Manulife is one of the largest and most trusted life insurance companies in Canada. This extensive guide covers everything you need to know about Manulife’s life insurance products, pricing, financial strength, pros and cons and more.
What is Manulife Insurance?
Manulife Financial Corporation is an international financial services group founded in Canada in 1887. They provide insurance, annuities and wealth management products and services to over 30 million customers globally.
In Canada, Manulife is one of the leading life insurance carriers with over 5,000 employees and insuring more than 1 in 5 Canadians. They are considered one of the “Big Three” life insurance companies in Canada, alongside Sun Life, Canada Life, RBC life insurance, BMO life insurance, Ivari life insurance,….
Key facts about Manulife Canada:
- Headquarters in Toronto, ON
- Over 5,000 employees across Canada
- Insures over 1 in 5 Canadians
- Over $200 billion in funds under management in Canada
- Holds a 26% market share of Canadian individual life insurance market (2)
Manulife has earned strong financial strength ratings from independent agencies:
- A.M. Best: A+ (Superior)
- Moody’s: A1 (Good)
- Standard & Poor’s: AA- (Very Strong)
These ratings indicate Manulife’s stability and its ability to meet policyholder obligations.
What Products Does Manulife Life Insurance Offer?
Manulife offers an extensive suite of life insurance solutions covering both term and permanent policy types.
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 – Core term life product offering customizable coverage from $100k up 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 – Same as regular Family Term but with access to an enhanced wellness rewards program. Policyholders can earn premium discounts if they meet health goals.
- CoverMe Term – Simplified issue term life with easy online application. 10-year renewable terms. No medical exam is required for instant coverage from $100k to $1 million.
- CoverMe Easy Issue – Simplified issue life insurance with limited underwriting. Coverage amounts from $50k to $75k. No medical exam is required.
Permanent Life Insurance
Permanent life maintains coverage throughout your entire lifetime. It also builds cash value that you can access or borrow against. Manulife’s permanent products include:
- Manulife UL – Universal life policy that allows investing the cash value in a tax-sheltered account. Wide range of investment options available.
- Manulife Par Whole Life – Participating whole life with guaranteed cash value growth at a fixed rate. Available in single or joint policy types.
- Manulife Par with Vitality Plus – Same as regular Par Whole Life but includes access to Vitality enhanced wellness rewards program.
- Manulife UL with Vitality Plus – A universal life policy combined with the Vitality Plus wellness program. Opportunity to earn rewards and premium reductions for meeting health goals.
- CoverMe Guaranteed Issue – Permanent coverage up to $25,000 with no medical questions or exam required. Guaranteed acceptance for applicants aged 40 to 75.
Health Insurance
Manulife provides comprehensive health insurance options:
- Flexcare – Customizable health and dental plans. Rx drug, vision, and paramedical coverage are available.
- FollowMe – Health coverage for those losing workplace benefits. Guaranteed acceptance.
- Association Plans – Special rates for alumni, professional associations, and retail groups.
Disability Insurance
Disability insurance replaces income if injury/illness prevents working:
- Long-Term Disability – Partial income replacement for extended disabilities.
- Short-Term Disability – Shorter-term income replacement up to 26 weeks.
- Stay-at-Work Services – Support to remain employed despite health issues.
Critical Illness Insurance
Pays out lump sum on diagnosis of covered serious conditions:
- Lifecheque – Range of critical illness coverage and term lengths.
- CoverMe Critical Illness – Simplified issue critical illness. Online application.
Other Products
Manulife also offers specialized policies like:
- Manulife Synergy – Combined life, disability, and critical illness coverage in one policy. Pays out if you can’t work due to illness/injury or pass away prematurely.
- Mortgage Protection – Term life insurance that covers your outstanding mortgage balance in the event of death. Helps families retain homes without mortgage worries.
- 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.
What is Manulife Term Life Insurance?
Manulife offers three main term life insurance options:
Manulife Family Term
The Family Term product line is Manulife’s flagship term insurance policy. It provides customizable coverage to safeguard loved ones in the event of premature death.
Some key features include:
- Coverage amount: Minimum $100k up to $20 million maximum.
- Term lengths: Choose 10 or 20 years.
- Living benefits: Receive an advance payout of up to $500k if diagnosed terminally ill. Policy also covers $1,000 for bereavement counseling services.
- Convertibility: Can convert to a Manulife permanent life insurance policy without added medical underwriting.
- Premium discounts: Reduced rates when insuring two lives under one policy.
- Optional riders: Add critical illness, disability income, and children’s insurance.
Family Term gives you the flexibility to tailor coverage to your budget and needs. The option to add supplementary benefits can provide comprehensive protection for families.
Family Term with Vitality Plus™
Family Term with Vitality Plus packages Manulife’s customizable term life insurance with access to the enhanced Vitality Plus wellness program.
This policy provides affordable temporary coverage to protect loved ones, along with opportunities to earn rewards for healthy living.
Key Features
- Term lengths of 10 or 20 years
- Coverage from $250k up to $25 million
- Living benefits for terminal illness and bereavement
- Convertible to permanent life insurance
- Access to the Vitality Plus rewards program
- Earn premium discounts up to 15% for achieving health goals
- Incentives like gift cards, brand name discounts, and memberships
For health-focused individuals and families wanting rewards for active lifestyles plus solid term life protection, Family Term with Vitality Plus is an excellent option.
The Vitality Plus program does add a small monthly fee, but the potential savings and rewards can easily offset the costs. For convenient term coverage with health incentives, it’s a great package.
Manulife CoverMe® Term
Manulife CoverMe® Term is 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 $100k
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.Me® Easy Issue product provides an easily accessible term life solution for everyday Canadians.
What is Manulife Permanent Life Insurance?
For lifelong protection paired with tax-advantaged cash value growth, permanent life solutions may be appropriate. Let’s overview some of Manulife’s key permanent policy options.
Whole Life Insurance
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 Par with Vitality Plus™
Manulife Par with Vitality Plus combines the benefits of a participating whole life insurance policy with the health incentives of Manulife’s Vitality Plus enhanced wellness program.
This permanent life insurance product provides reliable, lifelong coverage along with guaranteed cash value growth. The Vitality Plus addition enables policyholders to earn premium discounts and rewards for completing personalized health goals.
Key Features
- Guaranteed lifelong coverage
- Guaranteed cash value accumulation at a predetermined, fixed rate
- Level premiums – payments stay the same for the life of the policy
- Flexible limited pay options – 10 years or 20 years
- Access to the Vitality Plus rewards program at no added cost
- Earn premium discounts of up to 15% for meeting activity and health targets
- Rewards like gift cards, memberships, and brand-name discounts
For those seeking straightforward permanent protection plus incentives for healthy living, Manulife Par with Vitality Plus bundles the best of both worlds into one policy.
Manulife CoverMe® Guaranteed Issue
CoverMe® Guaranteed Issue is a permanent life insurance policy with guaranteed acceptance for applicants aged 40-75.
Key highlights:
- 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.
Universal Life Insurance
For permanent coverage coupled with investment upside, Manulife provides the following universal life insurance options tailored for Canadians.
Manulife UL
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.
Manulife UL with Vitality Plus™
The Manulife UL with Vitality Plus policy packages permanent universal life insurance coverage with access to Manulife’s enhanced Vitality Plus wellness rewards program.
This unique combo gives you lifelong protection, investment growth potential within the policy, and opportunities to earn premium discounts by staying active and making healthy choices.
Key Features
- Permanent, lifelong coverage
- Invest cash value in a tax-sheltered policy account
- Wide range of investment options, from conservative to aggressive
- Tax-deferred growth on investments
- Use cash value to offset premium costs
- Withdraw or borrow against accrued cash value
- Bypass probate – funds go directly to beneficiaries
- Access to maximum Vitality Plus rewards
- Earn up to 15% off premiums by meeting health metrics
- Incentives like gift cards, brand name discounts, and more
For policyholders who appreciate investment flexibility paired with health incentives, Manulife UL with Vitality Plus is a strong choice.
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
With this bundled approach, Synergy can cover mortgage, income, and major healthcare expenses in the event of an unexpected life event.
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.
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 their 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 15% 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.
Read more: How to save money on life insurance
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.
Here is a pricing example for a 20-year, $400,000 term policy for a healthy, non-smoking 40-year-old:
Insurer | Male | Female |
---|---|---|
Manulife | $187 | $140 |
Sun Life | $213 | $167 |
Canada Life | $201 | $149 |
In this scenario, Manulife offers the most affordable premium pricing.
Who is Manulife Life Insurance Good For?
Based on their competitive pricing and variety of policy options, Manulife life insurance is an excellent choice for:
- Young, healthy individuals who qualify for lower premium rates
- Anyone interested in the Vitality program for potential ongoing discounts
- Those seeking permanent life insurance, given Manulife’s strong selection
- Individuals looking to bundle multiple policies together, such as critical illness insurance
- Business owners needing buy-sell agreements or key person insurance
- Clients who prefer to manage policies digitally and minimize paperwork
With an incredible range of term, permanent, and universal life insurance solutions, Manulife can craft customized coverage for Canadians across many lifestyles and stages of life.
How to Buy Manulife Life Insurance?
Follow these steps when purchasing Manulife life insurance:
- Get a personalized quote from Manulife and other insurers
- Work with an experienced advisor to select the right products/features
- Be prepared for the underwriting process, including medical exam
- Ask about available discounts you may qualify for
- Review policy terms and conditions closely
- Notify Manulife of major life events that may impact your coverage
- Pay premiums on time every month
Take the time upfront to find the optimal Manulife policy and features for your budget and needs.
Pros of Manulife Life Insurance
Key advantages of choosing Manulife:
- Strong financial ratings as an industry leader
- A diverse selection of term, permanent and universal life insurance
- Competitive pricing, especially for young, healthy individuals
- Innovative Vitality program that rewards healthy habits
- Strong customer service reputation
Cons of Manulife Life Insurance
Potential downsides to consider:
- Complexity of numerous products available
- Some negative reviews of customer service experiences
- Not the cheapest pricing for older applicants or large coverage amounts
Make sure to compare quotes and weigh the pros and cons before deciding on Manulife.
Tips for Purchasing Manulife Life Insurance
If you’re 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.
Here is a condensed summary of the key points about Manulife life insurance:
- Tips for purchasing include comparing quotes, working with an advisor, and closely reviewing policy details.
- Manulife offers a wide selection of term, permanent, and universal life insurance policies in Canada.
- It has strong financial strength ratings and competitive pricing, especially for young/healthy applicants.
- Term options include customizable Family Term and simplified issue CoverMe Term.
- Permanent policies like Par Whole Life and Universal Life are available with the Vitality rewards program.
- Advantages include strong ratings, diverse products, and wellness incentives. The downsides may be complexity and mixed service reviews.
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.
How long does it take for Manulife to pay out life insurance?
Manulife typically issues life insurance claim payments within 5-10 business days after receiving completed claim forms and verifying the claim meets benefits and eligibility requirements.
Does Manulife drug test for life insurance?
Manulife may require a drug screening as part of the medical underwriting process for permanent or high coverage amount term life insurance applications. The test checks for nicotine, legal, and illicit drugs.
Can I renew my Manulife term life policy?
Manulife term life insurance policies are guaranteed renewable up until a certain age, allowing you to extend your coverage for additional terms without requiring new medical underwriting at renewal.
How do I find my Manulife life insurance policy number?
To find your existing individual life insurance policy number with Manulife, check your welcome package or billing statements. You can also call their customer service line and provide personal details for them to look up your policy.
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.
Is Manulife whole life insurance a good investment?
Manulife's whole life insurance policies like Par and Performax Gold can be a reasonable option for permanent coverage paired with conservative long-term investment growth potential. The cash value accumulation features tax benefits as well.
How do I pay my Manulife life insurance premium?
You can pay Manulife premiums in several ways - via one-time or recurring credit card payments, personal or bank check, withdrawal from an account, or through an insurance broker. You can update payment details anytime.
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.
Will Manulife life insurance insure seniors over age 70?
Manulife's term life insurance has age cut-offs at renewal around age 70-85 depending on product. For permanent insurance, Manulife covers seniors over 70. Their whole life options have no maximum age for applicants.
Does Manulife life insurance require a medical exam?
Most Manulife life insurance policies require a standard medical exam including blood, urine testing, and potentially an EKG depending on your age and coverage amount. However, simplified issue policies like CoverMe Easy Issue do not require an exam.
How long does underwriting take with Manulife life insurance?
Underwriting times vary, but many healthy applicants can complete Manulife's accelerated underwriting process in 1-2 weeks. More complex cases requiring policy review can take 4-6 weeks.
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.
Are Manulife life insurance rates competitive?
Manulife is known to offer very competitively priced rates for certain segments such as young healthy applicants and lower face amount policies under $500,000 in coverage.
Who is the CEO of Manulife?
The current President and Chief Executive Officer of Manulife is Roy Gori, who has served in this role since 2017.
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