.

Manulife Life Insurance Review

Written by: Jessica Barrett
Content Marketing Manager
Edited by: Kathleen Flear
Director of Content Marketing
Updated
September 10, 2025

PolicyMe content follows strict guidelines for editorial accuracy and integrity. Learn more about our editorial guidelines

Limited Time Offer
Ends September 30, 2025
Ends September 30, 2025
  • Couples: 20% off each policy holder’s first-year premiums
  • Individuals: 10% off your first-year rates
  • Bonus: $10,000 in complementary Child Coverage with every policy
Terms and Conditions Apply
Get a free instant term quote
Your Details
Your date of birth
Your date of birth
Your province
Your gender
Your gender
Male
Female
Do you smoke?
Do you smoke?
Yes
No
(And save 10% off your first year’s premiums)
Your Partner’s Details
Their date of birth
Your date of birth
Their province
Their gender
Your gender
Male
Female
Do they smoke?
Do you smoke?
Yes
No
No credit card or email required
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Manulife life insurance: Our verdict ★★★★☆ (3.6/5.0)

Customer Service
Industry Reputation
★★★☆☆ (3.0/5.0)
★★★★☆ (4.3/5.0)

Manulife Financial is generally considered a good option for those seeking life insurance in Canada. 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. 

Prices for Manulife life insurance policies tend to be 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 online, with a streamlined underwriting process that’s especially convenient for those with straightforward coverage needs.

Manulife life insurance products and features

As the largest insurance company (by total assets) in Canada, it should come as no surprise that Manulife offers a wide range of insurance products. Its life insurance offerings span 5 categories: 

  • Term life insurance
  • Guaranteed issue life insurance
  • Permanent life insurance
  • CoverMe life insurance
  • Manulife Synergy combination insurance

Manulife also offers Vitality, which is an add-on to the company’s life and health/dental insurance products. It allows you to save 10% on the cost of your insurance in the first year—and more as you demonstrate healthy habits. As you increase your Vitality Status, you can earn points towards gift cards and greater insurance savings in subsequent years.

Manulife term life insurance

Since term life insurance is the best choice for financial protection for most Canadians, we’ll dive deeper into Manulife’s term policies and their features. There are four term durations: 10 years, 20 years, to age 65, or for life.

Common features of the available policies include:

  • 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

Learn more about the advantages of term life insurance

PolicyMe, Canada’s top-rated term life insurance

How much does Manulife life insurance cost?

Manulife’s CoverMe 10-year term life insurance is the cheapest policy offered by the company, but Manulife has fairly competitive pricing across its range of products when compared to other Canadian life insurance providers. Here’s how the price of Manulife’s 10-year term life insurance stacks up:

Insurance company
Type of policy
Avg. premium for 18 year old
Avg. premium for 30 year old
Avg. premium for 40 year old
Avg. premium for 50 year old
Avg. premium for 60 year old
Avg. premium for 70 year old
Manulife
CoverMe Term 10 Life
$16.75
$17.37
$27.10
$65.38
$175.94
$448.25
Sun Life
Sun Life Go Term Life Insurance
$19.89
$20.52
$29.78
$67.78
$175.79
$412.52
PolicyMe
Term Life Insurance
$15.68
$16.55
$27.37
$71.00
$196.67
$542.64
Desjardins
Life Term 10
$16.54
$17.72
$28.52
$69.07
N/A
N/A
Blue Cross
Term Life Insurance
$15.73
$16.70
$27.44
$68.37
$182.39
$434.57
Canada Life
Canada Life My Term
$17.14
$18.13
$29.14
$69.49
$186.94
$437.64

* All quotes reflect sample quotes of a 10-year term life insurance policy for $250,000 for a resident in Ontario.

Manulife has consistently competitive pricing, especially for those in their 50s. When we compare it to other large insurers, it is an affordable option for those looking for a reliable, well-established brand without top-tier pricing.

Blog Icon
Remember: Insurance premiums are individual

Insurance prices are based on factors like your age, coverage amount, policy duration, smoking status, and current health status. Some insurance providers are more lenient about specific customer characteristics and provide better pricing for people with these characteristics.

Learn more about how much life insurance costs

See how affordable life insurance plans can be with PolicyMe

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:

  • Large, well-established insurance company with excellent financial stability (A+ rating from A.M. Best)
  • Fully online purchase options for eligible applicants
  • 30-day review period with money-back guarantee
  • Vitality program that rewards you for healthy behaviours
  • Premiums slightly pricier than some competitors
  • Reviews suggest that customer service is lacking

How to apply for Manulife life insurance

To apply for a life insurance policy with Manulife, you’ll need to request a quote and complete the application, which includes medical questions. You have several options.

  • Online: Get your quote and complete your application and medical questionnaire online. You may be eligible to be approved immediately, but some applicants may be required to provide further medical information.
  • Advisor: If your situation is complex or you need more guidance, you can apply through a licensed insurance advisor or broker who works with Manulife.
  • Phone: You can call 1-844-378-3877 to speak to a Manulife advisor who will walk you through the life insurance application.

Is Manulife insurance worth it?

If you’re looking for an established insurance company with a longstanding reputation in Canada, Manulife might be worth it. While insurance rates tend to be higher than online-only insurers, they remain competitive with those of similarly established insurance companies.

Manulife offers a wide range of term life insurance coverage and add-ons that include a living benefit, critical illness, and disability. If you enrol in Manulife Vitality, you may also be eligible to receive a discount on your monthly premiums and other rewards, like gift cards.

That said, if excellent customer service is important to you, Manulife may not fit the bill. Reviews note difficulties getting in touch with Manulife, including unreturned calls, numerous transfers, and an overall poor experience when dealing with company representatives throughout the application and insurance claims process. 

Manulife insurance vs. PolicyMe insurance

Here’s a side-by-side comparison of Manulife and PolicyMe life insurance:

 
Manulife
PolicyMe
Term coverage options
10 years, 20 years, to age 65, for life
10 to 30 years
Coverage amounts
$100,000 to $2 million, depending on policy type
$100,000 to $5 million
Application experience
Online, with a broker/advisor, or by phone
Fully online with instant decisions in many cases
Optional riders/add-ons
Living benefit/terminal illness, critical illness, disability, Manulife Vitality
Free child coverage, critical illness
Pricing
Higher premiums than online insurers, but competitive among other companies
Very affordable premiums as an online insurance company
Customer service
Reviews mention difficulty contacting Manulife with poor customer service experiences
Reviews note an easy application process with friendly support available if needed

PolicyMe, Canada’s top-rated term life insurance

Jessica is a content marketing manager with PolicyMe. She has over a decade of experience creating content, including 10 years freelancing for nonprofits and small businesses in North America and beyond. She was previously the senior editor handling car insurance content for Silicon Valley startup, and the managing editor for creditcardGenius. She's passionate about breaking down complex financial topics into clear, approachable content that helps readers feel confident about their decisions.

Jessica is a content marketing manager with PolicyMe. She has over a decade of experience creating content, including 10 years freelancing for nonprofits and small businesses in North America and beyond. She was previously the senior editor handling car insurance content for Silicon Valley startup, and the managing editor for creditcardGenius. She's passionate about breaking down complex financial topics into clear, approachable content that helps readers feel confident about their decisions.

Company Reviews
Company Reviews
Company Reviews
Company Reviews