CoverMe® 20-Year Term Life Insurance: get affordable and cost-effective coverage
Whether you're starting a family, buying a home, or recently married, securing your financial future is essential. 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.
Overview
CoverMe® Term 20 Life Insurance provides coverage of up to $2 million, offering a strong safety net for your loved ones. This term policy allows you to lock in predictable, low-cost rates for 20 years, making budgeting and financial planning easier. It’s ideal for those who want to ensure their family's financial security, whether it's for covering a mortgage, supporting a child's education, or managing shared debts. Seniors can also benefit from this policy, as it can be renewed up to age 90. Plus, if you don’t smoke, you can save significantly on your premiums.
Who's eligible
- Canadian residents
- Age 18 to 70
What it pays
- $50,000 to $2,000,000
- Get up to 50% of coverage (maximum $200,000) as a one-time cash advance if you are terminally ill with 12 months or less to live (available after you've held your policy for two years and are less than 85 years of age)
- No restrictions on how you spend the money
Easy renewals
- Each term lasts 20 years
- Renew to age 90 with no medical questions at time of renewal
- Your policy cannot be cancelled unless you stop paying the premiums or request to cancel it yourself
Save when you apply before your next birthday
- 20-year term insurance premiums are based on your sex, smoking status, age and health. By applying before your next birthday, you can lock in a lower premium for the next 20 years, allowing you to save on your term insurance rates.
Try it out with no obligation
- All our life insurance plans have a 30-day money-back guarantee. If you are not completely satisfied, simply return your policy to Manulife within 30 days of the issue date. We will cancel your coverage, no questions asked, and refund all of your premiums.
CoverMe® Term 20 Life Insurance Important Notice
This is not a contract. Actual terms and conditions are detailed in the CoverMe® Term 20 Life Insurance policy Manulife issues after approving your application. This term life policy contains important details concerning exclusions, conditions and limitations. Please review it carefully when you receive it.
Limitations and exclusions
Benefits will not be paid if death results from suicide within two years of the effective date of the policy. In this case, we return all premiums paid without any interest adjustment.
These plans may also work well for you
CoverMe T10 Life Insurance
Get essential life insurance in place quickly. Apply by answering just two medical questions. It's easy to understand, easy to apply for and easy to get.
CoverMe® Guaranteed Issue Life Insurance
Get life insurance with any medical history. Your acceptance is guaranteed with no medical questions and no medical exam at the time of application.
Life insurance calculator
Use our calculator to find out how much life insurance you need.
Top questions about life insurance
Absolutely, term insurance for 20 years can be a valuable investment for many people. It offers a stable and predictable financial safety net for your loved ones over an extended period of time. A term 20 life insurance policy is particularly beneficial if you have long-term financial commitments, such as a mortgage or dependents who will require support for many years, like young children. Additionally, it offers security with fixed rates, enabling you to budget with more confidence. For those seeking coverage that extends beyond the typical 10-year term, 20-year term insurance can be a worthwhile choice.
The cost of a 20-year term life policy varies based on several factors, including your age, sex, health, lifestyle, and the coverage amount you select. Generally, younger and healthier individuals can secure lower premiums. Non-smokers and those with a healthy lifestyle may also benefit from reduced rates. To get an accurate estimate tailored to your specific needs, it's best to get a free quote.
At the end of the 20-year term, your coverage automatically renews—no medical questions or exams required. The new premium will be based on your age at the time of renewal. You can continue renewing every 20 years until the policy’s termination age, when coverage ends.
No, this type of 20-year term life insurance does not include a payout. It’s designed to provide financial protection during the insured period, but it doesn’t build cash value or offer a lump-sum benefit at the end.
Yes, you can cancel your policy at any time with no penalty. Just send a written request to Manulife CoverMe®, and you can reduce or cancel your coverage as needed.
Discover more online
Our CoverMe blog can help you learn more about how to buy term life insurance, and about insurance in Canada in general. Whether it’s questions about benefits, online insurance applications or health and dental, you can find the answers you need below.
Is my employer benefit plan life insurance enough?
4 life insurance "what‐if" scenarios to consider.
Life insurance explained
The basics of life insurance - what you need and what to consider
Term 10, 20 or 30? Understanding term life insurance for your family
Know when to get it and for how long.