Manulife Financial is a Canadian insurance company with major business centres in Ontario and Quebec. The company was founded in 1887 by then Canadian Prime Minister Sir John A. Macdonald and quickly expanded its operations in Asia, primarily in Hong Kong and China. In 2014, Manulife Financial consolidated its operations in Quebec by acquiring Standard Life, a local industry player, for $3.7 billion. The company now has 47,000 employees in offices in Canada, the United States (through its subsidiary John Hancock Insurance) and in close to 20 countries around the world. Manulife Financial is the largest insurance company in Canada, the second largest in North America, and the fifth largest in the world by market capitalization.
Not surprisingly, Manulife offers the products and services expected of a company in this sector, which include individual and group life insurance, group health insurance, long-term care insurance, mutual funds, annuities, pension plans and certain banking products. The company also offers asset management services to its institutional clients as well as reinsurance solutions.
Manulife offers two main categories of group plans: group insurance and group retirement solutions. Let's set aside the second category here and focus on Manulife's group insurance offerings. Manulife offers a financial solution to its business customers to help them attract and retain the best talent by enhancing their total rewards through a comprehensive, affordable and user-friendly group insurance plan.
Manulife positions itself as a full-fledged partner to the companies that do business with it by helping them manage their group insurance costs through highly competitive disability, drug and absence management programs. Manulife also focuses on reducing health care costs in and of themselves, and offers a comprehensive assistance program that also covers family members of employees participating in the plan.
Manulife's medical insurance offering is divided into four categories:
Interestingly, Manulife offers the opportunity to combine several of these insurance products into a 3-in-1 solution: Manulife Synergy Insurance combines life, disability and critical illness insurance to provide you with optimal coverage against the most negative scenarios that can occur in a lifetime.
Life insurance is a must-have product for businesses in the industry, and Manulife is no exception. The company offers two main types of life insurance: term life insurance and permanent life insurance.
Term life insurance is designed to provide policyholders with limited coverage for a limited period of time in order to meet the expenses and financial contingencies that could overwhelm their beneficiaries in the event of premature death. Manulife offers 4 distinct plans in this category - CoverMe, Family, Business, and Family Vitality - that allow you to protect your beneficiaries with flexible and affordable solutions.
Permanent life insurance has the same financial protection objective as term insurance, but as the name suggests, it is better suited for people who don't change their minds often, since it is a permanent solution. Manulife offers 2 quite different types of permanent insurance policies:
Manulife Participating Whole Life insurance offers coverage starting at $100,000 and immediate cash value growth. The cash value is guaranteed for the first few years of the policy, and Manulife lets you decide how often and for how long you want to pay your premiums.
The second product - Performax Gold Whole Life Insurance - provides you with permanent coverage starting at $25,000, which you can pay for in as little as 15 years or in equal installments until you reach age 100. This product also offers payment options and guaranteed cash surrender values.
If you would like to learn more about the insurance products and services offered by Manulife Financial, visit https://www.manuvie.ca/particuliers.html.
Your monthly premium amount varies based on the Vitality score you earn each month - for a period of 2 years.