Manulife Life Insurance Canada Review: Updated 2024
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Discover the methodologyWith over 135 years of expertise, Manulife life insurance offers a diverse range of policies designed to meet the unique needs of Canadians. Whether you’re seeking term life coverage up to $25 million, universal life insurance to grow your wealth, or no-medical exam plans with instant approvals, Manulife provides flexible solutions to keep you covered.
However, is it the right policy for you? In this Manulife life insurance review, we look at the various plans it offers, pros, cons, costs, how to cancel, how to claim, and more. You can also use our free comparator to get instant quotes from Manulife and compare rates from other providers all using the same tool, so you can pick a policy that truly suits you and your family.
Manulife Life Insurance Canada: 7 Key Points
- Wide range of plans: term life, universal life, whole life, guaranteed issue.
- Diverse and flexible coverage options up to $25 million.
- Get no-medical life insurance plans with instant approval.
- Earn rewards, discounts, and save on premiums by staying healthy.
- Tax-advantaged options with competitive management fees in Manulife universal life insurance plans.
- Customizable payment terms to suit every need.
- Over a century of experience and an A+ AM Best rating.
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Our Manulife Life Insurance Review: Most diverse set of policies
Manulife is one of Canada’s leading life insurance providers and a global financial powerhouse with over a century of experience. Offering a diverse range of products, Manulife life insurance caters to a variety of needs, whether you’re looking for short-term coverage, lifelong protection, or investment-oriented plans.
Manulife term life insurance plans, such as Family Term and Family Term with Vitality Plus™, provide affordable and flexible coverage ranging from $100,000 to $25 million. If you want financial protection combined with health rewards, the Vitality Plus™ program offers perks like premium discounts, personalized health goals, and even a free Apple Watch for meeting fitness milestones. These plans are ideal for families seeking to cover mortgages, education costs, or daily living expenses while earning added benefits for healthy living.
For individuals looking for simpler options, CoverMe Term and CoverMe Easy Issue term life insurance policies are great choices. They offer straightforward coverage without medical exams, with premiums guaranteed for 10-year terms and renewable up to age 85. These are perfect for those seeking quick, no-fuss protection tailored to their budget and needs.
Manulife also excels in permanent life insurance. Manulife Par and Manulife Par with Vitality Plus™ are whole life policies offering guaranteed premiums and cash values, making them ideal for long-term financial security and estate planning. For those who want flexibility, Manulife Universal Life Insurance (UL) plans provide lifetime coverage with investment growth opportunities. With options like tax-advantaged investment accounts and competitive management fees, Manulife Universal Life Insurance is perfect for wealth-building while maintaining financial protection.
Manulife stands apart in two key ways: its Vitality Plus™ program, which rewards policyholders for healthy living, and its strong investment-focused universal life options, which outperform competitors like Canada Life Insurance in customization and tax-advantaged growth. However, if you’re solely seeking low-cost term life insurance, providers like Sun Life may offer simpler, more affordable options without added rewards.
Manulife is ideal for families, professionals, and individuals who value flexibility, rewards for healthy living, and long-term financial growth. It’s particularly well-suited for those who want customizable coverage options with investment benefits. However, if you’re looking for the lowest-cost term life insurance or prefer a fully online experience, you might find better options elsewhere.
Expert advice
Manulife offers a wide range of insurance plans with added rewards for healthy living, making it great for families and professionals looking for flexibility and extra value. Its Vitality Plus™ program and investment options stand out. However, if you want low-cost basic term insurance or an easy online process, you must weigh other options in the market. Overall, it’s a strong choice for those who value long-term benefits and customization.
If you think Manulife life insurance suits your needs, you can now get a quote tailor-made for you in seconds.
Pros of Manulife Life Insurance Canada
- Wide range of term and permanent life insurance products.
- Coverage amounts up to $25 million.
- No-medical exam life insurance options.
- Manulife Guaranteed acceptance life insurance with instant approval.
- Strong universal life insurance options with tax-advantaged growth.
- Customizable plans for families and professionals.
- Vitality Plus™ program offers premium discounts and health rewards.
- Multiple Manulife life insurance monthly payment options
Cons of Manulife Life Insurance Canada
- Limited online application options for certain products.
- Mixed customer service reviews on Trustpilot.
- Universal life insurance policies might be complicated to understand without financial advice
You must weigh multiple options before you zero in on a policy. Use our free tool below to compare personalized Manulife life insurance quotes with rates from other top Canadian providers like Canada Life, Empire Life, Beneva, and more.
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How much does Manulife life insurance cost?
Here are the premiums for Manulife CoverMe term life insurance product, based on a 10-year term and a $500,000 death benefit for a healthy non-smoker living in Ontario, Canada.
| Age | Female | Male |
|---|---|---|
| 25 | $16.81 | $24.26 |
| 30 | $18.09 | $24.30 |
| 35 | $19.51 | $24.71 |
| 40 | $25.29 | $30.35 |
| 45 | $33.17 | $46.39 |
| 50 | $48.91 | $72.31 |
| 55 | $85.57 | $124.83 |
| 60 | $151.79 | $215.44 |
These are indicative prices only and you must get personalized quotes. The cost of life insurance, whether purchased with Manulife or another provider, depends on several factors:
- The amount of life insurance coverage you wish to purchase
- Your age
- Your gender
- Whether you are a smoker or not
To get personalized quotes, click the button below. You can use this free comparator to get both Manulife quotes and also from other providers in seconds, so you can compare and choose the best plan for you.
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What types of life insurance does Manulife offer?
Manulife offers an incredible range of life insurance solutions in both temporary life insurance and permanent life insurance. Here is an overview of Manulife life insurance plans followed by a detailed breakdown of each.
| Category | Life insurance manulife product | Key Features | Coverage | Eligibility |
|---|---|---|---|---|
| Term Life Insurance | Family Term with Vitality Plus™ |
| $250,000 to $25 million | Ages 18–80 |
| Family Term |
| $100,000 to $20 million | Ages 18–80 | |
| CoverMe Term Life |
| $100,000 to $1 million | Ages 18–85 | |
| CoverMe Easy Issue |
| Up to $75,000 | Ages 18–85 | |
| Whole Life Insurance | Manulife Par with Vitality Plus™ |
| Starts at $100,000 | Ages 18–80 |
| Manulife Par |
| Starts at $100,000 | Ages 18–80 | |
| Universal Life Insurance | Manulife UL with Vitality Plus™ |
| Customizable, no fixed limit | Ages 18–80 |
| Manulife UL |
| Customizable, no fixed limit | Ages 18–80 | |
| Guaranteed Issue Life | Manulife Guaranteed Issue Life |
| $10,000 to $100,000 (ages 18–70)$10,000 to $50,000 (ages 71–75) | Ages 18–75 |
| CoverMe Guaranteed Issue |
| $5,000 to $25,000 | Ages 40–75 |
What does Manulife term life insurance offer?
Family Term
Manulife Family Term Life Insurance is an affordable and flexible term policy that offers financial protection for you and your family up to $20 million in coverage. This is best for individuals and families seeking affordable, flexible term life insurance with essential financial protection, without the need for additional health-related rewards or program participation.
The Family Term Core plan comes with:
- Coverage from $250,000 to $20,000,000
- Guaranteed premiums for 10 or 20 years, To Age 65 or for life
- Survivors’ bereavement counselling covered up to $1,000
- Cash advance if diagnosed with a terminal illness
Family Term with Vitality Plus™
Family Term with Vitality Plus™ is an affordable term life insurance plan with up to $25 million in coverage. It’s ideal for families seeking to cover expenses like mortgages or education and those looking to save on premiums while earning health-focused rewards.
The key features of Family Term with Vitality Plus™:
- From $250,000 to $25 million in coverage.
- Choose level premiums for 10 years, 20 years, until age 65, or for life.
- Bereavement counselling costs up to $1,000.
- Cash advance if you are diagnosed with a terminal illness.
- Multiple ManulifeVitality Plus™ benefits and rewards: Save up to 15% on Family Term or Manulife UL with Vitality Plus and up to 10% on health and dental plans with ongoing discounts, free Apple Watch, free at-home health screenings, and more.
Good to know
The key difference between Manulife Family Term and Family Term with Vitality Plus™ is the inclusion of the Vitality Plus™ program. While both offer flexible, affordable term life insurance, Family Term with Vitality Plus™ adds health-focused rewards like premium discounts, personalized goals, and perks such as an Apple Watch, whereas Manulife Family Term provides limited Vitality benefits at no extra cost.
CoverMe® Term life insurance
Manulife CoverMe Term Life Insurance is ideal for individuals seeking straightforward, flexible coverage to protect their family’s financial future. With coverage ranging from $100,000 to $1 million and renewable up to age 85 without medical exams, it’s perfect for those looking for tax-free benefits and customizable options based on their budget and needs.
The key features of Manulife Cover Me life insurance are:
- Coverage between $100,000 to $1,000,000 (between ages 18-70)
- 10-year renewal term up to the age of 85
- Guaranteed premiums for each 10-year term
- No new medical exam or underwriting on renewals
- Cash advance of up to $100,000 (50% of coverage) for terminal illness diagnosis with less than 12 months to live.
Manulife CoverMe™ Easy Issue term life insurance
The CoverMe® Easy Issue is one of Manulife’s two life insurance policies that doesn’t require a medical exam. It is a simple term life insurance policy for Canadian residents aged 18-70 and looking for limited protection. The possible death benefit is capped at $75,000 and the term length is 10 years.
The key features of CoverMe® Easy Issue are:
- $50,000 or $75,000* coverage options
- 10-year term length, renewable up to age 85
- Guaranteed rates for every 10-year term
- No medical exam is required
- Fast applications with only two medical questions
- Cash advance up to 50% of coverage if diagnosed with a terminal illness with less than 12 months to live
- 30-day money-back guarantee
Get your free Manulife term life insurance quote using our special partner link below.
What does Manulife whole life insurance offer?
The Manulife permanent life insurance suite also includes two participating whole life insurance plans offering several payment options.
Manulife Par
Manulife Par is a participating whole life insurance plan that provides lifetime coverage, guaranteed cash values, and financial flexibility. It’s designed for individuals and families who value long-term protection and the ability to grow their policy’s value over time. Ideal for estate planning or as a financial safety net, Manulife Par offers dependable security with optional rewards for healthy living.
Here are its key features:
- Guaranteed premiums, cash values, and lifelong coverage.
- Flexible payment options: 10 years, 20 years, or until age 90 or 100.
- Coverage starts at $100,000 for most plans; $500,000 for pay-to-age-100 plans.
- You can access your Manulife whole life insurance cash values for loans or emergencies and make additional payments to increase coverage.
- Optional upgrades to Manulife Par with Vitality Plus™ within three years, with no underwriting required.
- Available for individuals aged 18 to 80.
Manulife Par with Vitality Plus™
Manulife Par with Vitality Plus™ is a participating whole life insurance plan that offers guaranteed lifetime protection, early cash value growth, and health-focused rewards through Manulife Vitality. It's ideal for individuals and families seeking dependable financial security while earning benefits for healthy living.
Here are the key features of this Manulife whole life insurance product:
- Guaranteed premiums and cash values with lifetime coverage.
- Flexible payment durations: 10 years, 20 years, or until age 90 or 100.
- Coverage starts at $100,000 for most plans; $500,000 for pay-to-age-100 plans.
- Earn rewards for healthy living through Manulife Vitality Plus™, including discounts and an Apple Watch for as little as $0.
- Optional add-ons: term life insurance, premium waivers for disability, and child protection.
- Available for individuals aged 18 to 80.
Get your free Manulife whole life insurance quote using our special partner link below.
What does Manulife guaranteed issue life insurance offer?
Manulife Guaranteed Issue Life products provide simple, accessible life insurance solutions for those seeking quick, no-medical coverage with guaranteed acceptance. Here are the two options in this category:
Manulife Guaranteed Issue Life Insurance
Manulife Guaranteed Issue Life Insurance is a no-medical life insurance policy designed for individuals who may have difficulty qualifying for traditional plans. It’s perfect for those seeking quick, easy-to-access coverage for final expenses or basic financial protection, with fixed premiums for life and no health questions required. This Manulife no medical life insurance policy offers coverage up to $100,000.
Key Features of Manulife Guaranteed Issue Life:
- No medical exams or health questions required.
- Coverage amounts: $10,000 to $100,000 (ages 18–70) and $10,000 to $50,000 (ages 71–75).
- Fixed premiums that never increase over the policy’s duration.
- Quick and easy application process with advisor assistance.
- Includes Manulife Vitality Go™ for rewards and discounts on healthy living activities.
- Access a cash advance for terminal illness.
CoverMe® Guaranteed Issue Life Insurance
CoverMe® Guaranteed Issue is a simple, no-medical life insurance option for Canadian residents aged 40 to 75. It guarantees coverage regardless of health history, offering basic financial protection with fixed premiums and added benefits for accidental death. CoverMe® Guaranteed Issue is a whole-life policy because once you are insured, you are covered for your entire life without paying any additional premiums after turning 95.
Key Features of CoverMe® Guaranteed Issue:
- Guaranteed acceptance with no health questions or medical exams.
- Canadians aged 40-75 are eligible.
- Coverage amounts: $5,000 to $25,000.
- Fixed premiums that will not increase over time.
- 4x coverage payout in case of accidental death before 85th birthday.
- 30-day money-back guarantee.
- One-time cash advance for terminal illness diagnosis (up to 50% of the coverage).
- Coverage for life with no further premiums payable after 95.
Get your free Manulife Guaranteed life insurance quote using our special partner link below.
What does Manulife universal life insurance cover?
Manulife offers two universal life insurance options. Manulife UL and UL with Vitality Plus™ offer flexible, customizable solutions for lifetime financial security and investment growth. The Vitality Plus program provides added value through rewards and discounts, making it ideal for individuals who value financial flexibility alongside health-focused incentives.
Manulife UL
Manulife UL is a universal life insurance plan offering lifetime protection and customizable investment options to align with your changing financial needs. This plan is ideal for individuals seeking tax-advantaged wealth growth alongside flexible premiums.
Key Features of Manulife UL:
- Lifetime Coverage: Leave a tax-free legacy for your loved ones.
- Tax-Advantaged Investments: Build account value that grows tax-efficiently and is accessible anytime (withdrawals may be taxed).
- Flexible Premiums: Choose premiums that increase annually or pay costs that remain fixed.
- Diverse Investment Options:
- Reduce volatility with smoothed-yield investments.
- Earn higher returns on managed accounts compared to retail funds.
- Access investment accounts linked to the Performax Gold Fund, offering a 1% minimum guarantee.
- Wealth-Building Opportunities: Use account value as collateral for a loan or accelerate growth with competitive management fees.
- Manulife Vitality Benefits: Eligible policies include certain Vitality rewards at no cost, promoting healthy living with rewards and savings.
Manulife UL with Vitality Plus
Manulife UL with Vitality Plus™ expands on the features of Manulife UL, integrating the full suite of Manulife Vitality Plus rewards to incentivize healthy lifestyle choices while providing comprehensive financial protection.
Key Features of Manulife UL with Vitality Plus™:
- Lifetime Protection and Wealth Growth:
- Tax-advantaged account value growth accessible anytime (withdrawals may be taxed).
- Wide investment options, including the Performax Gold Fund with a 1% minimum guarantee.
- Manulife Vitality Plus Rewards:
- Earn points for fitness, health, and educational activities.
- Reduce insurance costs by meeting personalized health goals.
- Access discounts on popular brands and earn hundreds of dollars in rewards.
- Get an Apple Watch for as little as $0 by tracking fitness progress.
- Flexible Premiums:
- Choose annually increasing premiums or fixed costs to suit your financial plan.
- Wealth and Financial Flexibility:
- Create collateral for bank loans.
- Earn up to 1% rate enhancement for account growth.
- Competitive management fees to optimize returns.
Heard of Costco Manulife Life Insurance?
Costco members can access affordable and flexible term life insurance through Manulife. Designed exclusively for Costco members, it includes 5-Year Term Life, 10-Year Term Life, and FollowMe™ Life plans, catering to various life stages and financial needs. Coverage ranges from $25,000 to $1,000,000, with options to purchase in $25,000 increments, making it a simple and customizable solution for members looking to protect their families. Costco members get special discounts of up to 10% on Manulife Costco Life Insurance.
How do I contact Manulife Life Insurance Canada?
Manulife Canada has several different ways in which you can contact their customer support including telephone, email, mail, and an online chat function. Since each product has its dedicated contact details, we’ve compiled Manulife life insurance contact details for you in the tables below.
| Manulife Contact Method through Advisor | Manulife Canada Contact Details |
|---|---|
| Manulife life insurance phone number | English 1-888-626-8543 French 1-888-626-8843(Between 8 am to8 pm EST, Monday to Friday) |
| Fax | 1-877-763-8834 |
| [email protected] | |
| Address | Manulife Financial Individual Insurance, 500 King Street North, P.O. Box 1669 Waterloo, ON N2J 4Z6Canada |
| Manulife Contact Method through CoverMe® | Manulife Canada Contact Details |
|---|---|
| Manulife life insurance phone number | 1-800-268-3763 (Between 8 am-8 pm EST, Monday to Friday) |
| [email protected] | |
| Address | CoverMe PO Box 670 STN Waterloo, Waterloo, ON, N2J 4B8 Canada |
How to get Manulife life insurance quotes?
You can get Manulife life insurance quotes using our special partner link below. Get the best life insurance rates based on your personalized needs.
You can also compare Manulife insurance quotes with rates from more than 20 of Canada’s leading life insurers at one time. All you need to do is use our comparator below and type in some quick information on what you're looking for and voila, you get over 20 quotes in just a few moments.
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How do you use Manulife life insurance login?
A Manulife life insurance login exists for all individual life insurance policyholders as well as those insured with the company through a group policy. You can access all the information regarding your insurance policy and submit a claim through the membership portal. All you need to get started is to set up your Manulife ID via the membership portal by providing your personal information.
Manulife Life Insurance Canada app
The company also has a mobile app for life insurance holders; however, this app is only available to individuals insured through group policies. Within the app, group benefits plan members can access their benefits and retirement plans as well as submit and monitor manulife life insurance claims.
How to cancel my Manulife life insurance policy?
You must fill out a Policy Surrender form and mail it to the Manulife office to cancel your life insurance policy. Keep in mind that your cash value may be taxed as income. Call Manulife customer service at 1-888-626-8543 for a taxable gain quote.
You can download the Manulife life insurance cancellation form here:
Send the form to the following addresses:
For All Provinces Except Quebec:
- Mail Address:
Manulife, Individual Insurance
500 King Street North
PO BOX 1669
Waterloo, ON N2J 4Z6 - Fax: 1-877-763-8834
For Quebec:
- Mail Address:
Manulife, Individual Insurance
2000, rue Mansfield
bureau 1310
Montreal, QC H3A 3A1 - Fax: 1-877-271-5494
How to file a Manulife life insurance claim?
You must fill out a Manulife life insurance claim form to initiate your claim process. Download the form here and then follow the next steps.
To file a Manulife life insurance claim, follow these steps:
- Complete the Claimant's Statement Form:
- Fill out the form with details about the deceased, including the policy number, date and cause of death, and funeral home details.
- Provide personal information about the claimant (beneficiary or estate representative).
- Attach the deceased’s Social Insurance Number (SIN) or Business Number (BN) if applicable.
- Attach Required Documentation:
- A certified copy of the death certificate.
- A copy of the policy or contract if available.
- Proof of identity for the claimant.
- Choose Payment Method:
- Select how you’d like to receive the payment (cheque or direct deposit).
- Attach a personalized void cheque for direct deposit payments.
- Send the Completed Form:
- All provinces except Quebec:
- Address: Manulife, PO BOX 1602, STN WATERLOO, WATERLOO ON N2J 4C6
- Fax: 1-877-277-3774
- Quebec:
- Address: Manulife, PO BOX 11023, STN CENTRE-VILLE, MONTREAL QC H3C 4V7
- All provinces except Quebec:
- Contact Manulife for Assistance:
- Call customer service at:
- 1-888-626-8543 (All provinces except Quebec)
- 1-888-626-8843 (Quebec)
- 1-519-747-6600 (Outside North America)
- Call customer service at:
- Wait for Processing:
- Manulife will verify the details and contact you if additional documents or information are required.
How long does it take Manulife to process a life insurance claim?
Manulife typically processes life insurance claims within 10 to 14 business days after receiving all required documents, such as the Claimant’s Statement and a certified death certificate. Delays may occur if documentation is incomplete or if the claim requires additional investigation. Direct deposit payments are usually faster than cheques. For updates, contact Manulife at 1-888-626-8543 (outside Quebec) or 1-888-626-8843 (Quebec).
How are the Manulife life insurance reviews from customers?
Manulife insurance reviews are mixed, with customers praising the wide range of products, high coverage options, and innovative rewards program. However, some criticize slow customer service and challenges with claims processing. While Manulife is a strong choice for comprehensive coverage, potential buyers should weigh these factors before deciding.
Multiple websites are dedicated to Manulife reviews; however, as the company is a global financial services group, many online reviews are regarding services other than life insurance itself.
Manulife Canada has a review rating of 1.4 out of 5 on Trustpilot, with 65 reviews in total, which is a lower rating than what might be expected from such an insurance provider. That said, online Manulife life insurance reviews do not appear to paint a full picture of the company's customer support. The reviews for the insurance products, however, have been largely positive.
With millions of customers worldwide only a very few have left reviews of Manulife on trusted review websites. If in doubt, compare multiple life insurance providers in one go using HelloSafe’s life insurance comparison tool right here and get free personalized quotes in seconds.
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How much life insurance do I need?
To aid you in identifying just how much life insurance you need, HelloSafe has developed a life insurance calculator that takes all of your financial factors into account and tells you exactly how much life insurance coverage you need to best protect your family.
There is also a Manulife life insurance calculator on the dedicated website for Manulife’s CoverMe® products. This calculator helps you determine the amount of coverage your family may need to support themselves should the worst happen to you.
Here are things to keep in mind while calculating how much life insurance you need:
- Income Replacement: Ensure your family can maintain their standard of living by covering your income for 5–10 years.
- Debts and Liabilities: Cover outstanding debts like your mortgage, car loans, or credit cards, so your family isn’t burdened.
- Example: If you owe $300,000 on your mortgage and $20,000 in car loans and credit cards, you would need $320,000 to clear these debts.
- Education Costs: Plan for your children’s education to ensure their future is secure.
- Example: If university costs are approximately $20,000 per year, and you have two children needing four years of education each, you’d need $160,000 ($20,000 × 4 years × 2 children).
- Final Expenses: Include funds for funeral and related costs to ease financial strain on your family.
- Example: Funerals in Canada can cost $10,000–$20,000. Adding $15,000 to your policy can help your family manage these expenses.
- Existing Savings/Insurance: Subtract any savings, investments, or other insurance you already have to avoid over-insuring.
Is there Manulife life insurance for seniors?
Yes, Manulife life insurance plans are designed keeping in mind the needs of Canadian seniors. Guaranteed Issue Plans like Manulife Guaranteed Issue Life Insurance and CoverMe Guaranteed Issue Life Insurance are ideal for seniors aged 40–75. They require no medical exams, guarantee acceptance, and offer coverage from $5,000 to $100,000.
For seniors up to age 80 seeking higher coverage or investment options, Manulife Universal Life Insurance (UL) provides lifelong protection and tax-advantaged investment growth, making it an excellent choice for wealth-building and legacy planning.
FAQs on Manulife Insurance
Manulife life insurance provides a range of policies, including term, whole, universal, and guaranteed issue plans, designed to protect your family’s financial future. Coverage options range from $10,000 to $25 million, depending on the plan.
You can cancel your policy by contacting Manulife’s customer service at 1-888-626-8543 or your insurance advisor. Make sure to review the terms, as cancellations may not always be refundable unless done during the free-look period (e.g., 30 days after purchase).
To make a claim, you’ll need the policy number, proof of death or illness, and completed claim forms. Submit these documents via email ([email protected]) or mail them to their claims department at 500 King Street North, Waterloo, ON, N2J 4Z6. For assistance, call 1-800-268-3763.
Manulife life insurance monthly payments vary based on factors such as age, health, gender, and the type of policy you choose. For instance, a 25-year-old non-smoking female in Ontario can pay as little as $16.81 per month for a $500,000 term policy. These monthly premiums are designed to fit a range of budgets while providing comprehensive financial protection.
Yes, Manulife is a reliable and trustworthy insurance company. With over 135 years of experience, it is one of Canada’s largest and most established insurers, offering a wide range of comprehensive life insurance products. Manulife has an A+ rating from AM Best, indicating strong financial stability, which ensures it can meet its claims obligations. While some customers report issues with service speed, Manulife’s history and financial strength make it a dependable choice for life insurance.
