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Life insurance can help you to provide for loved ones who depend on you for financial security in the event that you pass away.

Whether it’s helping your spouse to pay off your mortgage, your kid’s education or simply helping your family meet their daily needs, the right life insurance package can help protect your family long after you are gone.

Sun Life Go offers online life insurance products so Canadians can get a quote and apply with ease.

Read on to learn about different types of life insurance, how they compare and Sun Life Go life insurance policies that are available.

What is Term Life insurance?

Term life insurance pays a specified cash benefit if the policyholder dies within a specified period of time e.g. 10 or 20 years.

It is usually considered to be more flexible and affordable compared to other types of life insurance coverage e.g. permanent or universal life insurance.

During the duration of your Term life insurance, your monthly costs remain the same.

If you die before the expiry of your policy, your beneficiaries receive a tax-free cash payment.

Other types of life insurance products include:

  • Permanent life insurance: Provides coverage for your lifetime. It is more expensive than Term life insurance.
  • Whole life insurance: Is a type of permanent life insurance that also comes with a tax-deferred savings or investment account i.e. a guaranteed cash value.
  • Universal life insurance: Comes with flexible premiums and investment options.

Who is Sun Life?

Sun Life is a Canadian financial services company, founded in 1865 in Montreal, Quebec.

Sun Life operates in Canada, the United States, the United Kingdom, Ireland, China, Hong Kong, India, Vietnam, Singapore, Bermuda, Japan, Australia, Malaysia and the Philippines. Their headquarters is in Kitchener-Waterloo, Ontario.

Sun Life Go Life insurance products and how to apply

The Sun Life Go digital insurance platform allows Canadians to get a quote for life insurance and apply within minutes.

1. Sun Life Go Term Life Insurance

This affordable life insurance provides up to $1 million in coverage for a term length of 10 or 20 years.

To be eligible, you must be between 18 and 69 years of age and be a resident of Canada.

  • Coverage: $100,000 to $1 million
  • Term: 10 or 20 years
  • Age eligible: 18 to 69 years

You can renew Sun Life Go Term Life Insurance for the same term and coverage amount. The renewal would be for the same policy you had before however, the monthly premium will change.

For policy exclusions, limitations, and restrictions, visit the Sun Life website to get more details.

Apply for a Sun Life Go Term Life Insurance.

2. Sun Life Go Simplified Term Life Insurance

This life insurance product comes with a monthly cost that is fixed for 10 years and coverage ranging from $50,000 to $100,000.

To be eligible, you must be between 18 and 69 years and live in Canada.

  • Coverage: $50,000, $75,000 or $100,000
  • Term: 10 years
  • Age eligible: 18 to 69 years

Answer three health questions and apply for this life insurance policy online.

For policy exclusions, limitations, and restrictions, visit the Sun Life website to get more details.

Apply for the Sun Life Go Simplified Term Life Insurance.

3. Sun Life Go Guaranteed Life Insurance

If you are looking for basic permanent life insurance that does not require your medical information, the Sun Life Go Guaranteed Life Insurance is worth checking out.

It offers coverage from $5,000 to $25,000.

This type of life insurance makes sense if you found it challenging to qualify for other types of life insurance that ask about your health.

  • Coverage: $5,000, $10,000, $15,000 $20,000 or $25,000
  • Term: Lifetime (you stop paying premiums at age 95)
  • Age eligible: 30 to 74 years

For policy exclusions, limitations, and restrictions, visit the Sun Life website to get more details.

Apply for the Sun Life Go Guaranteed Life Insurance.

Perhaps you prefer to talk to someone before deciding on a life insurance policy, you can connect with a Sun Life Financial advisor today.

What Type of Insurance Policy is Right for You?

Most people will benefit from a Term life insurance policy and it is generally flexible and cheaper than the others.

You can also use a Term life insurance policy in place of mortgage life insurance.

A Simplified Term life insurance works for individuals who have some concerns about their health and who do not want to undergo a comprehensive health check. 

Only three health-related questions are asked when you apply for the Sun Life Go Simplified Term Life Insurance.

A Guaranteed life insurance policy is also referred to as a “final expense” insurance and the benefits can be used to pay for funeral expenses. This type of insurance coverage is good for individuals who are in very poor health.

However, note that depending on when your insurance benefit kicks in, you could end up paying more in premiums than the benefit amount.

The life insurance policy that’s right for you will depend on a lot of factors.

In general, if you are in good health, you should definitely provide as much medical information as possible so you can pay the lowest premiums possible.

Conclusion

My review of the Sun Life Go life insurance offerings is positive.

The application process is online and can be completed within a few minutes from the comfort of your home.

If you change your mind about your policy, you can cancel anytime. If you cancel within 30 days of issue, you will get your money back, with no obligations.

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Sun Life Go Life Insurance Review
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Summary

Canadians can compare life insurance quotes online via Sun Life Go, a digital life insurance platform. This review shows how to apply for life insurance in minutes.