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 |
Build Your Financial Safety Net — Start with Free Banking
While you shop for insurance, make sure your banking isn't eating your budget. KOHO gives Canadians a no-fee account with cash back on everyday purchases. Use code 45ET55JSYA for a bonus.
Get KOHO Free — Use Code 45ET55JSYA
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.