Term reprice

Help more Canadians save on term life insurance. With lower rates coming into effect on May 26, it’s a good time to let Clients know that, with term, they get both flexibility and affordability.

Lower rates apply to the following term solutions:

• Evolve Term (including additional coverage layers)
• Term insurance for Diabetes
• Term insurance benefits

You’ll see new rates in the web version of Sun Life Illustrations as of May 26.

Reminder: We retired the desktop version of Sun Life Illustrations. Use the web version to ensure you’re illustrating the new term rates.

What does it mean for Clients?

• Leading rates at $2 million and above: we’ve reduced rates by 0-10%, with an average reduction of 1% for ages 18+.
• For all rates under $2 million: we’ve reduced rates by 0-15%, with an average reduction of 2% for ages 18+.
  • For T25 and longer terms at $1 million to $1.99 million: we’ve reduced rates by 5-13%, with an average reduction of 7% for ages 18+.
  • For mortgage protection: we’ve reduced T25 rates by 5-15% for $500,000 to $999,000, with an average reduction of 9% for ages 18 to 40.

Note: We’ve updated 17 and 18 year old smoker rates that were illustrating lower than intended. You may notice these rates are slightly higher after the reprice.

Transition rules

Effective May 26, 2025, we’re repricing Term insurance.

• To ensure a smooth transition, please take a moment to review the following rules
• You may experience some impacts to service levels during the transition period  
• To request new rates, please message your Case Manager through SunCentral Advisor Site based on the following rules. If your Case Manager is re-issuing your policy, please allow 3 to 4 business days to complete your request 

For more information, please contact your Regional Sales Director or Advisor Experience Team.

Make the most of this new business opportunity

Now is a good time to grow your Client base and boost your business. With our competitive new term rates, you have an opportunity to meet the needs of high-net-worth individuals, families and mortgage protection seekers.

Lower rates on longer term lengths and higher face amounts help you better meet a Client’s true protection need.

Engage the high-net-worth and family markets with our best-in-class Term insurance solutions.

• Explore family protection marketing kits

Reach out to mortgage protection Clients and prospects and share this opportunity to lock in more competitive rates.

• Get started with mortgage protection marketing material  

Sun Life's best-in-class term solutions

Evolve Term

• Among the broadest ranges of term lengths in the market.
• Coverage amounts starting at age 0 and $50,000.
• Clients can increase their coverage amount after the first policy year at certain life changes with simplified underwriting.

Term insurance for Diabetes (Essential Term and Achievers Term)

• The only comprehensive life insurance solution tailor-made for Canadians living with diabetes.
• Offers higher chance of approval, affordable premiums and access to a Diabetes Care Program.  

1-Year Bridge Term

• Bridges a coverage gap for eligible postponed life insurance applicants.