Evolve Term conversion options

Conversion to term life insurance with a longer-term length

Clients may be eligible to convert their term insurance to a longer term length without evidence of insurability in the first seven policy years.

Converting to a longer term length may be suitable for Clients with more disposable income. It can also help Clients whose temporary needs might last longer than when they first bought their policy.

By taking advantage of this feature, Clients can extend their term coverage without having to submit medical evidence. 

A policy can only be converted to a longer term life insurance policy once.

Things to know
Insurance amount
  • For term to term conversions without underwriting, the new insurance amount can’t be higher than the original policy’s insurance amount. We only require proof of insurability if the Client is increasing the amount of life insurance. 

Rates
  • We’ll base the rates for the new coverage on the insured person’s age when they convert. Any ratings will still apply. All rates are on an age-nearest basis. 

Risk classes
  • If the original policy had preferred rates, the new policy will have preferred rates, if applicable.
  • In some cases, the insurance amount may no longer qualify for preferred rates.
  • See “Risk classes and underwriting” in the Evolve Term advisor guide to determine if the Client might qualify for preferred rates on the new policy. 

Convert SunSpectrum Term / SunTerm to Evolve Term with a longer term length

Clients can convert a SunSpectrum Term / SunTerm T10 or T15 policy into a T20 or T30 Evolve Term policy without evidence of insurability in the first seven policy years.

  • If converting to a 20-year term, the Client must convert before the earlier of the seventh policy anniversary and:
    • the policy anniversary nearest the insured person’s 65th birthday for single life policies, or
    • the policy anniversary nearest the oldest insured person’s 65th birthday for joint first-to-die policies.
  • If converting to a 30-year term, the Client must convert before the earlier of the seventh policy anniversary and:
    • the policy anniversary nearest the insured person’s 55th birthday for single life policies, or
    • the policy anniversary nearest the oldest insured person’s 55th birthday for joint first-to-die policies.

The Client will be able to increase their Evolve Term coverage at certain life events.

If the SunSpectrum Term / SunTerm policy has been in force for at least one year, the Client can increase their Evolve Term coverage at certain life events right away. The insured person on the policy must experience the life event when the owner and insured are different. Evolve Term coverage increases with simplified underwriting will be available to eligible Clients starting May, 2025.

While the SunSpectrum Term / SunTerm plan’s contract will state a 5-year conversion window, the 7-year window will apply automatically, without a need for an exception.

Conversion options

The full range of Evolve Term lengths are not available to convert to. This is because the contractual rules for SunSpectrum Term / Sun Term limit term to term conversions to a 20- or 30-year term.

SunSpectrum Term / SunTerm length

 Available Evolve Term length
T10
T20, T30

T15
T20, T30

T20 & T30
Not eligible to convert to a longer- term length

Convert Evolve Term to Evolve Term with a longer term length

Clients can convert an Evolve Term policy to a longer-term Evolve policy without evidence of insurability in the first seven policy years.

  • Clients must convert before the earlier of:
    • the seventh policy anniversary
    • the policy anniversary nearest the maximum issue age for the new term length

The new term length must be at least 10 years longer than the original term length. For example, a T7 policy can be converted to a T17 policy in the first seven policy years.

If the Evolve Term policy is in force for at least one year, the Client can increase their Evolve Term coverage at certain life events right away. The insured person on the policy must experience the life event when the owner and insured are different. Evolve Term coverage increases with simplified underwriting will be available to eligible Clients starting May, 2025. 

Partial term conversions with term reset

Clients who convert to permanent insurance can carry over some or all of the remaining term coverage without underwriting and reset a new term length. The remaining term coverage becomes a term insurance benefit (TIB) on their new permanent policy. TIBs are available in 10, 15, 20 and 30-year term lengths.

  • Partial conversions are available on all standalone convertible term products. They’re not available on TIBs. The Client doesn’t need to convert the full term amount in order to qualify.
  • Attained age and rates will apply to the new policy and any optional benefits at conversion.
  • The total amount of insurance cannot exceed the original term policy’s face amount. This includes the new permanent plan, the TIB and the remaining amount on the original term plan. Otherwise, we’ll require underwriting.  
  • For multi-life term policies, each person can add a TIB to their own permanent policy.
  • All product minimum rules apply.

The option for partial conversion with term reset is not available when:

  • converting joint term policies
  • we’re waiving premiums, up to and including the final conversion date on the original term
  • converting from a group term policy
  • adding to an existing permanent plan

Clients have two options when choosing partial conversion with term reset:

The policy is in the first seven years and the Client wants a longer term length for their TIB.

Clients can carry over any term coverage they haven’t converted to permanent insurance as a TIB on their new permanent policy. The TIB must be for a longer term length than their original term plan, based on the chart below. Their term coverage period would restart.

The timing of the conversion must also meet the age requirements of the new TIB term length:

  • For Term 15: before the policy anniversary nearest the insured person’s 70th birthday
  • For Term 20: before the policy anniversary nearest the insured person’s 65th birthday
  • For Term 30: before the policy anniversary nearest the insured person’s 55th birthday


The TIB must be at least 10 years longer than the original term length. For example, a T10 converting to permanent life must have a T20 or T30 optional benefit. The Client can’t convert a T10 to a T15 even though this is a longer term length. Keeping the same term length on the TIB is not available with this option.

Term length of original plan
 Eligible TIB on new permanent plan
T5
 T15, T20 or T30
T6 - T9
 T20 or T30
T10
 T20 or T30
T11 - T15
 T30
T16 – T20
 T30
T21 – T40
 Scenario 1 is not available. Original plan may be able to carry over per Scenario 2.

Clients can keep their full term coverage amount (less what they convert to permanent insurance) as a TIB.

Example:

Original term plan New perm plan New TIB TIB amount requiring underwriting
$1,000,000 T10 $100,000 $900,000 T20 $0
$1,000,000 T15 $75,000 $925,000 T30 $0
$1,000,000 T10 $100,000 $1,000,000 T20 $100,000

The term policy is older than seven years, or the Client wants the same term length on their TIB.

  • The new TIB must be the same term length (if available) or longer.
  • The maximum amount of TIB without underwriting is three times the new base insurance amount.
Term length of original plan Eligible TIB on new permanent plan: same term length or longer
T5 – T10 T10, T15, T20 or T30
T11 – T15 T15, T20 or T30
T16 – T20 T20 or T30
T21 - T30 T30
T31 – T40 TIB carryover not available

Examples:

Original term plan New perm plan New TIB (max. 3 times base perm plan) TIB amount requiring underwriting
$1,000,000 $250,000 $750,000 $0
$1,000,000 $100,000 $300,000 $0
$1,000,000 $100,000 $500,000 $200,000

Conversion while Sun Life is waiving premiums 

  • If the policy contains a disability waiver, Clients can’t convert while Sun Life is waiving premiums. 
  • If the disability continues, the Client may convert to permanent life insurance on the last day to convert. We’ll continue to waive premiums for the converted coverage during the disability.

Did you know? Convertibility privileges are one of the most valuable features of an Evolve Term policy. Evolve Term offers one of the latest conversion ages in the industry. Clients can convert up to the policy anniversary nearest the insured person’s 75th birthday.