Manulife Insurance Review 2025

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Canada's largest insurer reviewed — products, pricing, digital tools, and whether Manulife is right for you.

4.2/5

bremo.io Verdict: Manulife is Canada's largest insurer and a strong choice for most Canadians, particularly for term life and group benefits. The Vitality wellness program is a differentiator. Rates are competitive but not always the lowest — always compare.

About Manulife

Manulife Financial Corporation is Canada's largest insurance company and one of the largest financial services companies in North America. Founded in 1887 and headquartered in Toronto, Manulife operates across Canada, the US (as John Hancock), and Asia. It is federally regulated by OSFI and carries AA financial strength ratings.

Manulife Insurance Products

Life Insurance

Manulife CoverMe: Simplified issue term life; online application; no advisor required; coverage up to $1M
Family Term: Fully underwritten term life in 10, 20, and 30-year terms
Performax Gold: Whole life insurance
Security UL: Universal life insurance
Manulife Vitality: Term or permanent life that rewards healthy behaviour with premium discounts and rewards

Health and Disability Insurance

Flexcare / FollowMe: Individual health and dental for those without group benefits
IncomeShield: Individual disability insurance; own-occupation definition available
Critical Illness insurance: Available standalone or as policy riders

Group Benefits

Manulife is one of Canada's largest group benefits providers, offering group life, health, dental, and disability for employers of all sizes. Their group benefits platform is well-regarded for digital administration tools.

Manulife Vitality Program

Manulife Vitality is a unique wellness-linked insurance program that rewards policyholders for healthy activities:

Earn Vitality Points for exercise, healthy eating, medical check-ups, and biometric screening
Points translate to premium discounts (up to 15% off premiums) and rewards (gift cards, merchandise)
Premium discounts reset annually based on points earned
Requires wearing a fitness tracker or syncing health apps

Best for active Canadians: If you exercise regularly and are willing to track your health data, Vitality can meaningfully reduce your insurance premiums. If you dislike being monitored or have an inconsistent fitness routine, a standard policy may be less stressful.

Manulife Rates: How Do They Compare?

Manulife's term life rates are competitive but not always the lowest in Canada. For a 35-year-old non-smoking male seeking $500,000 in 20-year term coverage, Manulife typically ranks in the middle of the competitive market — often close to, but sometimes slightly above, the lowest available quotes from iA Financial or Canada Life.

Always compare quotes from at least 3–4 insurers before deciding. An independent broker can do this quickly at no cost to you.

Pros and Cons

Pros

Canada's largest insurer — financial strength and stability
Excellent digital tools and online application (CoverMe)
Vitality program rewards healthy behaviour
Wide product range for all insurance needs
Strong group benefits platform

Cons

Not always the cheapest option
Vitality requires ongoing health tracking (not for everyone)
Complex permanent products can be difficult to compare
Customer service quality varies by channel

Manulife Financial Strength

Rating Agency	Rating
DBRS Morningstar	AA (Stable)
Standard & Poor's	A+ (Strong)
Moody's	Aa3

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Our Verdict

Manulife is an excellent choice for Canadians who value financial strength, digital convenience, and the unique Vitality program. However, it's not always the cheapest option — especially for term life insurance. Always compare quotes before buying, and consider whether the Vitality program's requirements align with your lifestyle.