Manulife Life Insurance Review

Manulife life insurance review (2025 update)

Manulife Financial — short for the Manufacturers Life Insurance Company — is generally considered a good option for those seeking life insurance in Canada. Based in Toronto, 

it’s one of the most established and trusted insurance providers in Canada, offering a wide range of products including life, health, and travel insurance. 

Manulife life insurance: ★★★★★ (4.5)

^{* This figure reflects the typical costs for a non-smoking woman between the ages of 30-44 across a term length of 10-30 years}

Prices for Manulife life insurance policies tend to be below average, though policyholders in good health (e.g., non-smokers without pre-existing medical conditions) will find the best rates. The company also makes it easy to apply for some life insurance products online, with a streamlined underwriting process that’s especially convenient for those with straightforward coverage needs. Other advantages include: 

• Health rewards through the Manulife Vitality program
• Level premiums that remain consistent across the entire duration of your policy
• Discounted premiums when you protect two or more people under one policy
• Guaranteed renewability without a new medical exam or review
• Add-ons like critical illness insurance, disability insurance, and accidental death
• Terminal illness cash advance benefit included
• Opportunity to convert your term policy into permanent policy without medical review
• No-obligation review period of 30 days to finalize your policy and payment details

Manulife is best for…

Canadian families with no pre-existing conditions who want to earn rewards for healthy living.

Pros and cons of Manulife life insurance

Before choosing a term life provider, it’s worth comparing insurance options, weighing the pros and cons, and making sure you’re getting the best price for the coverage you need. Here’s what you can expect from Manulife:

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Manulife life insurance cost and value 

Manulife’s Family Term life insurance coverage is one of the most affordable term life insurance plans on the market for Canadians who don’t smoke, with rates 6–27% below the industry average for all age groups. 

^{* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years.} 

^{** Compared to the average monthly costs for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

About pricing comparisons

To ensure fairness and accuracy, all pricing comparisons were made within identical product types and demographic segments. For instance, a 10-year term policy for non-smoking women aged 18-29 with $500,000 in coverage was compared to the average pricing for all other 10-year term policies meeting the same criteria.

Manulife life insurance reviews and customer service

Like many larger insurance companies, Manulife’s shaky customer service offsets its competitive pricing. While some clients report positive experiences with Manulife’s term and permanent life insurance products, the company as a whole earns a 2.7-star Google reviews rating and an A- grade from the Better Business Bureau. 

Key complaints from current and former Manulife customers center on difficulty in communicating with the company, particularly when it comes to insurance claims. 

Manulife life insurance products at a glance

In addition to term life insurance, Manulife offers universal and participating whole life insurance as well as guaranteed issue insurance, along with a unique 3-in-1 life, critical illness, and disability insurance product. Manulife also offers mortgage protection insurance, but life insurance is typically a more cost-effective alternative. 

* Earns annual dividends 

Manulife life insurance riders

• Child protection rider: Provides $10,000 of life insurance coverage for any child of the insured
• Waiver of premium for disability: Waives your premiums in the event that you become disabled
• Guaranteed insurability rider: Guarantees that you’ll be able to buy life insurance in the future without providing evidence of insurability via a medical exam

How Manulife Insurance compares to other insurers

^{* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years}

Manulife insurance vs. PolicyMe insurance

The biggest difference between Manulife and PolicyMe comes down to size and scope: as Canada’s largest life insurer, Manulife offers a wide range of products, including whole and universal life insurance with tax-advantaged cash value growth, while PolicyMe focuses on practical term life insurance policies and permanent life insurance solutions. 

Cost

Manulife’s size enables a competitive pricing model that beats out PolicyMe’s prices for most Canadians. If you’re considering both companies, it may be worth getting life insurance quotes for the same coverage amount from both to compare your eligible rates. 

Customer satisfaction

Despite its advantages in the realm of affordability, Manulife’s vast advisor network carries a major liability: poor customer service, especially in reports of beneficiaries attempting to navigate the claims process and access a death benefit from their loved ones. Manulife’s failure to support customers during this period may be a serious concern. 

PolicyMe, by contrast, works with a smaller group of insurance advisors available by phone or email M-F, 9AM-5PM EST. Customer experiences with this advisor team are broadly positive, resulting in a 4.9-star Google Reviews rating and an A+ grade from the Better Business Bureau. 

Convenience

For those in search of affordable life insurance that can be purchased online, PolicyMe has the advantage, with a smooth quoting and purchase process that happens entirely online (with advisors standing by via phone if you need them!). PolicyMe’s accelerated underwriting process allows over 60% of applicants to qualify instantly for up to $2 million in coverage. 

Manulife, on the other hand, only has one life insurance product that can be purchased online — CoverMe insurance, which comes with lower coverage limits for many applicants and may carry higher prices than its fully-underwritten Family Term product. 

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^{*** The life insurance premium rates in this article are based on publicly available figures as of December 2025.}

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