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Frequently Asked Questions (FAQs)

Here are answers to questions that are most frequently asked. If you have other questions, please Contact Us.

Who can apply?
What amount can I purchase?
Are premiums guaranteed and fixed?
Is the policy renewable?
Is the policy convertible?
How do I get more insurance if I already have a Term Life insurance policy?
When will my coverage begin?
What if I change my mind after applying for coverage?
What if I smoke occasionally?
What if I quit smoking after I'm insured?
When is my premium due?
How do I change my payment method?
How do I change my address?
Should I replace my existing life insurance with Term Life insurance?
How is a death benefit claim made?
Should I consider Term Life insurance as an alternative to mortgage life insurance?





Who can apply?

Individuals who are between 18 and 70 years of age and who are residents of Canada are eligible to apply.



What amount can I purchase?

Term Life insurance provides affordable protection ranging from a minimum of $25,000 to a maximum of $1,000,000 (in multiples of $25,000). If you die while your policy is in effect, we will pay the death benefit (the amount of insurance protection you have purchased) to your beneficiary (the individual(s) you have selected) at the date of death, or your estate, if you haven't designated a beneficiary. Under current Canadian law, death benefits are paid tax-free to your named beneficiary, resident in Canada.



Are premiums guaranteed and fixed?

Premiums are set and guaranteed for a 10-year period when your policy is issued. Premiums will increase at each 10-year renewal. Renewal premiums are not guaranteed, but once your renewal premiums are set, they will remain the same for the next 10-year term.



Is the policy renewable?

The policy will provide coverage for an initial period of 10 years, as long as you continue to pay your premiums. Unless you advise otherwise, it will be renewed automatically at the end of each 10-year term (for another 10-year term) at the applicable premium for your age at that time.

Renewal premiums are not guaranteed, but once your renewal premiums are set, they will remain the same for the next 10-year term. Your right to renew is automatic regardless of changes in your health or personal situation. Continuous coverage is available until you reach the policy anniversary immediately following your 85th birthday.



Is the policy convertible?

You have the right to convert all or part of your Term Life insurance policy to a permanent insurance plan without providing medical information or undergoing a medical examination. You cannot be declined for permanent coverage under this conversion option because of your health.

You can convert your Term Life insurance policy at any premium due date before age 70. You are limited only by the Manulife Financial conversion products available and their restrictions regarding coverage amount and minimum premium. Your new premiums will depend on the type of plan and amount of permanent coverage you select, as well as your age at the conversion date and your risk classification. For more information about conversion options, please contact the Manulife Financial customer support staff toll-free at 1-877-677-3303, Monday to Friday, 8 a.m. to 8 p.m. Eastern Time.

If your Term Life insurance policy has any benefit restrictions, your new policy will have those same restrictions. If you choose to convert only part of your insurance coverage, the balance remaining under your Term Life policy must be a minimum of $25,000 (and a multiple of $25,000).

In order to increase your insurance coverage under your new converted policy, you will need to complete another application and meet the medical qualifications required of any new applicant.



How do I get more insurance if I already have a Term Life insurance policy?

If you are under 71, simply complete another application for the additional coverage amount you desire. Depending on the coverage amount applied for, you may need to undergo another medical examination. If your application is approved, you will receive another insurance policy for the additional coverage amount. You will need to make premium payments on both policies. Your total coverage cannot exceed the plan maximum, which is $1,000,000. You should be aware that there are conditions and exclusions in your new policy that apply from the effective date.



When will my coverage begin?

Your coverage will start on the date we receive your completed application online or through the mail, provided that:
  • you are a resident of Canada and between 18 and 70 years of age;
  • you are insurable on that date in accordance with our underwriting rules; and
  • the first premium due is paid.

When reviewing your application, if we find that you do not qualify for this coverage, we will notify you immediately and refund any premium paid.



What if I change my mind after applying for coverage?

If you're not completely satisfied, simply return your policy to Manulife Financial within 30 days of the issue date to have your coverage cancelled and your premiums refunded in full.

Our address is:

Affinity Markets,
Manulife Financial
P.O. Box 4213, Stn A
Toronto, ON M5W 5M3



What if I smoke occasionally?

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



What if I quit smoking after I'm insured?

Congratulations! You should notify us after 12 consecutive months during which you have not used any form of tobacco, tobacco cessation products or marijuana. Simply download, fill out, sign and mail to us this non-smoker application (Requires Adobe Acrobat Reader Version 3.01 or higher). If you meet the other health requirements of our underwriters, your lower non-smoker premiums will begin on your next premium due date.



When is my premium due?
Your premium is due on the date indicated on your premium notice or on the first day of each month if you are paying monthly. A 30-day grace period is granted for submitting your premium after the due date. Your policy and coverage will be cancelled if you do not pay the premium due within the grace period.



How do I change my payment method?

You may pay your premiums annually by cheque; monthly or annually by credit card (Visa, MasterCard or Amex); or directly from your chequing account by monthly Pre-Authorized Collection. You can request to change your payment method any time by clicking here.

If you would like to update your credit card information, please call us toll-free at 1-877-677-3303, Monday to Friday, 8 a.m. to 8 p.m. Eastern Time.



How do I change my address?

You can update your address by completing our online Address Change Form.

Or you can call toll-free at 1-877-677-3303, Monday to Friday, 8 a.m. to 8 p.m. Eastern Time, and our customer support staff will make the change.



Should I replace my existing life insurance with Term Life insurance?

If you are considering replacing an existing individual term or permanent insurance policy, we recommend that you contact us to help you compare the features of both plans so that you can decide which one best meets your needs.

Our customer support staff will be happy to assist you. Simply Contact Us.



How is a death benefit claim made?

The person entitled to claim the death benefit should call us toll-free at 1-877-677-3303. We will then explain which documents are needed to pay the correct amount to the appropriate person. We will require:
  • proof, satisfactory to us, of the insured's death;
  • proof, satisfactory to us, of the insured's birthdate; and
  • proof, satisfactory to us, of the claimant's right to be paid.



Should I consider Term Life insurance as an alternative to mortgage life insurance?

When buying a home or renewing a mortgage, many people think they are obligated to sign up for their financial institution's mortgage life insurance.

But it's important to remember that you have options.

Term Life insurance is a great alternative to your financial institution's regular mortgage life insurance because it offers you affordable premiums plus the following key advantages:
  1. Greater control for you and your beneficiary

    Mortgage life insurance bought from a lender will typically pay the death benefit to the lender at your death. Manulife Financial will pay the benefit to the beneficiary you choose (e.g., your spouse). This gives your beneficiary the freedom to choose how best to spend the money. For example, some may decide that paying down the mortgage is the highest priority, while others may want to use the money for a more pressing expense that arises at the time.



  2. Coverage that doesn't shrink with your mortgage

    The coverage amount under typical mortgage life insurance declines as your mortgage balance decreases, but the premium you pay remains the same. With term life insurance, your coverage amount remains the same.



  3. No need to reapply

    With mortgage life insurance, you have to reapply any time you switch lending institutions. But with Term Life insurance, unless you want to increase your coverage or terminate your plan, your policy is automatically renewed up to age 85 with no medical questions asked.

    Remember, when thinking about your mortgage, Term Life insurance provides you with options. You don't have to wait until your mortgage renews. Consider the advantages of Term Life insurance today.

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Individual circumstances may vary. You may wish to contact one of Manulife’s licensed insurance advisors or your licensed insurance agent if you need advice about your insurance needs.