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It can be tough to know where to start when looking for life insurance. There are so many different providers and policies to choose from, how do you know which one is right for you?
Manulife is a trusted provider of life insurance, with a wide range of policies to suit every need.
In this post, we'll take a look at some of the different types of Manulife term life insurance policies available, and help you decide if this is the right provider for you.
Who is Manulife?
Founded in 1887, Manulife 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. 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
$200 billion in Financial Assets
~$40 billion in annual insurance premiums
AM Best Financial Strength Rating: A+
Manulife Insurance: Pros and Cons
Does Manulife offer permanent life insurance policies?
Manulife 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.
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. A term life insurance policy covers you for a specific amount of time and hence it provides protection for as long as you need it. Plus, it comes without the added extras, such as cash value, which only raise your premiums. You can use a term life insurance policy as an income replacement tool or to cover a debt, like a mortgage.
Manulife life Insurance offers a range of term life products that tailor to people of different ages and lifestyles.
CoverMe Term Life Insurance
CoverMe is a 10-year term policy, renewable up to the age of 85. Generally speaking, 10-year term life coverage might be suitable for:
- Young couples who want affordable life 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:
- Coverage amount available is from $100,000 to $1 million
- Available for people 18-70 years of age
- Guaranteed level premiums. That is, your premium rate will not change during the policy term
- Renewable up to age 85
- Convertible to permanent life insurance 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 payment 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 Manufacturers Life Insurance Company insurance review would be complete without mentioning its flagship term life product — Family Term. This plan 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
- Level premiums for 10 or 20 years to age 65 or for life
- Provides a cash advance in the event of a terminal illness diagnosis
- Covers family’s bereavement counseling costs up to $1,000
- 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, child’s insurance, and more
Business Term
Designed specifically for business-owners, Manulife’s business term coverage helps keep your business running smoothly when things do not go as planned. The policy provides buy-sell funding, key person protection, estate tax coverage, and business collateral.
Features
- Coverage amount available is from $100,000 to $20 million
- Level premiums for 10 or 20 years to age 65 or for life
- Provides a cash advance in the event of a terminal illness diagnosis
- Covers family’s bereavement counseling costs up to $1,000
- Provides a discount if you insure more than one person
- Ability to augment and modify coverage without a medical assessments
Family Term with Vitality
This is a special term life insurance product that gives you an opportunity to save on your life insurance premiums by demonstrating healthy habits. The insurer also rewards participants with gift cards depending on the level of their engagement with the program and how healthy their lifestyle is. The program requires you to wear a free monitoring device through which 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?
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
- Coverage amount 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 forms the ‘big three’ Canadian life insurers. As a matter of fact, Manulife is the largest provider by revenue in Canada. It offers a bevy of life insurance products to suit people of different ages, including term life insurance.
While Manulife’s size and product line 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 a $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 life 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 coverage amount, health status, and medical history when calculating your rate.
We checked how affordable Manulife Life Insurance rates are for different customer characteristics and found that its performance varies.
What we discovered from this Manulife term life review was that they offer better than average rates in two categories — low coverage amount 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 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 Term Life Insurance $400K - $44.10
Sun Life $400K - $50.13
Cost Savings over 20 years: $1447
Example 2: 60 Year Old Female, Non Smoker, Regular Health, 20 Year Term:
Manulife Term Life Insurance $250K - $159.52
Sun Life $250K - $168.07
Cost Savings over 20 years: $2,052
Why We Like Manulife
Impressive Financial Rating
Manulife Life Insurance Company received the second-highest rating (A+) from AM Best — an independent agency that assesses the financial dealings of life insurance companies and grades them accordingly so that consumers like you can make an informed decision. With Manulife Insurance, you can sleep easy knowing they have the wherewithal to honor long-term contracts.
A Wide Array of Products
Manulife Life Insurance Company boasts a great selection of products. Whether you are looking for term life insurance 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 plans offered by Manulife Insurance 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
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 Term life Insurance Rates
Our Manulife term life insurance 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 products, Manulife may be a great fit.
Is Manulife Term Life Insurance Right for you?
Manulife is a big name in the Canadian life insurance industry. It offers a wide range of competitively priced term life insurance plans. And, if you want to skip the medical exam or get coverage quickly, Manulife has that covered too.
Their Quick Issue Term Life plan does not require a medical exam and you can get approval with a quick turn-around of just one day.
👉 Looking for more reviews? Learn about the best life insurance companies in Canada today.
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