Manulife CoverMeTM Term life insurance – Affordable protection

What is term life insurance?

Term life insurance is a contract for insurance on your (or another person’s) life that you buy for a set period of time (a ‘term’), usually 10 years. You pay premiums to keep the policy ‘in force’. At the end of each term you can usually renew it for another ‘term’, depending on the policy requirements.

Tell me more about Manulife CoverMe Term life insurance

Our Manulife CoverMe Term life insurance provides coverage from $100,000 to $1-million* for a term of 10 years, renewable up to age 85.** Your rates during each 10-year term stay the same. It’s flexible too: you decide on the amount of coverage you want to buy, based on your life situation, needs and budget.

Why CoverMe Term life insurance?

Tax-free, lump-sum payout

Renewable up to age 85 with
no medical questions

Convertible to permanent
life insurance

Want to know the difference between ‘term life insurance’ and ‘permanent life insurance’? See the first question and answer in our FAQ below:


Is Manulife CoverMe Term life insurance the best option for you? Here are some details, to help you answer that question:

  • Your beneficiary(ies) receive a tax-free, lump-sum financial benefit upon your death
  • Rates are guaranteed to stay the same for the full 10-year term
  • Renew your policy every 10 years up to age 85, no new medical exam or questionnaire required at time of renewal
  • Convert your CoverMe Term life insurance policy to permanent life insurance at any time before age 70, no further medical information or medical exam required at time of conversion**
  • Receive a 30-day money-back guarantee. Simply return your policy to Manulife within 30 days of the issue date for a full refund
  • Receive a one-time cash advance to a maximum of $100,000 (up to 50 per cent of your coverage) if you receive a terminal illness diagnosis with less than 12 months to live††


Here are the top 5 most frequently asked questions we receive about term life insurance:

Term life insurance is ‘in force’ for a specific length of time, and then it can usually be renewed up to a termination age. Permanent life insurance is ‘in force’ for the entirety of a person’s life. It’s also known as Whole life insurance, Universal life insurance, or Participating life insurance.

There are maximum amounts to which you can insure a life. Our life insurance calculator may help you sort out how much coverage would work best for you.

Premiums you pay for your term life insurance policy stay the same throughout the length of the term. At the end of the term period, when you renew the policy, your premiums would usually increase.

Yes. Generally, you can renew your policy for additional terms without medical questions, in accordance with the conditions set out in your policy contract.

It depends. With some plans you can convert the same amount or a portion of your plan to permanent insurance without medical questions prior to a certain age. Premiums are determined in consideration of the coverage amount, the plan you choose, your age and risk classification. Restrictions from your current term life insurance plan carry over to the new permanent plan.

Ready to buy?

Apply for this term life insurance through our Manulife CoverMe website.
Simply click on ‘Get a quote’ below.

How much life insurance do I need?

Try our easy-to-use life insurance calculator to find the answer.

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