Term Life Insurance

Enables you to protect the financial security of the people who matter most, should you pass away prematurely.

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Plan Overview

Term Life insurance is temporary coverage that provides a one-time, tax-free, cash benefit to your chosen beneficiaries when you die.

Engineers Canada-sponsored Term Life Insurance helps fill financial gaps that can quickly develop if you pass away. It is one of the oldest and largest group plans in Canada with over 80,000 professionals and their families now covered.

General information

What's Covered

You and your spouse can each enjoy up to $1.5 million in coverage.

Coverage to age 85

Qualifying for life insurance may become difficult as you get older. Engineers Canada-sponsored Term Life coverage continues to age 85 so you can keep renewing your insurance without any additional medical tests required at the time of renewal. This means you can stay covered long into your retirement years regardless of how your health may change.

Up to 50% cash advance

If you are diagnosed as terminally ill with less than 12 months to live prior to age 83, you can apply to receive a cash advance of up to 50% of your Term Life Insurance amount (to a maximum of $200,000). This is called a Living Benefit. It is automatically added at no extra cost to Term Life plans that have been in effect for two years.

Enhanced Job Loss Waiver of Premium

If you’re unemployed before age 65 for 30 consecutive days due to involuntary layoff, dismissal without cause, or loss of self-employment, your coverage will continue free-of-charge for up to 12 months. This benefit is included at no extra cost.

Not tied to your employer

Even if you're already covered at work, keep in mind that most employer plans end when you leave. Engineers Term Life is not tied to your employer so you stay protected even if you change jobs, retire or move to anywhere in the world.

Optional coverage beyond age 85

Add the Insurance Continuation Benefit when you apply for Term Life for you and your spouse for a small additional charge. When you reach age 85, it will replace your Term Life coverage with premium-free permanent life insurance equal to $2,500 per $25,000 of Term Life coverage you have. That’s up to $150,000 of premium-free permanent life insurance for the rest of your life.

What's Excluded

Suicide within 2 years of the effective date of coverage or reinstatement, or the date of any increase in coverage, is not covered. In that event, Manulife will pay the beneficiary an amount equal to the premiums paid for this coverage.

Eligibility
Determining your eligibility

Eligibility for application is granted to a Canadian resident under 71 years of age, or up to 75 years of age if already insured under this plan, who is:

  1. A member of the engineering regulators that license the country’s 300,000 members of the profession (including members in training); also, an engineering student who is registered in an engineering program accredited by the Canadian Engineering Accreditation Board;
  2. A member of the Ontario Society of Professional Engineers or Genium360;
  3. A member of the Association of Professional Geoscientists of Ontario, Geoscientists Nova Scotia or the Ordre des géologues du Québec;
  4. A member of one of the participating provincial associations of professional technicians and technologists;
  5. A member of the Manitoba Association of Architects, the Architects’ Association of New Brunswick, the Nova Scotia Association of Architects or the Architects Association of Prince Edward Island;
  6. A full-time employee of Engineers Canada or one of the engineering regulators that license the country’s 300,000 members of the profession or one of the participating organizations or of Youth Science Canada; or
  7. A limited licensee or a provincial licensee.

You may apply for Term Life Insurance for your spouse if you are also applying for it or are already insured under this plan.

You must apply for and maintain at least one unit of the Insurance Continuation Benefit for yourself to apply for or maintain the Insurance Continuation Benefit for your spouse.

Term Life Insurance Rates

Term Life Insurance monthly premiums (non-smokers)
1

You and your spouse can apply for coverage amounts starting from $25,000 (1 unit) to $1,500,000 (60 units) per person.

Save even more with the following volume savings:

  • 10% savings: Term Life premiums for coverage of $500,000 to $975,000 per person
  • 15% savings: Term Life premiums for coverage of $1 million or more per person
Term life insurance - Monthly premiums per unit ($25,000) for non-smokers
Age2
Male
Female
18 to 30
0.96
0.71
31 to 35
0.96
0.96
36 to 40
1.40
1.04
41 to 45
2.18
1.37
46 to 50
4.02
2.77
51 to 55
6.14
4.30
56 to 60
8.36
5.77
61 to 65
11.17
7.33
66 to 70
15.96
10.37
713 to 75
39.50
26.13
76 to 80
97.76
63.64
81 to 84
186.13
121.89
85
Coverage ends
Coverage ends

Premiums are subject to change without notice.

Term Life premiums increase as you enter a new age bracket.

  1. Non-Smoker premiums apply to Members and Spouses who have not smoked cigarettes in the last 12 months. Once insured, you must notify Manulife of any change in your smoking status.
  2. Age means age attained as of the policy anniversary date (April 1). Please note that premiums increase as you reach certain ages, as shown in the table of Term Life Insurance monthly premiums.
  3. Starting at age 71, premiums shown are available to individuals currently insured who buy additional insurance or renew coverage.
Term Life Insurance monthly premiums (smokers)

You and your spouse can apply for coverage amounts starting from $25,000 (1 unit) to $1,500,000 (60 units) per person.

Save even more with the following volume savings:

  • 10% savings: Term Life premiums for coverage of $500,000 to $975,000 per person
  • 15% savings: Term Life premiums for coverage of $1 million or more per person
Term life insurance - Monthly premiums per unit ($25,000) for smokers
Age2
Male
Female
18 to 30
2.06
1.26
31 to 35
2.41
1.51
36 to 40
3.19
2.19
41 to 45
4.91
3.51
46 to 50
7.76
5.12
51 to 55
12.93
7.24
56 to 60
19.33
11.60
61 to 65
28.53
16.91
66 to 70
40.70
23.94
713 to 75
95.76
59.65
76 to 80
191.32
123.69
81 to 84
315.21
212.67
85
Coverage ends
Coverage ends

Premiums are subject to change without notice.

Term Life premiums increase as you enter a new age bracket.

  1. Non-Smoker premiums apply to Members and Spouses who have not smoked cigarettes in the last 12 months. Once insured, you must notify Manulife of any change in your smoking status.
  2. Age means age attained as of the policy anniversary date (April 1). Please note that premiums increase as you reach certain ages, as shown in the table of Term Life Insurance monthly premiums.
  3. Starting at age 71, premiums shown are available to individuals currently insured who buy additional insurance or renew coverage.
Insurance Continuation Benefit (ICB) Premiums

You and your spouse can also add the Insurance Continuation Benefit (ICB) to each unit of Term Life coverage to receive $2,500 per unit of premium-free permanent life insurance beginning at age 85.

For example, if you buy one unit of Term Life coverage ($25,000) and the equivalent one unit of ICB ($2,500), you will pay the corresponding premiums for both these coverages until age 85. On your 85th birthday, two things will happen:

  • Your Term Life coverage ends and you stop paying Term Life premiums, and
  • Your Insurance Continuation Benefit begins but you stop paying ICB premiums you will be covered for the one unit of ICB you bought premium-free for the rest of your life.

Note that while Term Life premiums increase as you move from one age bracket to the next, ICB premiums remain the same until age 85, at which point you stop paying premiums.

See the ICB rates that apply to you below:

Insurance Continuation Benefit (ICB) Monthly premiums per unit ($2,500)
Age when you get covered
Your premium until age 853
18 to 30
0.10
31 to 35
0.16
36 to 40
0.24
41 to 45
0.36
46 to 50
0.56
51 to 55
0.89
56 to 60
1.44
61 to 65
2.41
66 to 70
4.33
714 to 75
8.50
76 to 80
0
81 to 84
0
85
ICB Begins

Premiums are subject to change without notice.

Term Life premiums increase as you enter a new age bracket.

  1. Non-Smoker premiums apply to Members and Spouses who have not smoked cigarettes in the last 12 months. Once insured, you must notify Manulife of any change in your smoking status.
  2. Age means age attained as of the policy anniversary date (April 1). Please note that premiums increase as you reach certain ages, as shown in the table of Term Life Insurance monthly premiums.
  3. These ICB rates do not increase with age.
  4. Starting at age 71, premiums shown are available to individuals currently insured who buy additional insurance or renew coverage.

Term Life Insurance FAQ

Will my Term Life premiums increase with age?

Based on the current rate structure, premiums do increase with age every five years, specifically at ages 31, 36, 41, 46, 51 and so on.

What happens to my spouse's coverage if I die?

Under the Term Life Plan, if you die your insured spouse will be given the option to continue his or her coverage under the Plan.

Can I convert my Term Life coverage to an individual policy?

Yes. You may apply to convert your insurance to selected individual plans without an additional medical examination or extra health questions. You simply pay the rates for the individual plan that apply to your age at the time of conversion. Contact us for more information.

Get in touch

Talk to an advisor who can understand your situation, answer your questions and help you build an insurance plan appropriate for you and your family.