Manulife Life Insurance Review
Learn more about Manulife Life insurance in Canada. Talk to one of our experienced advisors, today!
11 minute read
Originally published: May 27, 2021
Updated: August 22, 2023
Manulife Life Insurance Review
Learn more about Manulife Life insurance in Canada. Talk to one of our experienced advisors, today!
11 minute read
Originally published: May 27, 2021
Updated: August 22, 2023
Manulife is Canada’s largest and possibly most recognizable insurance provider, and easily one of the best insurance companies in Canada. Serving 30 million customers with a financial strength rating of A+ from AM Best Company, they’re reliable and financially stable with a large selection of high quality life insurance products fit for people of different needs, even offering coverage up to $20,000,000. But while Manulife life insurance is one of Canada’s largest and most highly recognizable policies, its lack of instant approval on applications and traditionally slow underwriting process, along with limited-term options when compared to the competition leads us to the final rating of 3.5/5 stars.
In this article:
Company Overview
Founded in 1887, Manulife is one of the oldest and largest insurers in Canada, and a leader in digital innovation in the insurance industry. They’re one of the few life insurers that offers a complete electronic application process and policy delivery, using a predictive analytics process to approve up to $2,000,000 in coverage without requiring a medical exam from an applicant. Manulife provides an extensive selection of insurance offerings, encompassing life insurance, health insurance, critical illness insurance, disability insurance, and other products, designed to meet a variety of customer requirements. Manulife also operates internationally in several other countries, under the name of John Hancock in the United States, and Manulife in Europe, Asia, and Canada.
Manulife’s services consist of providing financial advice, and several types of insurance, including life, home, travel, and mortgage insurance. They also have a Global Wealth and Asset Management segment, the Manulife Investment Management, specifically to serve those interested in investing. If you own a business, Manulife also provides a group benefits plan for your employees. A large focus of their term life products are family based, making them a great choice for families looking for life insurance.
Aside from helping their customers with their products, Manulife also invests in their communities. They’ve invested $3.5 million in building diversity, equity and inclusion into the workplace and communities they serve, with the aim to increase the representation and inclusion of diverse talent, and to support organizations helping Black, Indigenous and People of Colour (BIPOC) communities. In Canada alone, they’ve given out $8.8 million in donations, sponsorships, and other types of community investments.
Manulife Pros
- Approval without medical underwriting available
- Term plans designed for families
- Rewards program to save on payments and earn rewards with their Vitality Plan
- Competitively priced permanent life insurance products
- You can switch shorter-term products (Term 10, Term 20) for longer-term options (Term 20, Term 65)
- Enhance coverage until the policy’s 5th anniversary (On select policies)
Manulife Cons
- Less term options (10, 20 year terms, or to age 65 or for life)
- Long delays with underwriting process, even in case of non-medical applications
Applications do not have “instant” approval like many competitors, hence delaying process
Manulife Life Insurance Products
Manulife life insurance offers various term life and permanent life insurance products. They have term life insurance products that serve specific purposes, such as Family Term for families and Business Term for business owners. Manulife life insurance also has a unique product, Manulife Vitality, which is a unique rewards based insurance providing incentives to stay fit while offering potential reduction in insurance premiums.
What is Manulife Vitality?
Manulife Vitality is an additional program that rewards you for living a healthier life, and is offered through a partnership between Manulife and The Vitality Group™, a global leader in interactive, personalized wellness programs. Walking, exercising, regular checkups and more increase your overall health, reduces your insurance premiums, and gives you access to exclusive rewards.
You can add Manulife Vitality in 2 different ways:
- Vitality Go: Available at no extra cost for Family Term and Manulife UL products, and provides the basic vitality rewards
- Vitality Plus: Available for Family Term with Vitality Plus and Manulife UL with Vitality Plus for $6 a month, and provides the opportunity to earn hundreds of dollars more in rewards and control the cost of your insurance premiums, up to 15% off.
It also provides the option to convert your term life insurance policy to a permanent Manulife life insurance product. This is a standard feature which most term life insurance policies offer and is available with Manulife Vitality.
To sign up for Manulife Vitality, the process is simple: you submit an application for term life insurance (product options are listed above) with Manulife and add the option for Manulife Vitality to the policy. Once the policy is approved and you have accepted your policy, you are given the option to sign up online with Vitality to create your account.
Once you have signed up, you are able to choose a smartwatch that is used to track your physical activity. You can choose a Garmin vivofit 4 for free or upgrade to an Apple Watch (starting at $0 and the price increases depending on what Apple Watch you choose). The watch will track your physical activity and provide you with Vitality Points which are used for your Vitality Rewards.
Term Life Insurance
Manulife life insurance currently offers 6 term life insurance products. Note that as of November 2022, Manulife has retired its Manulife Quick Issue Term® (MQIT) and Business Term® (BT) insurance products, and have given all their term insurance products the advantages of accelerated underwriting (no medical exam by default) and the speed and convenience of their online application process for fast approval from Manulife Quick Issue Term.
This policy is designed for those looking for simple and affordable coverage, easily tailored for your needs, life situation, and budget.
Key Highlights:
- Coverage of $100,000 to $1,000,000 for a term of 10 years, renewable up to age 85
- Convertible to permanent life insurance at anytime before age 70
- Beneficiaries receive a tax-free lump sum payment upon your death
- Premiums are guaranteed to stay the same during the 10 year term
- If you’ve been diagnosed with a terminal illness with less than a year to live, you could get up to $100,000 as a living benefit, as long as you’re under 83 with a policy that has been active for at least 2 years
- For applicants aged 18 to 55, there’s a chance to receive up to $250,000 in immediate coverage without requiring a medical examination
Family Term™ is Manulife’s most popular and flagship product, designed for growing families. The plan helps you pay off mortgages and other debt, while also funding your children’s education, and saving for your retirement.
Key Highlights:
- Lower premiums with 2 or more people under one policy
- Customizable coverage with riders
- Coverage up to $1,000 for your family’s bereavement counseling costs
- Coverage of $100,000 to $20,000,000 for a term of 10 or 20 years, or to 65 or for life
- Cash advance if you’re diagnosed with a terminal illness
- Required medical exam
The policy also comes with optional add-ons:
- Additional protection in case of serious injuries or accidental death
- Skip premium payments in the event that you become disabled
- Guarantee your children for future life insurance regardless of their health
- Business Value Protector (BVP) rider available
Previously known as Manulife’s Family Term with Vitality, Family Term with Vitality Plus is a unique plan, where policyholders get rewarded for staying fit and healthy. Clients can take advantage of lower minimum face amount requirements, as well as the flexibility to have multiple coverages on the same insured under one policy – all while enjoying access to an enhanced offering of Manulife Vitality benefits and rewards.
- Coverage of $500,000 to $20,000,00 for a term of 10 or 20 years which is renewable to age 80, or to age 65 or for life
- Policyholders can earn Vitality Points™ and Vitality Status™ when they complete educational, fitness and health-related activities, which can help them save on premium payments
- Policyholders become eligible for rewards and discounts (including reduced future insurance rates and gift cards) according to their lifestyle and fitness level
Optional add-ons include:
- Additional protection in case of serious injuries or accidental death
- Skip premium payments in the event that you become disabled
- Guarantee your children for future life insurance regardless of their health
- Business Value Protector (BVP) rider available
- Any existing Family Term with Vitality clients will be able to convert to a Manulife UL policy with no change to their Vitality membership.
CoverMe® Easy Issue is one of Manulife’s Simplified Issue products, designed for those looking for a simple policy with a fast application process. This product uses Manulife’s online application process, and only requires the applicant to answer 2 medical questions instead of an exam for faster approvals.
Key Highlights:
- Coverage of up to $75,000 for a term of 10 years, renewable up to age 85
- Beneficiaries receive a tax-free lump sum payment upon your death
- Premiums are guaranteed to stay the same during the 10 year term
Permanent Life Insurance
Manulife life insurance currently offers 6 permanent life insurance products, in the categories of whole life, universal life, and guaranteed acceptance life insurance.
The Manulife Par whole-life policy provides guaranteed premiums and cash value that grows over time for your entire lifetime.
The core plan consists of:
- The choice of when and how to pay your premiums
- Single-life or joint last-to-die coverage
- Access the policy’s cash value at any time or, if you become disabled
- Coverage starting at $100,000, with no policy fees
- Option to withdraw dividends annually
Manulife’s Performax Gold® whole life insurance product offers permanent life protection, cash value growth, and access to funds to use as collateral for any bank loans. The policy also has a guaranteed death benefit.
The core plan consists of:
- Coverage starting at $25,000
- Option to pay the whole amount for the policy in 15 years or distribute it until age 100
Optional add-ons include:
- Layering the plan with term life insurance for additional coverage
- Skipping payments in the event of a disability
- Guarantee your and/or your children’s future eligibility for life insurance
Manulife’s InnoVision product is one of their universal life insurance products, and is ideal for building wealth accumulation and estate planning goals.
The core plan consists of:
- Coverage starting at $100,000 and a choice of over 50 investment accounts
- Choice between a loyalty bonus or lower management fees on investment accounts
- Guaranteed minimum interest investment accounts and insurance costs (subject to certain conditions)
Optional add-ons include:
- Tax advantaged investment rates and/or protecting your benefit from inflation
- Layering the plan with term life insurance and/or accidental death benefits
- Skipping payments in the event of a disability
- Guarantee your and/or your children’s future eligibility for life insurance
Manulife’s Security UL® product is a simple and flexible policy, ideal for younger clients.
The core plan consists of:
- Coverage starting at $50,000
- The choice of guaranteed minimum interest rates or linking your policy’s growth to the equity markets
Optional add-ons include:
- Layering the plan with term life insurance
- Skipping payments in the event of a disability
- Guarantee your future eligibility for more insurance and as a business owner, based on the growth of your business
- Guarantee your children’s future eligibility for life insurance
Manulife UL is another simple policy that you can adapt over your lifetime to suit your needs.
The core plan consists of:
- Coverage starting at $50,000 or $100,000, depending on the options chosen
- The choice of a wide range of investment account options or opt for one investment account linked to the Performax Gold Investment Fund
- Low investment management fees
- Guaranteed rate enhancement on managed accounts
- Guaranteed premiums
CoverMe® Guaranteed Issue is Manulife’s guaranteed acceptance permanent life product for Canadians between 40-75, regardless of health history. Premiums are 20% lower for non-smokers.
The plan offers:
- Beneficiaries receive a tax-free lump sum payment upon your death
- Coverage from $5,000 to 25,000
- Level premiums
- Increased accidental death benefits before age 85
Other Life Insurance Products
Manulife’s other life insurance products include Group Life Insurance, and Critical Illness insurance. Manulife life insurance offers a 3-in-1 package for life, disability, and critical illness insurance, called Manulife Synergy®. Manulife also offers FollowMe™ life insurance, designed for those who had life insurance through an employer, and lost or are changing their jobs, or retiring.
Manulife Synergy offers a 3-in-1 package for life, disability, and critical illness insurance. This product removes the hassle of applying separately for critical illness and/or disability coverage. This package includes:
- $100,000 to $500,000 in coverage
- Convertibility to permanent life insurance until age 65
- Disability, critical illness and/or life insurance benefits
Optional add-ons include:
- Adding renewable 10 year term or or term to age 65 life insurance policy
- Life and critical illness insurance protection for children up to age 25
- Beneficiaries receive a tax-free lump sum payment upon your death
- Coverage of $25,000-$200,000 in life insurance for yourself and your spouse, up to the same amount your work plan covered
Customer Reviews
Many Manulife life insurance clients are satisfied with their experience with the company:
- Agents are professional, helpful, and generally respond to their questions and claims promptly
- Manulife advisors are helpful in finding the best possible coverage for those with less insurance experience
However, some clients find that:
- Clients have been redirected numerous times before being able to access their account information
- Experienced delays in certain claims, especially since the onset of COVID-19
- Been hit with certain unexpected charges
Frequently Asked Questions (FAQs)
Manulife life insurance policies typically require 5-20 business days to process.
If you suffer from COVID-19 and pass away as a result, your loved ones will be able to obtain your death benefit if you have a Manulife life insurance policy in place.
Manulife travel insurance plans also temporarily included emergency medical benefits, but now, clients are required to purchase the Manulife COVID-19 pandemic travel plan. This will cover your COVID-19 medical expenses and quarantined benefits.
In order to claim your Manulife life insurance, you will need to fill out this form with as many details as possible. You will then be contacted by one of their associates to continue the process.
You can also call Manulife directly with the following details to submit your claim:
- the policy number
- the policyholder’s name
- the policyholder’s date of birth
- the funeral home name
This depends on the details of your life insurance policy. If your policy is revocable, this means you can change the beneficiary on file at any time without needing to notify the previous beneficiary. Your policy could also be irrevocable, which means the owner of the policy is not able to change the beneficiary without the original individual’s consent.
Yes, you are allowed to have more than one primary beneficiary. These individuals will then be called co-beneficiaries and share your death benefit equally, or receive the sum based on a predetermined percentage.
Manulife could provide discounts or savings opportunities, like multi-policy discounts for insuring multiple individuals or combining various insurance products. To get precise information, it’s recommended to directly contact the company or an advisor.
Manulife takes multiple factors into account when assessing eligibility for life insurance, including health. While pre-existing medical conditions might impact coverage or premiums, you can still get insurance.
Get In Touch With Us Today
If you’re not sure of what’s the best insurance plan or company for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance since 2007. As your trusted Life Insurance broker and financial planner, we work with you to create a plan for your family or business that covers and meets your needs.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, Alberta, and British Columbia, such as Toronto, Kelowna, and Grande Prairie.
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