Sun Life Financial - Insurance Products
Founded Date: 1865
  • Term Insurance
    Permanent Insurance
    Participating Insurance
    Universal Insurance
    Critical Illness Insurance

LICAT Ratio 2023
Financial Rating: A+

sun life financial serviSun Life Insurance is a leading provider of insurance and financial services in Ontario, Canada. With a wide range of products and coverage options, Sun Life offers individuals and families the opportunity to protect their financial future and provide for their loved ones. In this comprehensive guide, we will explore the various types of insurance offered by Sun Life, including life insurance, mortgage protection insurance, and critical illness insurance. We will delve into the benefits of each type of coverage, provide information on how to obtain a quote, and answer frequently asked questions. Whether you are a first-time insurance buyer or looking to review your current coverage, this guide will help you navigate the world of Sun Life Insurance in Ontario, Canada.

Understanding Life Insurance

What is Life Insurance?

Life insurance is a policy or contract between an individual and an insurance company, guaranteeing a tax-free cash payment, known as the death benefit, to the beneficiaries upon the policyholder's death. Sun Life offers both term life insurance and permanent life insurance options.

Term Life Insurance

Term life insurance provides temporary coverage for a specific period, such as 10, 15, 20, or 30 years. It offers an affordable option with fixed premiums that typically increase if the policy is renewed at the end of the term. Some term plans allow for conversion to permanent life insurance, providing lifelong protection with level premiums.

Permanent Life Insurance

Permanent life insurance offers lifelong coverage, ensuring that your loved ones are protected regardless of your age or health changes. Sun Life offers three types of permanent life insurance: whole life insurance, universal life insurance, and participating life insurance. These policies come with unique features such as cash value growth potential and the option to borrow against the policy.

Benefits of Life Insurance

Life insurance provides financial security for your beneficiaries. The death benefit can be used to cover various expenses, including mortgage payments, debts, childcare costs, and daily living expenses. Sun Life's life insurance policies offer the satisfaction of lifelong protection, fixed premiums, and the flexibility to choose a beneficiary.

How to Get Life Insurance

You can obtain a life insurance quote from one of our licensed advisors by answering a few quick questions on the phone. For personalized advice on selecting the right insurance products for your needs and goals, you can connect with one of our advisors. They will guide you through the application process and provide detailed information on coverage options.

Exploring Mortgage Protection Insurance

What is Mortgage Protection Insurance?

When purchasing a new home, mortgage protection insurance becomes a crucial consideration. While mortgage lenders may offer mortgage insurance or creditor insurance, it is essential to understand the distinction and consider mortgage protection insurance as an alternative. Mortgage protection insurance, such as Sun Life Insurance, is a type of life insurance policy that provides coverage for your mortgage and offers lifelong protection for your loved ones.

Mortgage Insurance vs. Mortgage Protection Insurance

While mortgage insurance offered by banks or lenders pays off the remaining mortgage balance in the event of the policyholder's death, mortgage protection insurance provides a tax-free lump-sum payment to beneficiaries. With mortgage protection insurance, your family has the flexibility to use the funds for various purposes, including mortgage payments, debts, and other living expenses.

Types of Mortgage Protection Insurance

Sun Life offers term life insurance as a form of mortgage protection insurance. Term life insurance provides coverage for a specified period and is a cost-effective option for protecting your mortgage and your family's financial future. The coverage amount and duration can be customized to meet your specific needs.

The Importance of Mortgage Protection Insurance

Mortgage protection insurance ensures that your family is not burdened with the financial responsibility of mortgage payments in the event of your death. It allows them to maintain their home and cover other expenses during a difficult time. By securing mortgage protection insurance, you can have peace of mind knowing that your loved ones are protected.

Understanding Critical Illness Insurance

What is Critical Illness Insurance?

Critical illness insurance provides coverage for life-altering illnesses like cancer, stroke, heart attack, and dementia. It helps cover the additional costs associated with these illnesses that may not be covered by provincial or territorial health plans. Sun Life offers comprehensive critical illness insurance policies to protect individuals and their families from the financial impact of a critical illness.

Benefits of Critical Illness Insurance

Critical illness insurance offers financial support during a challenging time. The policy provides a lump-sum payment upon the diagnosis of a covered illness, allowing you to focus on your recovery rather than the financial burden. The funds can be used to cover medical expenses, home-care costs, lost work wages, and other related expenses.

Types of Critical Illness Insurance

Sun Life offers two types of critical illness insurance: Sun Critical Illness Insurance and Express Critical Illness Insurance. Sun Critical Illness Insurance provides coverage for 26 full-payout illnesses, 8 partial-payout illnesses, and 5 full-payout childhood illnesses. Express Critical Illness Insurance offers instant online approval with coverage options for the most common critical illnesses in Canada.

The Importance of Critical Illness Insurance

Critical illness insurance is essential in providing financial protection during a challenging time. It ensures that you have the necessary funds to cover the additional costs associated with a critical illness, allowing you to focus on your recovery and well-being. By securing critical illness insurance, you can protect yourself and your family from the financial impact of a life-altering illness.

How to Obtain Insurance and Get a Quote

Getting a Quote

To obtain a quote for life insurance, mortgage protection insurance, or critical illness insurance, you can speak with one of our advisors and answer a few quick questions.

Seeking Advice from an Advisor

If you're unsure about the type of insurance that suits your needs or require personalized guidance, you can connect with one of our advisors. They will provide expert advice, explain the available insurance options, and help you determine the coverage that best meets your financial goals.

Frequently Asked Questions

Can I Convert My Insurance Policy?

Certain insurance policies, such as term life insurance, may offer the option to convert to a permanent life insurance policy. This allows you to extend your coverage beyond the initial term and enjoy lifelong protection. It's important to review the terms and conditions of your specific policy and consult with a licensed advisor for guidance on conversion options.

What Happens If I Already Have Insurance Through My Workplace Benefits?

If you have insurance coverage through your workplace benefits, it's important to consider the limitations and potential loss of coverage if you leave your job. Sun Life offers options such as Choices Critical Illness Insurance, which allows you to replace your group coverage and maintain your own insurance. Consulting with an advisor can help you navigate the transition and ensure continuous coverage.

Are Critical Illness Insurance Benefits Taxable?

In Canada, benefits received from individually-owned critical illness insurance policies are generally paid out tax-free. However, it's recommended to consult with a tax professional to understand the specific tax implications based on your circumstances.

What is the Waiting Period for Critical Illness Insurance?

Critical illness insurance policies may have a waiting period, known as the survival period, before you can claim the benefit. This period typically ranges from 30 days to a specified amount of time after the diagnosis or surgery. The survival period ensures that the policyholder's condition meets the criteria for a valid claim. It's important to review the terms of your policy to understand the specific waiting period requirements.


Sun Life Insurance offers a comprehensive range of insurance products to protect individuals and families in Ontario, Canada. Whether you're in need of life insurance, mortgage protection insurance, or critical illness insurance, Sun Life provides flexible coverage options and personalized advice to meet your specific needs. By securing insurance coverage with Sun Life, you can have peace of mind knowing that your loved ones will be financially protected in the event of unforeseen circumstances. Connect with one of our licensed advisors to explore your insurance options and take a proactive step toward securing your financial future.