The first step in buying life insurance is knowing where to buy your life insurance policy, which can be very challenging. There are many different insurance providers in Canada and several policies to choose from. So, how do you determine which policy is suitable for your needs?
Manulife is a trusted life insurance company with a long history dating back to 1887. Over the years, they have earned a reputation for providing quality products and services to their customers. They offer a wide range of insurance policies to suit every need.
This Manulife Life Insurance Review will discuss everything about Manulife Life Insurance, its benefits and downsides, and all the products it offers.
By the end of this post, you should have a good understanding of whether or not Manulife is the right choice for you. Let’s get started!
What is Manulife Life Insurance?
The Manufacturers Life Insurance Company, colloquially called Manulife, is Canada’s largest life insurance provider and holds trillions of dollars in assets. The company was founded in 1887 by Canada’s first prime minister.
Today, Manulife Life Insurance is the first Canadian life insurance company to offer life insurance coverage to HIV-positive customers, invest billions in sustainable initiatives, and strive for gender balance in management.
Manulife Life Insurance offers electronic policy delivery. The company provides various term life products, such as Family Term, which is Manulife’s flagship term life insurance product, Family Term with Vitality, and Business Term.
Manulife’s Quick Issue Term and CoverMe Issue are online plans that offer coverage with no medical exams, though at higher prices. The company also offers a 3-in-1 life, disability, and critical illness plan through its Synergy product.
Quick Facts and Information about Manulife Life Insurance
- Founded in 1887
- Headquartered in Toronto, Ontario
- Assets: $200 billion
- Annual Premiums: $32.9 billion
Benefits and Downsides of Manulife Life Insurance
Manulife Life insurance offers a top-notch company with several benefits and downsides. You should carefully consider the Manulife Life Insurance benefits and downsides before buying one of its policies.
Pros
- The company has strong financial ratings.
- They offer a wide array of life insurance products.
- You can convert your policies to permanent life insurance.
- They offer short-term plans like Term 10 and Term 20, which can be exchanged for longer-term plans like Term 20 and Term 65
- They offer electronic delivery of their policy.
- They offer early payment options.
- Their Vitality plan helps you earn credits if you participate in health and fitness programs and demonstrate healthy lifestyle habits.
Cons
- The company offers limited term life insurance options
- The price of Manulife term life products is costlier than other term life insurance products in the market
Products and Features
Manulife Life Insurance offers a range of life insurance policies, which are primarily term life policies. They also offer permanent life insurance products, but they are limited.
The main permanent life insurance offered by Manulife Life Insurance are whole life insurance, guaranteed issue life insurance, and universal life insurance.
Manulife Term Life Insurance
Manulife Life Insurance offers several term life insurance plans to Canadians seeking coverage within a specified period. The coverage doesn’t last forever, so they are much more affordable than permanent life insurance policies.
Manulife term life insurance plans cover you for as long as needed. Also, they come without extras, like cash value, which only raises your premiums.
You can use your term life insurance plans to cover loans or debts, like mortgages, or as an income replacement tool.
CoverMe Term
Manulife Life Insurance offers this product to young Canadian couples looking for affordable coverage, business owners looking to cover overhead and start-up costs, and homeowners looking to cover the last few years of their mortgage.
Features
- The policy offers coverage to Canadians between the ages of 18 to 70
- It offers coverage of $100,000 to $1 million.
- The coverage is quick and affordable but only available for a 10-year term.
- It offers level and guaranteed premiums for ten years.
- You can renew the policy up to age 85
- You can convert your policy to permanent life insurance with no medical exam up to age 70
- It includes a 30-day money-back guarantee (the insurance company will refund your premiums if you return the policy within the first 30 days of its issue)
- If you develop a terminal illness and have less than 12 months to live, you will receive a one-time cash payment of $100,000 or 50% of your coverage.
Family Term
Manulife Life Insurance offers this flagship term life insurance product to Canadian families looking for greater flexibility to ensure their loved ones live comfortably after their death. This policy helps to cover home loans and other debts and can be used to fund your children’s education.
Features
- The policy offers coverage for 10 years, 20 years, or up to age 65
- It offers coverage from $100,000 to $20 million.
- It includes a cash advance feature if you are diagnosed with a terminal illness.
- It covers family bereavement counseling costs up to $1,000
- It includes optional features to receive financial support if you suddenly become severely injured or die in an accident.
- It allows optional riders like disability premium waivers, children’s insurance, and more.
Business Term
Manulife Life Insurance offers this product specially for business owners. This policy helps to keep your business afloat and running smoothly when things don’t go as planned.
This policy is designed to protect your business if something happens to you (the main stakeholder). It provides key-person protection, buy-sell funding, estate tax coverage, and business collateral.
Features
- The policy offers coverage for 10 years, 20 years, or up to age 65
- It provides coverage from $100,000 to $20 million
- It includes a cash advance feature if you are diagnosed with a terminal illness
- It covers family bereavement counseling costs up to $1,000
- It provides a discount if you buy a joint policy to insure more than one person
- It allows you to augment and modify your coverage without medical exams
Family Term with Vitality
Manulife Life Insurance offers this special term life insurance product to allow Canadians to save on their life insurance premiums by demonstrating healthy habits.
The insurance company rewards you with gift cards depending on your level of engagement with the program and how healthy you live. The program requires participants to wear a free monitoring device to enable Manulife to check and record their progress.
Features
- The policy offers coverage for 10 years, 20 years, or up to age 65
- It offers coverage from $50,000 to $20 million.
- You can renew your policy up to age 65, 80 or 100
- It allows pile-on savings and earns rewards while improving your health, so the better your engagement, the more you save on future premiums.
- It allows optional riders like accidental death and more.
Quick Issue Term
Manulife Life Insurance offers this product to Canadians with underlying health conditions making it hard to qualify for traditional fully underwritten policies.
If you have a pre-existing health condition and are ineligible to buy life insurance, the quick issue life insurance policy may be right for you. This policy requires no medical exam or lengthy approval process. Mostly, you can get your coverage approved within a business day.
Features
- The policy offers coverage for 10 years, 20 years, or up to age 65
- It offers coverage from $100,000 to $500,000
- It guarantees a fast approval process
- It doesn’t require a medical examination
- It only requires an electronic application and no paperwork
- You can convert your policy to a permanent one
- It covers family bereavement counseling costs up to $1,000
Manulife Permanent Life Insurance
Manulife Life Insurance offers three permanent life insurance to Canadians looking for lifelong coverage. Whatever your age, health, or history, you can find Manulife permanent life insurance to suit your needs and financially secure your loved ones.
Manulife Par Whole Life Insurance
- This policy offers immediate growth of policy cash values and long-term protection
- It provides coverage from $100,000
- It provides guaranteed cash values in the early years of your policy
- It allows you to choose how long you pay premiums and how frequently you pay
- It offers annual dividends
- It provides limited pay options: 10-pay and 20-pay
Universal Life Insurance
Manulife Life Insurance offers universal life insurance products to Canadians looking to invest their cash value. The policy allows self-directed long-term investments.
Manulife offers one universal life insurance product called InnoVision.
InnoVision
- The policy is best for your wealth accumulation and estate planning goals
- It offers full features and flexible life insurance protection
- It provides you with 50 investment accounts to choose from
- It provides coverage from $100,000
- It allows optional riders like term life insurance rider, a disability rider, child’s insurance rider, and many more
CoverMe Guaranteed Issue Life Insurance
Manulife Life Insurance offers this product to older Canadians with health concerns looking for affordable coverage. The policy provides you coverage regardless of your health history.
- The policy offers coverage from $5,000 to $25,000
- It lets you choose the coverage amount that suits your budget
- You can save money with the level premiums provided by this policy
Manulife Synergy Combination Insurance
Manulife Life Insurance offers 3-in-1 life, disability, and critical illness insurance from Synergy. This policy helps safeguard the life you live and the people you love.
The policy allows you to draw money through your Synergy if you can’t work due to injury, illness, or premature death. You can use this money to replace your income, cover your mortgage, and supplement gaps in your employer’s group plan.
Final Thoughts on Manulife Life Insurance Review
If you are looking for life insurance, Manulife is a great option. They offer a variety of policies to choose from, and their customer service is excellent.
You can be sure that your needs will be considered when working with Manulife Life Insurance. I highly recommend giving them a try.
FAQs on Manulife Life Insurance Review
Is Manulife a good company?
Yes. Manulife Life Insurance is ranked at the top spot among Canadian insurers on the World’s Best Employers list.
Are SunLife and Manulife the same?
SunLife and Manulife are two different Canadian insurers. However, both companies offer life and health insurance, a variety of investment products, and annuities. The only thing that Manulife has that SunLife doesn’t is mortgages and banking products.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
