CoverMe® Term Life Insurance: get the best cost-effective coverage for you
Whether you're looking for your first life insurance policy after getting married, buying a home or starting a family, or you have some life insurance but would like a top-up, CoverMe® Term Life Insurance provides cost-effective protection. You pay only for the coverage you need.
Overview
With CoverMe® Term Life Insurance, you can give your loved ones a solid foundation of coverage – up to $1 million – at an affordable price.
Your term life policy makes it easy to budget for protection, because your premiums stay the same during each 10-year term. You can also save substantially on your premiums if you don’t smoke.
Who's eligible
- Canadian residents
- Age 18 to 70
What it pays
- $100,000 to $1,000,000
- Get up to 50% of coverage (maximum $100,000) as a one-time cash advance if you are terminally ill with 12 months or less to live (available after you've held your policy for two years and are less than 83 years of age)
- No restrictions on how you spend the money
Easy renewals
- Each term lasts 10 years
- Renew to age 85 with no medical questions at time of renewal
- Your policy cannot be cancelled unless you stop paying the premiums
Save when you apply before your next birthday
- Life insurance premiums are based on your sex, smoking status, age and health. By applying before your next birthday, you can lock in a lower premium for the next 10 years, allowing you to save on your term insurance rates.
Try it out with no obligation
- All our life insurance plans have a 30-day money-back guarantee. If you are not completely satisfied, simply return your policy to Manulife within 30 days of the issue date. We will cancel your coverage, no questions asked, and refund all of your premiums.
CoverMe® Term Life Insurance Important Notice
This is not a contract. Actual terms and conditions are detailed in the CoverMe® Term Life Insurance policy Manulife issues after approving your application. This term life policy contains important details concerning exclusions, conditions and limitations. Please review it carefully when you receive it.
Limitations and exclusions
Benefits will not be paid if death results from suicide within two years of the effective date of the policy. In this case, we return all premiums paid without any interest adjustment.
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Life insurance calculator
Use our calculator to find out how much life insurance you need.
Top questions about life insurance
With a term life insurance policy, you get coverage over a specific period (a “term”). These terms usually last ten years. The term life insurance policy rate won’t go up during that period, but the cost will increase upon renewal after 10 years.
You can match your term life policy to your needs over the next ten years. This means you can get term insurance quotes and find coverage that fits your age, needs, lifestyle and budget for now; when it’s time to renew the 10-year plan, you have the option to adjust your coverage to meet your updated needs. Term insurance price only increases on renewal.
Term life insurance in Canada provides coverage for a specific period (known as a “term”). After the end of the term, the policy can be renewed. Permanent life insurance, on the other hand, provides coverage for life.
A death benefit is the amount paid to your beneficiary if you die while your life insurance plan is in effect. A living benefit is the amount paid to you when you meet certain conditions. For example, you can receive part of your CoverMe Life Insurance death benefit while you are alive if you are diagnosed with a terminal illness with less than 12 months to live.
There are two main ways to help your family pay off your mortgage if you pass away: mortgage life insurance and term life insurance.
- Mortgage life insurance typically pays the death benefit to the lender. The coverage amount declines as your mortgage balance decreases, but your premiums stay the same. If you switch mortgage providers, you generally have to reapply for mortgage life insurance.
- A term insurance plan pays the death benefit to your beneficiary, not the lender. Your beneficiary can decide how to spend the money. The coverage amounts and your premiums stay the same during your plan's term. You own your coverage, so you can keep it if you switch mortgage providers.
Term life insurance premiums stay the same during your plan's term. They increase when your plan renews at the end of a term.
You can generally keep renewing a term life policy without medical questions until you reach the maximum age set for your plan.
Discover more online
Our CoverMe blog can help you learn more about how to buy term life insurance, and about insurance in Canada in general. Whether it’s questions about benefits, online insurance applications or health and dental, you can find the answers you need below.
Life insurance explained
The basics of life insurance - what you need and what to consider
Is my employer benefit plan life insurance enough?
4 life insurance "what‐if" scenarios to consider.
Health & Dental Insurance Explained
Health and dental plans that are easy to understand, buy and manage.