Manulife

by Mark Cluett
8 min read

Manulife Financial Corporation – but colloquially known and branded as Manulife –  is Canada’s largest insurance company and holds over a trillion dollars in assets. It was founded by Canada’s first prime minister in 1887; today they are the first Canadian insurer to offer life insurance to HIV-positive customers, strive for gender balance in management, and invest billions in sustainable initiatives.

The company headquarters are in Toronto, Ontario. Manulife is renowned for its extensive range of breadth of insurance plans. The company has over 30 million global customers.

Contact Information

Address

Manulife
200 Bloor Street East
Toronto, Ontario M4W 1E5

Phone Numbers

Canada-Wide Toll-Free:  1-800-268-6195

Website

Manulife Website / Manulife Wikipedia Page

Financial Ratings

Based on 2019 financial reports.

Total premiums and deposits: $39.2 Billion
Assets under administration: $200 Billion

AM Best Rating: A+ (Excellent)

 

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Term Life Insurance

Term life insurance is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance.

Manulife offers many term life insurance options.

CoverMe Term Life Insurance

  • CoverMe is Manulife’s direct to consumer product offering simple term life coverage
  • Offers quick, affordable coverage; however, coverage is only for 10 years
  • Level premiums for 10 years; renewable every 10 years up to age 85
  • Coverage from $100,000 to $1,000,000 for those between 18 and 70
  • Potential for up to $250,000 in instant coverage if an applicant is aged 18 to 55; no medical exam needed
  • Convertible before age 70 into permanent coverage
  • Significantly more expensive than comparable policies in the market – read our full CoverMe Term Life Insurance Review

Family Term

  • Flagship term life insurance product for consumers seeking life insurance for their personal needs
  • Coverage amounts range from $100,000 to $20,000,000
  • Available terms of 10 years, 20 years, or to age 65
  • Offers a unique cash advance feature, available if the policyholder is diagnosed with a terminal illness
  • Family’s bereavement counselling costs covered up to $1,000
  • Optional feature to get financial support in the event of serious injuries or accidental death
  • Optional riders and add-ons available for children’s insurance, disability premium waiver, and more

Business Term

  • Insurance meant to protect a business as it grows if something happens to the main stakeholder
  • Coverage amounts from $100,000 to $20,000,000
  • Terms of 10 or 20 years, or to age 65
  • Family’s bereavement counselling costs covered up to $1,000
  • Cash advance available if policyholder is diagnosed with a terminal illness
  • Lower premiums when two or more people are included in one policy
  • Able to modify and augment as the business grows without medical exams or new company valuations

Family Term with Vitality

  • A unique life insurance offering that offers premium savings to reward and incentivize healthier lifestyles. The life insured can get lower rates if they demonstrate healthy habits, by among other things, wearing a smartwatch
  • Manulife provides a free wearable monitoring device to help policyholders check their progress
  • Policyholders are then eligible for rewards and discounts  (savings on future insurance rates, gift cards etc) based on their lifestyle and fitness level coverage amounts from $500,000 to $20,000,000
  • Terms of 10 or 20 years, to age 65 or 100
  • Policyholders set personalized health goals

Manulife Quick Issue Term

  • Fast application and approval process
  • Electronic application
  • No medical testing required
  • Convertible to permanent insurance
  • Coverage amounts from $100,000 to $500,000
  • Terms of 10 or 20 years, or to age 65

For more information and an in-depth look at their coverage, read our Manulife Term Life Insurance Review.

Permanent Insurance

Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums the coverage never expires. Manulife offers three different permanent life insurance policy options: non-participating, participating, and universal.

Non-Participating Life Insurance

Performax Gold Whole Life Insurance

  • Minimum coverage: $25,000
  • Life Pay and 15 Pay options
  • Optional add-on:
  • Term life insurance riders available as add on
  • Disability rider available
  • Children’s insurance riders available

Participating Life Insurance

Manulife Par Whole Life Insurance

  • Attractive long-term cash value and death benefit growth
  • No compromising on access to cash values in early years of policy
  • Minimum coverage: $100,000
  • Option to withdraw dividends annually
  • Limited pay options for those that want to pay off the premiums early (10 and 20 Pay)
  • Option to switch between some payment options during life of the policy

Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed long term investment component: your insurer gives you options for investing the cash value of your policy.

Manulife offers three different universal life insurance policy options:

InnoVision

  • Coverage begins at $100,000
  • Choice of over 50 investment options
  • Choose between a loyalty bonus or lower management fees on investments
  • Guaranteed insurance costs
  • Guaranteed minimum interest investment accounts
  • Tax advantaged investing options
  • Term life insurance rider available
  • Accidental death insurance rider available
  • Inflation protection options
  • Disability rider available
  • Guaranteed future eligibility riders available
  • Children’s insurance riders available

Security UL

  • Coverage begins at $50,000
  • Choice between guaranteed minimum interest rates or investing in equity markets
  • Term life insurance rider available
  • Disability rider available
  • Guaranteed future eligibility riders available
  • Children’s insurance riders available

Manulife UL

  • Coverage begins at $50,000 or $100,000 depending on the chosen options
  • Wide range of investment options
  • Low management fees
  • Guaranteed rate enhancements for accounts managed through policy

Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length; and you determine it when purchasing the policy.

Manulife offers critical illness insurance for adults and children through several policy options.

LifeCheque

  • Basic and enhanced (25 conditions) coverage
  • Available Terms: 10 and 20 years and to ages 65, 75, and 100
  • Limited Pay available with age 100 coverage
  • Maximum coverage: $2-million
  • 6 eligible conditions for partial payout
  • Partial payment/early detection payment available
  • Survival period: 30 days
  • Return of Premium on death
  • Return of Premium on expiry/cancellation (after 15 years)

CoverMe Critical Illness Insurance

  • Available between ages 18-65
  • Simplified critical illness insurance available with complete online fulfillment
  • 30-day waiting period
  • Covers only life-threatening cancer, heart attack, stroke, coronary artery bypass surgery, and aortic surgery
  • Option to get up to 100% of premiums back when policyholder turns 75 if they didn’t make claim during life of policy

For more information and an in-depth look at their critical illness coverage, read our Manulife Critical Illness Insurance Review.

Disability insurance

Disability insurance (or income protection insurance) is a policy that offers you protection against loss of income. It replaces a substantial portion of your paycheque if you become disabled until you return to good health and resume work (or the end of your coverage period).

Manulife offers different options for disability insurance:

  • Proguard offers income protection for executives and professionals
  • Venture offers income protection for small business owners, farmers, part-time workers, students, and new grads
  • Personal Accident Disability Insurance covers expenses when the policyowner becomes disabled and is aimed at full-time and part-time workers and those not working at all
  • ExpenseComp reimburses overhead and expenses of small business owners and professionals if a disability prevents the insured from working

Manulife Buy-Sell Plus is disability insurance that covers key employees at a business as to not jeopardize the business’s value should they become disabled

Travel Insurance

Manulife offers the following travel insurance plans.

  • Travelling Canadians assists in covering any unexpected medical costs when one travels. It also covers COVID-19 related costs.
  • The Students option assists in covering medical expenses when for those that study away from home
  • Similarly, the Visitors to Canada option covers medical costs of travellers to the country
  • TravelEase travel insurance assists with coverage for pre-existing medical conditions and augments your provincial health insurance

Health Insurance

Manulife offers the following health and dental insurance options.

  • Flexcare health & dental insurance is complete comprehensive individually owned health insurance
  • FollowMe health & dental insurance covers health insurance needs when one’s employee workplace benefits end due to an occupation change
Need help?

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The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.

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