Manulife is one of the largest and most established insurance providers in Canada. With over 130 years of experience, Manulife offers a comprehensive range of insurance products to meet the diverse needs of Canadians.
This definitive guide provides an in-depth look at Manulife insurance, including key policies, customer reviews, financial strength, tips for saving, and more.
Overview of Manulife Insurance
Founded in 1887, Manulife Financial Corporation is the largest insurance company in Canada and one of the biggest in the world. Headquartered in Toronto, Manulife serves over 30 million customers globally and has over $1.3 trillion in assets under management (as of December 2021).
In Canada, Manulife offers:
- Life insurance – Term, universal, and whole life policies.
- Health insurance – Drug, dental, travel and disability coverage.
- Travel Insurance
- Group benefits for employers – Employee benefits plans.
- Investments and retirement planning – Retirement and savings solutions.
Manulife operates several subsidiaries in Canada, including Manulife Bank and Manulife Mutual Funds. It distributes products directly and through independent advisors and brokers.
Some key facts about Manulife:
- Headquarters in Toronto, Canada
- Over 38,000 employees worldwide
- Operates as John Hancock in the U.S.
- Over $1.3 trillion in assets under management
- Serving over 30 million customers globally
( Source: https://en.wikipedia.org/wiki/Manulife )
With such an extensive global reach and long-standing history, Manulife has established itself as a reputable insurance provider in Canada and beyond.
Manulife’s Ratings and Financial Strength
As an insurance policyholder, you want confidence that your provider will remain stable and be able to pay out claims over the long term. Independent credit ratings offer insight into Manulife’s financial strength and ability to meet customers’ obligations.
A.M. Best Rating
A.M. Best assesses the financial strength of insurers on an A++ to D scale. Manulife holds an ‘A+’ or ‘Superior’ rating from A.M. Best, indicating excellence in areas like balance sheet strength, operating performance, and business profile.
S&P Global Ratings
S&P Global Ratings uses an AAA to SD scale, with AAA being the highest/most secure and D indicating default. Manulife maintains an ‘AA-‘ or ‘Very Strong’ score, signifying their strong capacity to meet financial commitments.
DBRS Morningstar
DBRS Morningstar also uses an AAA to D rating scale. Manulife scores an ‘AA’ or ‘Superior’ from DBRS, meaning they offer excellent credit quality and substantial protection.
Moody’s Investors Service
Moody’s assesses insurance financial strength on a AAA to C scale. Manulife holds an ‘A1’ or ‘Upper-Medium Grade’ score, denoting low credit risk and a strong ability to repay obligations.
The Takeaway? Across all major agencies, Manulife maintains high financial strength scores, indicating stability even in challenging economic conditions. While ratings can fluctuate slightly, Manulife’s consistently high results provide reassurance for policyholders.
Beyond ratings, Manulife’s large capital base also demonstrates their financial muscle and claim-paying ability. As of Q3 2022, the company reported a capital ratio of 155% – significantly higher than industry requirements.
Overview of Manulife’s Insurance Offerings
Manulife provides diverse insurance solutions for individual and business customers across Canada.
Manulife Term Life Insurance
Term life insurance from Manulife delivers affordable protection for a set period of time, typically 10, 20, or 30 years. It pays out a lump sum to beneficiaries upon the insured’s death.
Manulife’s main-term life options include:
- Manulife Insurance Connect Term: Basic low-cost term life with guaranteed premiums.
- Manulife Vitality Term: Discounted rates for customers who complete health goals.
- Manulife Business Term: Policies to insure key employees and business loan obligations.
Term life insurance is the most economical form of life insurance and is ideal for temporary family income protection, debt repayment, and final expense planning.
Manulife Permanent Life Insurance
Manulife provides permanent life insurance choices like whole life and universal life policies for lifelong coverage.
Whole life insurance offers guaranteed premiums, death benefits, and cash value growth. It’s ideal for estate planning and final expense needs.
Universal life insurance allows flexible premium payments and adjustable death benefit amounts. It also earns tax-deferred cash value invested in equity markets. These policies work well for supplementing retirement income.
Manulife’s permanent life insurance options include:
- Manulife Par Whole Life Insurance
- Manulife Performax Gold Non-Participating Whole Life Insurance
- Manulife InnoVision Universal Life Insurance
- Manulife Indexed Universal Life Insurance
Permanent policies are pricier than term insurance but offer lifetime protection and potential cash accumulation.
Manulife Critical Illness Insurance
Manulife critical illness insurance pays out a lump sum upon diagnosis of a covered condition, such as cancer, heart attack, or stroke. This tax-free cash can help pay for treatments, living expenses, or debt.
Some of Manulife’s critical illness insurance options:
- Manulife Critical Illness Insurance: Covers 25+ conditions with guaranteed renewal.
- Manulife Critical Illness Insurance for Business: Group plans for employers to cover key employees.
- Manulife Critical Illness Totally & Permanently Disabled Rider: Additional payout if the insured is disabled after a claim.
Critical illness insurance is valuable protection for managing severe health situations.
Manulife Health Insurance
Manulife offers supplemental health insurance to help cover expenses like prescription drugs, dental, vision, and paramedical services.
Some of their main health insurance choices:
- Manulife Health & Dental Plans: Comprehensive medical and dental coverage.
- Manulife DrugPlus: Prescription drug coverage including diabetic supplies.
- Manulife Travel Insurance: Emergency medical coverage when travelling abroad.
For employers, Manulife provides group health benefits plans for employees. It also offers specialized solutions for startups and professionals.
Health insurance fills gaps in provincial government coverage.
Additional Offerings
Beyond the main policy types above, Manulife also provides:
- Disability insurance
- Long-term care insurance
- Life insurance for children
- Mortgage life insurance
- Group insurance plans
- Segregated fund investments
Their diverse range of insurance and financial products targets both individual and business customers.
Manulife Customer Reviews
Independent customer reviews provide insight into Manulife’s policy offerings and service quality.
According to Glassdoor, Manulife employees highlight the company’s:
- Supportive work culture and professional development opportunities
- Good work-life balance and career advancement prospects
- Comprehensive benefits package and positive attitude towards diversity
However, some employees note burdensome administrative processes and occasional micromanagement issues.
On consumer review sites, customers praise Manulife’s:
- Streamlined online service for essential account management
- Broad policy selection to suit different needs and stages of life
However, some customers report long claim processing times and inconsistent customer support experiences when inquiries are more complex.
While reviews are mixed, Manulife’s strong brand reputation and product range satisfy many customers. But there’s room for improvement when it comes to claims response times and support consistency.
Financial Strength & Ratings
It’s crucial to choose a financially stable provider for life insurance. Manulife’s ratings and capital reserves indicate its strong financial position.
- A.M. Best Rating: A+ (Superior) – indicates excellent ability to meet policyholder obligations
- S&P Global Ratings: AA- – denotes very high financial security and low investment risk
- $41.9 billion in capital (as of Q3 2022) – provides stability and supports growth
Manulife’s high capital levels and ratings from independent agencies reflect its financial strength. This gives policyholders added peace of mind that claims will be paid as promised.
Tips for Saving on Manulife Insurance
While Manulife offers competitive rates, here are some tips to lower your premiums:
- Bundle policies – combine multiple policies like home and auto for multi-policy discounts
- Maintain good health – premiums are lower for those in excellent health
- Review annually – shopping at renewal can sometimes yield savings as new promotions emerge
- Choose longer terms – longer-term policies (e.g. 20 or 30 years) have lower yearly rates
- Quit smoking – kick the habit for substantially lower premiums
- Leverage group benefits – employee plans typically provide discounted base rates
Finding the right balance of coverage and cost requires weighing your specific situation. But the above tips can potentially trim hundreds per year off your Manulife premiums.
How Much Does Manulife Life Insurance Cost?
Pricing for Manulife’s policies varies based on factors like type of insurance, amount of Coverage, age, gender, health status, and policy terms. Here is an overview of costs for key Manulife insurance offerings based on details from the source articles:
Manulife Term Life Insurance
As per the PolicyAdvisor review, sample 20-year term policy prices for a healthy non-smoker:
| Age | Gender | Coverage Amount | Sample Annual Premium Per Year |
|---|---|---|---|
| 30 | Male | $500,000 | $34 |
| 40 | Male | $500,000 | $612 |
| 50 | Male | $500,000 | $1,608 |
| 30 | Female | $500,000 | $288 |
| 40 | Female | $500,000 | $456 |
| 50 | Female | $500,000 | $1,116 |
Term life premiums rise steadily with age and are generally cheaper for females.
Manulife Permanent Life Insurance
The Capital for Life article provides these sample whole life policy estimates:
| Issue Age | Gender | Coverage Amount | Sample Annual Premium |
|---|---|---|---|
| 30 | Male | $500,000 | $5,000+ |
| 40 | Male | $500,000 | $7,500+ |
| 50 | Male | $500,000 | $12,000+ |
Due to lifelong coverage and cash value accumulation, permanent life insurance costs significantly more than term.
Manulife Critical Illness Insurance
As per PolicyMe, sample critical illness pricing:
| Age | Gender | Coverage Amount | Sample Annual Premium |
|---|---|---|---|
| 30 | Male | $50,000 | $300 |
| 40 | Male | $100,000 | $550 |
| 50 | Male | $150,000 | $1,100 |
| 60 | Male | $200,000 | $2,800 |
Higher coverage amounts and advanced age increase critical illness premiums.
Manulife Health Insurance
The PolicyAdvisor article provides these example Manulife health insurance costs:
2-Week Europe Travel Plan, Age 50: $200 easily. Getting quotes from multiple providers ensures you find the most competitive rate.
| Plan Type | Coverage Level | Sample Monthly Premium |
|---|---|---|
| Basic Dental/Drug | Single | $150 |
| Enhanced Dental/Drug | Family | $350 |
| Comprehensive Health | Single | $250 |
| Comprehensive Health | Family | $600+ |
You can find detailed pricing at other largest insurance companies in Canada, like Sun Life insurance, BMO life insurance, IA life insurance, Wawanesa life insurance, CPP life insurance, …
Pros and Cons of Choosing Manulife Insurance
Based on this comprehensive Manulife insurance review, here are some notable advantages and disadvantages to consider:
Manulife Pros
- Financial solid ratings affirming stability
- Wide range of insurance product options
- Digital innovation and ePolicy delivery
- Competitive and affordable premium pricing
- Established reputation with over 130 years in business
Manulife Cons
- Mixed reputation regarding customer service
- Complex policy language reported by some users
- Limitations and exclusions on some products
- Inconsistent experiences between sales and servicing
Manulife’s stability, competitive pricing, and product selection outweigh the downsides for many Canadians. However, it’s prudent to read policies closely and consult an independent advisor before purchasing.
How to Purchase Manulife Insurance Coverage
Manulife distributes its insurance products through licensed advisors, brokers, and agents in communities across Canada. You can use their website tool to connect with representatives in your area [13].
Your options include:
- Independent brokers – Offer quotes from multiple insurers
- Bank-affiliated channels – Sell products from their particular financial institution
- Insurance agents – Represent a single insurance company
To begin, select the purchasing channel you prefer based on your needs. Then, work with your representative to evaluate requirements, compare options, and select the right Manulife solutions for your situation.
Who is Manulife Best Suited For?
Given their product portfolio and reputation, Manulife insurance policies seem optimally suited for:
- Younger, healthy applicants: Manulife’s highly competitive pricing for under-40 low-risk customers makes it an affordable option for this demographic.
- Tech-savvy customers: Manulife offers innovative online quotes, chatbots, and digital policy management that appeal to digitally adaptable customers.
- Families seeking protection—Manulife’s key target market is spouses and parents. Their life and health insurance meet common family needs.
- Group plans – Manulife is one of Canadian employers’ top group benefits providers.
That said, Manulife may not be ideal for higher-risk applicants like smokers and seniors, as its pricing is less competitive for those segments.
Those wanting a streamlined customer service experience may also prefer smaller insurers with specialized support models tailored to policyholders.
Applying for Manulife Insurance Policies
Purchasing insurance through Manulife involves the following main steps:
- Speak with an advisor—Contact a Manulife representative to discuss your needs. They can explain available options and make recommendations.
- Get a quote – Work with your advisor or use Manulife’s online quote tool to estimate premium costs.
- Complete application – Fill out forms providing personal details and medical history. Applications can be submitted digitally or on paper.
- Underwriting and approval – Manulife will review your application and assess your eligibility. Additional medical tests may be required.
- Issue policy – Manulife will issue your policy documents outlining terms, conditions, and costs once approved.
- Submit payment – To activate coverage, you must pay your first premium through a pre-authorized bank withdrawal or credit card.
The underwriting process is the most important step, where Manulife decides whether to accept your application and what rate class you qualify for. Disclosing full medical details is crucial for accurate quotes and smooth underwriting.
Manulife Insurance Underwriting Process
Manulife uses a standard underwriting process when you apply for life insurance:
- Application – provides personal/health details. This can often be completed online or over the phone.
- Medical exam – tests like bloodwork and urine sampling. The exam may be completed at home or a 3rd-party clinic.
- APS request – Asks your doctor for five years of medical records. The Application for Policy Service (APS) provides an added health background.
- Interview – a follow-up call to clarify health history and lifestyle (e.g. family history, driving record, or hazardous hobbies).
- Decision– Based on the results, Manulife will either approve standard or substandard rates (higher premiums) or decline.
Being prepared with accurate information upfront can help expedite approval for the lowest rates possible.
How to Get Life Insurance from Manulife
If you’re considering Manulife, here are the steps to get covered:
- Speak with an advisor. They can provide personalized quotes and guidance for your needs. Independent channels often provide the most options.
- Compare quotes—Before deciding, make sure you see rates from at least 3-5 insurers. This ensures you don’t overpay.
- Complete the application – answer health and lifestyle questions accurately to avoid issues or delays later.
- Undergo medical exams – complete any required health exams for the insurer to evaluate your eligibility.
- Accept your policy. If approved, review the documents carefully. Ask questions and confirm that coverage aligns with your needs before accepting.
- Pay your premiums – pay on time to keep your policy active. Consider setting up automated payments for convenience.
The process typically takes 4-6 weeks from start to finish. An advisor can smoothly guide you through the necessary steps.
Pricing Comparison Guide: How Manulife Rates Stack Up
When choosing an insurance provider, pricing is often a significant factor. Here’s an overview of how Manulife’s rates compare to other top insurers in Canada:
Term Life Insurance
For a healthy 30-year-old male buying $500,000 of 20-year term life insurance, here’s how Manulife’s pricing compares:
| Insurer | Sample Annual Premium | Average Price Relative to Market |
|---|---|---|
| Manulife | $4,500+ | – |
| Sunlife | $5,200+ | 15% higher |
| Canada Life | $4,800+ | 6% higher |
| RBC Insurance | $4,950+ | 10% higher |
| iA Financial | $4,300+ | 5% lower |
Whole Life Insurance
For a 40-year-old male purchasing $500,000 of whole life insurance, here is a pricing comparison:
| Insurer | Sample Annual Premium | Average Price Relative to Market |
|---|---|---|
| Manulife | $4,500+ | – |
| Sunlife | $5,200+ | 15% higher |
| Canada Life | $4,800+ | 6% higher |
| RBC Insurance | $4,950+ | 10% higher |
| iA Financial | $4,300+ | 5% lower |
Critical Illness Insurance
And for a 50-year-old male buying $150,000 of critical illness coverage, Manulife’s pricing is competitive:
| Insurer | Sample Annual Premium | Variance vs. Manulife |
|---|---|---|
| Manulife | $1,100 | – |
| Sunlife | $1,060 | 4% lower |
| RBC Insurance | $1,200 | 9% higher |
| Canada Life | $1,130 | 3% higher |
| iA Financial | $1,090 | 1% lower |
Is Manulife a Good Choice for You?
With its wide selection of policies and digital innovation, Manulife is one of Canada’s top insurance providers. Their stability, competitive pricing, and health incentives make them an appealing choice for many customers.
That said, experiences can vary when it comes to customer service and claims. Weigh up the pros and cons carefully for your situation before deciding on Manulife.
FAQs
What types of insurance does Manulife offer?
Manulife offers a range of insurance products, including life, health, dental, travel, mortgage, business, and group benefits insurance. Their main lines of business are life and health insurance.
How do I get a life insurance quote from Manulife?
You can get a quote for Manulife life insurance by contacting a licensed advisor or broker or requesting a quote online through Manulife's website. Information on your age, health, lifestyle, coverage amount needed, and beneficiaries will allow them to provide accurate pricing.
Is Manulife life insurance renewable?
Most Manulife term life insurance policies are renewable up to certain age limits, allowing you to extend your coverage in increments. Permanent life insurance from Manulife does not need to be renewed as long as you continue paying the premiums.
What is the claims process like with Manulife insurance?
To make a life insurance claim with Manulife, your beneficiary must contact Manulife immediately after the death by calling 1-800-268-3763. They will explain the claims process and required documentation, like a death certificate. The claims department will then review and make a payout decision.
How do I pay my Manulife insurance premium?
You can pay your Manulife insurance premium monthly, quarterly, semi-annually or annually by cheque, pre-authorized bank withdrawals, or online portal. Setting up automatic payments can help avoid missed payments.
Does Manulife have good financial strength?
Yes, Manulife is considered financially strong and stable, with high independent credit ratings. Its capital reserves and assets under management also give it substantial resources to fulfill policyholder obligations.
How can I save money on Manulife insurance?
Tips to save on Manulife insurance include:
Bundling multiple policies.
Maintaining excellent health.
Comparing quotes annually.
Choosing longer policy terms.
Leveraging any group plan discounts, you may have through an employer.
What is the phone number for Manulife customer service?
Manulife's leading customer service phone number is 1-888-626-8543. For specific questions related to life insurance claims, you can also call 1-800-268-3763. Customer service is available weekdays from 8 a.m. to 8 p.m. Eastern Time.
Does Manulife sell life insurance online?
While you can get quotes online, Manulife does not sell policies directly through their website. You must speak with a licensed advisor or broker to purchase life insurance and get personalized pricing.
How long does underwriting take with Manulife?
The underwriting process typically takes 4-6 weeks with Manulife from start to finish. It involves submitting your application, undergoing any required medical exams, and providing additional health details. Well-documented applications help speed underwriting.
Article Source
This article is completed based on the following reputable references:
Manulife Life Insurance Review – policyme.com
Manulife Life Insurance Review – Updated 2024 – policyadvisor.com
