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It can be tough to know where to start when looking for insurance. There are so many different providers and policies to choose from, how do you know which one is right for you?
That's where Manulife Life Insurance comes in. As a reputable and trusted insurance provider, Manulife offers a wide range of Manulife life insurance policies to suit every need.
In this comprehensive Manulife Life Insurance Review, we'll take a look at some of the different types of term life insurance policies available, empowering you to make an informed decision about whether Manulife is the right insurance provider for you.
Who is Manulife?
Founded in 1887, Manulife Life Insurance is among the oldest insurers in Canada. Incidentally, they are also the largest insurance company in the country and, for that matter, the world — with assets worth more than a trillion dollars. As a leading insurance company, Manulife offers a wide range of insurance products, including life insurance, health insurance, critical illness insurance, disability insurance, and more, catering to diverse customer needs.
While you may be familiar with Manulife life Insurance, you might not recognize the name Manufacturers Life Insurance Company — but the two are one and the same.
Manulife Facts & Financial Information
The Facts
Founded in 1887
Headquartered at Downtown, Toronto, ON
Financial Information
$1.6 trilion in Financial Assets
~$2.3 billion in annual insurance premiums
AM Best Financial Strength Rating: A+
Manulife Life Insurance: Pros and Cons
Does Manulife offer permanent life insurance policies?
Manulife Life Insurance does offer some permanent life insurance plans but they are limited. Their main options for permanent life insurance are whole life insurance, universal life insurance, and guaranteed issue life insurance.
Manulife's whole life provide two main benefits: a death benefit and a growing cash value component. Over time, the cash increases, and policyholders can access this money through loans or withdrawals. This cash can be used for different purposes like boosting retirement income or covering educational expenses. With a whole life insurance product from Manulife, individuals gain both protection for loved ones and the potential for financial flexibility.
Manulife's universal life products give policyholders the freedom to adjust their coverage and premium payments based on their changing financial needs. Additionally, these policies offer tax advantages and the opportunity to grow cash value over time. With guaranteed minimum interest rates, guaranteed minimum interest investment accounts, and tax-advantaged investment rates, Manulife's universal life insurance provides a reliable and attractive choice for long-term financial security.
A universal life or whole life product from Manulife both offer numerous advantages to policyholders. However, depending on individual circumstances, another plan is more suitable as Manulife's permanent life insurance plans have limitations.
Products and Features
Term life insurance is a good option for most people. While it does not last forever, term life is much more affordable coverage than permanent life policies. The term insurance policy covers you for a specific amount of time and hence it provides financial protection for as long as you need it. Plus, it comes without the added extras, such as cash value, which only raise your insurance premiums. You can use a term insurance policy as an income replacement tool or to cover a debt, like a mortgage.
CoverMe
CoverMe is a 10-year term, renewable up to the age of 85. Generally speaking, a 10-year coverage period might be suitable for:
- Young couples who want affordable insurance coverage
- Homeowners who want to cover the last few years of their home loan
- Business owners looking to cover start-up and overhead costs
Features:
- Amount of coverage available is from $100,000 to $1 million
- Available for people 18-70 years of age
- Guaranteed premiums. That is, your premium rate will not change during the policy term
- Renewable up to age 85
- Death benefit coverage between $100,000 to $1,000,000 (between ages 18-70)
- Convertible to permanent life up to age 70 with no medical assessments
- Includes a 30-day money-back guarantee. The insurer will issue a full refund if you return the policy within 30 days of its issue
- Receive a one-time cash advance equaling to 50% of your coverage or $100,000, whichever is less, should you develop a terminal illness and have less than 12 months to live
Family Term
No Manulife Life Insurance Company insurance review would be complete without mentioning its flagship term life insurance product — Family Term. The family term life insurance policy offers greater flexibility and helps you:
- Ensure your family is able to live comfortably after you are gone
- Pay off your home loan and other debts
- Fund your children’s education
Features
- Coverage amount available is from $100,000 to $20 million
- Guaranteed premiums for 10 or 20 years to age 65 or for life
- Death benefit coverage between $250,000 to $25,000,000
- Provides a cash advance in the event of a terminal illness diagnosis
- Covers family’s bereavement counseling costs up to $1,000
- Comprehensive array of health insurance coverage (e.g., dental coverage, disability coverage, critical illness coverage) that can be customized to meet you and your family's needs
- Optional features to receive financial support if you develop a serious injury or die due to an accident
- Ability to add riders, such as disability premium waiver, accidental death benefits, child’s insurance, and more
Family Term with Manulife Vitality
Family Term with Manulife Vitality is a special insurance product that gives you an opportunity to save on your life insurance premiums by demonstrating healthy habits. The insurer also rewards Family Term Vitality participants with gift cards depending on the level of their engagement with the program and how healthy their lifestyle is. This Family Term program requires you to wear a free monitoring device through which Life Insurance Manulife checks and records your progress.
Features
- Coverage amount available is from $500,000 to $20 million
- 10- or 20-year terms renewable to age 80 or to age 65 or 100
- Pile on savings and earn rewards while improving your health. The better your engagement with the program, the more you save on future premiums
- Ability to add riders such as accidental death and others
Manulife Quick Issue Term
Do you have an underlying health condition that is making it hard for you to qualify for a fully underwritten policy? Do you want life insurance coverage quickly, without the higher premiums due to cash value?
If so, a quick issue life insurance policy may be right for you. This life insurance product from Manulife has no medical exams or lengthy approval processes. In most cases, you can get coverage within a business day.
Features
- Amount of coverage available is from $100,000 to $500,000
- No medical exam, no paperwork (electronic application)
- Fast approval process
- Available terms of 10 or 20 years, or to age 65
- Covers family’s bereavement counseling costs up to $1,000
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Find the best rates
Manulife Term Life Insurance Rates
Together with Great-West Life and Sun Life, Manulife insurance forms the ‘big three’ Canadian life insurers. As a matter of fact, Life Insurance Manulife is the largest provider by revenue in Canada.
It offers a bevy of insurance products to suit people of different ages, including term life insurance, critical illness insurance, health insurance, group life insurance, disability insurance, whole life insurance, and universal life insurance.
While Manulife’s size and insurance products are impressive, the real question is — how affordable are its rates? After all, for most people, cost is an important factor.
To find out the answer, we asked for quotes from the insurer. We got quotes for the CoverMe $400,000 policy with a 20-year term for healthy, non-smoking men and women of different ages.
Term Life Insurance Review – Price Based on Customer Characteristics
Each insurance company uses a unique algorithm to set premium rates. Because of this, you will get different priced quotes from two insurers for the same policy. Apart from age, health, and gender, insurers consider things such as amount of coverage, health status, and medical history when calculating your rate.
We checked how affordable Manulife Insurance rates are for different customer characteristics and found that its performance varies.
What we discovered from this Manulife life insurance review was that they offer better than average rates in two categories — low amount of coverage and good health. If you fit in either of these, expect a good deal from Manulife.
Furthermore, Manulife’s rates were not below par for a single category. What this means is that most people can expect to receive a competitive quote from the insurer (if not one that is better than average).
Term Life Insurance Review – Price Comparison vs. Competitor Products
The easiest way to get the cheapest term life is to compare rates of different providers. We compared Manulife Life Insurance's CoverMe Term policy with another big insurer, Sun Life, and found the former to be reasonably cheaper.
Example 1: 40 Year Old Male, Non Smoker, Regular Health, 20 Year Term:
Manulife Insurance $400K - $25.69
Sun Life $400K - $49.05
Cost Savings over 20 years: $5606.40
Example 2: 60 Year Old Female, Non Smoker, Regular Health, 20 Year Term:
Manulife Insurance $250K - $78.94
Sun Life $250K - $173.70
Cost Savings over 20 years: $22, 742.40
Why We Like Manulife
Impressive Financial Rating
Manulife Insurance Company received the second-highest rating (A+) from AM Best — an independent agency that assesses the financial dealings of insurance companies and grades them accordingly so that consumers like you can make an informed decision. With Life Insurance Manulife, you can sleep easy knowing they have the wherewithal to honor long-term contracts.
A Wide Array of Insurance Products
Manulife Insurance Company boasts a great selection of insurance products. Whether you are looking for term life insurance, critical illness insurance, health insurance, whole life insurance, universal life insurance, death benefit, or a no-medical policy, they have got you covered.
Accelerated Underwriting
Not everyone has the time or inclination to undergo a medical exam. If you are under 50 and in good health, Manulife will offer you $2 million in coverage without medical underwriting.
Digital Policy Option
Manulife was one of the first Canadian life insurance company to offer e-delivery of their financial products.
Early Payout Options
Several life insurance coverage offered by Manulife include an early payout option. Should you become terminally ill, the insurer will issue a cash benefit, subject to terms and limitations.
Manulife Vitality Helps Save on Future Premiums
With Manulife Vitality, you can earn credit towards your premiums by participating in a health and fitness program and demonstrating healthy lifestyle habits.
What We Did Not Like About Manulife
You May be able to Find Better Rates
Our review found that its rates are competitive but not among the cheapest. That said, the price tag is not the only thing you should be looking at. Also consider the insurer’s financial standing and customer service record while making a decision.
Jack of All Trades
We will be honest here. This may or may not be a disadvantage, depending on how you like to shop for financial products. If you want a highly specified life insurer, Manulife might not fit the bill. However, Manulife offer an array of services including - banking, wealth management, and group benefits, to name a few. If you are looking for one company through which to purchase multiple insurance products, Manulife may be a great fit.
Is Manulife Life Insurance Right for you?
Manulife is a big name in the Canadian life insurance industry. It offers a wide range of competitively priced life insurance plans. Whether you're looking for term life insurance, permanent life insurance, group life insurance, or specialized coverage for business owners, Manulife has options to suit various needs. And, if you want to skip the medical exam or get coverage quickly, Manulife has that covered too.
Their Quick Issue Life Policy does not require a medical exam and you can get approval with a quick turn-around of just one day. This is particularly beneficial if you have an underlying health condition that might make it challenging to qualify for a fully underwritten policy.
Manulife has earned a solid reputation as a trustworthy and respected insurance company. With their extensive experience in the industry, strong financial position, and exceptional AM Best Financial Strength Rating of A+, policyholders can feel confident that their long-term agreements will be upheld. Along with the guaranteed minimum interest investment feature and coverage for accidental death, this adds peace of mind for policyholders.
When deciding if Manulife Life Insurance is right for you, it's important to look beyond just the price. Consider factors like the company's financial stability and customer service reputation. You can also find helpful information by reading reviews and ratings of other top insurance companies in Canada. Taking these factors into account will help you make a more informed decision.
Ultimately, the choice of insurance provider depends on your individual preferences, coverage needs, and budget. It's recommended to carefully assess your requirements and compare options from multiple insurers before selecting the one that best aligns with your unique circumstances.
👉 Looking for more reviews? Learn about the best insurance companies in Canada today.
FAQs
Does Manulife offer any discounts or savings opportunities for policyholders?
Manulife may offer discounts or savings opportunities, such as multi-policy discounts for insuring multiple individuals or bundling multiple insurance products together. It's best to inquire with the company for specific details.
Can individuals with pre-existing medical conditions still qualify for Manulife Insurance?
Manulife considers various factors when evaluating an individual's eligibility for insurance, including their health condition. While pre-existing medical conditions may affect the coverage options or premiums, Manulife may still offer options such as guaranteed issue life insurance.
Can Manulife Insurance help cover medical expenses?
Manulife Insurance policies primarily focus on providing financial protection in the event of death. However, some policies may offer additional benefits or riders that cover specific medical expenses or critical illnesses.
Steven is a licensed insurance advisor (LLQP) with a deep background in life insurance. At Dundas Life, he's helped 1000s of clients find the right insurance coverage while also training dozens of insurance advisors during his career. Previously at Finaeo, Steven oversaw compliance and coaching for over 350 independent insurance brokers. Steven is also rated the #1 Insurance Agent in Toronto on Rate-My-Agent.
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