Life insurance plans

CoverMe Guaranteed Issue Life Insurance
CoverMe™ Guaranteed Issue Life Insurance
Your acceptance is guaranteed — regardless of your health or medical history

Having trouble finding affordable life insurance because of your age or health? If you are between 40 and 75 and apply for CoverMe Guaranteed Issue Life insurance your acceptance is guaranteed. 1

It doesn’t matter what your current health is or if you have a medical condition. You cannot be turned down. There are no health questions and no medical exams when you apply. 2

Your premiums will never increase and your coverage — from $5,000 to $25,000 — will never decrease. If you die accidentally before age 85 your benefits will increase 5X. That means your beneficiary could receive up to $125,000.

Plan Features
Your acceptance is guaranteed — no medical questions asked
If you are a Canadian resident between the ages of 40 and 75 your acceptance is guaranteed — with no medical questionnaires or exams when you apply. You cannot be turned down.

Choice of coverage amounts
You can choose the coverage amount that’s right for you and your budget — from $5,000 to $25,000.

Significant savings for non-smokers
Non-smokers enjoy up to 20% savings on their premiums compared to smokers.

Premiums will never increase — guaranteed
We guarantee that your premiums will not go up.

Coverage will never decrease — guaranteed
We guarantee that your coverage will not decrease.

Coverage can never be cancelled.
Your coverage can never be cancelled by us for any reason, including changes in your health, as long as your premiums are paid.

Benefits increase 5X in case of accidental death
If you die as the result of an accident (as defined in your policy) before age 85, your beneficiary will be eligible to receive five times your coverage amount.

Living Benefit included — at no additional cost
You will be eligible to receive a compassionate one-time cash advance of up to 50% of your life insurance coverage if you are diagnosed as terminally ill with 12 months or less to live.3

Premium-free coverage after age 95
And after you celebrate your 95th birthday, your coverage will continue without you having to pay another premium ever again

Choice for your Beneficiary
Your beneficiary isn’t taxed on the benefit amount. They can use the lump-sum payment towards final expenses and funeral costs, outstanding debts and loans, living expenses… The choice will be theirs.

Protection for a lifetime
This life insurance plan will protect you/your family for your entire lifetime, as long as your premiums are paid.

Flexible payment options
Choose the payment method that suits you best: Visa, MasterCard, American Express or direct monthly withdrawal from your chequing account by Pre-Authorized Debit.

Earn AIR MILES® reward miles
When you pay your premiums monthly by credit card or pre-authorized debit, you have the opportunity to collect AIR MILES® reward miles every year as a CoverMe Guaranteed Issue Life policyholder.

Applying is fast and easy
Life insurance is an essential part of any sound financial plan. Apply online in the comfort of your home, when it’s convenient for you.
What is life insurance?
Life insurance can protect the financial security of the people you love by giving them a tax-free payment after you die. The amount and type of coverage you choose will depend on your circumstances and needs.

While you may have basic life insurance through work, it may not be enough to meet your needs, and your coverage typically ends when you leave your job. The cost of life insurance you buy as an individual depends on your age, gender, health, medical history and lifestyle.

You can purchase some types of life insurance online or you can speak to an advisor for help finding the right coverage and to get a quote.

Types of life insurance:
Term life insurance
Term life insurance is simple and affordable , providing a fixed amount of insurance for a specific period of time
In the event of your death, the policy pays a tax-free benefit, to your beneficiaries
Term life provides temporary protection you can customize to meet your changing needs
Learn more about term life insurance
Permanent life insurance
Permanent life insurance is often called whole life insurance because it covers you for your whole life – and some types can build cash value over time.
Permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy.
Some permanent insurance plans let you pay for a limited time and you don’t have to pay any more.
Learn more about permanent life insurance
Participating life insurance
Participating life insurance is a type of permanent whole life insurance coverage that can be eligible to receive dividends.
The amount of coverage you choose and your premiums are guaranteed for life.
You can use the dividends to buy more coverage, reduce your annual premium cost, earn interest inside the plan — or take them in cash. Dividends are not guaranteed.
Learn more about participating life insurance
Universal life insurance
Universal life insurance is a flexible type of permanent life insurance that combines protection and savings.
You choose a guaranteed death benefit that will be paid to your beneficiaries.
The payments you make above the cost of insurance earn interest on a tax-preferred.
Canada Protection Plan is the leading provider of No Medical & Simplified Issue Life Insurance in Canada. We’ve expanded our line of products giving you even greater choice.

Our goal is simple – we want to make buying life insurance straightforward and easy to purchase. No matter your health, you can apply to get affordable coverage fast. We offer coverage up to $500,000 on our No Medical & Simplified Issue Life Insurance plans. This means no medical exams and being able to get protected quickly. We also provide coverage up to $1 million – applying is quick and easy. And, payments start in the second month – applicable on monthly payment plans only. Our plans are available through over 25,000 independent insurance advisors across Canada, or call us direct toll-free for a no-obligation, confidential quote.
CoverMe™ Term Life Insurance
The affordable way to ensure your loved ones are protected

If you are between the ages of 18 and 70, CoverMe Term Life insurance offers coverage from $100,000 up to $1,000,000. You can choose the amount of coverage that best suits your family and budget, so you won’t end up paying for something you don’t want or need.

The CoverMe Term Life insurance plan gives you a simple, economical way to secure your family’s financial security. Even if you already have some life insurance elsewhere, the low cost of CoverMe Term Life makes it easy to ‘top up’ your existing coverage.

The younger you are when you apply, the lower your rates will be. Apply now — before your next birthday — and you’ll pay a lower premium. The premium you pay when you apply is guaranteed not to increase for 10 years.

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Plan Features
Simple, affordable protection
Dollar for dollar, term life insurance offers you one of the most economical ways to get the maximum amount of protection.

Insurance that covers you — and your spouse
Choose the amount of coverage that suits your lifestyle and budget — from $100,000 up to $1,000,000. Your spouse should consider applying for coverage as well. Use our calculator to estimate how much life insurance you both may need.

Premiums are guaranteed for 10 years
Premiums are set and guaranteed for 10 years when your policy is initially issued. Renewal premiums are not guaranteed, which means that they will increase at each 10-year renewal (as you get older), but once your renewal premiums are set, they will remain the same for the next 10-year term.1

Coverage is renewable up to age 85 — guaranteed
Your coverage is guaranteed renewable up to age 85 — regardless of any changes in your health. Your coverage will not be cancelled as long as your premiums are paid.

No medical underwriting upon renewal
When your coverage renews in 10 years, it will be at your new age-based rate — without any medical exams or questionnaires required at the time of renewal.

Conversion to a Permanent Life insurance policy
If you wish, you can convert your CoverMe Term Life insurance policy at any time before your 70th birthday without providing medical information or undergoing a medical examination at the time of conversion. You are limited only by the Manulife conversion products available and their restrictions regarding coverage amount and minimum premium. For more information about conversion options contact us.

Lump-sum benefit
In the event of your death, your beneficiaries will receive a tax-free benefit. They can use the lump-sum payment towards the mortgage, outstanding debts and loans, living expenses, education expenses… the choice is theirs.

Living Benefit included — at no additional cost
Should you be diagnosed with a terminal illness with less than 12 months to live, you may be eligible for a compassionate one-time cash advance of up to 50% of your term life insurance coverage (to a maximum of $100,000). This cash advance is tax-free and yours to use however you wish.2

You own your coverage
Unlike group coverage that can change or end as you move from one employer to another or retire, you will «own» your CoverMe Term Life insurance coverage up until age 85.

Earn AIR MILES® reward miles
When you pay your premiums monthly, you have the opportunity to collect AIR MILES® reward miles every year as a CoverMe Term Life policyholder.

30-Day Money-Back Guarantee
If you are not completely satisfied with your CoverMe Term Life insurance policy, you may return your policy to Manulife within 30 days of the issue date to have your coverage cancelled and your entire premium will be promptly refunded.

Applying is fast and easy
Life insurance is an essential part of any sound financial plan. Apply online in the comfort of your home, when it’s convenient for you.