Millions of Canadians have one form of a life insurance policy or another to help cope with life uncertainties. The types of life insurance coverages offered by most insurance companies allow a policyholder to choose a plan based on a preferred duration and terms. This means that apart from the traditional policy system that pays after the holder’s demise, certain types can be purchased for a short period. Desjardins and Manulife are insurance companies with a reputation for excellent insurance service. So, if you are contemplating which to buy, here’s a comparison that can help you decide.
Desjardins, known as Desjardins Group, is a Canadian financial company with billions of dollars in revenue. Desjardins offers insurance services to Canadians, among other things. The life insurance policy of Desjardins helps a buyer to cope with a temporary financial crisis within 10-30 years and also offers plans for people who want to plan long-term — especially for their family after they die. The life plans offered by Desjardins are four types:
- Term Life Insurance
- Permanent Life Insurance
- Participating life insurance
- Universal life insurance
Manulife is a popular insurance company you may have heard of at one point or another. In Canada, Manulife sells a variety of insurance products. The life insurance plan at Manulife offers a holder a pool of options to cater to financial endeavours within a period of 10-30 years. Added to that, there are plans for long-term purposes. Manulife can help you prepare against any form of financial loss while you’re alive and cater to loved ones when you die. There are plans that pay out when you’re alive and some designed to pay after your demise. The flexibility of Manulife’s programs allows Canadians to choose based on their circumstances. Although on the surface, Manulife has two major types of life policies, numerous sub-plans are designed to help Canadians find a suitable policy. The major plans are:
- Term Life Insurance
- Permanent Insurance
|Desjardins Insurance Plans||Manulife Life Insurance|
Term Life Insurance
Term life insurance is a plan that can be personalized. It can have a duration of 10-30 years with an option to renew till a policyholder is 65 years old. It’s a plan that helps you leave something behind for your loved ones to maintain their standard of living. With flexible duration, you can choose when it pays. By default, the plan is programmed to pay out a lump sum if the holder dies. It can be switched to a bigger plan like permanent life insurance without the hassle. If purchased by a couple, it will pay out if a spouse does.
|Term Life |
Term life insurance has a pair of options. It’s a plan that lasts for about ten years. Under term life, Manulife has the following plans.
This plan is adjustable, allowing a holder to tweak it to suit budget and needs. It’s renewable for up to 85 years and can payout up to $100,000 to $1 million. It can payout about 50% of the coverage if an owner has an ailment with less than a year to live.
CoverMe Easy Issue
It’s a plan under the term life with coverage worth about $75,000. It’s also renewable for up to 85 years, although it’s a 10-year plan by default. It also pays out 50% of the coverage worth if the policyholder is diagnosed with a terminal ailment with less than a year to live.
|Permanent Life Insurance |
Permanent life is a plan that provides lifetime coverage. It’s easy to purchase and offers better benefits than term life insurance in the long run. It has a basic and personalised coverage to help buyers choose based on their circumstances.
Permanent life insurance from Manulife is divided into two categories.
Manu Par Whole Life
Manu Par Whole Life has coverage that starts from $100,000. It has no policy charges, allowing a holder to add a term life policy to it. It has a payment period of 10 to 20 years. It has the following: Performax Gold® Whole life insurance. InnoVision® universal life insurance
Performax Gold® Whole life insurance
It’s a plan that ensures the loved ones & businesses of the policyholder are covered when the policyholder dies. It provides lifetime coverage & investment that grows.
InnoVision® Universal Life
It’s a flexible plan with multiple features. It’s a life plan to create a legacy for loved ones after your death. It can insure specified people in a business, and it has several add-ons that will benefit a buyer regardless of financial capability.
|Participating Insurance |
Participating in insurance is also an excellent plan to provide financial assistance to your loved ones after you’re gone. It has lots of perks that make it a good option. First, you can pay your premiums for any number of years or till you’re 100. As a policyholder, you’ll stop paying premiums if you become disabled. The policy has a tax-free death benefit. As time goes by, this policy allows a holder to tweak a plan based on present circumstances or preferences.
Universal Life Insurance
Universal life insurance provides you with an option to grow your money tax-free. You get to leave behind a tax-free inheritance for your loved ones. It can either provide lifetime protection or an investment option. As a policyholder, you can tweak the plan every five years. If you become disabled, it will give out benefits.
How Desjardins Insurance Works
Desjardins Insurance has four major plans that allow you to choose based on your needs. The term life plan pays out after the duration of the policy — it could be after 10 years, 20 years, or 30 years. The rest of the plans are lifelong plans with different benefits. A universal plan allows you to amend the insurance details every five years. The participating plan will enable you to pay all your premiums within a certain number of years. The permanent life plan also gives you an option to personalize your plan.
How Manulife Insurance Works
Manulife insurance offers a variety of life insurance policies that can serve you for a short period or a long time. The purpose is to help buyers get life coverage that meets their needs. For example, individuals with short-term needs will benefit from the coverMe and CoverMe simple plans. If their circumstances do not improve, they have the option of renewing the plans for up to 85 years. Suppose the holder becomes disabled or is diagnosed with a terminal illness with less than 12 months to live; these policies payout. And if an individual needs lifelong coverage, permanent plans are ideal. Permanent plans have a wide range of applications, including health and business. These plans can cover the buyer or holder’s needs while they are alive, as well as their business and offer a way of life for loved ones after the buyer passes away. The holder can also specify the scope of the plan.
- Both insurance companies have products that are easy to purchase.
- They both provide ample information on the plans offered, although Manulife has more details.
Desjardins doesn’t provide as much detail as Manulife. Information about the coverage amount is not available on Desjardins’ website.
Overall, both insurance companies have excellent policies. Also, they are both reliable. So, examine their plans and make a decision. More important, keep in mind that you can always reach out to a representative of each of these companies to learn more about their products.
For personalized life insurance quotes from these Desjardins and Manulife, or many other good life insurance companies in Canada, you can refer to Insurance Direct Canada – one of the most trusted insurance brokers across all states in Canada.
Other reviews available for your reference: Sun Life review, ivari review, Foresters Financial review, CPP review, etc.