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

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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.

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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.

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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.

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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.

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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.

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.

Determining your eligibility

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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.

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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.

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

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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

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

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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

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.

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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.

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See the ICB rates that apply to you below:

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Insurance Continuation Benefit (ICB) Monthly premiums per unit ($2,500)