Manulife CoverMe® Term Life Insurance


Affordable term life insurance policies

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 (a “term”). Terms usually last 10 years, during which time you pay premiums to keep the term life insurance policy “in force”. At the end of each term, you can usually renew for another “term” depending on the policy requirements.

Learn 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 stay the same over the course of each term. Our 10-year term life insurance is flexible, too: you decide on the amount of coverage you want to buy based on your life situation, needs and budget. 

Why buy a CoverMe Term life insurance policy in Canada?

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

Renewable up to age 85 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 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 10-year term
  • Renew your policy every 10 years up to age 85, 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 $100,000 (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.

How much life insurance do I need?

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

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