Manulife Financial is one of Canada’s largest and most well-known insurance providers. With over 130 years of experience in the industry, the Corporation offers a diverse range of life insurance solutions to meet many needs. This review takes an in-depth look at Manulife life insurance to help you make an informed decision.
Introduction
Founded in 1887, Manulife is a leading global financial services group that provides insurance, wealth management and asset management products and services. The Corporation operates primarily under the Manulife name worldwide, except in the United States, where it does business as John Hancock.
Some key facts:
- Headquarters: Toronto, Ontario, Canada
- Founded: 1887
- Over 38,000 employees worldwide
- More than 35 million customers worldwide
- $5.1 billion in net income attributed to shareholders
- Financial Strength Rating: A+ from AM Best
(Source: https://www.manulife.com/en/about/our-story.html)
With over 130 years of experience, Manulife has established itself as a reputable provider known for its stability, innovation and wide range of insurance solutions. The Corporation was also one of the first Canadian insurers to offer guaranteed life insurance coverage to HIV-positive applicants.
Manulife Life Insurance Products
Manulife provides a diverse selection of life insurance solutions, including term life, whole life, universal life and guaranteed issue policies.
Term Life Insurance
Term life insurance provides temporary coverage for a set period of time, typically 10 or 20 years. Manulife offers several different term life options to suit different needs and budgets.
Family Term
Manulife Family Term is their flagship term life product. It offers very flexible coverage amounts ranging from $100,000 up to $25 million. You can choose term lengths of 10 or 20 years, to age 65, or even lifelong protection.
The Family Term policy is an ideal solution for:
- Families who are looking for affordable life insurance to cover household expenses, mortgages, education costs, and more. The high coverage amounts meet most family needs.
- Business owners who are seeking coverage for buy-sell agreements, business loans, or key person protection. The flexibility caters well to evolving business needs.
- Individuals who want both term life plus living benefits like terminal illness payouts and family bereavement support.
CoverMe® Term
The CoverMe Term product is Manulife’s budget-friendly term life option available online. It offers more limited coverage amounts from $100,000 to $1 million over 10-year renewable terms to age 85.
CoverMe Term is best suited for:
- Young families needing basic, low-cost life insurance who anticipate needs growing later.
- Seniors looking to cover final expenses and burial costs with smaller coverage amounts.
- Anyone wanting an easy online life insurance purchase without extensive paperwork.
Business Term
Manulife’s Business Term insurance meets the needs of business owners with higher coverage amounts from $100,000 up to $20 million over 10 or 20 year terms.
This product is ideal for:
- Funding buy-sell agreements when a business partner dies.
- Collateral for business loans that need to be repaid if the owner dies prematurely.
- Replacing lost income and profits if a key employee passes away.
Quick Issue Term
For fast coverage, Manulife offers Quick Issue Term with simplified underwriting up to $500,000 and no medical exam required.
This streamlined product suits:
- Those with minor health conditions who may not qualify for fully underwritten policies.
- People in need of life insurance urgently without time for lengthy approvals.
- Anyone looking for an easy online application process to get covered quickly.
Manulife’s array of term life options provides solutions tailored to a broad range of temporary coverage needs and budgets.
Whole Life and Universal Life
For permanent life insurance protection, Manulife has several whole life and universal life options to meet different needs.
Whole Life Insurance
Whole life insurance provides lifetime coverage as long as premiums are paid. It also builds cash value that grows on a tax-deferred basis.
Manulife Par Whole Life – This participating whole life product offers guaranteed premiums, immediate cash value growth, and dividend payouts. It’s an ideal fit for:
- Retirees wanting tax-advantaged growth to supplement retirement income. The dividends and cash value access provide income flexibility.
- Business owners seeking permanent life insurance with predictable premiums guaranteed to remain level. Allows for stable planning.
- Families needing lifetime protection plus cash value they can borrow against for large purchases or college costs. Provides financial flexibility.
Performax Gold Whole Life – With flexible premium payment terms from 15-100 years, Performax Gold provides guaranteed death benefit protection with cash value growth. It suits:
- Young families on a budget who want permanent life insurance at more affordable rates and spread premiums over time.
- Business partners structuring buy-sell arrangements that need permanent coverage over decades. Flexible payments work for long-term needs.
- Conservative investors who want guaranteed growth without market risk in the policy’s cash value.
CoverMe Guaranteed Issue Whole Life – This simplified guaranteed acceptance whole life product requires no medical underwriting. It works for:
- Seniors looking for small permanent life insurance policies of $25,000 or less when health conditions make qualifying difficult.
- Individuals aged 40-75 in need of guaranteed coverage, even with pre-existing medical issues. No health questions asked.
Universal Life Insurance
Universal life insurance combines permanent coverage with investment growth potential through various account options.
Manulife UL – With a wide array of equity and fixed-income investment choices, which suits:
- Investors who want to grow tax-sheltered funds more aggressively within their policy’s value.
- Business owners funding buy-sell arrangements who want potentially higher returns.
- Anyone seeking the flexibility to adjust their death benefit, premiums, and investments over time.
InnoVision – Offering over 50 investment account choices, this universal life product fits:
- People wanting access to a very wide range of investment options from stable to aggressive growth.
- Investors who desire the ability to transfer between investment accounts without taxes or penalties.
- Business owners needing a permanent life insurance policy with customizable investments.
Manulife’s varied selection of whole life and universal life insurance provides permanent protection plus financial benefits tailored to different individual needs and risk profiles.
Other Insurance Offerings
In addition to life insurance coverage, Manulife also provides comprehensive solutions for critical illness, disability income, health expenses, travel, and bundled offerings.
Critical Illness Insurance
Manulife has several critical illness insurance options including Lifecheque, CoverMe Critical Illness, and critical illness riders. These plans provide lump-sum payouts if diagnosed with a covered condition to pay for costs of treatment and recovery.
The policies are ideal for:
- People concerned about the high costs of medical treatment if faced with a critical disease like cancer or stroke. The funds protect finances.
- Anyone with gaps in disability coverage wanting protection for expenses that may not be covered if they suffer a critical illness. Supplements existing benefits.
- Families needing extra resources for costs of recovery, lifestyle changes, and loss of income from the diagnosis of a major health condition.
Disability Insurance
Disability insurance through Manulife provides partial income replacement if injury or sickness prevents you from working. Options include coverage for executives, professionals, small business owners, and students.
This coverage is designed for:
- Employees without adequate employer disability benefits to supplement their existing coverage.
- Entrepreneurs and self-employed people who need their own disability coverage to replace income since they have no group benefits.
- Professionals like doctors and lawyers wanting disability tailored to their occupation for maximum coverage.
Health and Dental Insurance
Manulife provides health and dental plans to help cover medical costs not included in provincial government health insurance. Options like Flexcare cater to individuals and FollowMe covers people who are losing workplace group benefits.
This supplemental health insurance suits:
- Retirees needing extended health and drug coverage after leaving employer group plans at age 65.
- Independent contractors requiring basic dental and health benefits without access to group insurance.
- Anyone with high-cost medications wanting insurance to reduce prescription drug out-of-pocket costs.
Travel Insurance
Manulife’s travel insurance plans provide emergency medical and trip cancellation/interruption coverage for travelling Canadians as well as visitors to Canada.
This travel coverage is ideal for:
- Canadian snowbirds travelling abroad long-term who need extended emergency medical protection.
- International students studying in Canada needing visitor insurance to cover costs not paid by provincial healthcare.
- Families taking vacations wanting protection against high medical bills in the event of an unexpected illness or injury.
Manulife Synergy®
Manulife Synergy provides a combination life, disability and critical illness insurance policy bundled together. It provides 3-in-1 protection in a single plan.
Synergy allows you to draw on a pool of money through the policy to replace lost income, cover debts, or supplement gaps in group benefits if injury, illness or death occurs.
Synergy is an ideal solution for:
- Individuals and families wanting bundled life, disability and critical illness coverage at a discounted packaged rate. Saves money compared to buying individually.
- Self-employed individuals or small business owners needing own-occupation disability coverage plus life insurance. Tailored for their needs.
- Anyone seeking the convenience of consolidated insurance billings and record-keeping under one policy. Simplifies administration.
- People needing the value of both term life and living benefits like disability and critical illness together under one plan. Combined protection.
Pros of Choosing Manulife
There are many advantages to choosing Manulife for your life insurance needs:
Strong Financial Stability
As one of Canada’s largest insurance providers, Manulife has significant financial strength and resources, with $1.4 trillion in assets under management (source: https://www.manulife.com/content/dam/corporate/en/documents/investors/MFC_SR_2023_Y1_EN.pdf). Their AM Best rating of A+ also indicates excellent financial strength.
Innovative Technology and Features
Manulife was one of the first to adopt ePolicy delivery and utilize data analytics in underwriting. Accelerated underwriting is available to approve larger coverage amounts without full medical exams. Their Vitality program promotes healthier lifestyles through a rewards system.
Wide Range of Life Insurance Products
With term, whole life, universal life, and guaranteed issue policies, Manulife offers options for many needs and budgets. Lots of flexibility, but it can also mean more complexity to navigate.
Established Reputation and Experience
Over 130 years in business providing insurance gives Manulife extensive experience as one of Canada’s premier life insurance companies. Their strong brand reputation provides added security and peace of mind.
Overall, Manulife’s financial strength, innovation, diverse products and experience make them an attractive life insurance option to consider.
Cons of Choosing Manulife
However, there are also some potential drawbacks to consider:
Not the Lowest Cost Provider
While competitive, Manulife’s premium rates are not always the most affordable especially for term life insurance. Shopping and comparing rates is wise.
Complex Array of Products
The wide variety of insurance products and options Manulife offers can also make it confusing and difficult to determine what’s best for your needs. Professional advice can help narrow the choices.
Limited Direct Purchase Options
Many Manulife life insurance products need to be purchased through an insurance advisor, which makes the process less direct-to-consumer. However, some online purchasing is available.
Mixed Customer Service Reviews
While Manulife maintains relatively positive customer feedback, some online reviews cite challenges with claims processing times and lack of responsiveness.
For the right individuals, the advantages of Manulife life insurance will outweigh the disadvantages. But it’s important to consider both when making your decision.
Cost of Manulife Life Insurance in Canada
The cost of life insurance depends on several factors:
- Type of policy – Term life is the most affordable option, while permanent life costs significantly more.
- Coverage amount – The higher the death benefit, the more expensive the policy.
- Age – Rates increase steadily as you get older due to rising health risks.
- Health – Good health means lower rates while medical issues can increase premiums.
- Lifestyle – Risky activities or tobacco use also impact pricing.
To give you an idea of Manulife’s life insurance rates, here are some sample quotes for term life, whole life, and CI policies for a healthy non-smoker:
10-Year Term Life, $500,000 Sample Quotes
| Age | Male | Female |
|---|---|---|
| 25 | $18.97 | $11.17 |
| 35 | $19.70 | $13.29 |
| 45 | $37.86 | $27.96 |
| 55 | $112.34 | $78.22 |
20-Year Term Life, $500,000 Sample Quotes
| Age | Male | Female |
|---|---|---|
| 25 | $24.26 | $18.09 |
| 35 | $24.71 | $20.13 |
| 45 | $70.31 | $49.96 |
| 55 | $229.34 | $160.94 |
Whole Life, $100,000 Sample Quotes
| Age | Male | Female |
|---|---|---|
| 30 | $3,324.12 | $3,036.36 |
| 40 | $3,781.4 | $3,639.60 |
| 50 | $4,498.56 | $4,340.64 |
| 60 | $5,242.20 | $5,029.68 |
| 70 | $7,734.36 | $7,076.04 |
Critical Illness, $100,000 Sample Quotes
| Age | Male | Female |
|---|---|---|
| 30 | $23.64 | $22.65 |
| 40 | $41.32 | $40.92 |
| 50 | $94.19 | $79.90 |
| 60 | $244.15 | $177.36 |
Overall, Manulife’s premium rates are quite competitive but still worth comparing quotes from other insurers to find potential cost savings in some cases. Your individual factors will determine the most accurate rates. Contacting IDC and getting personalized quotes will provide you with the most accurate rate comparison.
How Manulife Compares to Other Life Insurance Companies in Canada
Manulife is one of the largest and most established life insurance providers in Canada. However, it competes against several other highly rated insurers. Here is how They stack up against some of the other top options in the Canadian market:
Sun Life – Similar to Manulife, Sun Life offers a wide range of life insurance products including both individual and group plans. Both companies have strong financial strength ratings. Sun Life’s digital insurance purchase options are more robust while Manulife has more flexibility in permanent life products.
Canada Life – Canada Life and Manulife have competing products like term life, whole life, and critical illness insurance. Canada Life claims processing may be faster while Manulife has more non-medical insurance options. Both insurers have an equivalent A+ rating from AM Best.
RBC Insurance – As a “Big Five” bank-owned insurer, RBC Insurance focuses on individual life and health products with a reputation for good customer service. Manulife edges them out in assets and premiums written. But RBC consistently ranks higher than Manulife for customer satisfaction.
Equitable Life – Equitable Life is a mutual life insurance company with a smaller revenue footprint but very competitive pricing. They focus on term and permanent life products. Manulife has more brand recognition, while Equitable Life premiums are often lower. Both companies have strong A+ ratings.
While Manulife compares well overall, identifying the optimal life insurance provider depends on matching individual priorities around products, pricing, ratings, digital capabilities, and customer service.
How to Apply for Life Insurance with Manulife
Applying for life insurance coverage with Manulife involves a few key steps:
1. Speak with an Advisor
- Connect with a licensed insurance advisor at IDC Insurance Direct Canada to discuss your needs and get personalized policy recommendations.
- An advisor can guide you through the application process and will submit the paperwork on your behalf.
2. Complete the Application
- You’ll need to complete an application with basic personal information and answer health and lifestyle questions.
- Applications are available digitally or in paper format from your advisor.
- Additional medical tests (blood, urine, vitals, etc.), exams or physician statements may be required depending on health, age and policy type.
3. Undergo Underwriting Review
- Manulife will review your application information to make an underwriting decision regarding your eligibility and to set accurate premium rates.
- The underwriting process may take 2-6 weeks on average, depending on requirements.
- For smaller simplified issue policies, approval can be within 1-2 days in some cases.
4. Receive Your Policy
- Once approved, you will receive your personalized life insurance policy outlining your coverage details, terms and costs.
- Manulife offers the option to get your policy digitally via email delivery if preferred.
- Review your policy carefully to ensure all details are accurate before formally accepting.
Applying through an advisor can provide guidance but direct online application may be available for some products. Reach out to IDC to discuss your options.
Is Manulife Life Insurance a Good Choice for You?
Manulife is undoubtedly one of Canada’s premier insurance providers thanks to their long track record, diverse products and financial strength. For many customers, they provide excellent service and value.
However, it’s wise to compare options from a few recommended insurers to find the best fit for your specific needs and budget. Look beyond just cost to consider factors like financial rating, customer service, and ease of doing business.
Working with an independent insurance advisor can provide expert guidance in navigating Manulife’s many products to identify your ideal solution. They can also ensure you get the best pricing.
Here are a few final pros and cons to weigh when deciding if Manulife life insurance is right for you:
Pros
- Longstanding reputation and experience
- Good financial strength rating
- Innovative features like ePolicy and Vitality program
- Wide range of term, permanent and other insurance products
Cons
- Premium rates are not always the most competitive
- The complex array of insurance options
- Mixed reviews for customer and claims service
- Limited ability to purchase directly without the advisor
Perform your due diligence, but for many Canadians, Manulife can be an excellent choice to protect your family and assets.
Looking to go beyond just Manulife in your life insurance provider research? Be sure to also browse our in-depth reviews covering the Biggest Life Insurance Companies in Canada. We provide similarly formatted posts analyzing top insurers like Canada Life, BMO Insurance, Industrial Alliance, Sun Life, RBC Insurance, Equitable Life of Canada, Assumption Life, Empire Life, and more. Whether you are strongly considering Manulife or want to compare it against some of the other most prominent and established insurance providers in Canada, our suite of reviews aims to give you the full picture so you can make an informed decision for your family.
The Bottom Line
Manulife is a reputable insurance provider that offers a wide range of policy options, combined with experience, innovation and financial strength. They can be an excellent choice for many life insurance needs.
However, be sure to evaluate your specific requirements and compare costs, features and customer service against other top insurance companies. Consulting an experienced advisor helps ensure you consider all options to make the best decision. With proper due diligence, Manulife can provide quality life insurance that you can feel confident in to protect those that matter most.
Protect Your Family with the Right Policy :
Life insurance gives your family financial security when they need it most. Visit IDC Insurance Direct Canada to get the optimal solution for your unique situation.
Frequently Asked Questions:
[rank_math_rich_snippet id=”s-cdbbe87c-0193-4e39-be4a-c7fa0e2acb15″]
