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Manulife Life Insurance
Check out the range of Manulife life insurance policies and how they compare to those from other Canadian insurers.
Manulife's CoverMe Term life insurance is simple and straightforward coverage that suits your lifestyle and budget. Get a free quote through PolicyAdvisor.
Manulife is Canada’s largest insurance company as measured by revenue. It offers a broad range of insurance products, including life, critical illness, disability and business insurance. Manulife was founded in 1887. Its past presidents include John A. MacDonald, the first prime minister of Canada. Manulife is headquartered in Toronto, Ontario and has operations throughout Canada, as well as in the US, Southeast Asia and mainland China.
What insurance coverage options does Manulife offer?
Manulife offers a range of individual and group insurance products. Group insurance refers to products or policies you may have through your employer. We will focus on the individual insurance products Manulife offers. Below are the main categories of Manulife life insurance products.
Permanent life insurance. Similar to universal life insurance, this covers you for your entire life as long as you pay your premiums. There is generally less flexibility in how your savings are managed inside this type of plan.
Term life. This type of insurance allows you to buy coverage for a specific time period, say 5 or 10 years. It is generally the most affordable type of life insurance.
FollowMe life insurance. This type of life insurance covers living expenses, mortgage and debt payments or anything else your beneficiaries need.
CoverMe life insurance. This type of life insurance offers you four different plans to choose from so you can decide which one best suits your needs, your family and your budget.
Health & dental. This insurance covers medical expenses usually not included as part of a provincial health plan. There are various plans to supplement those offered by Canadian employers, which cover dental care, eyecare and prescription drugs.
Critical illness. This insurance covers costs associated with a sudden, life-altering illness. You receive a lump-sum payment.
Disability. This insurance helps provide you with an income if you become injured or sick and can’t work.
Travel. Manulife offers travel insurance. Coverage options include trip cancellation and emergency medical assistance.
Mortgage protection. This insurance is specifically tied to helping you or your family keep making your mortgage payments if you get sick or die.
Business owner. This insurance helps you keep your business operating in the event you become injured or seriously ill, or if you die. There are also coverage options for key employees.
Combination. This plan combines life insurance, critical illness insurance and disability insurance as part of one policy. The price is generally lower than if you bought each type of insurance individually.
Benefits and drawbacks of Manulife
Quotes online. You can get online quotes for some types of Manulife insurance products like term life insurance and health & dental insurance, although you may have to contact an adviser to get more detailed information and finalize the purchase.
Coverage across Canada. Manulife insurance products are available to all Canadian residents. That said, you may not always have access to an adviser nearby.
Special discounts. Manulife offers discounts to members of alumni groups, professional organizations and retail clubs.
Vitality program. Manulife offers a program in which exercising and completing health classes earns reward points that can be redeemed for discounts on the cost of insurance policies. Customers can also use wearable tech to track their daily activities.
No homeowner insurance. Manulife does not offer homeowner insurance products.
Can’t file all claims online. If you bought your Manulife insurance through an adviser, which in many cases you need to do, you can’t necessarily file your claims online. You may need to contact your adviser and initiate the process through them.
Snail mail or fax. Making certain changes to your insurance policies such as changing a beneficiary or your address require you to download a form from the Manulife website and mail or fax it back to the company. This can be inconvenient for people used to a paper-free experience.
How to contact Manulife
You can purchase individual Manulife insurance products through an adviser or online in some cases. Here are some ways to get in touch with Manulife:
Phone. 1-888-626-8543 Monday to Friday from 8am to 8pm ET; Manulife says you can call this number if you have purchased an insurance product through a financial adviser to ask about your policy or to make a claim.
Email. You can email manulife_insurance@manulife.com to get in touch with your adviser or to ask about your individual insurance products.
Find an adviser. This section of Manulife‘s website helps you locate an adviser in your area that can help you with inquiries about Manulife life insurance products.
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Frequently asked questions about Manulife insurance
It depends on the claim you are making and which type of insurance coverage you have. For some policies such as critical illness insurance, you have to download a claim form and send it back to the company by mail or fax. For other claims you have to contact your adviser directly or Manulife by phone to start the process.
You need to contact your adviser or call Manulife at 1-888-626-8543 to check your coverage or make changes to an existing policy.
You have to download what’s called a “policy surrender form” and mail it to Manulife.
This depends on what kind of claim you are making. Often when it comes to health insurance claims you need to include an itemized receipt and claim form. Manulife says some expenses may require additional documentation, such as a physician’s referral.
Manulife says that most claims take 5–20 business days to process. You can call Manulife to check on a claim’s status, but make sure you have your policy number.
Grant Surridge is an editor at Finder, specializing in finance. He’s worked in journalism and communications for over a decade, his previous roles including business reporter at the National Post and online editor at Reuters. Grant has a Bachelor of Commerce from the University of Manitoba and a Journalism degree from the University of King’s College. Grant is a long-suffering fan of his beloved hometown Winnipeg Jets.
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