Manulife CoverMeTM Easy Issue term life insurance
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 Easy Issue term life insurance
Our Manulife CoverMe Easy Issue term life insurance provides coverage for $50,000 or $75,000* for a term of 10 years, renewable up to age 85. Your rates during each 10-year term stay the same. You decide on the amount of coverage. With just two medical questions asked – and no medical exam required – you’re covered as soon as you’re approved, and after we receive your first premium payment.
Why CoverMe Easy Issue term 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 Easy Issue term life insurance the best option for you? Here are some policy details, to help you answer that question:
- This policy provides up to $75,000 of protection for your loved ones – quickly and easily
- Your beneficiary(ies) will receive a tax-free, lump-sum financial benefit upon your death, which could pay for final expenses, funeral costs, or any outstanding debts
- Rates are guaranteed to stay the same for the full 10-year term
- Renew your policy every 10 years to age 85
- 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 of up to 50 per cent of your policy coverage value, if you receive a terminal illness diagnosis with 12 months or less 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 expires (although it can be renewed). 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.
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, at time of renewal 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.
How much life insurance do I need?
Individual circumstances may vary. You may wish to contact one of Manulife's licensed insurance advisors or your licensed insurance agent if you need advice about your insurance needs.
*You must be between the ages of 18 and 70 to qualify.
**You must be less than 83 years of age, and your policy must have been in effect for at least two years.