How does CoverMe Term Life insurance work? Term Life insurance is one of the simplest most affordable types of life insurance available. Typically, you get more coverage for less cost. Depending on the insurer, the underwriting process can take 4-6 weeks. With CoverMe however, you can get instant coverage online – with no medical exam required ¬– up to a certain amount. Here’s how it works: Once you choose your coverage amount, we calculate your monthly premium based on your age and health, in other words, your risk level. The younger and healthier you are, the lower your premiums will be. Your premium is set for the entire length of your term. Note: You could save a significant amount of money in the future by purchasing Term Life now while you’re still relatively young and in good health. Plus, with CoverMe, you get a guaranteed renewal up to age 85 regardless of any changes in your health. So for example, if you get diagnosed with a terminal illness and want to renew your policy once it expires, we do not deny you a renewal. We also give you the ability to convert your CoverMe term policy to a permanent policy with Manulife. Just ask one of our licensed advisors.