Manulife (The Manufacturers Life Insurance Company) is one of the largest and most trusted life insurance companies in Canada, founded in 1887. They are considered one of the “Big Three” life insurance companies in Canada, alongside Sun Life and Canada Life.
Manulife offers a broad range of life insurance products, spanning five term products, three permanent options, and the unique Synergy combination policy, with coverage ranging from $5,000 to $25,000,000, depending on the product line.
Pricing varies sharply by purchase channel: family term policies are competitively priced for healthy non-smokers, while CoverMe products carry noticeably higher premiums for the convenience of buying online without an advisor.
This review evaluates each product and compares pricing across channels to help you determine whether Manulife is the right life insurer for your needs in 2026.
Is Manulife Insurance a Good Insurer?
- A.M Best Rating: A+ (superior)
- LifeBuzz Rating: 5⭐
Manulife is an excellent choice for those seeking a wide variety of policy options from a financially stable. It is Canada’s largest life insurer by assets, backed by top-tier financial strength ratings that confirm strong long-term claims-paying ability.
Manulife is particularly competitive for young, healthy individuals and those interested in being rewarded for a healthy lifestyle through its innovative Vitality program. However, its pricing may be less competitive for older applicants or those seeking the largest coverage amounts.
What We Like About Manulife
- Top-tier financial strength ratings (A+ from A.M. Best).
- Diverse product lineup for almost any need.
- Its vitality program offers real savings for healthy habits.
- Strong digital tools for policy management.
- Simplified and guaranteed issue options available
What Could Be Improved
- Complexity of numerous products available
- Not the cheapest pricing for older applicants or smokers
- Customer service experiences can be mixed
What Products Does Manulife Life Insurance Offer?
Manulife offers three term life insurance products, three permanent options, and the combination Synergy policy, giving it one of the broadest product lineups among Canadian insurers. The range means most Canadians can find a suitable product regardless of health status, budget, or coverage needs, though the number of options can make selecting the right one confusing.
Manulife Term Life Insurance
Term life provides temporary coverage for a set period of time, such as 10, 20, or 30 years. It pays a death benefit to your beneficiaries if you pass away during the term. Manulife’s main term products include Family Term, CoverMe Term, and CoverMe Easy Issue.
Manulife Family Term
This is the core term life product offering, with customizable coverage from $100k to $20 million. Available in 10 or 20-year terms. Includes “living benefits” like terminal illness payouts and bereavement counselling.
Family Term with Vitality Plus is the same as regular Family Term, but with access to an enhanced wellness rewards program. You track your health activities (like steps, workouts, and check-ups) through a mobile app and connected fitness devices. You earn points for hitting personalized goals.
For a small monthly fee, active, health-conscious individuals can easily recoup the cost and significantly reduce their insurance premiums. It’s a powerful incentive to stay healthy while saving money.
Manulife CoverMe Term
Manulife CoverMe Term is a renewable term insurance tailored for the middle-income market. It is a basic and affordable term life solution that is available completely online.
Key features:
- 10-year guaranteed renewable terms to age 85
- Available for Canadian residents aged 18 to 65
- Coverage amounts from $100,000 to $1 million
- Guaranteed conversion to permanent life insurance prior to age 70
- Terminal illness benefits up to 50% of the death benefit or $100,000
- Digital policy delivery and online account management
- Addition of optional critical illness insurance or other riders
With guaranteed renewal at the end of each 10-year term and streamlined digital servicing, CoverMe Term offers a convenient coverage option at an affordable price point.
Manulife CoverMe Easy Issue
CoverMe Easy Issue Term is a simplified issue life insurance policy with limited underwriting requirements. It offers quick acceptance for smaller coverage amounts:
- No medical exam
- Coverage amounts: $50,000 to $75,000
- Term length: 10 years
- Living benefits: Terminal illness advance payout up to 50% of coverage or $100,000
CoverMe Easy Issue is designed for those who may struggle to qualify for regular life insurance due to health conditions. It provides an accessible, limited coverage option.
Source: https://www.manulife.ca/personal/insurance/our-products/life-insurance/term-life-insurance.html
Manulife Permanent Life Insurance
Manulife’s permanent life insurance products provide lifelong coverage with a cash value or dividend component, suited for estate planning, wealth transfer, or lifelong protection needs.
Manulife’s permanent products include Manulife UL, Manulife Par, and CoverMe Guaranteed Issue.
Manulife Par
The Manulife Par is a whole life insurance product that provides guaranteed lifetime coverage along with reliable, fixed-rate cash value growth.
Key features include:
- Guaranteed cash values: Cash value grows at a predetermined, contracted rate. Provides stable, predictable policy values.
- Level premiums: Payments remain constant throughout the policy’s life.
- Paid-up options: Flexibility to purchase a policy with limited 10 or 20-year payment terms.
- Dividend payouts: After 10 years, dividends can be withdrawn or used to offset premium costs.
With guaranteed growth and consistent premiums, Par Whole Life offers a simple approach to permanent protection and accumulating supplemental retirement funds outside of registered accounts.
Manulife CoverMe Guaranteed Issue
CoverMe Guaranteed Issue is a permanent life insurance policy with guaranteed acceptance for applicants aged 40-75.
- No medical exam or health questions are required
- Permanent coverage from $5,000 to $25,000
- Guaranteed premiums – cost won’t increase
- Living benefits for terminal illness
CoverMe Guaranteed Issue provides simple, no-hassle permanent life insurance for older adults.
Manulife Universal Life Insurance
Manulife UL offers permanent coverage along with investment growth potential through universal life insurance. With Manulife UL, you have flexibility when it comes to investing and managing the policy’s cash value:
- Wide range of investment options from conservative to aggressive growth.
- Tax-deferred growth of cash value invested. No tax is applied until withdrawn.
- Use cash value to pay premiums through a gross premium offset. This reduces your out-of-pocket costs over time.
- Withdraw cash anytime: Take partial withdrawals or loans against your policy’s accrued cash value.
- Bypass probate: Proceeds are paid directly to named beneficiaries, avoiding delays in estate settlement.
For policyholders interested in maximizing investment potential under the umbrella of permanent life insurance, Manulife UL provides robust options to grow tax-sheltered wealth.
Source: https://www.manulife.ca/personal/insurance/our-products/life-insurance/permanent-life-insurance.html
Manulife Synergy Multi-Coverage Insurance
Manulife Synergy bundles three complementary coverage types into one policy:
- Term life insurance pays out upon death
- Disability insurance replaces income if you can’t work due to illness or injury
- Critical illness insurance provides a lump sum payment if diagnosed with a covered condition
Having streamlined access to three important coverage types provides comprehensive financial protection for families and individuals. It’s an appealing option for those wanting an integrated, all-in-one insurance solution.
Other Manulife’s Offerings
Manulife also offers specialized policies like:
- Mortgage Protection – Term life insurance that covers your outstanding mortgage balance in the event of death. Helps families retain homes without mortgage worries.
- Manulife Travel Insurance – Emergency medical and trip cancellation/interruption coverage for travel outside your home province or internationally.
With this diverse selection, Manulife can accommodate insurance needs ranging from temporary family income protection to permanent legacy planning and business continuity.ty insurance, critical illness insurance and the Vitality rewards program.
Additional Benefits and Features
In addition to the core life insurance coverage, Manulife policies include valuable supplementary features.
Manulife Vitality Program
Many Manulife policies come with access to the Vitality wellness incentives program. By linking your policy to a wearable fitness device, you can earn the following rewards for meeting personalized health goals:
- Premium savings: can earn up to 10% off insurance premiums
- Gift cards: for popular retailers like Amazon and Cineplex
- Members-only discounts: for hotels, fashion brands, entertainment services, and more
Vitality incentivizes you to maintain an active, healthy lifestyle. It’s a great way to get additional value from your life insurance coverage.
Living Benefits
Select Manulife life insurance plans include the following “living benefits”:
- Terminal illness payout: Receive an advance payment of up to $500k if diagnosed as terminally ill with less than 12 months to live. Can spend this money however you wish.
- Bereavement counselling: Plans cover up to $1,000 for grief counselling services for your loved ones after your passing.
These features provide financial assistance and emotional support during difficult times.
Online Convenience
Manulife offers digital convenience, including:
- ePolicy delivery: Retrieve copies of all policy documents electronically through your online account.
- Paperless setup: Apply for coverage and complete all documents digitally without any paper forms to manage and send in.
- Mobile app: View policy details, make payments, file claims, and access wellness program rewards, all through Manulife’s mobile apps.
Going paperless saves time, reduces clutter, and enables accessing details anytime from your smartphone.
How Much Does Manulife Life Insurance Cost?
The cost of coverage from Manulife Life Insurance depends on multiple characteristics:
- Age: Older applicants will pay higher premiums. Rates increase significantly after age 50.
- Gender: Women often receive lower rates than men, especially at younger ages.
- Health Status: Applicants must undergo full medical underwriting. Those with excellent health get lower premiums.
- Family History: Medical conditions impacting parents or siblings can increase rates.
- Lifestyle: Habits like smoking and high-risk hobbies impact pricing.
- Coverage Amount: Higher death benefit amounts mean higher required premiums.
- Term Length: Longer terms (e.g. 30 years) have higher rates than shorter 10 or 20-year terms.
- Policy Type: Permanent and universal life insurance costs more than term insurance.
To demonstrate Manulife life insurance’s pricing, here are sample monthly premiums for a 20-year $500,000 term policy:
| Age | Non-smoker, Male | Non-smoker, Female |
|---|---|---|
| 20 | $30.80 | $21.05 |
| 25 | $30.80 | $21.43 |
| 30 | $30.98 | $22.39 |
| 35 | $32.44 | $24.98 |
| 40 | $46.92 | $35.54 |
| 45 | $74.87 | $54.15 |
| 50 | $125.82 | $87.32 |
| 55 | $229.45 | $100.09 |
Actual premiums will depend on your personal details. Get a free personalized Manulife quote to see rates tailored to your situation.
How Does Manulife Compare to Other Insurers?
When comparing Manulife’s pricing to other major Canadian insurers like Sun Life or Canada Life, Manulife Life Insurance tends to be very competitively priced in many situations:
- For younger, healthy applicants, they often offer excellent rates
- For policy face amounts under $500,000, their pricing is quite affordable
- Vitality program discounts can reduce costs further
However, pricing can vary significantly based on individual traits. Always compare personalized quotes from multiple carriers before deciding.
Tips for Purchasing Manulife Life Insurance
If you are considering Manulife for your life insurance needs, keep these tips in mind:
- Compare personalized quotes from Manulife and at least 2-3 other top insurers before deciding
- Work with an experienced insurance advisor to ensure you pick the right products and features
- Be prepared to undergo a medical exam and provide family medical history
- Ask about discounts like multi-policy, member benefits, or non-smoker rates
- Review policy terms and conditions closely and ask questions upfront
- Notify Manulife of major life events like marriage, new home, job change, etc., which may impact your coverage
- Pay premiums on time each month and update payment details as needed
Getting life insurance through a highly-rated provider like Manulife is a smart long-term financial move. But make sure you take the time to find the right plan that aligns with your budget and needs.
Frequently Asked Questions about Manulife Life Insurance
How long has Manulife been in Canada?
Manulife has had a presence in Canada since 1887 when it was founded under the name The Manufacturers Life Insurance Company. The company is now one of the largest and most established insurers in Canada.
How do I contact Manulife insurance?
You can contact Manulife's customer support by phone at 1-888-626-8543, by email at am_service@manulife.com, or by mail at Manulife Financial, 500 King Street North, PO Box 1669, Waterloo, ON N2J 4Z6.
Does Manulife sell life insurance over the phone?
Yes, you can apply and purchase Manulife life insurance coverage entirely over the phone by contacting a licensed advisor or agent. The advisor will walk you through the application process.
What is the claims process for Manulife life insurance?
To make a life insurance claim with Manulife, the beneficiary should contact their customer service team right away to begin the process. Required documents usually include a death certificate and the policy contract.
Does Manulife offer mortgage life insurance?
Yes, Manulife's term life insurance can provide mortgage protection. Their Family Term policy offers coverage up to $25 million, making it a good option to cover the balance of a mortgage with a large payout if you pass away.
Does Manulife sell critical illness insurance?
Yes, Manulife offers stand-alone critical illness insurance. They also allow you to bundle critical illness coverage with some of their life insurance policies as a package offering discounted rates.
Can I cancel my Manulife life insurance anytime?
You can request to cancel your Manulife life insurance policy anytime; however, this will terminate your coverage. It's often better to explore options like reduced premiums or coverage amounts before canceling outright.
What is the maximum payout on Manulife life insurance?
Manulife does not disclose their maximum limits, but based on available products their term life policies offer up to $25 million in coverage and permanent life policies up to $10 million in a death benefit.
Does Manulife life insurance offer insurance for seniors?
Yes, Manulife insures seniors through permanent life insurance products like their whole life and universal life options which have no maximum age cut-off for applicants.
