CoverMe® Term Life Insurance: choose the cost-effective coverage you need

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.

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With CoverMe® Term Life Insurance, you can provide your loved ones with a solid foundation of coverage – up to $1 million – at an affordable price. 

It's easy to budget for protection, because your premiums stay the same during each 10-year term. You can 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 
  • 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
  • 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 now, before your next birthday, you can lock in a lower premium for the next 10 years.

Try it out with no obligation

  • All our 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. It 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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CoverMe® Easy Issue Life Insurance

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CoverMe® Guaranteed Issue Life Insurance

Get life insurance with any medical history. Your acceptance is guaranteed with no medical questions and no medical exam.

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Top 5 questions about life insurance

Term life insurance provides coverage for a specific period of time and then could renew. Permanent life insurance 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.

Term life insurance pays the death benefit to your beneficiary, not the lender, and your beneficiary can decide how to spend the money. The coverage amount 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 term life insurance without medical questions until you reach the maximum age set for your plan.

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