Key takeaway
Sun Life's term life insurance rates for a healthy non-smoker with $500K coverage: Age 25 ($18–$28/mo for 20-year term), Age 30 ($22–$36/mo), Age 35 ($30–$48/mo), Age 40 ($48–$78/mo), Age 45 ($68–$110/mo), Age 50 ($105–$165/mo), Age 55 ($160–$260/mo). Rates vary by health classification and whether you choose Sun Life Go (simplified) or fully underwritten.
Sun Life 20-year term rates by age (non-smoker, $500K)
Age 25: $18–$28/month. Age 30: $22–$36/month. Age 35: $30–$48/month. Age 40: $48–$78/month. Age 45: $68–$110/month. Age 50: $105–$165/month. Age 55: $160–$260/month. Age 60: $280–$420/month. These ranges reflect fully underwritten rates; Sun Life Go simplified-issue rates are approximately 15–25% higher.
Sun Life uses multiple health classifications (Preferred Plus, Preferred, Standard Plus, Standard) that significantly affect pricing. A 'Preferred Plus' applicant pays roughly 30% less than a 'Standard' applicant for identical coverage.
Sun Life 10-year term rates vs 20-year and 30-year
Sun Life's 10-year term costs approximately 40–50% less than their 20-year term, and the 30-year term costs 30–40% more than the 20-year. For a 35-year-old: 10-year term ≈ $18–$28/month, 20-year term ≈ $30–$48/month, 30-year term ≈ $42–$68/month (all for $500K non-smoker).
The choice between term lengths depends on your obligations. If your mortgage is 20 years, match with a 20-year term. If you have young children, a 25 or 30-year term covers them through financial independence.
How Sun Life rates compare to market average
For applicants under 40 in excellent health, Sun Life is typically 5–15% above the cheapest available rate from Desjardins or Empire Life. However, for applicants over 50 or with controlled health conditions, Sun Life's underwriting flexibility often produces more competitive outcomes than budget carriers who may rate or decline those applications.
Sun Life Go (simplified issue) is competitive with other simplified products like Manulife CoverMe, and often beats RBC and BMO simplified options by 10–20%.
Smoker vs non-smoker rate differences at Sun Life
Sun Life defines a non-smoker as someone who has not used any tobacco or nicotine products for at least 12 months. Smoker rates are approximately 2.5–3.5 times higher than non-smoker rates. A 40-year-old smoker seeking $500K 20-year term would pay approximately $140–$250/month versus $48–$78 for a non-smoker.
If you've quit smoking, Sun Life will reclassify you as non-smoker after 12 months tobacco-free. Some other carriers require 24 months — making Sun Life's 12-month window a competitive advantage for recent quitters.
Frequently asked questions
What are Sun Life's term life insurance rates?
Sun Life's 20-year term rates for $500K coverage range from $22–$36/month (age 30) to $280–$420/month (age 60) for healthy non-smokers. Exact rates depend on health classification, term length, and whether you choose fully underwritten or Sun Life Go simplified issue.
Is Sun Life term insurance expensive?
Sun Life is moderately priced — not the cheapest but not the most expensive. For healthy young adults, carriers like Desjardins often beat Sun Life by 5–15%. For older applicants or those with health conditions, Sun Life's flexible underwriting can actually produce lower rates than budget carriers.
How much is Sun Life Go term insurance?
Sun Life Go (simplified issue, no medical exam) costs approximately 15–25% more than Sun Life's fully underwritten term. A 35-year-old can expect $35–$60/month for $500K 20-year term through Sun Life Go.
Does Sun Life offer 30-year term insurance?
Yes, Sun Life offers 30-year term policies. For a 30-year-old non-smoker with $500K coverage, expect approximately $32–$52/month for a 30-year term compared to $22–$36/month for a 20-year term.