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, 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.
Read our full Manulife insurance review to find out more about what they offer!
Manulife offers a wide range of life insurance products. For term life products, it has CoverMe® insurance that offers individual coverage, family-focused term life insurance, and business term life. You can get up to $20 million in coverage for the business term insurance.
One unique feature that Manulife offers is the ability to reduce your premiums if you participate in certain health-related activities. Another term life insurance combines disability and critical illness coverage in the mix.
The permanent life insurance policies by Manulife are even more comprehensive and extensive in their nature and coverage. There are two basic policies, and the coverage starts from $25,000 and $100,000.
In one plan, you get an annual dividend as well, and you don’t need to pay premiums for life and can even opt for a 10-year or 20-year payment plan. If you opt for the other plan, you can either keep paying till you are 100 or wrap it up in 15 years. There are also a wide variety of riders to choose from.
Despite being a relatively “conventional” insurance company, Manulife has made the process of obtaining life insurance online substantially easier, especially for term life insurance. In addition, there are calculators that can help you determine the amount of coverage you need.
Below we have recorded the cost of Manulife term life insurance for a 10-year term with $500,000 coverage. These are the monthly rates for a male/female smoker/non-smoker for ages 35-65:
Manulife: Customer Reviews
Many Manulife life insurance clients are satisfied with their experience with the company:
However, some clients find that: