life is one of Canada’s most established insurers, with over 150 years of experience supporting individuals and businesses with their financial protection needs. Backed by an A+ rating from AM Best, the company is recognized for its strong financial stability and claims-paying ability.

Sun Life’s term life insurance plans offer flexible coverage that can be enhanced with optional riders. These include accidental death benefit, child term benefit, owner waiver disability, and more, allowing policyholders to tailor coverage based on their personal and financial needs. Below is a detailed look at the riders available with Sun Life term life insurance in Canada.

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A list of Sun Life term life insurance riders in Canada

Sun Life offers a variety of riders, such as the child term benefit, critical illness rider, total disability waiver, and accidental death benefit, that allow you to customize your term life insurance policy to better fit your needs. These optional add-ons enhance your coverage and provide additional financial protection for you and your family.

1. Accidental death benefit (ADB)

The accidental death benefit rider pays an additional death benefit if the insured dies due to an accident. To qualify, the death must occur within 365 days of the accident or before the policy anniversary nearest the insured person’s 70th birthday.

Here are some of the features of the ADB rider:

Rider issue age	0-65
Minimum benefit amount	$10,000
Maximum benefit amount	Ages (0-17): the lesser of two times the policy face amount and $250,000 Ages (18-65): the lesser of two times the policy face amount and $1,000,000
Coverage availability	Single life, joint-first-to-die, and multiple lives Can be added after the issue at the policy anniversary only
Expiry	This rider expires on the policy anniversary nearest the insured’s 70th birthday or at the end of the policy term, whichever occurs earlier

2. Child term benefit (CTB)

The child term benefit rider applies to the children of the insured under the Sun Life term life policy. This rider provides coverage for the insured’s children, including future children, until they turn 25 years of age. At 25, the child also has the option to convert the coverage into an individual term insurance policy without undergoing an additional medical questionnaire.

Here are some of the features of the CTB rider:

Rider issue age	Parents: 18-55 Insured children must be less than 18 years of age
Minimum benefit amount	$10,000
Maximum benefit amount	$30,000
Coverage availability	Single life and multiple policies For joint-first-to-die, only one life can have this benefit CTB can be added after the issue at the policy anniversary only
Expiry	Expires at policy anniversary nearest insured’s 70th birthday or at the end of the policy term, whichever happens before If the insured dies while CTB is in effect, children remain covered until the age of 25 or until they apply for a new life insurance policy
Children covered under this benefit	Biological or legally adopted children Stepchildren
Option to purchase new life insurance	Additional life insurance can be purchased for children between 18 and 25 years of age

3. Total disability waiver benefit (TDB)

With this disability rider, the premiums for the base insurance and any additional benefits will be waived if the insured becomes disabled. This rider keeps coverage in force if the insured becomes completely disabled and is unable to earn an income.

Here are some of the features of the TDB rider:

Rider issue age	18-55
Maximum premium amount Sun Life will waive	$50,000
Waiting period	6 months of continuous disability
Coverage availability	Single, joint-first-to-die, and multi life Not available after the issue
Expiry	Policy expiry nearest the insured person’s 60th birthday or at the end of the policy term, whichever occurs earlier
Length of time for which the premium is waived	As long as the insured under this benefit is disabled
Exclusions	Benefits will stand void if: Disability is for less than 6 months Disability is due to self-inflicted injuries Disability is due to a criminal offence

4. Owner waiver disability

The owner waiver disability rider applies if the policy owner becomes disabled between the ages of 18 and 60. If this happens, the insurer will waive the policy premiums while the owner remains disabled.

Here are some of the features of the owner waiver disability rider:

Issue age	18-55
Coverage availability	Single, joint-first-to-die, and multi-life For joint policies, only the owner is covered Not available after issue or if you select the business value protection benefit
Benefit expiry	Age 18-55: policy anniversary nearest policy owner’s 60th birthday or at the end of the policy term, whichever occurs earlier
Length of time for which the premium is waived	As long as the insured under this benefit is disabled
Waiting period	6 months of continuous disability
Maximum amount Sun Life will waive	$50,000 annual premium across all Sun Life policies
Exclusions	Benefits will not be applicable if: Disability is for less than 6 months Disability is due to self-inflicted injuries Disability is due to a criminal offence

5. Guaranteed insurability benefit (GIB)

With this rider, the policy owner can get additional life insurance for the insured at their attained age. No evidence of insurability is required.

Here are some of the features of the GIB rider:

Issue age	0-45
Minimum issue amount	$20,000
Maximum issue amount	The lesser of the term policy’s face amount across all Sun Life policies
Coverage availability	Single life and multiple life options Unavailable after the issue
Benefit expiry	On the policy anniversary nearest the insured’s 55th birthday Or at the end of the policy term, whichever occurs earlier
Purchasing new insurance	First election available at the policy anniversary nearest the insured’s 18th birthday Elections are available after 3 years

6. Business value protection benefit (BVPB)

This rider is designed for business owners and lets them buy additional insurance at their attained age. This additional insurance does not require medical evidence.

Here are some of the features of the BVPB rider:

Issue age	18-65
Minimum issue option	$250,000
Maximum option amount	$2,500,000
Coverage availability	Single-life and multi-life policies Unavailable if you select the owner waiver, disability or guaranteed insurability benefit Not available after issuance
Benefit expiry	For a period of 10 years from the policy issue or until the maximum elections have been used, or at the end of the policy term
Purchasing new insurance	Annual options available at each policy anniversary for the first 10 years The new insurance must be applied for within 31 days of each policy anniversary

Sun Life term life insurance riders cost

Here is a table depicting the cost of different riders that you can include in your Sun Life term life insurance policy:

Riders name	Cost
Accidental death benefit (ADB)	$9.00
Child term benefit (CTB)	$14.85
Total disability waiver benefit (TDB)	$9.80
Owner waiver disability	$10.98
Guaranteed insurability benefit (GIB)	$21.96

*Illustrating monthly rider costs for a 35-year-old man who has a $500,000 term policy for 20 years

Pros and cons of Sun Life term life insurance riders

Pros	Cons
Riders like accidental death benefit and child term benefit can also be added after the policy is issued	Bundling multiple riders can raise the cost
Sun Life also has business-focused riders designed for business owners
Most of these riders do not require medical evidence

Ready to customize your Sun Life term life policy?

Now that you know the benefits of the different riders that Sun Life offers, you would want to customize your policy and get the most affordable rates. If so, schedule a call with our expert advisors at PolicyAdvisor and get a Sun Life term life policy with suitable riders. Schedule a call now!

Frequently asked questions

What are the different riders I can include in my Sun Life term life policy?

Some of the riders that you can include in your Sun Life term life insurance policy include accidental death benefit, child term benefit, total disability waiver, owner waiver disability, guaranteed insurability benefit, and business value protection benefit.

Can I include riders to my Sun Life term life policy after it is issued?

Some riders, such as the accidental death benefit and child term benefit, may be added at a policy anniversary, while others, like waiver of premium or guaranteed insurability, must be selected at issue.

Are Sun Life term life riders worth adding?

Riders can enhance protection by addressing disability risk, child coverage, or business succession needs. They are definitely worth adding if you want to enhance the benefits of your Sun Life term life insurance plans.

SUMMARY

Sun Life term life insurance in Canada offers riders like accidental death benefit, child term benefit, waiver of premium, guaranteed insurability, and business protection riders. Learn how these options work, who they suit, and how they can enhance your base policy.

Written By

Parmeet Singh

Insurance Advisor, LLQP

Parmeet is an expert insurance advisor with over 3 years of experience. With a background in accounting and a passion for life insurance, he helps clients protect their loved ones through a personalized, needs-based approach.

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The information above is intended for informational purposes only and is based on PolicyAdvisor’s own views, which are subject to change without notice. This content is not intended and should not be construed to constitute financial or legal advice. PolicyAdvisor accepts no responsibility for the outcome of people choosing to act on the information contained on this website. PolicyAdvisor makes every effort to include updated, accurate information. The above content may 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. All rights reserved.

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