Manulife Disability Insurance Review: Is It Right For You?

Long-term disability insurance is a powerful tool for assuring that your and your family’s financial future will be secure.

If an illness or injury were to prevent you from working for an extended period or permanently, an individual LTD insurance policy can make a big difference. Long-term disability policies in Canada may replace up to 85% of your previous monthly income, more than enough to keep your mortgage paid and family secure while you concentrate on getting better. 

This page breaks down Manulife’s disability insurance products. See our review, coverage options and much more.

Who is Manulife?

Manulife is Canada’s largest insurance company. It is also known as a large player in Canada’s financial services market. You may know the group by a different name. It is Manuvie in Quebec. When it was founded in 1887, it was the Manufacturer’s Life Insurance Company. It has a significant international presence and in the United States, it operates under the brand name John Hancock. 

It provides both group and individual insurance products including health, life, travel and mortgage protection insurance.

On this page, we explore Manulife’s disability insurance products.

Why sign up for Manulife disability insurance?

A LTD policy from Manulife will:

  • Provide a monthly income for you and allow you support your lifestyle financially in the event illness or injury prevents you from working in the future.
  • Give you the means to keep paying your mortgage.
  • Pay for day-to-day expenses.
  • Protect your savings and those of your household.

Manulife provides multiple disability insurance products. An insurance broker or Manulife advisor can help you to pick coverage that fits your needs and profile.

To compare Manulife's offer with other disability insurance plans in Ontario, British Columbia, Alberta and beyond, shop around using our free online comparison tool below:

Get a free disability insurance quote

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Our Manulife disability review:

Manulife is a major insurance provider in Canada, but not every plan is perfect for everyone. Here is what we like about Manulife’s disability insurance offer and what to keep in mind as you compare coverage options.

Pros of Manulife disability insurance:

Reputation - one of Canada's top insurance companies
A wide range of insurance offers
Up to a $24 500 monthly disability benefits (Class 4A)
Discounted rates available for recent grads
Back to work benefits available
You maintain coverage even during sabbaticals and parental leave
Option to index benefit to inflation (the Consumer Price Index)

Cons of Manulife life insurance:

Insurance cannot be purchased without going through an advisor
Minimum hours worked is higher than some competitors

Good to know

Disability insurance can be a confusing topic since it includes public programs and private insurers who provide short-term and long-term coverage. Need some help? Our guide to disability insurance has you covered.

What disability insurance plans does Manulife offer?

Manulife offers a wide range of disability insurance options. Notably these include:

  • The Venture Series - This plan provides up to a $24 500 monthly disability benefits (Class 4S/4A). It is designed to be affordable coverage for small business owners and those without coverage through their employers. There are special offers for new business owners, part-time workers, students, farmers and some new graduates.
  • The Proguard Series - This plan provides up to a $24 500 monthly disability benefits (Class 4S/4A). It is designed for professionals and executives. It is non-cancellable until 65 years old with no rate increases. Recent grads may be eligible for a discount on it through the Grad Advantage Program.
  • Personal Accident Disability Insurance - Up to $6000 monthly disability benefits if you work more than 30 hours per week. Qualify with just two questions and keep your Guaranteed Renewable coverage to age 90.

For more on Manulife's disability insurance see the pdf below.

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How do I apply for Manulife insurance?

To purchase the Manulife benefits and the Manulife critical illness insurance, you may contact an advisor on their website to get a personalized quote and coverage.

You may compare disability insurance offers on HelloSafe's website to be put in contact with an disability insurance expert.

Get a free disability insurance quote

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How much does Manulife disability insurance cost?

Unfortunately, it is difficult to provide a price range for Manulife disability insurance. Disability insurance pricing varies widely based on the following factors

  • Age
  • Health
  • Occupation
  • The amount of disability coverage desired
  • The waiting period you choose

For general information, the table below summarizes the average price of disability insurance with a 90-day waiting period for various ages and coverage amounts. This is meant solely to provide a rough indication before speaking with an advisor and your pricing will vary.

Age of policyholderMonthly benefit desiredApproximate monthly price
20$2000$19
20$4000$39
30 $2000$24
30$4000$48
40 $2000$50
40$4000$102
50$2000$62
50$4000$126
Estimate of Manulife disability insurance prices

Ready to get real quotes on a disability insurance plan that works for you?

Get a free disability insurance quote

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How do I contact Manulife’s life insurance?

Need to reach Manulife because of a policy question, claims request or to inquire about a policy? Here's how:

Contact Manulife insurance by calling Manulife disability phone number on 1-800-268-3763 from 8am to 8pm Eastern Standard Time Monday through Friday.

For email support: [email protected]

Manulife insurance mailing address is:
CoverMe
PO Box 670 STN Waterloo
Waterloo, ON
N2J 4B8
Canada