Manulife CoverMe®
Term 20 Life Insurance


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Long-term protection term life insurance

Whether you're starting a family, buying a home, or recently married, securing your financial future is essential.

Learn more about Manulife CoverMe Term 20 life insurance

With our 20-year term life insurance, you can enjoy great rates and long-term protection tailored to your needs. This 20-year term policy offers stability and comfort, allowing you to remain covered and confident for the next two decades.

Why buy a CoverMe Term 20 life insurance policy in Canada?

Our term 20 life insurance is paid out in tax-free lump sums

Renewable up to age 89 with no medical questions

Want to know the difference between “term life insurance” and “permanent life insurance”? Wondering how to get term life insurance in Canada? Got questions about applying for or renewing term insurance? Check out our FAQs to learn more.


Is Manulife CoverMe Term 20 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
  • Term life insurance policy rates are guaranteed to stay the same for the full 20-year term
  • Renew your policy every 20 years up to age 89, no new medical exam or questionnaire required at time of renewal
  • 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 $200,000 (up to 50 per cent of your coverage) if you are diagnosed with a terminal illness and have less than 12 months to live††



Here are some of the most frequently asked questions we receive about term life insurance in Canada: 

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.

The life of the insured can be covered up to a maximum amount. Our term life insurance calculator may help you sort out which plan would work best for you. You can also review our plans to explore coverage levels and to get a term life policy quote. 

The premiums you pay for your term life insurance policy stay the same throughout the length of the term. When you renew the policy at the end of the term period, your premiums will typically increase.

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

Unlike a whole life insurance policy, you can’t cash a term life insurance policy out early. However, if you receive a terminal diagnosis and have fewer than 12 months to live, you can receive a one-time lump-sum advance of up to $100,000, or 50% of your coverage.††

Ready to buy?

It’s easy to get term life insurance quotes! Get a quote online to determine which plan is best for your needs and your budget and apply directly through our Manulife CoverMe website. Click on “Get a quote” to start.

Get a quote

How much life insurance do I need?

Try our easy-to-use term 20 life insurance calculator to find the answer, and explore our plans to get a term life policy quote today. 

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