Term Coversion Offer

*Save Clients up to 25% when converting term policies.

Now is the time to convert term policies to meet Clients' evolving needs. 

Offer ends March 31. 

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From January 20 to March 31, Clients who submit an existing term policy for a term-to-term or term-to-perm conversion may be eligible to receive a cheque valued at three months of their premium.

This is for policies that remain in force for at least six months from the date the policy settles. The premium/COI discount will be reflected in the terms of the policy(ies) receiving the discount.

Meet Clients evolving needs with multiple conversion options: 

  • term-to-perm (non-par)
  • term-to-term
  • partial term-to-perm (non-par)
  • partial term-to-term

Check in with Clients looking for:

  • A longer term length that could better suit their evolving needs
  • A permanent life policy that can offer
    • lifetime protection
    • guaranteed fixed premiums
    • tax-preferred savings growth
    • potential cost savings

This offer won’t be eligible for Clients who cancel a conversion application currently in flight and reapply.

Reference material

Term insurance marketing resources

Permanent life marketing resources

Universal life marketing resources

*25% savings in the first year based on total premiums/COI.

  • The policy being converted must have been in force prior to January 20, 2025.
  • Backdating is allowed with existing backdating rules and maximum period based on each product type. 
  • Clients with existing conversion applications in flight that cancel to reapply just to become eligible for the offer won’t qualify. These changes cause trouble for our operation teams, could impact cycle times, and potentially delay the Client’s coverage resulting in a poor experience.
  • The newly converted policy must remain in force for six months. The six-month eligibility window begins from the settle/anniversary date.
  • The premium/COI discount will be reflected in the terms of the policy receiving the discount.
  • Participating whole life policies aren’t part of the offer.  
  • If optional benefits are carried over to the new policy, the costs for the optional benefits are included in the premium/COI discount.
  • For term-to-term conversions, the conversion must take place within the term-to-term conversion window and the following conditions apply:  
    • If the original policy is Evolve Term:
      • The new term length must be at least 10 years longer than the existing term length.
      • The new policy must have a term length of at least 20 years (e.g. an existing T10 policy could convert into a T25 policy).
    • If the original policy is SunTerm:
      • The original policy must be a T10 or T15 and the new policy must be a T20 or T30.
      • The existing policy must have the term-to-term conversion feature in their policy contract. 
  • Partial conversions are eligible under the following conditions: 
    • Partial conversion to Evolve Term with a length of at least 20 years and the remaining coverage converted into another Evolve Term policy with a length of at least 20 years.
    • Partial conversion to a non-par permanent policy with the remaining term coverage staying in force or cancelled.
    • Partial conversion to a non-par permanent policy with the remaining term coverage converted into a stand alone Evolve Term policy with a term length of at least 20 years.
    • Partial conversion to a non-par permanent policy with the remaining term coverage carried over to the permanent policy as long as the new term rider length is T20 or T30 coverage.
      • Note: If the conversion is from a term insurance benefit already set up as part of a partial conversion with carry-over option, it won’t be eligible for the carry-over option again.