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Manulife Life Insurance Reviews:

All the Info You Need to Make the Right Choice!

Manulife is on our top 8 list of best life insurance companies in Canada. We give them 4.5 stars. As the single largest life insurance carrier in Canada, Manulife is also one of the best. With a vast selection of high-quality products, Manulife life insurance continues to be a brand that Canadians can trust. It's also worth noting that Manufacturers Life Insurance Company has the most generous term conversion options industrywide

If you are looking through Manulife insurance reviews, well then, 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 one and 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 take a look at Manulife Life Insurance to see how they compare RIGHT now!

The History of Manufacturers Life Insurance Company

Ok! I am ready to dig in. I've been googling Manulife insurance reviews and have no idea where to start! 

Glad you asked. I like to take a look at the roots of any company I recommend to my clients. Why? Their history reveals a lot about the way they operate. 

Well as you can probably guess Manulife Life Insurance started out as the Manufacturers Life Insurance Company. It was created by an act of parliament in 1887!

The idea was introduced by JB Carlile, an agent for the North American Life Assurance Company and his experience laid the framework for 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, British Hong Kong.

By 1931 this precocious company opened its first branch in southern China and has continued to expand over the years into Cambodia, Japan, the US, Singapore, Myanmar and Indonesia.

Manulife is one of the oldest and is THE largest insurer in Canada. They truly are a force to be contended with.

By the way, Manulife Financial Corporation is the arm that handles life insurance products for the Canadian public.

Manulife Financial Rating

Wow sounds like Manufacturers Life Insurance Company is a real winner!  

Yes, it is, but that's not all! We should check out their financial ratings...These are the grades given to them by rating agencies to help customers make the right choices. 

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 think seriously about before you pull the trigger.

This is why it’s a highly regulated industry. The government wants to make sure consumers don’t get taken advantage of.  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 so you make an educated choice with less time investment.

So how does Manulife Financial Corporation fare?

VERY well. I wouldn’t expect less.

AM Best & Fitch Give Manulife an AA- Rating

& Standard & Poors gives them an A+!


Looking For a Manufacturers Life Insurance Company Insurance Quote?

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 into simple terms people, love to bash life insurance companies. There are a few reasons for this like:

  • Stress: People making claims are under a LOT of stress. This makes them less patient. Hiccups and snafus are not tolerated when people are in a tough spot.
  • Bad Information: Not all life insurance agents are great. There I said it. While most of us are very professional, sadly there are a few bad apples that just want to push a sale through. Some agents give clients bad advice, and this trickles down to the companies.
  • Poor Customer Service: Good help is hard to find. Many life insurance companies struggle with consistent customer service.
  • Denied Claims: While rare this does happen on occasion. There are two reasons for this. 1. People provide false information to get cheaper rates. This is fraud and you WILL be caught. 2. Omission – this is why you need a good agent. Always be completely transparent and if you are in doubt about offering info always put it forward.

So, let’s see how Manulife insurance is seen online:

Manulife Life Insurance Reviews (Google) 

Manulife Insurance Company Google Reviews

Well, I have some good news for you. Manulife Insurance Company maintains 4 out of 5 stars on Google. 

If you’ve been reading my articles, you know how hard that is. Unfortunately, people are pretty brutal when it comes to online reviews. 

So, this is a win for Manulife. 

Manufacturers Life Insurance Company: Insureye 

As I suspected. Their reviews are less than stellar on Insureye. This seems inevitable for a company of this size and stature.

BUT where there’s smoke there may be fire. Let’s take a closer look at WHY people are unhappy. After all, 2 stars out of 5 is not a fantastic score.

AHA! This is a terrific example of unfair reviews. First of all, most of the reviews are concerning group benefits (dental and medical), disability claims and customer service. Quite honestly almost none of them are concerning LIFE INSURANCE.

In fact, there are a couple of reviews that appear to be the same person writing multiple times. Ahhh the joy of the internet.

That's a shame. I guess companies are REALLY vulnerable when it comes to online reviews. 

They are indeed...from my perspective you can give these reviews a pass if you are looking to buy life insurance from Manulife.

Manulife Life Insurance Products

This is my favourite part of my Manulife Life Insurance Reviews. I truly enjoy going through all the life insurance products available in Canada. There are so may terrific plans – which means there is something for everyone. 

Let’s take a closer look at what this behemoth has to offer: 

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 the majority of clients, income protection during periods of vulnerability is what they are looking for. Term insurance offers this.

In a nutshell you:

  • Select a coverage value (i.e. $100K, $250K, $500K etc.)
  • Select a term (period of time you need coverage i.e. 10, 20 or 30 years)
  • Answer some questions about your family, lifestyle and medical history
  • Get a physical exam
  • Get rated (your rating determines how much you pay for coverage)
  • Receive an offer, postponement or decline

…and that’s it! You are covered as long as you pay your premiums.

Manulife Life Insurance offers a number of options. Check ’em out!

Manulife CoverMe Term Insurance

CoverMe Term Insurance

  • Coverage from $100K – $1Million
  • Available for people 18 – 70 years of age
  • $250K of instant coverage with no medical exam (simply answer a few questions) from 18 – 55 years of age
  • Rates guaranteed not to increase for 10 years – renewable age-based rates every 10 years up to 85 years of age without a medical exam.
  • 30 day money back guarantee
  • Convertible to permanent life insurance before age 70 with no medical exam
  • One time cash advance for people less than 83 years of age whose policy has been in force more than 2 years. Receive up to 50% of your benefits up to $100K if you’re diagnosed with a terminal illness and have less than 12 months to live.

Manulife Family Term Life Insurance

  • Coverage from $100K – $20Million
  • Level premiums for 10 or 20 years to age 65 or for life
  • Bereavement counseling costs up to $1K
  • Cash advance if you are diagnosed with a terminal illness


  • Injury & accidental death coverage
  • Disability premium holiday
  • Guaranteed future insurability for you or your children
Manulife Business Term Life Insurance

Manulife Business Term Life Insurance 

  • Coverage amounts: $100K – $20Million
  • Level premiums for 10 or 20 years to age 65 or life
  • Cover bereavement costs up to $1K
  • Cash advance for diagnosed terminal illness
  • Discounts for protecting 2 or more people in one policy
  • Boost your insurance coverage without further evidence of insurability or business valuations


  • Premium holiday for disability
  • Guaranteed future eligibility

Manulife Vitality 

  • Coverage $500K – $20Million 
  • 10 or 20-year terms renewable to age 80 or to age 65 or 100
  • Earn rewards (Amazon & Vitality Points) and save on payments while improving your health. The more you engage with the program the bigger your savings. 


  • Accidental death or injury coverage 
  • Premium holiday for disability 
  • Guaranteed insurability for yourself or children 

Looking For a Manulife Life Insurance Quote?

Simplified Issue Term Life Insurance

Manulife CoverMe Easy Issue

CoverMe Easy Issue 

  • Coverage: $50k or $75K
  • Available for ages 18 – 70 – coverage up to age 85
  • No medical exam required 
  • 10 Year renewable term
  • No waiting period
  • Pay 50% less if you are a non-smoker
  • 30 day money back guarantee
  • One time cash advance for clients who are less than 83 years old and have been covered for more than 2 years. Receive up to 50% of your coverage if diagnosed with a terminal illness with less than 12 months to live.

Manulife Quick Issue Term 

  • No paperwork or medical exam (complete the paperwork with advisor over the phone)
  • In most cases coverage in one business day
  • Coverage: $100K – $500K
  • Ages 18 – 50
  • 10 or 20-year terms or to age 65
  • Bereavement counseling costs up to $1K
  • Cash advance for terminal illness


  • Guaranteed insurability for your children
Manulife Synergy Insurance

Manulife Synergy Insurance 

This is 3 in one coverage: Life insurance, disability & critical illness.

  • Coverage: $100K – $500K
  • Insurance is convertible to permanent coverage until age 65


  • Add term life insurance 10 year 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 required if you’re age 55 or under


  • Child Life & Accident Insurance
  • Major accident protection

“NOTE*** Personally, if you have this coverage, it would be worthwhile to get quotes for Manulife’s family term as it has better options and guarantees.”

Manulife Mortgage Protection Plan

manulife mortgage protection plan

Manulife Mortgage Life Insurance

Like many other financial institutions in Canada, Manulife underwrites the mortgages of thousands of Canadians every year. Similar to Scotiabank, BMO, RBC and other banks, Manulife has its own brand of mortgage insurance that it sells to borrowers who finance their homes through Manulife.

This product is called the Manulife Mortgage Protection Plan.

Many consumers think this type of insurance is there to protect them when in fact, 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.

It only takes place after a claim is made. In the insurance industry, 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. Instead of purchasing the Manulife Mortgage Protection Plan coverage, buy individual Manulife family term policies instead. 

Looking For a Manulife Life Insurance Quote To Protect Your Mortgage?

Manulife Permanent Insurance

One of the reasons you may be looking at Manulife insurance reviews is because you want coverage until the day you die.

If that’s the case permanent life insurance is the product for you.

There is a catch, however. It’s far more expensive than term coverage because there is a guaranteed payout to your beneficiary as long as you keep up with your payments. It also has a cash value component that can be implemented in different ways.

For example, there are policies that involve investments managed by you or your life insurance company.

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

Manulife Par Whole Life Insurance

  • Coverage starts at $100K 
  • No policy fess which is a nice perk 
  • Payments over 10 or 20 years 
  • Single life or joint last to die options available 
  • Earn an annual dividend 
  • Access to cash value at any time or if you become disabled 
  • Make extra payments for more coverage or to pay it faster 


  • Add term 
  • Payment holiday for a disability 
  • Guaranteed future insurability for yourself of children 

Performax Gold

  • Coverage starting at $25K 
  • Make payments to age 100 or in 15 years 
  • Build cash value fast by making additional payments 


  • Add term 
  • Payment holiday for a disability 
  • Guarantee future insurability for yourself or your children 

Manulife Universal Life Insurance

Universal Life Insurance is a really awesome product. It combines the affordability and flexibility of term with permanent insurance. If you want to find out more information about Universal Life Insurance, click here. 

It is a permanent product and as such your beneficiary gets a payout as long as you keep up with the payments. 

Manulife has a few different options:  

Manulife Innovision Universal Life Insurance

InnoVision Universal Life Insurance

  • Coverage starts at $100K
  • Choose from over 50 investment accounts
  • Choose your reward: loyalty bonus or lower management fees
  • Guaranteed minimum interest investment account


  • Invest with tax advantages
  • Add term life insurance
  • Accidental death coverage
  • Inflation protection
  • Premium holiday for disability
  • Future insurability guarantee for yourself, as a business owner and/or for your children

Security Universal Life Insurance 

  • Coverage starts at $50K
  • Choose guaranteed interest rates or link your policy to the market


  • Add term life insurance
  • Premium holiday during a disability
  • Guaranteed future insurability for yourself, yourself as a business owner and/or your children
Manulife UL

Manulife UL 

  • 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 of time 

CoverMe Guaranteed Issue Life Insurance

If you feel you may be uninsurable because of a medical condition, fear not! There is always coverage for you. 

Guaranteed Issue allows anyone to buy life insurance. It’s a wonderful tool but remember there is always a catch. Most guaranteed issue has a 2-year waiting period. 

This is to protect companies from people buying life insurance and dying quickly thereafter. Insurers would simply go out of business.

Another caveat. This protection is a LOT more expensive. So, make sure you’re not eligible for something more affordable before you buy it. 

CoverMe Guaranteed Issue

CoverMe Guaranteed Issue 

  • Coverage from $5K – $25K 
  • Ages 40 – 75 
  • No medical exam or health questions

It looks like Manulife Life Insurance Company has a very good selection of products. 

YES! Manulife is a terrific company, and they have a wonderful selection of life insurance products. Another reason to like them. 

Manulife Insurance Application Process

Each and every life insurance company has a different approach to its website and application process. Some are moving quickly into technology while others are opting for simplicity.

Manulife Life Insurance has a great website. It’s easy to navigate and information is readily available.

CoverMe Life Insurance

This site is just awesome. It’s super clean. To get a quote you have to provide the following information:

  • First & Last Name 
  • Date of Birth 
  • Sex 
  • Phone Number (Optional) 
  • Smoking Status 
  • Email 
  • Coverage Amount 

I gave them a fake email address and received my quote on the screen. A 50-year-old nonsmoking woman looking for $500K of coverage pays $78.00 per month. But remember this premium is only guaranteed for 10 years. 

Then you’re given the option to apply for the coverage online. They request your personal, financial, health and payment information.  

Buying life insurance online is a little bit of an exaggeration. You have to speak to an agent to finalize this process and you may not qualify for the coverage you are looking for. 

But all in all, I really like Manulife’s application process.

Looking For a Manulife Life Insurance Quote?

Manulife Life Insurance Quotes

Now, this is what you’re looking for right?

The rates…

…sure, I get it everyone wants to see where they stand in connection with 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.

That said, if you are in terrific shape you may qualify for a better rating which means you will pay less! This is the reason you need to contact an independent agent TODAY!


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*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. March 2022

Manulife Insurance Pros

The Manulife Insurance Company Pros

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 – all the while expanding internationally.

Manulife obviously has a keen sense for business. 

The Manulife Insurance Company Pros

Strong Financial Rating 

The financial rating groups obviously think a lot of Manulife Life Insurance. Standard & Poors gives them an AA- and AM Best an A+!

Your life insurance investment is safe with them.

The Manulife Insurance Company Pros

Fantastic Selection of Products 

Manulife Life Insurance offers what you need not matter what your needs. Looking for Guaranteed Issue because of medical issues, Term, or Permanent with various investment options? They’ve got you covered.

The Manulife Insurance Company Pros

Accelerated Underwriting - Get Up To $2 Million Of Coverage Without Providing Fluids!

Are you healthy, under the age of 50 and interested in getting coverage without the time and hassle of a life insurance medical? Manulife has you covered. If you fit into these parameters, they will underwrite you for up to $2,000,000 of life insurance without requiring a visit from the nurse.

*Keep in mind, Manulife always reserves the right to request a medical if they have any concerns or questions regarding your health

The Manulife Insurance Company Pros

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 with no medical exam or underwriting required. This is extremely important if you become uninsurable.

Manulife has the best and most flexible options, hands down, for term to permanent life insurance conversion. They will allow you to exchange a portion of your term coverage to 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 participating whole life and then flip the $900,000 unused portion into a brand new 20-year term policy. This new term policy will provide you with guaranteed rates up to age 75. 

The best part? There is absolutely no medical evidence 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. 

The Manulife Insurance Company Pros

Awesome Website User Experience & Access to Information 

It’s clear Manulife has spent some serious time and money on their website. Information is easily accessible without having to speak with an agent…

…and you can even start the application process online.

I like it!

The Manulife Insurance Company Pros

Electronic Policy Delivery Option

Even before COVID-19 hit and a lot of life insurance companies began offering e-delivery of policies, Manulife was first to the party. 

The Manulife Insurance Company Pros

Competitive Rates 

Manulife rates are very competitive. They are definitely one of the best life insurance companies in Canada.

Don’t get me wrong though, you should still contact an independent life insurance agent to make sure they are a good fit for you.

Manulife Insurance Cons

Manulife Life Insurance Cons

Jack of All Trades 

This is not a passionate con – and to be honest it could be a pro depending on how you see life.

Manulife has a LOT going on. They offer all kinds of products such as banking, investments, wealth management, group benefits, and insurance.

With this sort of diversification do things slip through the cracks? For me, I like highly specialized life insurance companies because they are single focus.

Others may not agree and even like the one-stop shop approach.

“Do you have enough life insurance coverage…”


“And you wouldn’t be alone in that mindset. According to a recent study by New York Life, millennials are exposed to financial risk because they don’t carry enough life insurance. The survey revealed that millennials have, on average, $100,000 in life insurance coverage.”


“But this group also estimated they’d need $452,000 to get by if a household breadwinner passed on. That’s a coverage shortfall of $352,000 — which is 60% greater than the coverage gap for the general population.”

The Millennial’s Quick Guide to Life Insurance, The Motley Fool 

Is Manufacturers Life Insurance Company Right For YOU?

If you are looking through Manulife Life Insurance Reviews – then you are SPOT ON! Seriously I commend you for doing your homework.

As you can see, Manulife is an excellent life insurance company that Canadians have trusted for decades. They have a fantastic selection of products. If you think you’ll be converting your term coverage to permanent at a later date then Manulife’s your best bet, hands down.

…. 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. 


James Heidebrecht Manulife Life Insurance

Manulife Life Insurance Reviews: 

Get Insurance Quotes from Manulife and Other Carriers Before You Decide

At Policy Architects, we work with the best life insurance companies in Canada including Manulife. If you reach out to us, we will:

  • Find out your accurate rating class which ultimately determines the price
  • Go over your life insurance options with you
  • Shop to multiple carriers to isolate the best rate

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