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- Sun Life is a leading term life insurance company in Canada that offers Evolve term insurance, available in 5-40 years term length
- ivari Life term life insurance policies are available in Term 10, Term 20, and Term 30 with SelectOptions
- Both Sun Life and ivari Life have the option to customize the term life policy with multiple riders, like accidental death benefit rider, child term rider, disability waiver rider, guaranteed insurability benefit rider, etc
- Sun Life has an edge over ivari Life term life insurance policies. It is mainly because Sun Life offers greater flexibility
Choosing term life in Canada usually starts with two familiar names: Sun Life and ivari. A lot of the features that Sun Life and ivari term life offer might seem similar to you when comparing the two, but there are some stark differences as well. To help you decide which is a better fit for you between Sun Life term insurance and ivari Life term insurance, here is a guide that will outline exactly the same. Continue reading to understand the term insurance plans offered by the two and accordingly make an informed decision about Sun Life vs. ivari Life.
Quick verdict
Choose Sun Life if:
- You want a flexible term length
- You are looking for wider rider options
- You want a high coverage amount of up to $25 million
Choose ivari Life if:
- You want partial/complete conversions without any medical evidence
Why Sun Life vs. ivari Life is a common comparison
The concept of a term insurance policy may be simple, yet when it comes to actual features and offerings, it will differ from one insurer to another. Both Sun Life and ivari Life offer multiple term insurance policies with flexible term lengths. They also come with renewability, conversion, and customizable features. Now, let us break down the term insurance policies offered by Sun Life and ivari Life to make your task simpler.
Sun Life vs. ivari Life at a glance
Here’s a table to give you a quick overview of Sun Life and ivar Life:
Company snapshot: Sun Life vs. ivari Life
| Features | Sun Life | ivari Life |
| Number of years of operation | 160 years | 90 years |
| Headquarters | Toronto | Toronto |
| AM. Best ratings | A+ | A+ |
| Asset size | $1.51 trillion | $13.9 billion |
| Global presence | Operates in 20+ countries | London, Vancouver, Montreal, Calgary, and a few other countries |
| Premiums | $29.1 billion | $830.9 million |
About Sun Life term life insurance
With a history dating back to 1865, Sun Life is one of the leading term life insurance companies in Canada. Headquartered in Toronto, the company also has a presence in the United Kingdom, the United States, Hong Kong, Japan, China, Vietnam, Malaysia, and a few other countries. Sun Life also demonstrates a strong term insurance product portfolio, each with distinct offerings and features.
Sun Life term plans overview
Here’s an overview of Sun Life’s term life insurance plan:
Sun Life Evolve term insurance: The Sun Life Evolve term insurance is available in term lengths of 5-40 years. It also has the option to extend the term length. It has a higher coverage limit of up to $25 million and can be converted to a permanent policy until the age of 75 years.
Key features of Sun Life term life insurance
Here are the core features of Sun Life term insurance:
- Renewability
- Level and guaranteed premiums
- Instant renewals without any medical evidence
- Renewable till the age of 85 years
- Conversion
- Can be converted to a permanent life insurance policy
- Conversion can be done without any medical evidence
- Conversion can be done before the policy anniversary nearest to age 75
- Flexible term length
- Sun Life Evolve has 5-40 year terms
- The flexible term length aligns with different needs, like mortgage, estate planning or tax-saving death benefit
- Riders
- Accidental death benefit rider
- Child term rider
- Disability waiver rider
- Owner waiver disability rider
- Guaranteed insurability benefit rider
- Business value protection rider
- Renewal protection rider
- Partner protection rider
- Coverage options
- Single life, joint first-to-die, multiple lives (up to five insureds under one policy)
- Multiple coverage to suit family needs
Pros and cons of Sun Life term life insurance
| Pros | Cons |
| A number of riders are available | A few products are available via advisors and not online |
| Can be converted to a suitable term length and coverage type | Stricter underwriting for serious health conditions |
| Multi-life and joint first-to-die options (up to five insureds) | |
| Simplified online process |
About ivari Life term life insurance
ivari is a 90-year-old company. Originally known as Transamerica Life Canada, it was rebranded to ivari in 2015. Later in 2023, it joined the Sagicor Group of companies. Headquartered in Toronto, ivari also has offices in London, Vancouver, Montreal, and Calgary to serve Canadians with life insurance solutions. ivari also focuses on bringing positive changes to the communities through different programs like United Way Centraide Canada and ivari’s Healthy Steps Program.
ivari Life term plans overview
In the section below, let’s talk about the different term life insurance policies offered by ivari:
- Term 10: This is a 10-year term insurance policy that provides coverage for temporary needs like a mortgage or debts
- Term 20: This is ideal for those looking for a policy with a longer duration. It is suitable for those looking to cover income replacement and debts like loans or mortgages, especially in their children’s younger years
- Term 30 with SelectOptions: ivari’s Term 30 provides affordable premium rates and is ideal for those who have longer-term debts. Term 30 with SelectOptions offers flexibility along with multiple coverage options: single, joint first-to-die, and last-to-die. With this policy, you can also take advantage of features like Select30, SelectLife, and SelectValue, which are applicable between the 15th and 20th coverage anniversary
Key features of ivari Life term life insurance
Here are the core features of the ivari Life term insurance policy:
- Renewability
- Term 10 and Term 20 plans are renewable every 10 or 20 years, respectively
- TermSelect 30 is renewable at year 30 with level premiums to age 100
- No medical evidence is required for renewals
- Conversion
- All terms are converted to permanent policies till the age of 71
- Conversion is done as per the same underwriting class
- For equal coverage, no medical evidence is required
- Partial conversions are also possible, depending on administrative guidelines
- Term life options
- Term 10
- Term 20
- Term 30 with SelectOptions
- Riders availability
- AD&D (Accidental death and dismemberment)
- Critical illness protection
- Payor waiver of premiums
- Waiver of premium
- Children’s insurance
- Term riders
- Coverage options
- Single life
- Joint first-to-die (maximum 5 lives)
- Joint last-to-die (maximum 5 lives)
- Multiple lives (up to 17 coverages)
Pros and cons of ivari Life term life
| Pros | Cons |
| Multiple-term policies are available to help you choose a suitable one | Shorter-term length flexibility |
| Full or partial conversion to a permanent policy | Available term length 10, 20, 30 years |
| Term 30 with SelectOptions has multiple coverage options (up to 17 coverages) | |
| Term riders that add an extra layer of protection to 10-, 20- or 30-year term (without SelectOptions) |
Sun Life vs. ivari Life comparison
Now that we have talked about both Sun Life and ivari Life term insurance offerings in detail. Let’s also take you through the key differences between the two that will help you make a final decision:
| Features | Sun Life term insurance | ivari Life term insurance |
| Term policies offered | Evolve Term Insurance | Term 10, Term 20, Term 30 with SelectOptions |
| Term length flexibility | 5 to 40 years | 10, 20, 30 years |
| Minimum base coverage | $250,000 | Single coverage: $50,000
Joint coverage $100,000 |
| Renewability | Renewable, up to 85 years of age | Renewable, up to 80 years of age |
| Riders |
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| Conversion | Convertible to permanent policy, up to 75 years of age | Convertible to permanent policies till the age of 71 |
| Coverage option | Single, joint first-to-die, and multiple coverage options | Single life, joint first-to-die, joint last-to-die, multiple lives (up to 17 coverages) |
| No medical policy | Yes, available with Sun Life Go Simplified | Not available |
Our Ratings
Who should choose Sun Life?
Sun Life term insurance plans are more suitable for those who want flexibility in coverage as their needs evolve. Here is a list of certain scenarios when the Sun Life term insurance becomes best suited :
- You want flexible term lengths matching your financial obligations. Sun Life term insurance plans give you the option to choose between 5- to 40-year term lengths
- You are a business owner and want business-focused riders, like a partner protection rider or a business value protection rider
- You prefer the availability of wider rider options, like accidental death benefit, child term, disability waiver, and guaranteed insurability benefit riders, to enhance overall coverage
Who should choose ivari Life?
ivari Life term insurance is a good choice for those looking for affordable term insurance plans. It is an ideal choice if:
- You are looking for an additional term rider. ivari’s term rider provides an extra layer of protection to the 10-, 20- or 30-year term, excluding the SelectOptions
- You want to choose from Select30, SelectLife, and SelectValue
Final Verdict: Sun Life or ivari Life
Here’s our final verdict on Sun Life vs ivari Life, based on different categories:
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Best overall: Sun Life
Sun Life has a slight edge over ivari Life in the overall category. This is mainly because it offers greater flexibility, multiple rider options, and longer term length.
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Best for riders: Sun Life
Sun Life offers more focused riders based on your evolving needs. For instance, it also has business-specific riders like the business value protection rider and the partner protection rider.
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Best for coverage options: Sun Life
Sun Life term life insurance plans provide a range of coverage options, including single life, joint first-to-die, joint last-to-die, and multiple lives.
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Best for conversion: ivari
ivari Life term life insurance plans allow policy owners to convert term policies to permanent life insurance with greater ease. They also allow partial conversion of the policies.
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Best for price: Sun Life
Sun Life offer affordable term life insurance solutions. The best way to get the most affordable quotes is by consulting our expert advisors, who will help you get a term life insurance quote that suits your budget and coverage needs. Schedule a call now!
Frequently asked questions
Which insurer offers greater flexibility: Sun Life or ivari Life?
When it comes to flexibility, Sun Life term life insurance plans offer greater flexibility. Their term life insurance plans can be customized with a wide range of riders. They are also available at a longer term length of 5-40 years.
What are the different coverage options that ivari Life offers?
Ivari Life offers multiple coverage options to suit your personal and family needs. The available options are single, joint first-to-die, joint last-to-die, and multiple lives, which can include coverage for up to 17.
What are the different riders available with Sun Life term life insurance policy?
The different riders available with Sun Life’s term life insurance policy include:
- Accidental death benefit rider
- Child term rider
- Disability waiver rider
- Owner waiver disability rider
- Guaranteed insurability benefit rider
- Business value protection rider
- Renewal protection rider
- Partner protection rider
What are the different term life plans available with ivari Life?
ivari Life has three term life plans available: Term 10, Term 20, and Term 30 with SelectOptions. All three plans can be renewed automatically without any medical evidence and can even be converted to a permanent life insurance policy.
When do Sun Life term life insurance plans become a better choice?
Sun Life term life insurance plans are more suitable if:
- You are looking for a longer and more flexible term length
- You want a wider range of riders
- You are looking for higher coverage of up to $25 million
Sun Life and ivari Life offer affordable term life policies in Canada. Sun Life is a better choice overall; it offers greater flexibility. Sun Life term life insurance offers terms of 5 to 40 years, and ivari Life offers terms of 10, 20, or 30 years.
