Industry leading flexibility: Sun Life’s 7-year term to term conversion window

Converting term life insurance to a longer term length gives Clients flexibility. It helps them keep the coverage they need without providing new evidence of insurability.

This can help Clients whose temporary needs will last longer than when they first bought their policy. It may also be a choice for Clients with more disposable income.

Clients must select a longer term period than their original term policy:

Original term

Available term length

T10

T20, T30

T15

T20, T30

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.

Things to know

Insurance amount
  • The new insurance amount can’t be higher than the original policy’s insurance amount.

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
  • The new coverage will receive the same risk class as the original coverage.
  • 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. 

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See also Partial conversions with term carryover: help Clients keep more coverage.