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- Sun Life is a leading term life insurance company in Canada that offers Evolve term insurance, available in 5-40 years term length
- Ivari is a relatively small life insurance company in Canada that offers simple and straightforward term policies like T10, T20, and T30
- Both Sun Life and ivari Life have the option to customize the term life policy with multiple riders, like accidental death benefit rider, child term rider, disability waiver rider, guaranteed insurability benefit rider, etc
- Sun Life offers greater flexibility, broader rider options, and higher coverage amounts
When Canadians begin comparing term life insurance providers, Sun Life is often one of the first names that comes up. As one of Canada’s largest and most established insurers, Sun Life offers Evolve term life policy designed to support everything from family income protection to long-term financial planning.
ivari Life is also a Canadian insurer that offers term life coverage through advisor channels, though it operates on a smaller scale and typically focuses on more standardized term structures.
While both insurers provide renewable and convertible term policies, there are meaningful differences in areas such as term length flexibility, rider options, coverage limits, and policy customization. In this guide, we compare Sun Life vs. ivari term life insurance to help you understand how the two providers differ and which insurer may better align with your needs.
Quick verdict
Choose Sun Life if:
- You want flexible term lengths (5-40 years)
- You need higher coverage (up to $25 million)
- You want business-focused riders
- You prefer broader rider customization
Choose ivari Life if:
- You want multi-life coverage options for up to 17 individuals
Sun Life vs. ivari Life at a glance
Here’s a table to give you a quick overview of Sun Life and ivari Life:
Company snapshot: Sun Life vs. ivari Life
| Features | Sun Life | ivari Life |
| Number of years of operation | 160 years | 90 years |
| Headquarters | Toronto | Toronto |
| AM. Best ratings | A+ | A+ |
| Asset size | $1.51 trillion | $13.9 billion |
| Global presence | Operates in 20+ countries | London, Canada, and a few other countries |
| Premiums | $29.1 billion | $830.9 million |
About Sun Life term life insurance
Sun Life’s most popular term life insurance plan is Evolve Term Insurance, which offers coverage starting at $50,000 and going up to $25 million. Its policy terms typically range from 5 to 40 years, letting you choose a term length that matches your financial obligations.
A key benefit of Evolve Term is its flexibility. With this policy, you may be able to increase coverage at certain life stages without additional medical underwriting, and the policy can also be converted to permanent life insurance up to age 75.
In addition to Evolve Term, Sun Life offers simplified options such as Go Simplified and Go Term. These plans require either no medical exam or only a few health questions, but usually provide lower coverage limits and higher premiums compared to fully underwritten policies.
Key features of Sun Life term life insurance
Here are the core features of Sun Life term insurance:
- Guaranteed renewability
- Level and guaranteed premiums
- Instant renewals without any medical evidence
- Renewable till the age of 85 years
- Conversion to permanent life insurance
- Can be converted to a permanent life insurance policy
- Conversion can be done without any medical evidence
- Conversion can be done before the policy anniversary nearest to age 75
- Flexible term length
- Sun Life Evolve has 5-40 year terms
- The flexible term length aligns with different needs, like mortgage, estate planning or tax-saving death benefit
- Optional benefits and riders
- 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
- Partner protection rider
- Coverage options
- Single life, joint first-to-die, multiple lives (up to five insureds under one policy)
- Multiple coverage to suit family needs
Pros and cons of Sun Life term life insurance
| Pros | Cons |
| A wide variety of riders are available | Stricter underwriting for serious health conditions |
| Can be converted to a suitable term length and coverage type | |
| Multi-life and joint first-to-die options (up to five insureds) |
About ivari life term insurance
- Term 10: This is a 10-year term insurance policy that provides coverage for temporary needs like a mortgage or debts
- Term 20:This is ideal for those looking for a term life policy with a longer duration. It is suitable for those looking to cover income replacement and debts like loans or mortgages, especially in their children’s younger years
- Term 30 with SelectOptions: ivari’s Term 30 provides affordable premium rates and is ideal for those who have longer-term debts. Term 30 with SelectOptions offers flexibility along with multiple coverage options: single, joint first-to-die, and last-to-die. With this policy, you can also take advantage of features like Select30, SelectLife, and SelectValue, which are applicable between the 15th and 20th coverage anniversary
Key features of ivari Life term life insurance
Here are the core features of the ivari Life term insurance policy:
- Guaranteed renewability
- Term 10 and Term 20 plans are renewable every 10 or 20 years, respectively
- TermSelect 30 is renewable at year 30 with level premiums to age 100
- No medical evidence is required for renewals
- Conversion to permanent life insurance
- All terms are convertible to permanent policies before the age of 71
- Conversion is done as per the same underwriting class
- For equal coverage, no medical evidence is required
- Partial conversions are also possible, depending on administrative guidelines
- Term life options
- Term 10
- Term 20
- Term 30
- Optional benefits and riders
- AD&D (Accidental death and dismemberment)
- Critical illness protection
- Payor waiver of premiums
- Waiver of premium
- Children’s insurance
- Term riders
- Coverage options
- Single life
- Joint first-to-die (maximum 5 lives)
- Joint last-to-die (maximum 5 lives)
- Multiple lives (up to 17 coverages)
Pros and cons of ivari Life term life
| Pros | Cons |
| Full or partial conversion to a permanent policy | Shorter term length, up to 30 years only |
| Term 30 with SelectOptions has multi-life coverage options (up to 17 coverages) | |
| Term riders that add an extra layer of protection to 10-, 20- or 30-year term (without SelectOptions) |
Sun Life vs. ivari Life comparison
Now that we have talked about both Sun Life and ivari Life term insurance offerings in detail. Let’s also take you through the key differences between the two that will help you make a final decision.
Sun Life vs ivari Life term insurance
| Features | Sun Life term insurance | ivari Life term insurance |
| Term policies offered | Evolve Term Insurance | Term 10, Term 20, Term 30 with SelectOptions |
| Term length flexibility | 5 to 40 years | 10, 20, 30 years |
| Minimum base coverage | $250,000 | Single coverage: $50,000
Joint coverage $100,000 |
| Renewability | Renewable, up to 85 years of age | Renewable, up to 80 years of age |
| Riders |
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| Conversion | Convertible to permanent policy, up to 75 years of age | Convertible to permanent policies till the age of 71 |
| Coverage option | Single, joint first-to-die, and multiple coverage options | Single life, joint first-to-die, joint last-to-die, multiple lives (up to 17 coverages) |
| No medical policy | Yes, available with Sun Life Go Simplified | Not available |
Our Ratings
Who should choose Sun Life?
Sun Life may be a better choice for those who want greater flexibility and customization within their term life policy. Its Evolve term life insurance is designed for people who want coverage that can adapt as their financial needs evolve over time. Sun Life may be a good fit if:
- You want flexible term lengths: Sun Life Evolve Term offers term lengths ranging from 5 to 40 years, allowing you to align coverage with mortgages, income protection periods, or long-term financial planning goals
- You need higher coverage limits: Sun Life supports coverage amounts of up to $25 million, which can be useful for high-income households or business owners
- You prefer more customization options: Sun Life offers a broad selection of riders, including accidental death benefit, guaranteed insurability, disability waivers, and business-focused riders such as partner protection and business value protection
- You want coverage that can evolve with your needs: Sun Life’s Evolve term can be converted to permanent insurance later without new medical evidence
Who should choose ivari Life?
ivari Life may be suitable for buyers who prefer a more straightforward term life insurance structure and are comfortable choosing from standard term lengths. Its policies are typically offered through advisors and focus on providing reliable term coverage with fewer customization features. ivari Life may be a good fit if:
- You prefer simple, traditional term options: ivari offers Term 10, Term 20, and Term 30 policies, which can be sufficient for covering common needs such as mortgage protection or income replacement
- You want multiple coverage structures: ivari allows multiple coverage options, including single life, joint first-to-die, joint last-to-die, and multiple lives (up to 17 coverages)
Final Verdict: Sun Life or ivari Life
Here’s our final verdict on Sun Life vs ivari Life, based on different categories:
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Best overall: Sun Life
Sun Life has an edge over ivari Life in the overall category. This is mainly because it offers greater flexibility, multiple rider options, and longer term length.
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Best for riders: Sun Life
Sun Life offers more focused riders based on your evolving needs. For instance, it also has business-specific riders like the business value protection rider and the partner protection rider.
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Best for flexibility: Sun Life
Sun Life term life insurance plans provide a range of coverage options, including single life, joint first-to-die, joint last-to-die, and multiple lives.
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Best for conversion: ivari
Sun Life term life insurance plans provide greater flexibility in terms of coverage amount, term length, riders, and more.
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Best for price: Sun Life
Sun Life offer affordable term life insurance solutions. The best way to get the most affordable quotes is by consulting our expert advisors, who will help you get a term life insurance quote that suits your budget and coverage needs. Schedule a call now with PolicyAdvisor!
Frequently asked questions
Which insurer offers greater flexibility: Sun Life or ivari Life?
When it comes to flexibility, Sun Life term life insurance plans offer greater flexibility. Their term life insurance plans can be customized with a wide range of riders. They are also available at a longer term length of 5-40 years.
What are the different coverage options that ivari Life offers?
Ivari Life offers multiple coverage options to suit your personal and family needs. The available options are single, joint first-to-die, joint last-to-die, and multiple lives, which can include coverage for up to 17.
What are the different riders available with Sun Life term life insurance policy?
The different riders available with Sun Life’s term life insurance policy include:
- 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
- Partner protection rider
What are the different term life plans available with ivari Life?
ivari Life has term life plan available in different term length: Term 10, Term 20, and Term 30 with SelectOptions. All three options can be renewed automatically without any medical evidence and can even be converted to a permanent life insurance policy.
When do Sun Life term life insurance plans become a better choice?
Sun Life term life insurance plans are more suitable if:
- You are looking for a longer and more flexible term length
- You want a wider range of riders
- You are looking for higher coverage of up to $25 million
Sun Life and ivari Life offer affordable term life policies in Canada. Sun Life is a better choice overall; it offers greater flexibility. Sun Life term life insurance offers terms of 5 to 40 years, and ivari Life offers terms of 10, 20, or 30 years.
