If you are looking through Manulife insurance reviews, you’re in the right place! The name Manufacturers Life Insurance Company may not be familiar, but I am SURE that Manulife Life Insurance is…
…they are the same.
As one of the most respected and well-known names in the insurance industry, Manulife is also the largest life insurance company in Canada and, for that matter, the world. But does that mean they are the right insurer for your needs?
If you read my reviews, you know that not all life insurance companies are created equal.
So, let’s look at Manulife Life Insurance to see how they compare RIGHT now!
The History of Manulife Life Insurance
As you can probably guess, Manulife Life Insurance started as a manufacturer’s life insurance company. It was created by an act of Canadian parliament in 1887!
JB Carlile, an agent for the North American Life Assurance Company, introduced the idea, and his experience laid the framework for the Manufacturers Life Insurance Company.
As with many life insurance companies, they wanted to expand their interests internationally. Policies were quickly sold in Bermuda, Grenada, Jamaica, Barbados, Trinidad, Tobago, Haiti, British Honduras, British Guiana, China, and British Hong Kong.
By 1931, this precocious company opened its first branch in southern China and continued expanding into Cambodia, Japan, the US, Singapore, Myanmar, and Indonesia.
Manulife is one of the oldest and largest insurers in Canada. It truly is a force to be reckoned with.
By the way, Manulife Financial Corporation is the arm that handles life insurance products for the Canadian public.
Manulife Financial Rating
I am going to start this section off with a little bit of explanation. Life Insurance is one of the biggest purchases people make in their lifetime, which means it’s a decision you should consider before pulling the trigger.
This is why it’s a highly regulated industry. The government wants to ensure that consumers aren’t taken advantage of, and the financial rating industry was created to protect consumers.
Companies like Standard & Poors and AM Best assess the financial dealings of life insurance companies and grade their performance, allowing you to make an educated choice with less time investment.
So, how does Manulife Financial Corporation fare?
VERY well. I wouldn’t expect less.
Standard & Poors gives Manufacturers Life Insurance Company AA-, AM Best an A+, and Fitch an AA-.
Manulife Insurance Reviews Online
Life insurance reviews online – hmmm – this is a complicated topic for me. While I love the transparency of the internet…
…it’s not as straightforward as I would like.
To put it simply, people love to bash life insurance companies. There are a few reasons for this like:
- Stress
- Bad Information
- Poor Customer Service
So, let’s see how Manulife insurance is seen online:
Manufacturers Life Insurance Company Google Reviews
Manulife receives 3.2 stars out of 5 based on 93 google reviews. This is actually really good for an insurance company as large as manulife.
Most complaints I saw concern group benefits (dental and medical), disability claims, and customer service. Quite honestly, very few are concerning LIFE INSURANCE.
Manulife Life Insurance Products
This is my favorite part of any review. I truly enjoy going through all the life insurance products available in Canada. There are so many terrific plans, which means there is something for everyone.
What is Manulife Vitality?
Vitality Plus is a program that Manulife has been marketing strongly for the last decade. It’s available with most Manulife insurance plans and rewards consumers, with incentives and lower rates, to live a healthier lifestyle.
Let’s take a closer look at what this behemoth has to offer:
1. Manulife Term Life Insurance
Term life insurance is the most affordable and flexible coverage available, and it works for most people most of the time. For many clients, income protection during periods of vulnerability is what they are looking for, and term insurance offers this.
In a nutshell, you:
- Select a coverage value (i.e., $100K, $250K, $500K, etc.)
- Select a term (period you need coverage, i.e., 10, 20, or to age 65)
- Answer questions about your lifestyle, medical history and possibly undergo a health exam
- Receive notification of approval or decline (statistically, 80% of applicants are approved at standard rates or better)
…and that’s it! You are covered as long as you pay your premiums.
Manulife Life Insurance offers several options. Check them out!
CoverMe Term Insurance (Alumni, Association insurance)
- Coverage from $100K – $1Million
- Available for people 18 – 70 years of age
- $250K of instant coverage with no medical exam (answer a few questions) from 18 – 55 years of age
- Rates are guaranteed not to increase for 10 years – renewable age-based rates are available every 10 years up to 85 years without a medical exam.
- 30-day money-back guarantee
- Convertible to permanent life insurance before age 70 with no medical exam
- Terminal illness benefit
Manulife Family Term Life Insurance (superior to CoverMe Term)
- Coverage from $100K – $20Million
- Level premiums for 10 years, 20 years, to age 65 or for life
- Bereavement counseling costs up to $1K
- terminal illness benefit
Options:
- Injury & accidental death coverage
- Disability premium holiday
- Guaranteed future insurability for you or your children
CoverMe Easy Issue Term (Quick issue)
- Coverage: $50k or $75K
- Available for ages 18 – 70 – coverage up to age 85
- No medical exam is required
- 10-year renewable term
- No waiting period
- Pay 50% less if you are a non-smoker
- 30-day money-back guarantee
- Terminal illness benefit
Manulife Synergy Insurance (3 in 1 combination life, disability & critical illness)
- Coverage: $100K – $500K
- Insurance is convertible to permanent coverage until age 65
Optional:
- Add term life insurance of 10 years renewable or term to age 65
- Protect children to age 25 (life and critical illness)
Optional add-ons:
- Add term life insurance: 10-year renewable or term to age 65
- Help protect children up to age 25 with life and critical illness insurance
Manulife Alumni Term Insurance
This is association coverage available to alumni from various Canadian universities and professional associations.
- Coverage $35k – 770k
- 5-year terms renewable to age 65
- Premiums increase every 5 years
- Premiums are NOT guaranteed
- Coverage stops at age 65
- No conversion option
- to be eligible, you must be an alumni member of a Canadian University or College or the spouse of an insured alumni member
- No Medical Exam is required if you’re age 55 or under
Optional:
- Child Life & Accident Insurance
- Major accident protection
“NOTE*** Personally, if you have Alumni term coverage, it would be better for you to have a individually underwritten family term life insurance policy with superior features & guarantees. more affordable too!”
2. Manulife Permanent Insurance
You may look at Manulife insurance reviews because you want coverage until death.
If that’s the case, permanent life insurance is your product.
There is a catch, however. It’s far more expensive than term coverage because it guarantees a payout to your beneficiary as long as you keep up with your payments. It also has a cash value component that can be implemented differently.
For example, some policies involve investments you or your life insurance company manage.
There are MANY different kinds of products, and I highly suggest speaking to an independent life insurance agent about your needs before you sign on the dotted line.
Manulife Par Whole Life Insurance
- Coverage starts at $100K
- Payments over 10 or 20 years or for life
- Single-life or joint last-to-die options are available
- Earn an annual dividend
- Access to cash value at any time or if you become disabled
- Make extra payments to increase investment with no penalty
Optional riders:
- Add term
- Payment holiday for a disability
- Guaranteed future insurability for yourself or your children
Manulife Universal Life Insurance
Universal Life Insurance is an awesome product. It combines the affordability and flexibility of term insurance with permanent insurance. To find out more information about Universal Life Insurance, click here.
It is a permanent product, so your beneficiary gets a payout if you keep up with the payments.
- Coverage starts at $50k or $100K depending on the policy you select
- Choose from a variety of investment accounts or link it to Performax Gold Investment Fund
- Low management fees
- If you select a managed fund – guaranteed rate enhancement
- Guaranteed premium for a shorter guaranteed period
Manulife Family Term for Life
Manulife Family term for life offers guaranteed monthly rates for life. This is a pure cost insurance plan. You pay for the cost of the insurance, nothing more, nothing less. This plan has no investment component or cash value.
CoverMe Guaranteed Issue Life Insurance
Fear not if you feel you may be uninsurable because of a medical condition! There is always coverage for you.
Guaranteed Issue life insurance allows anyone to buy life insurance. It’s a wonderful tool, but remember there is always a catch. Without exception, all guaranteed issue plans have a 2-year waiting period.
Another caveat. This protection is a LOT more expensive. So, make sure you’re not eligible for something more affordable before you buy it.
- Coverage from $5K – $25K
- Ages 40 – 75
- No medical exam or health questions
3. Manulife Mortgage Protection Plan
Like many other financial institutions in Canada, Manulife underwrites the mortgages of thousands of Canadians every year. Like Scotiabank, BMO, RBC, and other banks, Manulife sells its brand of mortgage insurance to borrowers who finance their homes through Manulife.
This product is called the Manulife Mortgage Protection Plan.
Many consumers think this type of insurance protects them when it’s designed to protect the lender, in this case, Manulife. This type of coverage is also problematic because the underwriting is not done upfront but only when a claim takes place. We call it “post-claim underwriting,” and it has a much higher potential for denied claims.
So, what’s the best way to protect your Manulife One mortgage?
Simple. Buy individual Manulife family term policies instead of purchasing the Manulife Mortgage Protection Plan coverage. More affordable too.
Insurance Application Process
Each life insurance company approaches its website and application process differently. Some quickly adopt technology, while others opt for simplicity.
Regardless, you don’t need to worry, a dedicated independent agent like those at Policy Architects can guide you seamlessly through the process.
What are the steps?
- We our help and education, you select the type and amount of life insurance you’ll need to protect your loved ones.
- Next, we determine your accurate rating class which ultimately determines the cost.
- We then shop to multiple carriers to find you the best rate. If you have any health or insurability issues, we know which carriers will view your case the most leniently and offer you the cheapest rates.
- Once you’ve selected the company, in this case Manulife, we help you complete an online life insurance application, ending with the execution of an electronic signature through email.
- Depending on the your age, health and the amount of coverage you apply for, you may or may not be required to complete a health exam.
- We hold your hand through the whole process and keep you updated including notifying you when your policy has been approved and issued.
Don’t be fooled. If you see an option that says “apply online”, at some point you will have to speak with a licensed life insurance agent.
Manulife Life Insurance Quotes
Now, this is what you’re looking for.
The rates…
…sure, I get it. Everyone wants to see where they stand concerning the cost of life insurance – but buyer beware.
Online rates are simply an estimate. No one can tell you with 100% certainty how much you’ll pay until you’ve gone through the underwriting process.
Age |
$250,000 |
$500,000 |
---|---|---|
35 Year Old Male | $19.76 | $32.52 |
35 Year Old Female | $17.13 | $25.24 |
40 Year Old Male | $27.05 | $47.19 |
40 Year Old Female | $22.51 | $35.79 |
45 Year Old Male | $42.03 | $75.42 |
45 Year Old Female | $32.11 | $55.07 |
50 Year Old Male | $69.68 | $127.44 |
50 Year Old Female | $51.37 | $90.81 |
55 Year Old Male | $120.23 | $234.44 |
55 Year Old Female | $86.40 | $166.05 |
60 Year Old Male | $217.28 | $423.88 |
60 Year Old Female | $151.81 | $298.49 |
65 Year Old Male | NA | NA |
65 Year Old Female | NA | NA |
*Quotes above are for The Manufacturers Life Insurance Company Family Term-20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. August 2024
Manulife Insurance Pros
1. Long Illustrious Brand History
Manulife Life Insurance Company is a terrific company. There are a lot of good things to say about it. It is the biggest and one of the oldest insurers in Canada, so this should come as no surprise.
They have weathered a depression, World Wars, and Recessions while expanding internationally.
Manulife has a keen sense of business.
2. Strong Financial Rating
The financial rating groups obviously like Manulife Life Insurance. Standard & Poors gives them an AA—and AM Best an A+!
Your life insurance investment is safe with them.
3. Fantastic Selection of Products
Manulife Life Insurance offers what you need, no matter what your needs. Are you looking for a Guaranteed Issue because of medical issues, a Term policy, or a Permanent policy with various investment options? They’ve got you covered.
3. Accelerated Underwriting – Get Up To $2 Million Of Coverage Without Providing Fluids!
Are you healthy, under 50, and interested in getting coverage without the time and hassle of a life insurance medical? Manulife has you covered. If you fit these parameters, they will underwrite you for up to $2,000,000 of life insurance without requiring a nurse visit.
*Keep in mind, Manulife always reserves the right to request a medical if they have any concerns or questions regarding your health
4. Best Options For Term To Permanent Life Insurance Conversion in Canada!
Most life insurance companies in Canada offer a conversion option with all-term life insurance policies. This option allows you to exchange your term coverage for permanent insurance without a medical exam or underwriting, which is extremely important if you become uninsurable.
Manulife has the best and most flexible options for converting term to permanent life insurance. They will allow you to exchange a portion of your term coverage for permanent and then reset the remaining face amount to a brand-new term.
Let’s say, for example, you took out a $1 million, 20-year term policy when you were 40 years old. At age 55, you develop and are treated for cancer. Now, because of your recent history with cancer, replacing your term 20 policy at an affordable rate is not an option.
That’s where Manulife’s conversion option comes in. You decide to convert $100,000 of your $1 million of term insurance to Manulife’s whole life and then flip the $900,000 unused portion into a brand new 20-year term policy. This new term policy will guarantee rates up to age 75.
The best part? No medical evidence is required, the policy is issued at your original health class rating, and you still have the option to convert this new $900,000 policy to permanent insurance in the future.
5. Awesome Website User Experience & Access to Information
Manulife has spent some serious time and money on its website. Information is easily accessible without having to speak to an agent.
…and you can even start the application process online.
I like it!
6. Electronic Policy Delivery Option
Even before COVID-19 hit and many life insurance companies began offering policy e-delivery, Manulife was first to the party.
7. One of the Best Whole Life Insurance Products in Canada
Manulife has one of the most flexible whole life insurance products in the country for tax and estate planning.
Manulife Insurance Cons
Jack of All Trades
This is not a passionate con – and honestly, it could be a pro, depending on how you see life.
Manulife has a lot going on. It offers various products like banking, investments, wealth management, group benefits, and insurance.
Do things slip through the cracks with this sort of diversification? I like highly specialized life insurance companies because they are single-focused.
Others may not agree and even like the one-stop-shop approach.
Is Manulife Life Insurance Right For YOU?
If you are looking through Manulife Life Insurance Reviews, you are SPOT ON! Seriously, I commend you for doing your homework.
As you can see, Manulife is an excellent life insurance company Canadians have trusted for decades. They have a fantastic selection of products. If you think you’ll convert your term coverage to permanent later, then Manulife’s your best bet.
…. but before you sign on the dotted line, don’t fall into the trap of choosing a company solely based on brand recognition. It can cost you THOUSANDS. While Manufacturers Life Insurance Company may be a good fit for you, you should do your due diligence.
Get quotes from Manulife and other carriers before you make a decision.
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