Financially protect your loved ones with the right insurance plan.
Last updated: March 04, 2024
Life insurance is a policy or contract between you and a life insurance company that can last for the rest of your life or for a specific time period. This contract guarantees that your beneficiaries will get a tax-free cash payment (also called the death benefit) when you die – this is provided you meet all the requirements in your policy. The exact amount they’ll get depends on how much coverage you buy and the type of policy you select.
Your beneficiaries can use the death benefit any way they want
Certain policies offer a cash value option.
You have the option to get lifelong protection where your premiums never increase .
Term life insurance
It’s temporary coverage that can last 10, 15, 20 or more years. It’s initially a cheaper option. But your premiums typically rise if you decide to renew your policy at the end of your term.
Some term plans let you convert to permanent life insurance. Permanent insurance is more expensive than term, but most plans offer premiums that remain the same for the rest of your life.
Permanent life insurance
It’s insurance coverage that lasts forever and never expires. There are three types of permanent life insurance:
whole life, participating, and universal life.
Some plans may also offer tax-preferred growth in your cash value and ways to increase the death benefit.
Not sure what’s right for you? An advisor can explain all your insurance options and help you figure out which products meet your needs and goals.
Enter your postal code to find an advisor near you.
Answer a few quick questions to get a quote for coverage up to $1,000,000.
The cost varies from person to person. Your premiums depend on your age, health, and lifestyle habits (e.g. smoker, non-smoker, etc.) when you purchase life insurance.
For example, if you’re a healthy 30-year-old male, your premiums may be as little as $12/month for $100,000 of coverage – for a 10-year term life insurance policy with a non-smoker rate.
Try our free life insurance calculator to see how much your premiums or monthly costs could be.
Life insurance can be beneficial at any age. Generally, it’s cheaper to buy when you’re young and healthy.
You'll often pay less for life insurance with annual payments compared to monthly payments. However, many people find it easier to have monthly premiums factored into their budget.
It depends on your personal situation and how much money your beneficiaries will need when you die.
Try our free life insurance calculator to find out how much coverage you might need to financially protect your loved ones.
Life insurance can help financially secure your loved ones in the event of your death. Your beneficiaries can use the money from your policy’s death benefit for any purpose, including covering the cost of funeral expenses, any debts, and income replacement to maintain their lifestyle.
Some permanent life insurance policies may allow you to do this.
It’s great if you have insurance coverage through your workplace plan, but keep in mind that you may lose that coverage if you ever leave your job. If you’re currently in the process of leaving your job, you may be eligible to replace your group life insurance with affordable coverage from our Sun Life Choices plan.
Keep in mind, it’s also important to have enough coverage to help meet all your loved ones’ financial needs. In such cases, it can help to top up your existing workplace coverage with your own personal insurance policy.
You can’t apply for most Sun Life insurance products if you’re age 85 or older. Some products may have other age limitations.
It depends on your individual situation. There’s no “one-size-fits-all” type of life insurance. The kind your parents have, or that your friend just bought, may not be right for you. To help choose the right type of life insurance, you need to consider your personal and familial needs, the stage of life you’re at, and what you can afford.
The cost of life insurance can vary based on your age, assigned sex at birth, health, lifestyle, and medical history. The best solution could even be having more than one type of policy.
Connect with an advisor to find out which insurance products are best for your specific situation.
A Sun Life advisor can address all your questions and help you figure out which insurance product best meets your financial needs.
Enter your postal code to find an advisor near you.
Find out what’s right for you. Connect with an advisor to discuss all your options or get a quote for select products.
What does life insurance cover – and not cover? Who can get life insurance – and who can’t? Find the answers to these and other important questions.
Can you get a tax break for life, health or disability insurance? Sometimes. Here’s what to ask a tax professional to find out the answers for you.
We acknowledge that Sun Life operates in many Territories and Treaties across Canada. Our Canadian headquarters in Waterloo are on the traditional territory of the Anishnaabeg, Haudenosaunee Confederacy and the Mississaugas of the Credit First Nations.
Today, Canada is still the home to many Indigenous, First Nations, Inuit, and Metis peoples from all across Turtle Island. We are grateful to have the opportunity to work in this territory. We offer this acknowledgment as a stepping stone towards honouring the original occupants, as a testimony to the oppression faced by Indigenous peoples, and our commitment to Indigenous communities and employees of Sun Life.
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