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Term Life coverage
No one can predict when the unexpected will happen. That is why you should take steps to help ensure your family's financial future, with practical protection that's designed for REALTORS® and endorsed by the Canadian Real Estate Association (CREA).
Advantages
- Affordable: The low group rates help make it possible for you to obtain the amount of coverage you may need to secure your family’s financial future.
- Renewable: Once coverage is in force, it is guaranteed renewable with no medical examination or health questions required to continue coverage, even if your health has declined.
- Versatile: Coverage can serve as low-cost funding for your partnership buy-sell agreement, or as a low-cost alternative to mortgage insurance.
Coverage of up to $750,000 per person
Term Life Insurance provides coverage for you and your spouse in increments of $50,000 up to a maximum of $750,000 each, at low rates exclusive to REALTORS®.
Living benefit in your time of need
Insured members or spouses who have been diagnosed as terminally ill with a life expectancy of one year or less can apply to receive an interest-free advance payment of up to 25% of their own term life benefit (maximum $50,000) to spend as they wish. Available to members and spouses who have been insured under this plan for two years or more.
No premiums to pay if you are disabled
If you are insured under the term life plan and you become totally disabled before age 65, we will waive all term life premiums that are due after three months of Continuous Disability and for as long as your total disability continues.
Premium-free lifetime coverage beginning at age 70
From age 65 to age 69, the value of each unit is $25,000. Beginning at age 70, insured members and spouses will have no further premiums to pay, while each unit of their term life coverage will be replaced with $5,000 of lifetime insurance continuation benefit. That's up to $75,000 of permanent coverage with nothing more to pay!
Conversion option
If you are under age 70, you can convert your CREA Term Life Insurance plan to a Manulife permanent life insurance plan, without evidence of insurability.
In the event of suicide in the first two years of coverage, no benefit will be paid and all premium payments will be returned.
To apply all applicants and their spouses must be:
- Under age 60 and resident in Canada; and
- a member of the Canadian Real Estate Association (CREA) and be licensed as a real estate agent/broker or salesperson for a minimum of one year, or an employee of a CREA member, or an employee of a Real Estate Board or Association working a minimum of 25 hours per week.
Coverage terminates if you cease to qualify as a member of the Canadian Real Estate Association (CREA).
Spouse coverage
Once you are insured, your spouse is eligible for the same great Term Life plan and low member rates as you are! Once insured, you can both stay covered for life, and add coverage for your children as well.
Child life coverage
Protect every member of your family. We offer REALTORS® a total family life insurance solution, with this opportunity to add Children's Life Coverage to your Member Term Life Plan for just pennies a day more.
Cover each of your eligible children for $10,000 of term life insurance for a single low monthly payment of $2.25, regardless of how many children you have! Newborn children become automatically insured under your Children's Life Coverage upon reaching 15 days of age, at no additional cost to you.
You must be insured under the Term Life Plan for children of that Member to be eligible for Children's Life Coverage. Children, stepchildren or adopted children are eligible for coverage if they are unmarried, dependent on the Member for support, and at least 15 days old but not yet 21 years old (or not yet 25 years old if they are in full–time attendance at an accredited educational institution).
Monthly premiums for $10,000 of coverage
- $10,000 coverage for each of your eligible children: $2.25
- $10,000 coverage for each additional child: No additional premium
NOTE: Rates are subject to change without notice.
CREA endorses this plan to help you protect your income – and everything that your income makes possible. With CREA Income Protection Disability Insurance, the possibility of losing your income due to a disabling accident or illness can be just another event you have planned for.
Term Life rates
Rate advantages
12% lower rate on coverage of $250,000 or more
If you purchase Term Life coverage of $250,000 or more per person, a 12% lower rate applies to all of that person’s Term Life coverage under this Plan.
Save 28% to 48% for non-smokers
Special rates mean that if you qualify as a non-smoker, you can pay less. If, after you become covered, you quit smoking cigarettes for at least 12 months and meet the plan’s health standards, you can apply for lower non-smoker rates.
Monthly premium per $50,000 of coverage
Choose coverage up to $750,000, in increments of $50,000. To determine your payment, find the rate below that corresponds to you, then multiply it by the number of $50,000 increments you want.
| Age² | Male | Female |
|---|---|---|
| under 30 | $4.00 | $3.00 |
| 30 to 34 | $4.50 | $3.75 |
| 35 to 39 | $5.50 | $4.50 |
| 40 to 44 | $8.00 | $6.50 |
| 45 to 49 | $12.00 | $9.50 |
| 50 to 54 | $19.75 | $14.75 |
| 55 to 59 | $33.00 | $22.75 |
| 60 to 693 | $40.75 | $28.50 |
| 70 and up4 | No further premiums to pay | No further premiums to pay |
NOTE: Rates are subject to change without notice.
1 Non-smokers are those who have not smoked cigarettes within the past 12 months and who meet Manulife's health standards.
2 Age means the age attained by the applicant as of the Policy Anniversary Date (July 1 of each year). Note that premiums increase with age.
3 Apply up to and including age 59. Beginning at age 65 and continuing through age 69, the value of each unit of coverage is $25,000.
4 The Insurance Continuation Benefit of $5,000 per unit replaces the Term Life benefit beginning at age 70 and no further premiums are payable for life.
| Age¹ | Male | Female |
|---|---|---|
| under 30 | $6.00 | $4.50 |
| 30 to 34 | $7.00 | $5.25 |
| 35 to 39 | $9.50 | $6.75 |
| 40 to 44 | $15.50 | $11.00 |
| 45 to 49 | $23.50 | $16.75 |
| 50 to 54 | $35.75 | $24.25 |
| 55 to 59 | $54.75 | $34.00 |
| 60 to 692 | $71.50 | $42.50 |
| 70 and up3 | No further premiums to pay | No further premiums to pay |
NOTE: Rates are subject to change without notice.
1 Age means the age attained by the applicant as of the Policy Anniversary Date (July 1 of each year). Note that premiums increase with age.
2 Apply up to and including age 59. Beginning at age 65 and continuing through age 69, the value of each unit of coverage is $25,000.
3 The Insurance Continuation Benefit of $5,000 per unit replaces the Term Life benefit beginning at age 70 and no further premiums are payable for life.
Term Life FAQ
Association members and their spouses who are residents of Canada are eligible to apply. Please check the product page for age requirements.
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 meet the age requirements
- 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.
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.
A death benefit is the amount paid to your beneficiary if you die while your life insurance plan is in effect. A living benefit is the amount paid to you when you meet certain conditions. For example, you may receive part of your life Insurance death benefit while you are alive if you are diagnosed with a terminal illness with less than 12 months to live.
Take action
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Still have questions?
Call a Licensed Insurance Advisor at 1-800-668-0195
(Monday – Friday 8am - 8pm ET)
or e-mail us at am_info@manulife.com
Ready to apply for Term Life Insurance?
It's easy and quick to apply for Term Life Insurance. Simply download and print the PDF application below, fill it out, and mail it to the address found on the application. We'll contact you when your application is processed.
Download an application (PDF)Our 30 day guarantee
If you are not completely satisfied with your coverage, simply return your insurance policy to Manulife within 30 days of receiving it and any premiums paid for the coverage will be promptly refunded.1
1 The insured may, within thirty (30) days after receiving this policy, return it to the address below for cancellation. The policy will be considered never to have come into effect and any premium paid up to the end of the 30-day examination period will be refunded, less any claims paid. Where claims paid exceed premiums, the difference must be repaid to the insurer immediately. This right of cancellation expires thirty (30) days after the policy is received by the insured and does not apply to any reissued, substituted or consolidated policy continuing coverage that commenced under a previously issued policy. The rights of any beneficiary under the policy are subject to this right of cancellation.