Sun Life Insurance: Rates, Plans & Review (2026)
Sun Life Financial is one of Canada's "Big Three" insurers alongside Manulife and Canada Life. This review covers everything you need to know: 2026 term life rates by age, Sun Life Go (their no-exam product), whole life plans, monthly costs, and how Sun Life stacks up against competitors.
Updated March 24, 2026
Reviewed by the licensed advisor team at LowestRates.io
Sun Life Financial offers competitive life insurance across term, whole life, and no-exam products. Term rates start at approximately $24/month for $500K of 20-year coverage for a healthy 30-year-old. Sun Life Go, their digital no-exam product, provides same-day approval for up to $1M — the highest no-exam limit in Canada. Overall rating: 4.5/5 for product breadth, digital experience, and financial strength.
Sun Life at a Glance
1865
Founded
AA
Financial Strength
$1.4T
Assets Under Management
27
Countries
Sun Life Financial is a Fortune 500 company and one of the largest insurance companies in the world. Headquartered in Toronto, Ontario, Sun Life serves millions of Canadians and is regulated by the Office of the Superintendent of Financial Institutions (OSFI). All Sun Life policies are protected by Assuris.
Sun Life Term Life Insurance Rates (2026)
The following rates are for Sun Life's fully underwritten term life insurance (with medical exam). Rates are approximate for a $500,000 policy, non-smoking male:
| Age | 10-Year Term | 20-Year Term | 30-Year Term |
|---|---|---|---|
| 25 | $15–$20/mo | $21–$29/mo | $28–$39/mo |
| 30 | $17–$23/mo | $24–$34/mo | $33–$47/mo |
| 35 | $20–$28/mo | $30–$42/mo | $42–$60/mo |
| 40 | $29–$41/mo | $42–$60/mo | $60–$88/mo |
| 45 | $44–$64/mo | $68–$98/mo | $92–$138/mo |
| 50 | $65–$98/mo | $105–$160/mo | $145–$225/mo |
Sun Life term policies include renewable and convertible features. The conversion privilege allows you to switch to permanent coverage without a new medical exam — an important option if your health changes. For complete age-by-age data across all providers, see our rates by age guide.
Sun Life Go: No Medical Exam Life Insurance
Sun Life Go is Sun Life's digital simplified issue product and our #1 ranked no-exam life insurance in Canada for 2026. Key features:
- Coverage up to $1,000,000 — the highest simplified issue limit in Canada
- Same-day digital approval for straightforward applications
- No blood tests, urine samples, or nurse visits
- Available for ages 18–60
- 10-year and 20-year term options
- Conversion privilege included
Sun Life Go rates are approximately 15–25% higher than Sun Life's fully underwritten rates. For a 35-year-old non-smoking male, $500K of 20-year Sun Life Go coverage costs roughly $36–$52/month vs. $30–$42/month with a medical exam.
Sun Life Whole Life Insurance
Sun Life offers participating whole life insurance through their Sun Par products. These are permanent policies with:
- Guaranteed premiums that never increase
- Guaranteed cash value that grows tax-deferred
- Eligible dividends — Sun Life has a strong dividend history on participating policies
- Lifetime coverage with no expiry date
Sun Life whole life premiums for $100,000 of coverage: age 30 — $110–$160/month, age 40 — $150–$220/month, age 50 — $210–$320/month. For a full comparison of whole life options, see our complete whole life insurance guide.
Sun Life vs. Manulife vs. Canada Life
| Feature | Sun Life | Manulife | Canada Life |
|---|---|---|---|
| Term rates (35yo, $500K) | $30–$42/mo | $28–$40/mo | $29–$41/mo |
| Best no-exam option | Sun Life Go ($1M) | Up to $1M | Up to $750K |
| Digital experience | Excellent | Good | Good |
| Smoker rates | Competitive | Best in class | Good |
| Whole life dividends | Strong history | Strong history | Strongest history |
| Financial strength | AA (DBRS) | AA (DBRS) | AA (DBRS) |
Bottom line: All three are excellent, financially strong insurers. The "best" depends on your profile — rates can vary 10–20% between them for the same coverage. Compare all three (and 47+ other providers) free on LowestRates.io →
Sun Life Health Insurance Prices
Sun Life also offers individual health and dental insurance for Canadians without employer benefits. Monthly prices vary by plan level:
- Basic plan: $80–$120/month — prescription drugs, basic dental, vision
- Enhanced plan: $120–$180/month — adds paramedical services, higher drug coverage
- Comprehensive plan: $180–$250/month — maximum coverage with hospital upgrades and travel insurance
Health insurance is separate from life insurance at Sun Life. LowestRates.io currently focuses on life insurance comparisons — for health plan details, visit sunlife.ca directly.
Frequently Asked Questions
What are Sun Life's term life insurance rates?
Sun Life term life insurance rates for a $500,000 20-year policy (non-smoking male): age 30 — $24–$34/month, age 35 — $30–$42/month, age 40 — $42–$60/month, age 45 — $68–$98/month, age 50 — $105–$160/month. Rates vary based on health classification (preferred, standard, rated). Sun Life Go (no-exam) rates are approximately 15–25% higher than fully underwritten rates for the same coverage.
How much is Sun Life monthly fee?
Sun Life doesn't charge a monthly 'fee' — you pay a monthly premium for your specific policy. Monthly premiums depend on your age, health, coverage amount, and policy type. For term life: $24–$160/month for $500K depending on age. For whole life: $150–$600+/month for $100K–$250K depending on age. Sun Life Go (no-exam term): $30–$200/month for $250K–$1M depending on age. There are no account fees, maintenance charges, or hidden costs beyond the policy premium.
Is Sun Life Go worth it?
Sun Life Go is worth it if you value speed and convenience over the absolute lowest price. It offers same-day digital approval for up to $1M of term coverage without a medical exam. The trade-off is 15–25% higher premiums compared to Sun Life's fully underwritten products. It's the best no-exam option in Canada for coverage amounts over $500K. If you're healthy, under 50, and can wait 4–8 weeks, the fully underwritten option saves significant money over the policy term.
How does Sun Life compare to Manulife for life insurance?
Both are among Canada's largest and most financially stable insurers. Sun Life edges ahead in digital experience (Sun Life Go is the best no-exam platform), while Manulife often has slightly lower term rates for fully underwritten policies, especially for smokers. Sun Life's whole life participating products have historically strong dividend performance. For most Canadians, the best choice depends on which insurer offers the lowest rate for your specific age, health, and coverage profile — which is why comparing quotes matters.
Does Sun Life offer health insurance?
Yes, Sun Life offers supplemental health insurance plans for individuals not covered by employer benefits. These include prescription drug coverage, dental, vision, paramedical services (massage, physiotherapy, chiropractic), and hospital upgrades. Monthly costs range from $80–$250/month for individual plans depending on coverage level. Sun Life health insurance is separate from life insurance and is purchased as a standalone product. LowestRates.io currently specializes in life insurance comparisons.
Can I get a Sun Life quote online?
Yes, you can get Sun Life quotes online through Sun Life's website directly, or through comparison platforms like LowestRates.io that include Sun Life alongside 50+ other providers. The advantage of using a comparison platform is seeing Sun Life's rates against competitors instantly — Sun Life may be cheapest for your profile, or another insurer might offer identical coverage for less.
Related Guides
- Sun Life Insurance Canada — Overview
- Sun Life Term Life Rates Canada
- Manulife Life Insurance Review
- Canada Life Insurance Review
- Top Life Insurance Companies in Canada
- Best No-Exam Life Insurance 2026
- Life Insurance Rates by Age
- How LowestRates.io Delivers the Lowest Rates