Is Sun Life Canada life insurance the best? Review (2024)
verified information
Information verified by Adeline Harmant
Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.
Discover the methodologySun Life Insurance is a financial giant in Canada. It has a history of more than a century and offers a number of insurance policies in addition to its standard banking products. But is it the right life insurance policy for you?
That's why we've put together this review to give you everything from the coverage, pros, cons, costs, and more to help you decide if Sun Life Canada life insurance is the best option for you.
We've also created a comparator to help you compare coverage, plans, and get free, personalised quotes from multiple life insurance policies to make sure you find a policy that suits you best.
Sun Life Canada life insurance: 5 key takeaways
- Sun Life Insurance has a century of history and global presence, providing a range of insurance, financial services.
- It offers term and permanent life insurance catering to various financial needs.
- Their insurance plans include term life, whole life, and universal life options, with unique features like no-medical term plans.
- The user-friendly website, app, and calculator that provide tools for quotes and easy policy management.
- Compare plans from other providers using HelloSafe comparator and get free quotes in seconds.
Our review of Sun Life Canada life insurance: A great choice for permanent life insurance plans
Sun Life Financial Inc. was established in 1865 and is one of the top life insurance providers across the world. Headquartered in Toronto, the company is financially stable with a solid history and has a presence across several markets including India, Japan, Vietnam, Australia, Hong Kong, Malaysia and China.
Sun Life offers both term life and permanent life insurance policies with easy-to-understand and flexible terms. It is one of the popular providers that offer no medical term plans.
Sun Life Canada's life insurance options cater to a broad audience. It suits individuals seeking stability and a range of policies, from term to permanent. Those looking for straightforward, no-medical term plans will find convenience here. The user-friendly website and app enhance accessibility.
However, Sun Life might not be the best fit for those seeking intricate investment options within their policies. Additionally, while it offers diverse plans, not all are available for online quotes, which might deter those seeking quick comparisons. Therefore exploring other providers could be beneficial before finalising.
Pros
- Multiple term lengths to choose
- Unique optional return of premium on death benefit with whole life permanent insurance
- Easy to use client site
Cons
- Not all plans can get an online quote
- Based on online customer reviews, reaching the customer service for claims may be challenging
We recommend that you compare the coverage and premiums from multiple policy providers before zeroing in on Sun Life. All you need to do is use our comparator below and get personalized, free quotes from the best life insurance providers in Canada, and in a few seconds.
Compare the best life insurance companies
How much does Sun Life insurance cost?
It is always a good idea to have an estimate of the amount of premium payable on an insurance policy. The table below shows the insurance premiums for men and women, non-smokers for $500,000 coverage and a 20-year term.
| Age | Male | Female |
|---|---|---|
| 30 | $33.30 | $26.10 |
| 40 | $52.65 | $40.50 |
| 50 | $141.75 | $95.85 |
| 60 | $469.80 | $322.20 |
Keep in mind actual rates change over time and might vary based on your profile. If you are a smoker, the rates will be higher than those of non-smokers. Older adults might have higher premiums for senior-life insurance plans as well.
What does Sun life Canada life insurance cover?
Protect your loved ones with a life insurance policy from Sun Life Canada. The death benefit from a life insurance plan can cover anything but commonly goes towards large expenses like funeral costs, mortgages, educational fees and tuition and existing debt.
It can ensure that your family can continue to afford its current lifestyle even with the loss of its main breadwinner. Whole life and universal plans offer additional financial flexibility and supplement retirement income. The coverage varies based on the type of policy you opt for.
What types of life insurance does Sun Life Canada offer?
Sun Life offers a wider range of life insurance policies than most service providers. From term life insurance cover to whole and beyond, most buyers are likely to find a plan that fits their needs.
| Insurance Plan | Term | Whole | Universal | Participating life insurance |
|---|---|---|---|---|
| Term |
| Life | Life | Life |
| Policies |
|
|
|
|
| Maximum coverage | $15,000,000 | $10,000,000 | $5,000,000 | $15,000,000 |
| Cash value | ||||
| Participation in investment | Only in participating plans | |||
| Level premiums | ||||
| Pays dividends |
Let us take a look at the different types of plans offered by Sun Life Insurance:
What do Sun Life term life insurance policies cover?
Term life insurance is the simplest and most straightforward form of life insurance. It provides a death benefit to your beneficiaries upon your passing, ensuring financial security for your family during difficult times. Sun Life offers four different term insurance plans to choose from, making it easy to find a policy that fits your needs and budget.
| Plan | SunTerm | SunSpectrum | Go Term | Go Simplified |
|---|---|---|---|---|
| Age | Up to 85 years | Up to 75 years | 18-69 years | 18-69 years |
| Coverage amount | $250,000 to $15 million | $50,000 to $15 million | $100,000 to $1 million |
|
| Term |
|
|
|
|
| Option to add riders |
SunTerm Life Insurance
The simplest and the most popular term plan from Sun Life Financial is the SunTerm. It is available for a term of 10 years, 15 years, 20 years or 30 years. SunTerm also has a guaranteed level premium as well as a death benefit. This means that the premium amount or the death benefit remains the same during the entire term of the policy.
- Renewable up to the age of 85.
- This policy can be converted into whole life insurance up to the age of 75.
- Coverage amounts range from $250,000 to $15 million and it can be exchanged for a longer tenure policy without any medical underwriting.
- The policy has a living benefit in which the company pays the lower of 50% of the value of the policy or $250,000 if the policyholder develops a terminal illness.
SunSpectrum Term Insurance
This plan is similar to SunTerm but only the minimum coverage amount is different. It ranges from $50,000 to $15 million.
- The policy has four term options- 10, 15, 20 or 30 years and also has a guaranteed premium as well as a death benefit.
- SunSpectrum has guaranteed renewability and guaranteed conversion up to the age of 75.
- The policy can be exchanged for a longer term and it also has the option to add riders.
- It comes with a living benefit.
Sun Life Go Term Life Insurance
It is a term no-medical life insurance. Just answer some questions to be approved.
- There are two terms to choose from — 10 years or 20 years and it is available for applications aged between 18 years to 69 years.
- Their coverage amount ranges between $100,000 to $1 million and it has a guaranteed level premium.
- The policy will automatically renew at the term end and it comes with a terminal illness benefit which means if the policyholder gets a terminal illness and has less than 2 years to survive, Sun Life will pay a living benefit of up to 50% of the death benefit.
- This term plan has a 30-day free look period and an option to add temporary coverage which means you enjoy immediate coverage until the actual policy is active.
- A drawback is that the policy does not include riders that are available with SunSpectrum and SunTerm.
Sun Life Go Simplified Term Life Insurance
Another plan that is ideal for those who want a no-medical test plan. It only asks you to answer three health questions but the premiums will be more expensive than other plans.
- The term is only 10 years and the coverage amount is $50,000, $75,000, or $100,000.
- It has a terminal illness benefit and an option to enjoy temporary coverage but does not have any other riders.
Expert advice
If you need affordable coverage for temporary goals like paying off a mortgage, term life insurance is your best bet. For lifelong protection and a savings component, you can use while alive, whole life insurance might be the better choice. Check out our full guide on term vs whole life insurance to understand what type of insurance is best for you.
What do Sun Life permanent life insurance policies cover?
With permanent life insurance, you will have coverage from the date of policy issue to the day you die. The premiums are guaranteed and you will have coverage as long as you keep paying them. It is further divided into participating and non-participating plans. Under each, there are three types of plans to choose from.
Participating Life Insurance
With a participating life insurance policy, you can participate in the profits of the company. You earn regular dividend payouts. There are three plans to choose from.
- Sun Par Protector II: This participating life insurance plan is whole life and will create cash value in the long term and comes with a growth in death benefit.
- Sun Par Accumulator II: Similar to the above plan, it focuses on growth in cash value in the near term.
- Sun Par Accelerator: The accelerator plan is fully paid up in 8 years and has a high cash value in the near term and long term with growth in death benefit.
Non-Participating Life Insurance
You do not participate in the profits of a company with a non-participating life insurance policy. There are three policy options available.
- Sun Life Go Guaranteed Life Insurance: This is a basic, no-medical life coverage with death benefits ranging from $5,000 to $25,000.
- SunSpectrum Permanent Life II: The plan offers whole-life coverage up to $10,000,000.
- Sun Permanent Life Insurance: The plan offers coverage from $250,000 to $10,000,000.
What is Universal life insurance from Sun Life?
A universal life insurance policy works like a whole life policy but it comes with a self-directed investment component and you get to choose from the options for investing the cash element of your policy. There are three types of policies you can choose from:
- SunUniversalLife II: There are four coverage alternatives and six cost structures with five types of death benefit options for you to choose from.
- SunUniversalLife Pro: It is a permanent protection plan that is ideal for business owners, professionals and corporations.
- SunSpectrum Universal Life II: The policy has a lower paid-up feature which allows you to stop the premium payments after the age of 70. SunSpectrum Universal Life II comes with a guaranteed investment bonus which will reward you for keeping the policy active.
How do I get a Sun Life Canada life insurance quote?
To receive a life insurance quote online from Sun Life, navigate to their website sunlife.ca and select the "Get a quote" tab on the homepage. You may have to provide basic details like your birthdate, location of residence, assigned sex at birth, and more.
Additionally, indicate whether you've used tobacco in the last year. Then you receive quotes based on your unique situation. Rest assured that Sun Life prioritises security and privacy, ensuring the safety of your information throughout the process.
It is important to weigh multiple options before buying an insurance policy. While it may seem daunting, we've made it simple for you. You can compare the coverage offered by Sun Life with 20 other insurance providers and also also get free quotes in seconds using our comparator below. It will help make the right decision and pick a policy tailored to your unique needs and budget.
Compare the best life insurance companies
But if you want to get the quote from Sun Life directly, you need to head to their website and get an online quote. Alternatively, you can connect with the advisors for more details. They will get back to you on your number and discuss the available plans with you.
How to use Sun Life Canada life insurance calculator?
Before buying any insurance policy, it is important to weigh how much coverage you actually need. No two people have the same needs and this is why no two people have the same coverage requirements. You can get an idea of the amount of coverage you need using our life insurance calculator without leaving this site. It offers a quick estimate based on your age, health and lifestyle.
Alternatively, Sun Life offers a life insurance calculator on its website that will ask about your current savings, liabilities, expenses and family income.
How to contact Sun Life insurance?
Do you need to reach Sun Life regarding a life insurance policy? When calling from the mobile app you get priority service. If you have a personal advisor try them first. If not, here are the contact details including the Sun Life insurance Canada phone number:
| Communication | Contact details |
|---|---|
| Contact number | 1-877-786-5433 |
| Toll-free Number | 1-800-270-7000 |
| [email protected] | |
| Address | 1 York St, Toronto, Ontario, M5J 0B6, Canada |
Sun Life insurance login
Sun Life makes it easier for customers to get access to their policy details. There is a quick client access where you can login using the ID and password. You will immediately see your account and the policy details. You can also file a claim or track your claim through your account.
Sun Life Canada life insurance app
Sun Life Insurance has a mobile app which makes it quick and easier for you to access your account and policy details. On the app, you can have everything at your fingertips including:
- Personal life insurance
- Health insurance
- Group benefits
- Individual saving plan
- Retirement plans
- Insurance claims
- E-claims
- Investments
The app can be used to submit claims and find a healthcare provider; it also provides updates in the form of push notifications about the claim status as well as important information about the account. You can use the app to reach out to the Sun Life team with questions. It can also be used to connect with an advisor near you.
