An affordable way to help protect your family’s financial future

With Term Life Insurance for CARP Members, you can choose the level of protection that best suits you, your family, and your budget. This plan is an affordable life insurance solution that offers coverage from $50,000 to $150,000, with rates that are guaranteed not to increase for the first 10 years.

 

Affordable premiums – that won’t increase for the first 10 years

Your beneficiaries receive a tax-free lump sum benefit after your death

Includes a Living Benefit and Conversion Option

Recognizing that everyone's financial needs are different, Term Life Insurance for CARP Members lets you choose the amount of coverage that makes sense to you. Coverage for this ranges from $50,000 up to a maximum of $150,000, in increments of $25,000

If the unthinkable happens – the built-in Living Benefit can be used for anything, including: mortgage payoff, final expenses, payment of debts, living expenses, retirement or education funds.

  • Benefit is available after the policy has been in force two years
  • 50% of the coverage amount, up to a maximum of $75,000, will be advanced upon diagnosis of a terminal illness with a medical prognosis of 12 months or less to live if the diagnosis occurs before the attained age of 83
  • At time of death, the amount paid will be the face amount less the amount previously advanced, with no adjustment for interest
  • Once you receive 50% of your coverage, you are no longer required to pay any further premiums and the remaining balance will go to your beneficiary at time of your death

Term Life Insurance for CARP Members is guaranteed renewable every 10 years up until your 85th birthday - regardless of any changes in your health.

Even if your health declines, your coverage will not be cancelled as long as your premiums are paid - eliminating any concerns about your future insurability.

Before age 70, you can convert your Term Life Insurance for CARP Members to a Manulife permanent life insurance policy – with no additional medical information required.

Once converted, rates for the permanent life plan will be in effect.

30-Day Satisfaction Guarantee

If you are not completely satisfied with your Term Life Insurance for CARP Members, simply notify Manulife within 30 days of your policy issue date and premiums will be refunded in full.

You are eligible to apply for the Term Life Insurance for CARP Members if:

  • you are a CARP Member and meet Manulife’s underwriting requirements;
  • you are between the ages of 18 and 70 years, inclusive and
  • you are a Canadian resident, excluding residents of Quebec

To be eligible for non-smoker rates:

  • Non-smoker rates apply to people who have not used any form of tobacco or tobacco cessation products in the past twelve months
  • Smokers who become policy-holders can re-apply for non-smoker rates if they quit using tobacco or tobacco cessation products for 12 months

 

Limitations & Exclusions:

Benefits will not be paid for suicide within two years of the effective date of the policy. In such cases, total premiums paid will be returned without any interest adjustment.

This is not a contract. Actual terms and conditions are detailed in the policy issued by Manulife upon final application approval. It contains important details concerning exclusions, conditions and limitations. Please review it carefully upon receipt.

This product is currently not available to residents of Quebec.

Monthly premium rates are based on your sex, smoking status, your age and amount of coverage when you apply. Premiums are guaranteed for the first ten years, at the end of the first 10 years (and every 10 years thereafter as long as your policy is in force), your coverage will be renewed at your new age-based rate – there is no need to re-apply.

Coverage is available from $50,000 to $150,000, in increments of $25,000 for both Member and spouse - See sample monthly rates for $50,000 of coverage below. Rates shown in the chart below are subject to change without notice.

Non-smokers rates are available and offer a significant savings – on average up to 50% lower than for smokers. Non-smoker rates apply to people who have not used any form of tobacco or tobacco cessation products in the past twelve months.

Monthly Premium Rates for $50,000 of Term Life Insurance coverage

Rates below apply for both CARP Member and spouse. For additional rates for ages 18-49 and for non-smoker and smoker rates for all other coverage amounts up to $150,000, download pdf brochure - or complete your own personal quote.

Age Male Female
50 $19.50 $14.70
51 $20.90 $15.50
52 $22.30 $16.30
53 $24.40 $18.00
54 $26.40 $19.70
55 $28.40 $21.20
56 $30.40 $22.90
57 $32.50 $24.70
58 $35.90 $26.70
59 $39.60 $28.90
60 $43.80 $31.30
61 $48.50 $33.90
62 $53.70 $36.80
63 $61.60 $41.10
64 $68.90 $45.90
65 $76.80 $51.30
66 $85.60 $57.50
67 $94.40 $64.40
68 $104.50 $71.70
69 $114.60 $79.90
70 $124.70 $89.10

 

1 Non-smoker rates apply to people who have not used any form of tobacco, tobacco cessation products or marijuana in the past twelve months.

Age Male Female
50 $43.30 $27.90
51 $46.30 $29.40
52 $49.30 $31.00
53 $55.20 $34.80
54 $61.10 $38.70
55 $66.90 $42.50
56 $72.80 $46.20
57 $78.70 $50.20
58 $86.80 $54.40
59 $95.80 $59.10
60 $105.80 $64.10
61 $116.90 $69.60
62 $129.10 $75.60
63 $140.60 $83.40
64 $153.20 $90.20
65 $166.90 $97.80
66 $181.90 $106.60
67 $198.30 $115.30
68 $210.50 $125.30
69 $222.70 $135.20
70 $234.90 $145.20

Complete your own personal quote below, or call for more information. You can visit the Resource Centre for a downloadable pdf of the brochure (with rates) or application.