Sun Life Life Insurance Review 2024
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Discover the methodologySun Life Canada, one of the country's most established providers, offers multiple life insurance plans with coverage up to $25 million. Whether you're looking for simple term life insurance without medical exams, comprehensive whole life coverage, or customizable universal life plans, Sun Life delivers a variety of solutions designed to protect your future and provide financial security.
In this Sun Life Life Insurance review, we take you through its coverage options, pros and cons, cost, what's ideal for you, eligibility, and more.
We've also created a comparator to help you compare coverage, plans, and get free personalised quotes from multiple life insurance providers to make sure you find a policy that suits you best.
Sun Life Insurance: 5 Key Points
- Sun Life offers 4 types of life insurance: Term life, whole life, participating and universal life.
- Each of these insurance types is available in 2 or 3 different plans.
- Coverage can go up to $25 million, depending on the plan.
- No-medical exam life insurance up to $100,000.
- Get term life insurance quotes online in seconds.
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Our Sun Life Life Insurance Review
Sun Life Canada is one of the largest insurers in the country, offering a wide range of life insurance products tailored to the needs of individuals, families, and even businesses. Sun Life offers four types of life insurance: term life insurance, whole life insurance, universal life insurance, and participating whole life insurance.
Sun Life offers term policies with terms of 10, 15, 20, 30, or 40 years, covering amounts from $50,000 to $25,000,000. Unlike some providers, Sun Life Canada term life premiums are fixed for the entire duration of the policy. Sun Life also offers term life insurance with no medical insurance up to $100,000. This is suitable if you're looking for immediate coverage with instant approval.
Additionally, Sun Life lets you convert your term life insurance to permanent life insurance at any time before the age of 75, without requiring a medical exam, a flexibility that few insurers offer so seamlessly. The company also offers additional guarantees, such as coverage for accidental death or temporary life insurance for children.
Sun Life also offers several options for permanent life insurance, including whole life insurance, universal life, and participating life insurance. Sun Life Canada stands out with the ability to choose between fixed premiums for life or premiums for a specified period, such as 10, 15, 20 or 100 years, according to your preferences. The cash value feature is also a major advantage, providing policyholders with long-term financial security.
For those looking for participating insurance options, Sun Life Insurance offers three plans with up to $15 million coverage. It provides you multiple cash growth options suited to diverse profiles.
For those seeking both lifetime coverage and an investment strategy, Sun Life's universal life insurance is a highly competitive product. With coverage amounts reaching up to $25,000,000, Sun Life offers one of the largest protections on the market. The insurance allows clients to adjust their premiums based on their financial situation while enjoying lifetime protection. With various investment options and tax benefits, this coverage is particularly suited for individuals with complex estate planning needs.
On the flip side, Sun Life's premiums can be slightly higher compared to other insurers like Beneva or Canada Life, especially for older applicants or those seeking larger coverage amounts.
Expert advice
Sun Life Canada is a market leader in life insurance, offering flexible coverage adaptable to all types of clients. Sun Life Life Insurance offerings are particularly attractive to families, homeowners, and those seeking effective estate planning. The high coverage amounts (up to $25,000,000) and diverse investment options for permanent coverage are a major advantage. However, if you are looking for the lowest premiums or more budget-friendly options for large coverage amounts, you may want to consider exploring Manulife or Beneva for potentially more competitive rates.
Pros of Sun Life Canada Life Insurance
- Universal, term life, whole life and participating life insurance options for all needs
- Coverage amounts up to $25,000,000
- Free online Sun Life Insurance calculator
- Possibility to accumulate cash value and receive dividends on participating policies
- Premium payment flexibility
- Instant online quotes for term life policies
Cons of Sun Life Canada Life Insurance
- Not all plans have online quote options, some require you to speak with an advisor
- Less competitive for simplified life insurance offers
- Its universal life insurance product can be difficult to understand
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.
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How much does Sun Life insurance cost?
The table below shows the insurance premiums for men and women, non-smokers for $500,000 coverage and a 20-year term life insurance plan.
| Age | Male | Female |
|---|---|---|
| 30 | $33.30 | $26.10 |
| 40 | $52.65 | $40.50 |
| 50 | $141.75 | $95.85 |
| 60 | $469.80 | $322.20 |
Here are Sun Life Canada Life Insurance rates based on the type of insurance.
| Sun Life Insurance Plans | Premium Amount |
|---|---|
| Sun Life Term Life Insurance | Between $23 and $29/month (40-year-old male smoker / $100,000 coverage/renewable every 10 years) |
| Sun Life Whole Life Insurance | $70/month (40-year-old male / $100,000 coverage) |
| Sun Life Universal Life Insurance | $300 to $600/year (50-year-old male/$100,000 coverage) |
| Sun Life Participating Whole Life Insurance | Between $300 and $700 (depends on investment and coverage amount) |
The cost of Sun Life Insurance, like any other provider, depends on several factors:
- Your age
- Your gender
- Whether you are a smoker or not
- The amount of life insurance coverage you wish to purchase
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. You must get personalized quotes to know your exact premiums.
Before zeroing in on Sun Life Canada, you must weigh your options to make sure you're getting the best life insurance rates. You can use our free tool below to compare life insurance quotes from Canada's best providers in no time.
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What types of life insurance does Sun Life Canada offer?
Sun Life Canada offers several types of life insurance. They are:
- Sun Life Term Life Insurance (3 plans)
- Sun Life Whole Life Insurance (2 plans)
- Sun Life Universal Life Insurance (2 plans)
- Sun Life Participating Life Insurance (3 plans)
Here is an overview of Sun Life Canada plans followed by details on the features.
| Type of Insurance | Product Name | Coverage Range | Term Length | Medical Exam Required | Key Features |
|---|---|---|---|---|---|
| Term Life Insurance | Sun Life Go Simplified Term | $50,000 to $100,000 | 10 years | No |
|
| Term Life Insurance | Sun Life Evolve Term Life | $50,000 to $25 million | 5 to 40 years | Yes |
|
| Term Life Insurance | Sun Life Go Term Life | $100,000 to $1 million | 10 or 20 years | Yes |
|
| Whole Life Insurance | SunSpectrum Permanent Life II | Up to $10 million | Lifetime | Yes |
|
| Whole Life Insurance | Sun Life Go Guaranteed Life | Up to $25,000 | Lifetime | None |
|
| Universal Life Insurance | SunSpectrum Universal Life II | $25,000 to $5 million | Lifetime | Yes |
|
| Universal Life Insurance | SunUniversal Life II | $100,000 to $25 million | Lifetime | Yes |
|
| Participating Life Insurance | Sun Par Protector II | $25,000 to $15 million | Lifetime | No |
|
| Participating Life Insurance | Sun Par Accumulator II | $250,000 to $15 million | Lifetime | No |
|
| Participating Life Insurance | Sun Par Accelerator | $250,000 to $15 million | 8 years | No |
|
What does Sun Life Term Life Insurance cover?
Sun Life offers three different term life insurance products with varying coverage options and terms to suit different financial needs. Term life insurance is the 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. Here are the term life insurance plans offered by Sun Life Canada.
Sun Life Go Simplified Term Life Insurance
- Coverage: $50,000, $75,000, or $100,000
- Term Length: 10 years
- Medical Exam: None (just 3 health questions)
- Best For: Those looking for quick, simple, online life insurance with no medical exams.
- Eligibility: 18 to 69 years of age
- Key Features:
- Quick and easy online application
- Flat premiums for 10 years
- Instant temporary coverage
- Full refund if cancelled within 30 days
- Ideal for individuals seeking fast and simple life insurance
Sun Life Evolve Term Life Insurance
- Coverage: $50,000 to $25 million
- Term Length: 5 to 40 years
- Medical Exam: Varies (may require medical information)
- Best For: Those seeking flexible coverage with long-term protection options.
- Eligibility: 18 to 60 years of age
- Convertibility: Convert into permanent coverage until you reach age 75
- Key Features:
- Guaranteed premiums until the term ends
- Option to increase coverage during major life events
- Guaranteed conversion to permanent insurance
- Ideal for individuals with changing needs over time
Sun Life Go Term Life Insurance
- Coverage: $100,000 to $1 million
- Term Length: 10 or 20 years
- Medical Exam: If you’re healthy and age 40 or under, skip medical exams; no medical exams for 41-50 up to $500,000
- Best For: People who want affordable coverage online without a lengthy application process.
- Eligibility: 18 to 69 years of age
- Key Features:
- Fixed premiums for the entire term
- Instant temporary coverage upon application
- Simple online application with health questions
- Flexible term lengths
What does Sun Life Whole Life Insurance offer?
Sun Life also offers whole life insurance, providing lifelong coverage with the added benefit of cash value accumulation. This type of insurance is ideal for those who want financial security for their loved ones, along with the option to build savings.
SunSpectrum Permanent Life II
- Coverage: Up to $10 million
- Medical Exam: Yes
- Best For: Individuals seeking lifelong protection with a built-in cash value component.
- Key Features:
- Guaranteed premiums for life
- Cash value that grows over time
- Coverage for a single or joint life
- 4 premium payment options: 10, 15 or 20 years or to age 100.
- Ideal for estate planning, legacy creation, and long-term financial security
Sun Life Go Guaranteed Life Insurance
- Coverage: Up to $25,000
- Medical Exam: None
- Best For: Individuals looking for a straightforward, guaranteed life insurance policy without the need for medical exams.
- Eligibility: Anyone between 30 and 74 years of age
- Key Features:
- Guaranteed acceptance, no health questions
- Lifelong protection
- Affordable premiums for those with existing health conditions
What does Sun Life Universal Life Insurance offer?
Sun Life Canada offers two universal life insurance options. Universal life insurance offers flexible premiums and death benefits, along with tax-advantaged savings growth. This is ideal for those who want to build savings in addition to having protection.
SunSpectrum Universal Life II
- Coverage: $25,000 to $5 million
- Medical Exam: Yes
- Best For: Those seeking lifetime protection, flexible premiums and investment options with tax-preferred growth.
- Key Features:
- 13 investment options to choose from
- Cash value accumulation for tax-free growth
- Guaranteed investment bonus for maintaining policy fund value
- Ideal for individuals looking to maximize their estate while planning for retirement
SunUniversal Life II
- Coverage: $100,000 to $25 million
- Medical Exam: Yes
- Best For: People who want lifetime protection, and extensive flexibility with their coverage and investment choices.
- Key Features:
- 5 death benefit options
- 21 investment options for greater control over savings growth
- Customizable premiums based on needs
What does Sun Life Participating Life Insurance offer?
Sun Life also offers three participating life insurance plans to choose from. Participating life insurance offers lifetime protection, with the potential for policy dividends. This type of policy provides a savings component that grows over time, giving policyholders flexibility and security.
Sun Par Protector II
- Coverage: $25,000 to $15 million
- Medical Exam: No
- Best For: Families and individuals who want long-term protection with cash value growth.
- Eligibility: 0 to 85 years of age
- Key Features:
- Lifetime coverage
- Cash value growth with dividends
- Optional benefits like child term insurance and accidental death benefit
Sun Par Accumulator II
- Coverage: $250,000 to $15 million
- Medical Exam: No
- Best For: Business owners and families seeking both cash value accumulation and long-term protection.
- Key Features:
- Higher early cash value
- Lifetime coverage with long-term death benefit growth
- Flexible premium options and additional benefits like business protection
Sun Par Accelerator
- Coverage: $250,000 to $15 million
- Medical Exam: No
- Best For: Individuals looking to pay off their policy quickly with high early cash value.
- Key Features:
- Fully paid-up in 8 years
- High early cash value with guaranteed death benefits
- Flexible riders available for additional coverage
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 prioritizes 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 of 20 insurance providers and 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.
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How much life insurance do I need?
Before buying any insurance policy, it is important to weigh how much coverage you 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. It's easy to use and you get instant results on the exact coverage you should go for based on your needs.
How to contact Sun Life Canada?
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 track 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.
