Manulife Life Insurance Reviews AKA Manufacturers Life Insurance Company

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!

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.

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.

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:

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.

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: 

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!

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.

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:  

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. 

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.

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.

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!

“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 

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