2021 Manulife Insurance Company Review. Manulife has a financial strength rating of A+ from AM Best Company and an overall 3.5/5 star rating from Protect Your Wealth.

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 is Canada’s largest and highly recognizable, 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.

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 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.

Manulife’s assets under management and administration is $1.3 trillion as of March 31, 2021, and has a $1.8 billion new business value in 2020. They provided over $31.3 billion in benefits and claim payments to customers in 2020.

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

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 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 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.

Manulife Term Life Insurance Products

Term Life Insurance

Manulife currently offers 6 term life insurance products.

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

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

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 term is a product designed for business owners and can be updated as your business grows. At its core, it provides key person protection, business collateral and buy-sell funding, and estate tax coverage to help ensure:

  • The company can run with minimal disruption
  • Your beneficiaries can cover capital gains taxes
  • You can overcome business disruptions when key employees die

Key Highlights:

  • Coverage of $100,000 to $20,000,00 for a term of 10 or 20 years, or to 65 or for life
  • Lower premiums with 2 or more people under one policy
  • Coverage up to $1,000 for your family’s bereavement counseling costs
  • Cash advance if you’re diagnosed with a terminal illness

Optional add-ons:

  • Skip premium payments in the event that you become disabled
  • Guarantee your children for future life insurance regardless of their health

Manulife’s Family Term with Vitality is a unique plan, where policyholders get rewarded for staying fit and healthy. The core plan is similar to the regular Family Term, but with some changes and differences:

  • 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

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

CoverMe® Easy Issue is one of Manulife’s 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

Manulife’s Quick Issue Term® is a product designed to help people get quick coverage, and uses their online application process for fast approval. Quick Issue has no medical exam requirement, and is for clients between 18-50 years old.

Key Highlights:

  • Coverage of $100,000 to $500,000, for a term of 10 or 20 years, or to age 65
  • Convertible to permanent life insurance without an underwriting process
  • Coverage up to $1,000 for your family’s bereavement counseling costs

Optional add-ons include:

  • Guarantee your children for future life insurance regardless of their health
Manulife Term Life Insurance Products

Permanent Life Insurance

Manulife 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

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

Talk to an advisor today.

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Other Life Insurance Products

Manulife’s other life insurance products include Group Life Insurance, and Critical Illness insurance. Manulife 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’s group life insurance is for business owners and allows employers to provide limited life and health insurance coverage. Employees under one of Manulife’s group life insurance plans can submit claims for benefits.
Manulife offers 3 critical illness insurance products: Lifecheque®, CoverMe® critical illness insurance and Lifecheque basic. All three products provide support through a tax-free, lump-sum benefit if you’ve been diagnosed with one of their qualifying critical illnesses.
This package offers:

  • $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
FollowMe is designed for those losing their employer’s group coverage, and clients can have a guaranteed approval with no medical exam if they apply within 60 days of their group coverage ending. Benefits include:

  • 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 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

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, including areas such as Toronto, Kitchener, Stoney Creek, and Waterdown.

Talk to an advisor today.

Best Life Insurance Quotes Canada