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Manulife Life Insurance: The Canadian Choice? Full Review and Breakdown

Manulife Life Insurance: The Canadian Choice? Full Review and Breakdown
Manulife Life Insurance: The Canadian Choice? Full Review and Breakdown

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?

What Products Does Manulife Life Insurance Offer?
What Products Does Manulife Life Insurance Offer?

Manulife Life Insurance provides an extensive suite of individual life insurance solutions suitable for Canadians across different demographics and life stages:

Term Life Insurance

  • Manulife Family Term
  • Manulife CoverMe® Term
  • Manulife CoverMe® Easy Issue

Permanent Life Insurance

  • Manulife Par Whole Life
  • Manulife Performax Gold®
  • Manulife CoverMe® Guaranteed Issue

Universal Life Insurance

  • Manulife UL
  • Manulife InnoVision®

They also offer supplementary products like disability 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

Manulife’s Family Term policy provides affordable temporary coverage for 10, 20, or 30-year periods.

Policy highlights:

  • Guaranteed level premiums for the entire term
  • Available for Canadian residents aged 18 to 75
  • Minimum coverage of $250,000
  • Maximum coverage up to $25 million
  • Can convert to permanent insurance prior to age 70 without medical underwriting
  • Includes terminal illness benefits up to 50% of the death benefit or $100,000
  • Covers bereavement counselling costs up to $1,000
  • Available as stand-alone coverage or combined with critical illness insurance

With the ability to secure large death benefit amounts, flexibility of term lengths, and added provisions like terminal illness payout, Manulife Family Term offers a robust term life insurance solution for Canadians seeking temporary protection.

Manulife CoverMe® Term

Manulife CoverMe® Term is a renewable term insurance tailored for the middle-income market.

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

Manulife CoverMe® Easy Issue is a simplified issue term policy with no medical underwriting.

Policy particulars:

  • Available to Canadian residents aged 18 to 70
  • 10-year guaranteed renewable terms until age 85
  • Face amounts from $10,000 to $75,000
  • Only two health questions are required
  • 31-day free look period
  • Optional terminal illness benefit pays out 50% of coverage
  • Well-suited for fast, basic budget coverage

By eliminating the need for medical exams and offering quick approval, the CoverMe® Easy Issue product provides an easily-accessible term life solution for everyday Canadians.

What is Manulife Permanent Life Insurance?

For lifelong protection, Manulife offers both whole and universal permanent policies:

Manulife Par Whole Life

Manulife Par is a participating whole life insurance policy with attractive features:

  • Available for Canadian residents aged 0 to 85
  • Guaranteed cash values and dividends
  • Premiums payable for 10 or 20 years
  • Coverage from $100,000 to $10 million
  • Policyholders can use dividends to purchase additional paid-up insurance
  • Dividends and cash value grow tax-deferred
  • Can be used as collateral for loans

With dividends that purchase additional coverage and flexible premium terms, Manulife Par gives policyholders added benefits on top of lifelong protection.

Manulife Performax Gold®

Performax Gold® is Manulife’s highly flexible, non-participating permanent product.

Key perks:

  • Coverage guaranteed to age 121
  • Canadian residents aged 0 to 85 are eligible
  • Face amounts from $25,000 to $10 million
  • Choice of 15, 20, 25, 30-year pay options
  • Guaranteed cash values and non-zero performance crediting
  • Tax-advantaged internal accumulation account
  • Can assign policy as collateral for loans

By providing options for shortened premium payment terms and adjustments to the cost of insurance charges, Performax Gold® adapts to fit individual budgets and cash flow preferences.

Manulife CoverMe® Guaranteed Issue

CoverMe® Guaranteed Issue offers simplified issue permanent coverage.

Notable features:

  • Available to Canadian residents aged 40 to 75
  • Face amounts from $5,000 to $25,000
  • No medical exam or health questions
  • Lower premiums for non-smokers
  • Four times death benefit payout if death is accidental prior to age 85
  • Premiums are payable to age 95, then coverage is paid up for life

As Manulife’s only no medical exam whole life insurance product, CoverMe® Guaranteed Issue offers immediate protection with no hassle for older Canadians.

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 combines lifelong insurance with tax-deferred cash value growth.

Why choose Manulife UL:

  • Permanent coverage with flexible premiums
  • Investment account with a guaranteed rate of at least 2%
  • Wide selection of investment options
  • Withdrawals and loans available from cash value
  • Additional coverage can be purchased using policy value
  • Available for Canadian residents aged 0 to 75
  • Death benefit limits from $100,000 to $10 million

With tax-advantages, liquidity, and investment versatility, Manulife UL is ideal for supplementing retirement income or leaving a legacy.

Manulife InnoVision®

InnoVision® offers a highly flexible, investment-oriented universal life insurance solution.

Key advantages:

  • Over 50 investment account options
  • Guaranteed insurability rider provides option to increase coverage in the future without medical underwriting
  • Coverage customization features
  • Potential for strong cash value growth
  • Limited surrender charges or fees
  • Available for Canadian residents aged 0 to 75
  • Minimum initial death benefit $100,000

For Canadians wanting permanent life insurance tailored to their risk tolerance and goals, InnoVision® delivers investable cash value growth and ample flexibility.

Available Supplementary Products and Features

In addition to traditional life insurance policies, Manulife also provides the following supplemental solutions.

Manulife Vitality – This optional add-on program rewards Manulife policyholders for completing healthy activities. By engaging in exercise, education, health screenings and more, members can lower insurance costs. Not available in all provinces.

Disability Insurance – Manulife offers disability income replacement insurance to help cover costs if injury or illness prevents working and earning an income. Available as individual coverage or combined with Manulife life insurance.

Critical Illness Insurance – Pays a tax-free lump sum cash payment upon diagnosis of a covered critical illness like cancer, stroke, heart attack and more. Can be purchased individually or bundled with life insurance for discounts.

Accelerated Underwriting – Manulife can instantly approve non-smoking Canadians aged 18-50 for up to $2 million in term life insurance without a medical exam, enabling fast access to coverage.

How Much Does Manulife Life Insurance Cost?

How Much Does Manulife Life Insurance Cost?
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 $400,000 term policy for a healthy non-smoker:

AgeMaleFemale
25$112$87
40$187$140
55$845$600

And for a $1 million permanent policy:

AgeMaleFemale
30$160$130
45$320$235
60$875$625

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:

InsurerMaleFemale
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:

  1. Get a personalized quote from Manulife and other insurers
  2. Work with an experienced advisor to select the right products/features
  3. Be prepared for the underwriting process, including medical exam
  4. Ask about available discounts you may qualify for
  5. Review policy terms and conditions closely
  6. Notify Manulife of major life events that may impact your coverage
  7. 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

Tips for Purchasing Manulife Life Insurance
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.

Why Choose Manulife for Life Insurance?

Here are the top reasons to consider Manulife life insurance:

  • A leading brand with exceptional financial strength
  • A vast range of policies to suit nearly any need
  • Invests heavily in digital capabilities and innovation
  • Competitive pricing for many demographics
  • Responsive customer service teams

With specialized expertise in Canadian insurance needs, Manulife life insurance is absolutely one of the top choices for personalized coverage, competitive rates and reliability.

Get Expert Guidance on Life Insurance in Canada

When seeking life insurance protection, partnering with a premier global insurer like Manulife can give you exceptional financial strength, product selection and service. Get started with personalized quotes today!

Get a free quote and compare Manulife to other top life insurance providers in just minutes using Lifebuzz’s online quote comparison tool. Make sure you find the best rate and fit for your family.

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 [email protected], 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.

Article Sources:

To understand how we uphold our commitment to precision, openness, and impartiality, we invite you to review the Editorial Policy at Lifebuzz.ca. Our reputation as the most reliable source for life insurance news in Canada is a testament to our integrity.

  1. Manulife Life Insurance Review (2024 Update) – https://www.policyme.com/
  2. Manulife Term Life Insurance Review [2024] – https://www.dundaslife.com/
  3. Is Manulife Life Insurance the best for you? Review 2024 – https://hellosafe.ca/
  4. Manulife Life Insurance – https://www.ratehub.ca/

5/5 - (1 vote)

Written by Ben Nguyen

Ben Nguyen is an award-winning insurance expert and industry veteran with over 20 years of experience. He is the chairman and director of IDC Insurance Direct Canada Inc., one of Canada's leading online insurance brokerages.

Ben is renowned for his extensive knowledge of life, health, disability, and travel insurance products. He is the prolific author of over 1,000 educational articles published on LifeBuzz, BestInsuranceOnline, and InsuranceDirectCanada. His articles provide Canadians with advice on making smart insurance decisions.

With a Bachelor's degree in Actuarial Science and a Fellow of the Canadian Institute of Actuaries (FCIA) designation, Ben is frequently interviewed by media as an insurance industry spokesperson.

He has received numerous honors including the Insurance Council of Canada’s Pivotal Leadership Award, the Canadian Insurance Hall of Fame induction, and the President’s Medal from the Canadian Institute of Actuaries.

Ben continues to shape the vision and strategy of IDC Insurance Direct as chairman. He is dedicated to advancing the insurance industry through his insightful leadership.

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