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Term VS Permanent Life Insurance (Canada)A term life policy expires once the life insured person reaches a certain age, and � A permanent policy lasts the insured person's entire lifetime. Lifetime coverage. With whole life insurance, you have permanent coverage for life�your protection does not end after a certain period. Take advantage of Manulife Vitality benefits on select permanent life products, at no cost. Earn rewards and save money when you live healthier.