Term Life Insurance.
Home > Term Life > Term Life

Term Life Insurance.

Because you want to provide for your family, even after you’re gone.

Overview
Engineers Canada-sponsored Term Life Insurance helps fill financial gaps that can quickly develop if you are no longer there to provide for your family. Here’s what’s in it for you — and what’s new, effective April 1, 2018:
  • NEW! Lowered rates - You will now pay even less for Term Life premiums
  • NEW! Higher Volume Savings - Rates are now 10% lower for coverage amounts of $500,000 to $975,000 and 15% lower for coverage amounts of $1 million or more
  • Value for money  low group rates, volume discounts and unique combination of benefits
  • Built-in benefits include a living benefit

 

  • Enhanced Job Loss Waiver of Premium - If you’re unemployed before age 65 for 30
    consecutive days due to involuntary layoff, dismissal without cause, or loss of
    self-employment, your coverage will continue free-of-charge for up to 12 months.
  • Long term  stay covered up to age 85 regardless of health changes
  • Exclusive  created for engineers, geoscientists, technicians, technologists and their families
Tip Term insurance is popular for a good reason: its premiums are usually lower than permanent life insurance, allowing you to buy more coverage.
What's covered?

You and your spouse can each enjoy up to $1.5 million in coverage.

Coverage to age 85
Qualifying for life insurance may become difficult as you get older.  Engineers Canada-sponsored Term Life coverage continues to age 85 so you can keep renewing your insurance without any additional medical tests required. This means you can stay covered long into your retirement years regardless of how your health may change.

Up to 50% cash advance
If you are diagnosed as terminally ill with less than 12 months to live, you can apply to receive a cash advance of up to 50% of your Term Life Insurance amount (to a maximum of $200,000). This is called a Living Benefit. It is automatically added at no extra cost to Term Life plans that have been in effect for two years.

Enhanced Job Loss Waiver of Premium
If you’re unemployed before age 65 for 30 consecutive days due to involuntary layoff, dismissal without cause, or loss of self-employment, your coverage will continue free-of-charge for up to 12 months. This benefit is included at no extra cost. 


Not tied to your employer
Even if you're already covered at work, keep in mind that most employer plans end when you leave. Engineers Term Life is not tied to your employer so you stay protected even if you change jobs, retire or move to anywhere in the world (as long as you remain a member of your professional association).


Optional coverage beyond age 85
By adding a few extra cents a month to your Term Life premiums today, you can stay protected past age 85 without paying any more premiums. It's called the Insurance Continuation Benefit. It replaces your Term Life coverage when it ends at age 85 and provides $2,500 to $150,000 of premium-free permanent life insurance for the rest of your life.

What's excluded?

Suicide within 2 years of the effective date of coverage or reinstatement, or the date of any increase in coverage, is not covered. In that event, Manulife will pay the beneficiary an amount equal to the premiums paid for this coverage.

Rates

You and your spouse can apply for coverage amounts starting from $25,000 (1 unit) to $1,500,000 (60 units) per person.

Save with the following volume discounts:

  • NEW! 10% off Term Life premiums for coverage of $500,000 to $975,000 per person (previously 5%)
  • NEW! 15% off Term Life premiums for coverage of $1 million or more per person (previously 10%)

Use the rate calculator to determine your rate or see the chart below.

Term Life Insurance
NEW Monthly premiums* per unit ($25,000)
  Non-Smoker1 Smoker
Age2 Male Female Male Female
18 to 30 0.96 0.71 2.06 1.26
31 to 35 1.01 0.78 2.41 1.51
36 to 40 1.40 1.04 3.19 2.19
41 to 45 2.18 1.37 4.91 3.51
46 to 50 4.02 2.77 7.76 5.12
51 to 55 6.14 4.30 12.93 7.24
56 to 60 8.36 5.77 19.33 11.60
61 to 65 11.17 7.33 28.53 16.91
66 to 70 15.96 10.37 40.70 23.94
714 to 75 39.50 26.13 95.76 59.65
76 to 80 97.76 63.64 191.32 123.69
81 to 84 186.13 121.89 315.21 212.67
85 Term Life coverage ends



You and your spouse can also add the Insurance Continuation Benefit (ICB) to each unit of Term Life coverage to receive $2,500 per unit of premium-free permanent life insurance beginning at age 85.

For example, if you buy one unit of Term Life coverage ($25,000) and the equivalent one unit of ICB ($2,500), you will pay the corresponding premiums for both these coverages until age 85. On your 85th birthday, two things will happen:

  1. your Term Life coverage ends and you stop paying Term Life premiums, and
  2. your Insurance Continuation Benefit begins but you stop paying ICB premiums you will be covered for the one unit of ICB you bought for the rest of your life!

Note that while Term Life premiums increase as you move from one age bracket to the next, ICB premiums remain the same until age 85, at which point you stop paying premiums.

See the ICB rates that apply to you below:
 

Insurance Continuation Benefit (ICB)
Monthly premiums per unit ($2,500)
Age when you get covered Your premium until age 853
18 to 30 0.10
31 to 35 0.16
36 to 40 0.24
41 to 45 0.36
46 to 50 0.56
51 to 55 0.89
56 to 60 1.44
61 to 65 2.41
66 to 70 4.33
714 to 75 8.50
76 to 80 0
81 to 84 0
85 ICB begins
Who is eligible?

You must be a Canadian resident and under 71 years of age to apply, or up to 75 years of age if already insured under this plan. You must also fall under one of the following:

  • Members of the 11 provincial and territorial engineering licensing associations (including members in training). Also, student engineers who are members of a student section (in those associations where a student section exists) and who are within 24 months of expected graduation from a program accredited by the Canadian Engineering Accreditation Board.
  • Members of the 10 provincial associations of technicians and technologists
  • Members of l'Ordre des Géologues du Québec
  • Members of Geoscientists Nova Scotia
  • Members of the Association of Professional Geoscientists of Ontario
  • Members of l'Ordre des architectes du Quebec
  • Members of the Manitoba Association of Architects
  • Members of the Newfoundland and Labrador Association of Architects
  • Members of the Architects' Association of New Brunswick
  • Members of the Nova Scotia Association of Architects
  • Members of the Ontario Society of Professional Engineers
  • Members of Genium360
  • Members of the Architects Association of Prince Edward Island
  • Permanent full-time employees of the eligible associations, as defined above, or of Engineers Canada
  • Limited licensees

You may apply for Term Life Insurance for your spouse if you are also applying for it or are already insured under this plan.

You must apply for and maintain at least one unit of the Insurance Continuation Benefit for yourself to apply for or maintain the Insurance Continuation Benefit for your spouse.

Frequently asked questions

Do I have to maintain my membership in my provincial or territorial engineering licensing association to stay covered?
Ongoing membership is a requirement to be covered under either Term Life Plan. Ongoing membership is not a requirement under the Insurance Continuation Benefit.

What happens to my spouse's coverage if I die?
Under the Term Life Plan, if you die your insured spouse will be given the option to continue his or her coverage under the Plan.

Will my Term Life premiums increase with age?
Based on the current rate structure, premiums do increase with age every five years, specifically at ages 31, 36, 41, 46, 51 and so on. 

Can I convert my Term Life coverage to an individual policy?
If you cancel your Term Life insurance, you may, within 31 days, apply to convert your insurance to selected individual plans without an additional medical examination or extra health questions to answer. You simply pay the rates for the individual plan that applies to your age at the time of conversion. Contact us for more information.

View the complete FAQs.

 

ManulifeCAEmail