Manulife Life Insurance in Canada: Coverage Options, Costs and What Buyers Should Know

Manulife life insurance offers coverage options designed to help protect families and support long-term financial planning.

Manulife continues to offer Canadians a broad range of life insurance products, from lower-cost term coverage to permanent policies designed for lifelong protection and cash-value accumulation. The choice matters because premiums, coverage periods, renewal terms and policy features can differ substantially depending on the product.

For consumers, the most important question is not simply whether Manulife life insurance is suitable, but which type of coverage matches the financial risk they are trying to protect.

A large Canadian insurance business with several routes to coverage

Manulife has operated in Canada for more than 135 years and says its Canadian business serves more than 7 million customers. Its Canadian insurance operations include individual life insurance, group insurance and products sold through its CoverMe brand.

The company's current life insurance lineup is broadly divided between term insurance and permanent insurance. Within those categories are products aimed at different needs, including family protection, estate planning and coverage for applicants who may have difficulty qualifying for traditional policies.

That range is important because life insurance is rarely a one-size-fits-all purchase.

Term insurance focuses on a defined financial period

Manulife's term products are designed to provide coverage for a specified period. Its CoverMe offerings include Term 10 and Term 20, while other Manulife term products provide additional coverage and payment options.

With CoverMe Term 10, for example, coverage ranges from $100,000 to $2 million, with premiums remaining level during the 10-year term. The policy can generally be renewed without a new medical exam or questionnaire, although premiums typically increase when the policy is renewed.

CoverMe Term 20 provides a longer period of protection, with premiums guaranteed to remain the same during the 20-year term. Manulife says the policy can be renewed every 20 years up to age 89, subject to the policy's conditions.

This type of insurance can make sense when the financial need itself has a deadline. A family might want protection while children are dependent, for example, or while a mortgage and other major obligations are outstanding.

Permanent insurance is built for longer-term planning

Permanent life insurance differs because it is intended to remain in force for the insured person's lifetime, provided the policy's requirements are met.

Manulife offers both whole life and universal life insurance. Its Manulife Par products provide guaranteed premiums, lifelong insurance and guaranteed cash values. Participating policies can also include dividends, although non-guaranteed elements should be distinguished from guaranteed policy values.

Universal life takes a more flexible approach. Manulife UL combines permanent insurance with investment options and an account value that policyholders may be able to access, although withdrawals can have tax consequences. The policy also provides different premium structures and investment choices.

The added flexibility comes with added complexity. Buyers need to understand how premiums, policy charges, investment performance and account values interact over time rather than viewing the policy simply as an investment product.

Guaranteed-issue coverage serves a different audience

Manulife also offers guaranteed-issue products for people who may not qualify for conventional life insurance.

Manulife Guaranteed Issue Life, for example, does not require medical exams or health questions. The company's current offering provides coverage of $10,000 to $100,000 for applicants aged 18 to 70 and lower maximum coverage for applicants aged 71 to 75.

CoverMe Guaranteed Issue is another option for Canadian residents aged 40 to 75. It provides coverage between $5,000 and $25,000 and guarantees acceptance subject to the product's conditions.

Because guaranteed-issue policies are designed around accessibility, consumers should compare their coverage limits and costs with other available options before choosing one.

Manulife's insurance business is shifting toward higher-value products

The company's latest annual report provides an indication of where its Canadian individual insurance business is performing. Manulife reported Canadian individual insurance annualized premium equivalent sales of $630 million in 2025, up 20% from 2024, with the company attributing the increase primarily to higher participating life insurance sales.

That result highlights the continuing importance of permanent and participating insurance within the Canadian market, alongside the more straightforward role played by term policies.

For consumers, however, sales trends do not determine which policy is appropriate. The correct choice depends on the purpose of the coverage, financial obligations, budget, age, health profile and how long protection is required.

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