FAQs - Life Insurance

Life Questions


Term life insurance provides coverage for a specific period of time and then could renew. Permanent life insurance provides coverage for life. 


A death benefit is the amount paid to your beneficiary if you die while your life insurance plan is in effect.

A living benefit is the amount paid to you when you meet certain conditions. For example, you can receive part of your CoverMe® Life Insurance death benefit while you are alive if you are diagnosed with a terminal illness with less than 12 months to live. 


There are two main ways to help your family pay off your mortgage if you pass away: mortgage life insurance and term life insurance. 

Mortgage life insurance typically pays the death benefit to the lender. The coverage amount declines as your mortgage balance decreases, but your premiums stay the same. If you switch mortgage providers, you generally have to reapply for mortgage life insurance.

Term life insurance pays the death benefit to your beneficiary, not the lender, and your beneficiary can decide how to spend the money. The coverage amount and your premiums stay the same during your plan's term. You own your coverage so you can keep it if you switch mortgage providers.


Term life insurance premiums stay the same during your plan's term. They increase when your plan renews at the end of a term. 


You can generally keep renewing term life insurance without medical questions until you reach the maximum age set for your plan. 


It depends on your plan. Some plans, such as CoverMe® Term Life Insurance, let you convert to permanent life insurance up to the same coverage amount without medical questions at any time before you turn 70. You can even convert part of your plan, leaving a minimum of $100,000 (in $25,000 increments) in Term Life Insurance. Your new premiums depend on the permanent life insurance plan you choose, the coverage amount, your age and your risk classification. Any restrictions in your existing plan will carry over to the new plan. 


Each type of life insurance has a maximum coverage amount. Our life insurance calculator can help you work out how much coverage you may need.


Your life insurance protection starts the day we receive your completed application online or by mail, provided that:

  • You are a Canadian resident
  • You are within the eligible age range for the plan 
  • You meet our underwriting requirements if applicable
  • You paid your first premium

If you do not qualify for coverage, we will notify you and refund any premiums you paid.


All our plans have a 30-day money-back guarantee. If you are not completely satisfied, return your policy by mail to Manulife within 30 days of the issue date. We will cancel your coverage and refund any premiums you paid. 


You are only entitled to non-smoker rates if, on the date Manulife receives your application, you have not used any form of tobacco, tobacco cessation products or marijuana in the past 12 months and you meet our health standards.


If you have not used any form of tobacco, tobacco cessation products or marijuana for 1 year (12 consecutive months), you may be eligible for lower premiums. 

Complete the Change Smoking Status form


Your life insurance premium is due on the date your premium notice indicates or on the first day of each month if you are paying monthly. We provide a 30-day grace period, but we will cancel your coverage if you do not pay your premium within that grace period.


You can change your address, phone number or email:


You can change how you pay:


Call 1-877-268-3763 and we will tell you what documentation we need to provide satisfactory proof of:

  • The insured's death
  • The insured's birth date
  • The beneficiary's right to be paid
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