Home Compare and Review Canada’s Life Insurance Comparison: Manulife vs. Canada Protection Plan

Canada’s Life Insurance Comparison: Manulife vs. Canada Protection Plan

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Manulife and Canada Protection Plan are two of Canada’s notable financial firms. They offer comparable insurance services, and in this comparison, we will concentrate on the life insurance services they supply.

Canada Protection Plan

Canada Protection Plan is a provider of no-medical-exclusion and simplified-issue life insurance. One of the leading firms in Canada. It provides insurance for clients who may have difficulty in securing one due to the traditional underwriting process.

Canada Protection Plan offers five permanent life insurance products, each with a different level of term coverage based on the applicant’s health.

Deferred Elite Term

  • Intended for persons with fairly serious health conditions or those who have previously been denied coverage elsewhere and require no medical exams during application.
  • Coverage of up to $350,000 with plans running for ten, twenty, or 25 years.
  • Life insurance with guaranteed acceptance and premiums renewed until age 80 and convertible until age 70.
  • However, full benefits are not payable until after two years or if death is caused by accident.

Simplified Elite Term

  • Designed for people in generally good health who participate in extreme sports and do not wish to undergo a medical exam as no medical exams are necessary.
  • Coverage is delivered instantly and up to $500,000.
  • Coverage periods of ten, twenty, or twenty-five years are offered with no waiting period.
  • Renewable to age 80 and convertible to 70.

Preferred Term

  • The preferred term is for healthy people willing to submit to medical underwriting based on their age and the coverage amount. This product’s no-medical option provides coverage of up to $500,000. Coverage is delivered immediately.
  • Coverage ranging from $50,000 to $1,000,000 for 10, 20, or 25 years.
  • Guaranteed premiums are renewable until the age of 80 and convertible until the age of 70.
  • No medical version.
  • Zero waiting period.

Express Elite Term

  • It’s designed for people in good health who want a basic protection plan and do not wish to commit to a medical exam.
  • Coverage of up to $750,000 for individuals aged 18 to 50, and $500,000 for more aged ones from 51-60.
  • Coverage periods of 20 or 30 years are available.
  • No waiting period as coverage is made available immediately.
  • Guaranteed premiums that are renewable until the age of 80 and convertible until the age of 70.

Preferred Elite Term

  • Preferred Elite Life Insurance provides the best rates to the healthiest people. Medical underwriting is, however, required.
  • Coverage up to $1,000,000
  • Coverage periods of 10 years, 20 years or 25 years
  • No waiting period as coverage starts immediately
  • Terminal illness and transportation benefits.
  • Guaranteed premiums, renewable up to 80 and convertible until 70.

Accessibility and Customer Service

You can reach Canada Protection Plan’s customer service on a toll-free line and a designated email.

Reaching out for support may not be required, as you can get a quote on their website in simple steps.

Pros

  • Ease of application.
  • Several plans do not require a medical exam.
  • Quick approvals.
  • Designed for clients across all health categories.

Cons

  • Plans can be expensive for those in good health.
  • It is limited to a maximum coverage of $1 million.
Manulife vs. Canada Protection Plan - Best Insurance Online

Manulife

Depending on the coverage, Manulife caters to a wide range of needs with its well-crafted plans and coverage options. However, many Manulife insurable products are designed to best suit families. Let’s take a look at the various products available.

Term Life Insurance

At the time of writing, Manulife offers 6 life term insurance products.

  • CoverMe Term: Simple and affordable, designed to provide coverage of $100,000 to $1,000,000 for 10 years. Convertible to permanent life insurance before your 70th birthday. Renewable every ten years up to age 85.
  • Family Term: One of the company’s most popular products, designed for growing families. The term has lower premiums when two or more persons are covered. Up to $1,000 in coverage for your family’s bereavement counselling expenses. Customizable rider coverage. $100,000 to $20,000,000 coverage for a duration of 10 or 20 years, up to the age of 65, or for life. And if diagnosed with a terminal illness, you are entitled to a cash advance.
  • Business Term: Specially designed for business owners. Manulife’s Business Term provides key person protection, company collateral, buy-sell capital, and estate tax coverage. Discounts are made available for policies that cover two or more persons. Coverage of $100,000 up to $20,000,000. Premiums are fixed for ten or twenty years, up to the age of 65, or for the rest of your life. Up to $1,000 in bereavement expenses are covered. If diagnosed with a terminal illness, a cash advance is available.
  • Manulife’s Vitality: A one-of-a-kind plan that encourages policyholders to stay fit and healthy. Amazon and Vitality Points are earned while improving your health. Although different, it is comparable to the normal Family Term. Coverage ranges from $500,000 to $20,000. 00 for a term of 10 or 20 years, which is renewable to age 80 or age 65 or 100.
  • CoverMe Easy Issue: Designed for clients not willing to undertake a medical exam. Coverage of $50,000 up to $75,000 with a 30-day money-back guarantee. Available to everyone aged 18 to 70, with coverage up to 85. No medical underwriting is needed. Term of ten years and renewable.
  • Interestingly, there is no waiting period – it is delivered immediately. Clients under the age of 83 who have been covered for more than two years are eligible for a one-time cash advance. If you are diagnosed with a terminal illness and have less than 12 months to live, you may be eligible for up to 50% of your coverage.
  • Manulife’s Quick Issue Term: This product is designed to help people get quick coverage and uses their online application process for fast approval. No paperwork or medical examination is required. In most instances, coverage is provided within one business day. Coverage ranges from $100,000 to $500,000 and is available to clients 18 to 50 years of age. Term lengths of 10 or 20 years, up until age 65. Bereavement counselling could cost up to $1,000. A cash advance is made available for terminal sickness.

Permanent Life Insurance

Manulife also provides six permanent life insurance products:

  • Manulife Par

– The core plan includes a $100,000 coverage.
– There are no policy fees.
– You can choose between a 10-year or a 20-year payment term.
– Options for single life or joint last-to-die coverage.

  • Manulife Performax Gold

– This plan provides permanent life insurance, cash value growth, and access to funds that can be used to secure bank loans.
– Coverage starts at $25,000.
– The option is to pay for the coverage in full in 15 years or pay it out in installments until you reach 100 years old.
– A death benefit is also included in the policy.

  • InnoVision: If you need a flexible insurance policy that changes as you grow, Manulife InnoVision is for you. The core plan includes:

– Coverage starts at $100,000.
– A choice from over 50 investment accounts.
– You also choose your reward, either a loyalty bonus or lower management fees on investment accounts.
– Guaranteed insurance costs are subject to certain conditions and guaranteed minimum interest investment accounts.

  • Security UL: Manulife’s Security UL product is a simple and customizable policy appropriate for younger clients.

The core plan includes coverage starting at $50,000. The option of setting guaranteed minimum interest rates or connecting the growth of your insurance to the stock market.

  • Manulife UL: Another flexible option adaptable to suit one’s needs over a lifetime.

– The plan allows you to choose from a wide range of investment account options.
– Wide range of investment account options with competitive management fees.
– No policy fee and no life fee.
– Rate enhancement guarantee.

  • CoverMe Guaranteed Issue: This caters to Canadians aged 40 to 75, regardless of health history.

– Nonsmokers get to pay 20% less in insurance premiums.
– In the event of death, your beneficiaries get a tax-free lump sum payout.
– Coverage ranges from $5,000 to 25,000 dollars.
– Premiums at the same level.

Other Products

Other Manulife insurance products include:

  • Group Life Insurance
  • Critical Illness Insurance
  • Synergy
  • FollowMe Life Insurance

Pros

  • Approval is possible without medical underwriting.
  • Family-oriented long-term planning.
  • Their Vitality Plan has a rewards program that allows you to save money and get incentives.
  • Permanent life insurance at a reasonable price.

Cons

  • Options with a shorter time frame.
  • Even for non-medical applications, there are long delays with the underwriting process.
  • Unlike many competitors, applications are not approved “instantly,” hence, delayed processing.
ManulifeCanada Protection Plan
Family-oriented planningProducts are designed to suit individual needs
All, except some, require a medical examSeveral plans do not require a medical exam
Difficulty and delay in applicationEase of application
Short time frameLonger time frame
A wide range of products availableA limited number of products

Conclusion

Manulife offers a broad range of options as opposed to CPP’s limited plans. If you’re not sure of the best insurance plan or company for you, working with a life insurance specialist can help you find the best solution to fit your needs. We’d recommend you to refer to Insurance Direct Canada – a trusted insurance broker in Canada.

Our reviews on top insurance companies in Canada: ivari review, Sun Life review, Desjardins review, Wawanesa Life review, etc.

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