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Manulife CoverMe Term Life Insurance review

Best for: Canadians aged 18 to 70 who want to quote and apply for straightforward 10 or 20-year coverage online, without an advisor.

By the CreditLab research team · Checked October 14, 2026

TERM LIFE INSURANCE
Manulife CoverMe Term Life Insurance
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The bottom line

Manulife CoverMe Term Life is Manulife’s direct, online term line, with 10 and 20-year plans for Canadians aged 18 to 70. Coverage runs from $50,000 on Term 20 or $100,000 on Term 10, up to $2,000,000, renewals need no medical questions, and a 30-day money-back guarantee applies. It is a simple product: no riders are listed, the underwriting steps are not spelled out, and conversion is confirmed only for Term 10 in a blog post.

Pros & cons

Pros

  • Quote and apply online directly with Manulife
  • Renewals need no medical questions
  • 30-day money-back guarantee after the policy is issued
  • Coverage can start the day Manulife receives your application, if eligible
  • Terminal illness cash advance of up to 50% of coverage

Cons

  • No riders or optional benefits listed
  • Coverage tops out at $2,000,000
  • Underwriting steps and Term 20 conversion rules aren’t published
LAB REPORT

A no-frills online option from Manulife. It suits people who want to handle the application themselves, but anyone needing riders, larger amounts or confirmed conversion rights should look at advisor-sold plans.

Suits you if

  • You want to apply online without meeting an advisor
  • You need between $50,000 and $2 million of coverage
  • You like having a 30-day money-back window

Look elsewhere if

  • You want riders such as child or disability coverage
  • You need more than $2 million of coverage
  • You’re older than 70 and need new coverage

Credit Lab Expert

Our detailed review

CoverMe Term 10 and Term 20

Manulife CoverMe is the insurer’s direct-to-consumer brand, and its term line has two plans. CoverMe Term 10 keeps your rate level for each 10-year term, and CoverMe Term 20 does the same for each 20-year term. At renewal, a new rate based on your age applies. Manulife says it cannot cancel the policy as long as you keep paying, and coverage starts the day it receives your completed application online or by mail, if you are eligible and the first payment is made.

Coverage amounts and who can apply

Both plans are open to Canadian residents aged 18 to 70. Coverage amounts differ slightly by plan:

  • Term 10: $100,000 to $2,000,000, which a CoverMe blog post says comes in $25,000 increments
  • Term 20: $50,000 to $2,000,000

Health questions and no-exam alternatives

Manulife does not spell out what CoverMe Term 10 or Term 20 asks at application. The FAQ says coverage begins once you meet underwriting requirements, if applicable, so expect health questions and possibly more depending on your answers. What is clear is that renewals come with no medical questions.

For people who want to avoid full underwriting, CoverMe also sells Easy Issue, a 10-year term of $50,000 or $75,000 for ages 18 to 70 with just two medical questions. A permanent Guaranteed Issue plan covers ages 40 to 75, with $5,000 to $25,000 of coverage.

Renewal, conversion and living benefits

Term 10 renews every 10 years to age 85. Term 20 renews every 20 years; CoverMe’s website says to age 90, while Manulife’s Term 20 page says up to age 89, so check your contract. Conversion is confirmed only for Term 10, in a CoverMe blog post saying you can move to a permanent plan any time before age 70 with no medical exams or questionnaires. The product pages do not mention conversion, and Term 20 conversion is not stated.

Both plans include a terminal illness cash advance of up to 50% of coverage once the policy has been in force for two years. The maximum is $100,000 on Term 10. Manulife’s Term 20 page shows $200,000 in one place and $100,000 in its FAQ, so treat the higher figure as unconfirmed. No riders are listed for either plan.

How to apply

You get a quote and apply directly on the Manulife CoverMe website, with no advisor involved. A completed application can also be sent by mail. After the policy is issued, you have 30 days to return it for a full refund, which gives you time to read the contract closely and confirm the renewal terms.

Other term life insurance we review

Compare them side by side

Frequently Asked Questions

Can I buy Manulife CoverMe term life online without an advisor?

Yes. Manulife says you can get a quote and apply directly through the Manulife CoverMe website. Coverage can begin the day Manulife receives your completed application, if you are eligible and the first payment is made.

Does CoverMe Term 20 need a medical exam?

Manulife does not say. Its FAQ only notes that coverage starts once you meet underwriting requirements, if applicable. If you want to avoid underwriting, CoverMe Easy Issue asks just two medical questions for $50,000 or $75,000 of 10-year coverage.

Until what age can I renew CoverMe Term 20?

CoverMe’s website says Term 20 renews to age 90 with no medical questions, but Manulife’s own Term 20 page says up to age 89. Check your policy contract for the exact limit.

Can I convert CoverMe Term 10 to permanent life insurance?

A CoverMe blog post says Term 10 can be converted to a permanent plan any time before age 70, with no medical exams or questionnaires. The product pages do not repeat this, and conversion for Term 20 is not stated, so confirm before you buy.

How does the CoverMe 30-day money-back guarantee work?

Manulife says you can return a CoverMe term policy within 30 days of issue for a full refund. Use that window to read the contract and confirm the renewal terms.

Can Manulife cancel my CoverMe term policy?

Manulife says it cannot cancel the policy as long as payments are made. Coverage continues through each term and renewal, up to the plan’s maximum age.

Does CoverMe term life pay anything before death?

Yes, in one case. If the insured person is diagnosed with a terminal illness after the policy has been in force for two years, Manulife offers a cash advance of up to 50% of coverage, with a $100,000 maximum on Term 10. Manulife’s Term 20 page lists both $100,000 and $200,000 as the cap.

What is the smallest CoverMe Term 10 policy I can buy?

Manulife lists Term 10 coverage from $100,000 to $2,000,000, and a CoverMe blog post says amounts go up in $25,000 increments. Term 20 starts lower, at $50,000.

Sources

Features come from the insurer’s own site, checked October 14, 2026. Coverage is decided by the policy wording, not this summary: read it, and answer every medical question accurately. We don’t show premiums because they depend on your age, health and coverage. See our methodology.