Manulife CoverMe Life Insurance Review

Term life insurance is the most affordable way to set up a financial safety net for your family in the event of your death. It’s simple to understand, easy to manage, and provides protection for a fixed number of years during the period of your life when you have the biggest financial obligations, like when you have dependent children or a mortgage.

While most insurers in Canada don’t sell term life insurance online, there are a few exceptions. If you’re looking to purchase term life insurance online, Manulife CoverMe term life insurance could be an option.

Read our in-depth review to find out its key features, pros and cons, costs, and, more importantly, whether it is the best fit for you.

Manulife CoverMe Life insurance Review

Manulife CoverMe term life insurance is an affordable, simple, flexible solution to help your family. The plan covers you for a set number of years and provides your loved ones with a death benefit if you pass while it is in force. Your family can use the funds to:

• Take care of daily living expenses
• Pay down the mortgage and other debts
• Maintain a comfortable lifestyle
• Pay for college and fund retirement savings

The main benefit of this plan is that you can buy it online, without having to speak to an insurance agent or broker. However, this benefit comes at a cost. Compared to other term life insurance products, it is more expensive.

If you don’t paying extra for ease of buying life insurance, Manulife CoverMe term life insurance or other Manulife life insurance products are right for you.

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What is Manulife CoverMe Term Life Insurance?

Manulife CoverMe term life insurance is designed for applicants who want to purchase term life insurance online.

Key Features

• You can buy coverage for up to $1 million
• The minimum coverage amount available is $100,000
• The plan is available only in 10-year terms and is renewable up to age 85 (You won’t have to undergo additional medial underwriting at renewal, but your premium rate will go up)
• Your premium rate will remain the same during the 10-year term
• You can convert your term life plan to permanent life insurance without submitting proof of good health until age 70
• The plan allows you to access part of the benefit amount in the event of a terminal illness diagnosis if you meet the required conditions
• Applicants who are between 18 and 55 years of age can get coverage without a medical exam if the sum assured is not more than $250,000

Eligibility

Manulife CoverMe term life insurance is available to Canadian residents between the ages of 18 and 70.

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Other Types of CoverMe Life Insurance Products

Manulife CoverMe product series includes three more life insurance products.

1. CoverMe Easy Life Insurance

A no-medical term life insurance plan, it is a good option for those who need basic coverage.

Key Features

• Follows a simplified application process that lets applicants forgo the medical exam
• Applicants can obtain coverage quickly by answering two questions about their health
• You can purchase coverage for either $50,000 or $75,000
• Available in only 10-year terms, but is renewable up to age 65
• Your premium rate will remain the same during the 10-year term

2. CoverMe Guaranteed Issue Life Insurance

As the name suggests, this is a guaranteed issue plan, meaning you can’t be turned down for it as long as you meet the age requirements. Guaranteed issue plans don’t require a paramedical exam or answering health questions. As such, they are ideal for people who cannot qualify for a fully underwritten or simplified issue life insurance.

Key Features

• Offers permanent protection without a medical exam or health questions
• Premiums remain the same throughout your life
• Available to Canadian residents who are in the 40-75 age group
• Purchase anywhere between $5,000 and $25,000‍

3. FollowMe Life Insurance

Many Canadian employers provide group life insurance to their employees for free or at low costs. However, often a group plan is not portable, meaning you will lose coverage if you change jobs or retire.

Since age is one of the primary factors influencing your eligibility for life insurance and premium rates, qualifying for affordable coverage many years down the line could be an issue. This is where FollowMe life insurance can come in. It allows you to enjoy the same level of coverage you had in your previous job at a cost-effective price.

Key Features

• You get the same level of coverage that your group life insurance policy had
• Your spouse will be covered if your he or she was included in your group life insurance plan
• No medical exams
• Coverage remains in force despite any changes in your employment or health
• To be approved, you must apply no later than 60 days of losing access to the group life insurance plan

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Alternatives to Manulife CoverMe Insurance

Besides CoverMe term life insurance, Manulife offers several other life insurance life insurance solutions. The most popular ones are as follows:

1. Family Term

Considered as Manulife’s flagship life insurance product, the Family Term is aimed at growing families. It provides term life insurance cover at an affordable price, giving you the peace of mind that your family will be adequately provided for in the event of your untimely death.

Key Features

• Coverage ranges from $100,000 to $20 million
• Living benefits in the event of a terminal illness diagnosis
• Available in three term options – 10 years, 20 years, or until age 65
• Includes the Bereavement Counselling Benefit
• Requires a medical exam
• Several optional benefits included (e.g. the disability waiver of premium rider, accidental death benefit rider, and business value protector rider)

2. Family Term with Vitality Plus

This is a unique term life insurance plan in the sense that it rewards you for healthy living. Applicants enjoy the many benefits of the Manulife Vitality program, including lower life insurance premiums, free at-home paramedical screening, and discounts on various products and services.

Key Features

• Coverage ranges from $250,000 - $25 million
• Save up to 15% on life insurance premiums by making healthier choices
• Choose from three term options: 10 years, 20 years, and up to age 65
• Living benefits in the event of a terminal illness
• Includes the Bereavement Counselling Benefit
• Customize the plan to your needs by adding riders, such as the disability waiver of premium rider or accidental death benefit rider

3. Manulife Gold

For most people, term life insurance is usually the best option since it’s cheaper and simpler to understand. However, if you have a lifelong dependent or want to use life insurance as an investment tool or a loan collateral, whole life insurance, like Manulife Gold, can be a better choice.

Key Features

• Permanent coverage and builds cash value
• Your policy’s cash value grows at a set rate each year
• Coverage starts at $25,000
• Limited pay option included (15 years)
• Optional benefits, such as the disability waiver of premium rider, lets you tailor the plan to your specific needs

4. Manulife Par

Manulife Par is a participating whole life insurance plan, meaning you get a chance to earn dividends annually.

Key Features

• Available as both a single life insurance policy and joint life insurance plan
• Coverage starts at $100,000
• Permanent coverage and builds cash value
• Your policy’s cash value grows at a set rate each year
• Flexible premium payment terms

5. InnoVision

Apart from term and whole life insurance, Manulife also offers universal life insurance. InnoVision is its most popular universal insurance product, and for good reasons. It gives you a choice of more than 50 investment accounts, an opportunity to collect a loyalty bonus, and to tweak the coverage to suit your unique needs.

Key Features

• Coverage starts at $100,000
• Guaranteed minimum interest investment accounts
• Potential premium savings for healthy applicants
• Flexible premium payment terms
• Many optional benefits

What other plans are offered by CoverMe?

The CoverMe series offerrs the following other types of insurance solutions besides life insurance:

• CoverMe Critical Illness Insurance: Critical illness insurance provides you with a lump sum if you are diagnosed with any of the covered conditions, allowing you access quality healthcare services without looking over the shoulder for funds.
• Manulife Flexcare Health and Dental Insurance: It helps you keep your health and dental insurance costs in check by providing customizable coverage.
• FollowMe Health and Dental Insurance: It is aimed at people who lose their group health insurance and provides coverage that stays in force even if you change careers, lose your job, or retire.
• CoverMe Travel Insurance: It provides emergency medical benefits to traveling Canadians, visitors to Canada, and students

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Conclusion

Manulife CoverMe term life insurance can be a good option for those who don’t want to buy term life insurance through an insurance broker or agent. It provides up to $1 million in coverage, has a 10-year term, and is renewable up to age 85. But before you sign up for it, it would be a smart idea to shop around, especially considering its premiums tend to be slightly on the higher side.

Dundas Life can get you free quotes from Canada's top insurance providers and help you grab the best deal. Book your call with our team today.

FAQs

How do I apply for Manulife CoverMe Insurance?

Applying for Manulife CoverMe Insurance is simple. You can apply online through an independent insurance advisor like Dundas Life.

Are there any medical exams required for Manulife CoverMe Life Insurance?

Manulife offers four life insurance products through its CoverMe series, three of which doesn’t require a medical exam. However, if you want to purchase CoverMe Term Life Insurance, which provides the most comprehensive coverage of all Cover Me life insurance products, you’ll need to take a medica exam to prove eligibility.

Can I cancel my Manulife CoverMe Insurance policy if I no longer need it?

Yes, you can typically cancel your policy at any time. However, it's important to go through the policy’s terms and conditions, as there may be penalties or restrictions.