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.
Term Life Insurance
Manulife life insurance currently offers 6 term life insurance products.
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.