Manulife Life Insurance in Canada: Expert Full Review 2025
Our expert's opinion on Manulife
Manulife offers Canadian customers a comprehensive lineup of life insurance products, including term, permanent, guaranteed issue, simplified plans, and a combination 3-in-1 policy, supported by optional rewards (Vitality) and digital tools like policy portals and needs-analysis calculators.Manulife stands out for the breadth of its coverage options, online tools, an innovative wellness rewards program, and flexible premium choices, but it faces fierce competition from Sun Life and Canada Life, with strengths in product diversity rather than pricing or customer experience.Manulife suits a range of profiles, notably young families seeking digital convenience and flexible coverage, as well as individuals requiring coverage without medical underwriting.Manulife counts among Canada’s financial giants, but customer satisfaction is severely lacking, with a 1.2/5 Trustpilot score (375+ reviews); the company offers online portals, a dedicated claims centre, and web-based policy management for most clients, though average claims processing speed is not disclosed and service is often reported as slow.
- ✅Comprehensive product selection
- ✅Online needs-analysis and policy access
- ✅Exclusive Vitality wellness rewards
- ✅Combination life, disability, and critical illness plan
- ✅No-medical guaranteed issue option
- ✅Flexible premium options
- ✅Strong advisor network
- ❌Very low customer satisfaction
- ❌Frequent claims delays
- ❌Limited policy details online
- ❌No disclosed pricing
- ❌Eligibility for digital services varies
Our expert's opinion on Manulife
- ✅Comprehensive product selection
- ✅Online needs-analysis and policy access
- ✅Exclusive Vitality wellness rewards
- ✅Combination life, disability, and critical illness plan
- ✅No-medical guaranteed issue option
- ✅Flexible premium options
- ✅Strong advisor network
- ❌Very low customer satisfaction
- ❌Frequent claims delays
- ❌Limited policy details online
- ❌No disclosed pricing
- ❌Eligibility for digital services varies
Score- ✅Comprehensive product selection
- ✅Online needs-analysis and policy access
- ✅Exclusive Vitality wellness rewards
- ✅Combination life, disability, and critical illness plan
- ✅No-medical guaranteed issue option
- ✅Flexible premium options
- ✅Strong advisor network
Why trust HelloSafe?
At HelloSafe, our life insurance experts review the terms and pricing of life insurance policies available on the market every year to offer you a reliable and impartial analysis. Thanks to this rigorous approach, several hundred thousand people in Canada trust us each month to support them in their most important financial decisions.
The guarantees of Manulife life insurance
Insurer positioning: Manulife is a leading Canadian multi-channel life insurer, providing coverage through advisors, direct digital sales, and banking partners.
Manulife offers a comprehensive range of life insurance options for Canadians, with pricing and eligibility varying for smokers and non-smokers.
Product lineup:
- Term Life: Coverage for 10, 20, or 30 years, affordable guaranteed rates, flexible amounts, renewable and convertible.
- Permanent Life: Lifelong protection, guaranteed premiums and death benefit, accumulates tax-advantaged cash value, optional riders.
- Guaranteed Issue Life: No medical questions, quick approval, lifetime coverage for those with health conditions.
- Combination Life (Synergy®): Bundles life, critical illness, and disability insurance in a single plan, practical for family and income protection.
Riders and options:
- AD&D (accidental death & dismemberment)
- Waiver of Premium for disability (WOP)
- Critical Illness
- Conversion guarantee
- Indexed growth
- Participating dividends
- Education/conjoint annuity
| Feature | Term Life | Whole Life | Universal Life | Hybrid (Synergy® Combination) |
|---|---|---|---|---|
| 🪙 Death benefit | Lump sum payout upon death | Lifetime guaranteed payout | Lifetime payout with investment account value | Combines lump sum with critical illness/disability |
| 📈 Cash value accumulation | ❌ | Guaranteed growth, slow to moderate | Flexible growth tied to investment choices | Partial—accessible benefits (limited) |
| 💸 Policy loans | ❌ | Yes, up to 90% of cash value | Yes, up to 90% of cash value | ❌ |
| 🛡️ Available riders | Critical illness, AD&D, waiver, conversion | Critical illness, AD&D, waiver, term rider | Critical illness, waiver, indexed growth | Critical illness, waiver, indexed growth |
| 🔄 Conversion guarantee | Included—convertible to Permanent/Whole before 75 | ❌ | ❌ | ❌ |
| 📈 Participating dividends | ❌ | Yes, eligible for annual dividends | ❌ | ❌ |
| 💲 Cost of key riders | AD&D 5%, WOP 3%, CI 4% | AD&D 5%, WOP 3%, CI 4% | AD&D 5%, WOP 3%, CI 4% | AD&D 5%, WOP 3%, CI 4% |
| 🔄 Premium flexibility | Fixed premiums, renewable | Fixed or limited pay, guaranteed rates | Flexible; adjust payment amount and frequency | Semi-flexible, multi-coverage with set premiums |
| ⏳ Surrender charges | ❌ | 5% year 1 → 0% by year 5 | 3% year 1 → 0% by year 5 | 2% year 1 → 0% by year 3 |
| 🎂 Issue age range | 18–75 (most products) | 0–80 | 0–85 | 18–60/65 (product dependent) |
| 🔒 Guaranteed level | ❌ | Yes, level premiums and payout | Minimum guaranteed (for base coverage) | Partially—dependent on included coverage |
The cost of Manulife life insurance
Premiums for Manulife life insurance in Canada are determined by a combination of personal and policy choices that reflect the individual’s health profile, lifestyle, and desired coverage.
Insurers use actuarial tables combined with risk factors—including age, health, and smoking status—to set base premiums, then adjust for the amount and duration of coverage, payment schedule, and any add-on riders selected.
Choose a longer term or permanent policy, higher sums insured, or include extra living benefits, and the premium will rise proportionally.
Key premium drivers:
- Age: each additional decade increases the base premium by 15%.
- Health status: any pre-existing condition adds a 20% load.
- Smoker status: smokers pay 50% more than non-smokers.
- Coverage amount: higher sums insured raise the premium proportionally (e.g. +10% per $50,000).
- Payment term: single-pay vs. 10/15/20‑year payment plans affect cost (e.g. one-time premium higher but no future payments).
- Rider costs: optional riders add 3–6 % each to the base premium (e.g. +3 % for Waiver of Premium, +4 % for Critical Illness).
| Profile | Coverage amount | Non-smoker premium | Smoker premium | Professional premium |
|---|---|---|---|---|
| 30 yrs, healthy | $100,000 | $12/mo | $18/mo | $11/mo |
| 45 yrs, pre-existing | $100,000 | $34/mo | $51/mo | $24/mo |
| 40 yrs, professional healthy | $250,000 | $28/mo | $42/mo | $22/mo |
What are the surrender charges for Manulife life insurance?
| Year | Fee % | Example & Tax treatment |
|---|---|---|
| 1 | 28% | $72,000 returned on $100,000 paid; taxable on gains above ACB |
| 2 | 25% | $75,000 returned on $100,000 paid; taxable on gains above ACB |
| 3 | 22% | $78,000 returned on $100,000 paid; taxable on gains above ACB |
| 4 | 19% | $81,000 returned on $100,000 paid; taxable on gains above ACB |
| 5 | 15% | $85,000 returned on $100,000 paid; taxable on gains above ACB |
| 6+ | 0% | $100,000 returned on $100,000 paid; taxable on gains above ACB |
Early Surrender Charges
For instance, a Manulife life insurance policyholder who surrenders at year 1 after depositing $100,000 will be subject to a 28% fee, so only $72,000 is paid out (with tax due on gains above the adjusted cost base). If surrendered at year 5, a 15% fee applies and $85,000 is returned (again, gains above ACB are taxable).
Manulife applies surrender charges for the first 5 policy years, decreasing from 28% in year 1 to 15% in year 5; from year 6 onward, surrender is penalty-free. Thus, full access to the contract’s cash value without penalty requires waiting until the sixth policy year.
These charges significantly reduce the policy’s cash surrender value in the early years, limiting liquidity and making early policy termination financially disadvantageous.
The Exclusions and Limitations of Manulife life insurance
Manulife life insurance policies in Canada include several standard exclusions related to riskier activities and legal infractions.
- Suicide exclusion: No benefit for death by suicide within the first two years of policy.
- Pre-existing conditions: Claims can be denied for conditions existing prior to policy issue.
- High-risk activities: Death or injury from extreme sports or private aviation is excluded.
- Criminal acts: Claims will not be paid for incidents resulting from committing or attempting a criminal offence.
- War and terrorism: No coverage if death or injury results from acts of war or terrorism.
- Misrepresentation: Nondisclosure of material facts may reduce or eliminate the benefit.
- Excluded riders by risk or age: Certain riders are not available due to high risk or exceeding age limits.
- Assistance services: Not included (teleconsultation and repatriation services are not available).
How to Contact Manulife
| Detail | Information |
|---|---|
| Address | 200 Bloor Street East, Toronto, ON M4W 1E5, Canada (Head office) |
| Phone | 1-888-626-8543 (Life insurance inquiries, English and French) |
| individual_insurance@manulife.com | |
| Website | https://www.manulife.ca/personal/insurance/life-insurance.html |
| Responsiveness / Hours | Monday to Friday, 8am–8pm ET; high call volume may lead to extended wait times |
| Live chat | https://www.manulife.ca/personal/support/contact-us.html (available weekdays 8am–8pm ET) |
| Social media | Twitter: @ManulifeCAN; Facebook: @Manulife |
Most service options are accessible online or by phone. For secure policy inquiries, login to your Manulife account portal or contact their customer support centre.
FAQ
Are Manulife life insurance payouts taxable in Canada?
Life insurance death benefits from Manulife are generally paid tax-free to beneficiaries in Canada. Exceptions may apply if the policy was transferred or collateralized—speak with a tax advisor on your specific situation.
Can I change or cancel my Manulife life insurance policy?
You may cancel your policy at any time by written request. If you cancel within the initial 10-day “free look” period, premiums are refunded. Outside this period, surrender charges or conditions may apply based on the policy type.
How long does it take to receive a death benefit payout from Manulife?
Once a valid claim with complete documents is submitted, Manulife generally issues the payment within 30 days. Delays may occur if additional information or investigation is required, but most claims are settled promptly.
What medical information is required to apply for Manulife life insurance?
Most standard and term life insurance applications require a health questionnaire. Higher coverage amounts or certain products may require a medical exam and lab tests; guaranteed issue plans do not require medical evidence.
Can I choose or update my beneficiary with Manulife?
Yes, policyholders can name, change, or update their beneficiary at any time with a signed form. Irrevocable beneficiaries require their written consent for future changes.
What is the difference between term and permanent life insurance at Manulife?
Term life insurance provides protection for a specific period (e.g., 10 or 20 years) and usually has lower premiums. Permanent life insurance offers lifelong coverage and may build cash value over time, with premiums that remain level.
How do cash surrender and policy loans work with Manulife’s life insurance?
Permanent life insurance policies may accumulate cash value, which can be accessed by surrendering the policy or taking a policy loan. Surrender charges may reduce the amount received, especially in the early years.
Is Manulife’s Vitality program available on all life insurance plans?
The Manulife Vitality wellness and rewards program is offered only on select term and universal life insurance products. Participation is optional and program features, discounts, and rewards vary by policy.
Are Manulife life insurance payouts taxable in Canada?
Life insurance death benefits from Manulife are generally paid tax-free to beneficiaries in Canada. Exceptions may apply if the policy was transferred or collateralized—speak with a tax advisor on your specific situation.
Can I change or cancel my Manulife life insurance policy?
You may cancel your policy at any time by written request. If you cancel within the initial 10-day “free look” period, premiums are refunded. Outside this period, surrender charges or conditions may apply based on the policy type.
How long does it take to receive a death benefit payout from Manulife?
Once a valid claim with complete documents is submitted, Manulife generally issues the payment within 30 days. Delays may occur if additional information or investigation is required, but most claims are settled promptly.
What medical information is required to apply for Manulife life insurance?
Most standard and term life insurance applications require a health questionnaire. Higher coverage amounts or certain products may require a medical exam and lab tests; guaranteed issue plans do not require medical evidence.
Can I choose or update my beneficiary with Manulife?
Yes, policyholders can name, change, or update their beneficiary at any time with a signed form. Irrevocable beneficiaries require their written consent for future changes.
What is the difference between term and permanent life insurance at Manulife?
Term life insurance provides protection for a specific period (e.g., 10 or 20 years) and usually has lower premiums. Permanent life insurance offers lifelong coverage and may build cash value over time, with premiums that remain level.
How do cash surrender and policy loans work with Manulife’s life insurance?
Permanent life insurance policies may accumulate cash value, which can be accessed by surrendering the policy or taking a policy loan. Surrender charges may reduce the amount received, especially in the early years.
Is Manulife’s Vitality program available on all life insurance plans?
The Manulife Vitality wellness and rewards program is offered only on select term and universal life insurance products. Participation is optional and program features, discounts, and rewards vary by policy.
