Agree with everything that's been said so far, especially having it being managed but you should do some research in the fund managers and their performance history when looking at Mutual or Segregated Funds as not all managers are that good. Also when looking at a funds performance history make sure they are already net of MERs.
Also, Mutual funds as far as I know always has your distributions reinvested by default which is convenient.
One downside of dealing with mutual fund brokers if not buying through discount brokerage though is that if you have a bad broker you're buying it through, your sell order may not be executed when you want it to be (happened to a friend of mine, told them to sell and never sold
).
If you also wanted to know, there are also things called Segregated Funds offered by Life insurance companies that have usually 75% or 100% protected principal guarantees on contract maturity and death. These are basically the same as Mutual Funds (all have mutual fund equivalents), but have even a little bit of a higher MER (in most but not all) cases then a Mutual Fund that you're paying for the principal protection.