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. But while Manulife life insurance is one of Canada’s largest and most highly recognizable policies, it’s 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.
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 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 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 a $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.
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.