Manulife Life Insurance Review

Manulife is one of Canada’s largest and most recognizable insurance providers, and can easily be considered one of the best insurance companies in Canada. Serving over 35 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. While Manulife offers a wide range of comprehensive life insurance options, there are still areas where improvement is needed, such as the long wait times for policy approval. Considering this Manulife Financial gets a final rating of 3.5 / 5 stars.

In this article:

• Company Overview
• Pros and Cons
• Manulife Vitality Rewards Program
• Term Life Insurance Products
• Permanent Life Insurance Products
• Manulife Customer Reviews
• Frequently Asked Questions (FAQs) about Manulife Financial

Company Overview

Founded in 1887, Manulife Financial has established itself as one of the oldest and largest insurance providers in Canada. Manulife provides an extensive selection of insurance offerings, encompassing life insurance, health insurance, critical illness insurance, disability insurance, and other insurance products designed to meet a variety of customer needs. Manulife life insurance products, especially the term life insurance options, have a strong focus on family needs making them a popular choice for parents interested in providing financial security for their children.

In addition to serving customers, Manulife Financial has also invested significantly into Canadian communities. With over $8.8 million put towards donations, sponsorships, and community support, it’s clear Manulife is dedicated to its core values and uses its position as a successful business to make positive contributions to the world.

If you are interested in Manulife Financial, here is a quick look at the monthly premium rates they offer for a 10-year term plan with $500,000 in coverage for Canadians aged 20-70:

Manulife Pros

Manulife Cons

Manulife Vitality Rewards Program

Manulife Vitality is an additional rewards program offered by Manulife that rewards policyholders for maintaining a healthy lifestyle. Healthy activities such as walking, exercising, regular medical checkups, and more can result in reduced insurance premiums, and give you access to certain rewards.

You can use Manulife Vitality in 2 different ways: 

• Vitality Go: This option is a free add-on to certain Manulife life insurance policies, and provides the basic Vitality rewards.
• Vitality Plus: This option costs an additional $6 a month, and provides the opportunity to earn higher rewards and save up to 15% on your insurance policy.

Once you have signed up, you can use a smartwatch to track your physical activity and begin earning points to help you save on your insurance policy by maintaining a healthy lifestyle.

Term Life Insurance

Manulife life insurance currently offers six term life insurance plans that vary between terms of 10 – 20 years with a maximum coverage amount of up to $25 million. The following is a complete overview of the term life insurance plans offered by Manulife:

Family Term Life Insurance

This affordable and flexible policy is ideal for those interested in providing coverage for their family or for their business.

Coverage amount: $100,000 – $20,000,000

Length of coverage: 10 years or 20 years.

Additional features and options:

• Optional access to the basic Vitality Go rewards program at no additional cost.
• Can convert to a permanent policy with no additional underwriting required.
• Lower premiums are offered when two or more people are protected under one policy.
• Offers coverage up to $1,000 for your family’s bereavement counseling costs.
• Get a cash advance if you are diagnosed with a terminal illness and potentially have premium payments waived if you become disabled.
• Optional riders include critical illness insurance, disability insurance, guaranteed insurability option, and child life insurance riders.

Family Term with Vitality Plus

This affordable and flexible policy is ideal for those interested in providing coverage for their family or for their business with the added benefit of Manulife Vitality which enables you to earn rewards for healthy living.

Coverage amount: $250,000 – $25,000,000

Length of coverage: 10 years or 20 years.

Additional features and options:

• Optional access to Vitality Plus rewards program at no additional cost which allows you to reduce your insurance premiums by up to 15% and earn hundreds of dollars in rewards and discounts on popular brands.
• Offers coverage up to $1,000 for your family’s bereavement counseling costs.
• Get a cash advance if you are diagnosed with a terminal illness and potentially have premium payments waived if you become disabled.
• Optional riders include guaranteed insurability option, and child life insurance riders.

Manulife CoverMe Term Life Insurance

This basic term life insurance plan offers a renewable policy ideal for those looking for straightforward coverage.

Coverage amount: $100,000 – $10,000,000

Length of coverage: 10 year term renewable up to age 85.

Additional features and options:

• Policy premiums are guaranteed not to increase during the term.
• Receive a 30-day money-back guarantee and receive a full refund if you are unhappy with your policy.
• Receive a cash advance up to a maximum of up to 50% of your coverage or $100,000 if you are diagnosed with a terminal illness and have less than 12 months to live.

Manulife CoverMe Easy Issue Term Life Insurance

This is a simplified issue life insurance policy that does not require a medical exam and requires applicants to answer only two medical questions. It’s ideal for those with medical conditions who have faced previous policy denials.

Coverage amount: $50,000 – $75,000

Length of coverage: 10 year term renewable up to age 85.

Additional features and options:

• Receive a 30-day money-back guarantee and receive a full refund if you are unhappy with your policy.
• Receive a cash advance up to a maximum of up to 50% of your coverage or $100,000 if you are diagnosed with a terminal illness and have less than 12 months to live.

FollowMe Life Insurance

This policy does not require a medical exam or any medical questions to qualify and is intended to provide coverage to those who lost group life insurance coverage they had through an employer due to retirement, a lost job, or a job change.

Coverage amount: $25,000 – $200,000 up to the same amount your work plan covered.

Length of coverage: Until age 80.

Additional features and options:

• Keep your coverage to age 80 even if your health changes.
• Receive a cash advance up to a maximum of up to 50% of your coverage or $500,000 if you are diagnosed with a terminal illness and have less than 12 months to live.
• Guaranteed acceptance of all applicants with no required medical questionnaire or questions as long as the applicant is a Canadian resident between 18-69 and applies and pays their first premium within 60 days of their previous work coverage ending.

Manulife Synergy Insurance

This policy offers three different types of insurance coverage under one policy: term life insurance, disability insurance, and critical illness insurance. It’s ideal for those with dependents looking for comprehensive coverage in the event they may not be able to work or provide for their families due to illness, disability, or death.

Coverage amount: $100,000 – $500,000

Length of coverage: 10 year term renewable up to age 65.

Additional features and options:

• Renewable and convertible to permanent life insurance until age 65.

Permanent Life Insurance

Manulife life insurance currently offers five permanent life insurance products ranging from universal life insurance, to participating whole life insurance, and guaranteed acceptance life insurance.

Manulife UL

This universal life insurance policy allows policyholders the option to invest in a tax-advantaged investment and grow a cash value within the policy that can be withdrawn from or used to reduce policy premiums. This policy gives you the opportunity to invest and freedom over how involved you want to be in managing the cash value of your policy.

Length of coverage: Permanent

Additional features and options:

• Optional access to the basic Vitality Go rewards program at no additional cost.
• Complete control over the cash value of your policy with the ability to grow your investment over time and put it towards reducing your policy premiums or cash withdrawals.
• Up to 1% rate enhancement guarantee and a choice of a wide range of investment account options and competitive management fees.

Manulife UL with Vitality Plus

This universal life insurance policy allows policyholders the option to invest in a tax-advantaged investment and grow a cash value within the policy that can be withdrawn from or used to reduce policy premiums. This policy gives you the opportunity to invest and freedom over how involved you want to be in managing the cash value of your policy with the added benefit of Manulife Vitality which enables you to earn rewards for healthy living.

Length of coverage: Permanent

Additional features and options:

• Optional access to Vitality Plus rewards program at no additional cost which allows you to reduce your insurance premiums by up to 15% and earn hundreds of dollars in rewards and discounts on popular brands.
• Complete control over the cash value of your policy with the ability to grow your investment over time and put it towards reducing your policy premiums or cash withdrawals.
• Up to 1% rate enhancement guarantee and a choice of a wide range of investment account options and competitive management fees.

Manulife Par

This participating whole life insurance policy offers a guaranteed cash value that grows at a fixed rate over the life of the policy.

Coverage amount: $100,000 – $500,000

Length of coverage: Permanent

Additional features and options:

• Optional access to the basic Vitality Go rewards program at no additional cost.
• Single life or joint last-to-die coverage options
• Guaranteed cash value that grows at a fixed rate over the life of the policy.

Manulife Par with Vitality Plus

This participating whole life insurance policy offers a guaranteed cash value that grows at a fixed rate over the life of the policy.

Coverage amount: $100,000 – $500,000

Length of coverage: Permanent

Additional features and options:

• Optional access to Vitality Plus rewards program at no additional cost which allows you to reduce your insurance premiums by up to 15% and earn hundreds of dollars in rewards and discounts on popular brands.
• Single life or joint last-to-die coverage options
• Guaranteed cash value that grows at a fixed rate over the life of the policy.

CoverMe Guaranteed Issue life insurance

This is a simplified issue life insurance policy that does not require a medical exam or medical questions. It offers guaranteed acceptance regardless of your health history.

Coverage amount: $5,000 – $25,000

Length of coverage: Permanent

Additional features and options:

• Receive a 30-day money-back guarantee and receive a full refund if you are unhappy with your policy.
• Receive a cash advance up to a maximum of up to 50% of your coverage if you are diagnosed with a terminal illness and have less than 12 months to live.

Customer Reviews

Most Manulife clients are very satisfied with the policies offered through this insurer, here are some of the positive things customers have said in reviews about this company:

Frequently Asked Questions (FAQs)

Find a Solution That’s Right for You

If you’re not sure if Manulife Financial is right for you, or would like advice specific to your situation, consider reaching out to an expert financial advisor. At Protect Your Wealth, we compare policies and quotes from the best life insurance companies in Canada to help clients find the right policy for their unique needs. We have been providing free expert life insurance solutions since 2007, and have helped many clients achieve financial security for their families.

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, British Columbia, Alberta, and Manitoba including areas such as Oakville, Lethbridge, Richmond and Winnipeg.