Who is Foresters Financial and Foresters Life Insurance?

Foresters and Foresters Financial are operating brand names for the Independent Order of Foresters (IOF), an international financial services provider. IOF is a fraternal benefit society that originated in Canada and has offered life insurance and annuities in North America and the UK for more than 145 years through Foresters Financial. 

Foresters Financial has over 3 million clients and members across Canada, the United States, and the UK. As a fraternal institution, Foresters Financial’s profits are reinvested into causes that enrich the lives of its members and their communities. Foresters Financial has been an early champion of gender and racial equality and is known internationally for its charitable efforts in times of tragedy and need. 

Key facts about Foresters Financial

• • Founded: 1874
  • Headquarters: Toronto, Ontario
  • AM Best Rating: A
  • Better Business Bureau Accreditation and Rating: Yes/A-
  • Assets: $2.6 billion
  • Annual Premiums: $1.3 billion

How much does life insurance from Foresters Financial cost?

Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.

What other types of term life insurance policies does Foresters Financial offer?

Foresters offers three different term life insurance options as described in the review above. Specifically, they are:

Term 10

• Available for applicants aged 18-75
• Automatic renewals available every 10 years
• Face amounts ranging from $100,000 – $5 million

Term 20

• Available for applicants aged 18-65
• Automatic renewals available every 20 years
• Face amounts ranging from $100,000 – $5 million

Term 30

• Available for applicants aged 18-55
• Automatic renewals available for 5-year terms once the original 30-year term concludes.
• Face amounts ranging from $50,000 – $5 million

EZ Term

• Simplified issue, non-medical policy
• Guaranteed renewable to age 75 and convertible to age 65
• Automatic renewals available for 5-year terms once the original 30-year term concludes.
• Face amounts ranging from $25,000 to $250,000, depending on age
• Does not include any riders

Coverage and policy details

• Available Term Lengths: 10, 20, and 30 years
• Available Term Types: Guaranteed level premiums
• Maximum Amount of Coverage: $5,000,000
• Renewability: Yes, see details above.
• Convertibility: Yes, policies can be converted without evidence of insurability to any permanent insurance plan (including whole life insurance) offered by Foresters for conversion at that time, prior to the policy anniversary nearest the policyholder’s 71st birthday.

What other insurance policies does Foresters Financial offer?

Foresters offers a wide range of insurance products to customers, apart from term life, such as:

Permanent Life Insurance

Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums the coverage never expires.

Foresters Financial offers two permanent life insurance policy options:

Advantage Plus Whole Life

• A participating whole life insurance policy
• Offers the flexibility to customize a plan that helps provide financial security for your loved ones  with options for term riders for oneself and their children
• Lifetime death benefit protection, guaranteed cash value, and guaranteed premiums
• Premium payment options of 10-pay, 20-pay or pay-to-age-100

Non-Par Whole Life

• A non-participating whole life insurance policy
• Offers the flexibility to customize a plan that helps provide financial security for your loved ones with options for term riders for oneself, their spouse, and their children
• Lifetime death benefit protection, guaranteed cash value, and guaranteed premiums
• Premium payment options of 20-pay or pay-to-age-100

Read our full review of Foresters Financial Whole Life Insurance.

Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length; and you determine it when purchasing the policy.

Foresters Financial offers 2 different critical illness insurance policies:

Health Security Plus

• Basic coverage (four conditions covered)
• Available in a 10-year term or to age 75
• Simplified application
• Coverage up to $100,000
• Return of premium on death and return of premium on expiry/cancellation available

Life Care

• Enhanced coverage (25 conditions covered)
• Available in a 10-year term or to age 75
• Traditional application process with medical underwriting
• Coverage up to $2,000,000
• Return of premium on death and return of premium on expiry/cancellation available

For more information and an in-depth look at their critical illness coverage, read our Foresters Financial Critical Illness Insurance Review.

Other Financial Services from Foresters Financial

Foresters Financial – as the name implies – also offers options for those saving for retirement through annuities. Their Annuity Plus suite of products can also be used as RRSPs and TFSAs for those looking to ensure a reliable source of income at retirement.

Is Foresters life insurance right for you?

Foresters offers unique life insurance coverage products that are a great fit for many Canadian consumers. As insurance advisors for Foresters’ life insurance products, we can help you decide if Foresters products are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

Our Manulife life insurance rating and review

Manulife is the largest life insurance provider in Canada and one of the largest life insurers on the entire planet. However, while size is not always synonymous with quality, Manulife’s dedication to setting the pace for digital innovation in life insurance means their product is also one of the country’s best.

The company was among the first Canadian life insurers to offer electronic policy delivery, although e-policies have since become more common. The company’s underwriting process utilizes predictive analytics to approve up to two million dollars in life insurance coverage without the need for medical underwriting. The company’s Manulife Vitality program – mentioned below – rewards policyholders for maintaining a healthy lifestyle.

Manulife offers various term life products that serve specific purposes:

• Family Term, Manulife’s flagship term life insurance product helps individuals offer financial protection to their families to maintain their lifestyle, and coverage for mortgages, education expenses, and retirement savings. This policy is also automatically eligible to take part in Vitality Go, the insurer’s new program that rewards policyholders for committing to a healthier lifestyle. Vitality Go is available at no cost in this policy
• Family Term with Vitality Plus functions similarly to Vitality Go, but the rewards are even greater. You can get discounted premiums through more participation in Vitality Go; but be warned — you could also face penalties for failing to meet your health goals. This feature also costs $6 a month added onto your premiums
• Business Term offered to business owners for business protection

Quick Issue Term and CoverMe Easy Issue, are online plans with the ability to get no medical coverage – although at significantly higher prices. Manulife offers 3-in-1 life, disability and critical illness protection through its Synergy product. If one cannot work due to injury or illness, or in the event of premature death, one can count on the Synergy 3-in-1 life insurance policy to replace lost income and provide for their loved ones. This policy eliminates the need to separately apply for critical illness and/or disability coverage.

Who is Manulife?

The Manufacturers Life Insurance Company – but colloquially known and branded as Manulife –  is one of Canada’s largest life insurance providers and holds over a trillion dollars in assets. It was founded by Canada’s first prime minister in 1887; today they are the first Canadian life insurance company to offer life insurance to HIV-positive customers, strive for gender balance in management, and invest billions in sustainable initiatives. Manulife offers many financial security products.

Read our full review of Manulife’s Vitality Life Insurance.

Key facts about Manulife Insurance

• Founded: 1887
• Headquarters: Toronto, Ontario
• AM Best Rating: A+
• Better Business Bureau Accreditation and Rating: N/A
• Assets: $200 billion
• Annual Premiums: $39.2 billion

Coverage and policy details

• Available Term Lengths: 10 years, 20 years, to age 65, to age 100
• Available Term Types: Guaranteed level premiums
• Maximum Amount of Coverage: $25,000,000
• Renewability: Yes, except for Quick Issue Term
• Convertibility: Yes, most plans are convertible to Manulife’s permanent life insurance policy for uninterrupted life insurance protection.

What types of term life insurance policies does Manulife offer?

Manulife offers many different term life insurance products to suit individual needs, including no-medical term life insurance policies.

CoverMe Term Life Insurance

• CoverMe is Manulife’s direct to consumer product offering simple term life coverage
• Offers quick, affordable coverage; however, coverage is only for 10 years
• Level premiums for 10 years; renewable every 10 years up to age 85
• Coverage from $100,000 to $1,000,000 for those between 18 and 70
• Potential for up to $250,000 in instant coverage if an applicant is aged 18 to 55; no medical exam needed
• Convertible before age 70 into permanent coverage
• Significantly more expensive than comparable policies in the market

Read our full CoverMe Term Life Insurance Review

Family Term

• Flagship term life insurance policy for consumers seeking life insurance for their personal needs
• Coverage amounts range from $100,000 to $20,000,000
• Available terms of 10 years, 20 years, or to age 65
• Offers a unique cash advance feature, available if the policyholder is diagnosed with a terminal illness
• Family’s bereavement counselling costs covered up to $1,000
• Optional feature to get financial support in the event of serious injuries or accidental death
• Medical exam required
• Optional riders and add-ons available for children’s insurance, disability premium waiver, and more
• Automatically eligible for Vitality Go

Business Term

• Insurance meant to protect a business as it grows if something happens to the main stakeholder
• Term insurance policy coverage amounts from $100,000 to $20,000,000
• Terms of 10 or 20 years, or to age 65
• Family’s bereavement counselling costs covered up to $1,000
• Cash advance available if policyholder is diagnosed with a terminal illness
• Lower premiums when two or more people are included in one policy
• Able to modify and augment as the business grows without medical exams or new company valuations

Family Term with Vitality Plus

• A unique term life insurance policy that offers premium savings to reward and incentivize healthier lifestyles. The life insured can get lower rates if they demonstrate healthy habits, by among other things, wearing a smartwatch
• Manulife provides a free wearable monitoring device to help policyholders check their progress
• Policyholders are then eligible for rewards and discounts  (savings on future insurance rates, gift cards, etc.) based on their lifestyle and fitness level coverage amounts from $250,000 to $25,000,000
• Terms of 10 or 20 years, to age 65 or 100
• Policyholders set personalized health goals

Manulife Quick Issue Term

• Simplified term insurance policy
• Fast application and approval process
• Electronic application
• No medical exam or testing required
• Convertible to permanent insurance
• Coverage amounts from $100,000 to $500,000
• Terms of 10 or 20 years, or to age 65

What other insurance policies does Manulife offer?

Manulife offers a wide range of insurance products to customers.

Permanent life insurance

Manulife offers three different permanent life insurance policy options: non-participating, participating, and universal.

Non-Participating Life Insurance

Performax Gold Whole Life Insurance

• Minimum coverage: $25,000
• Life Pay and 15 Pay options
• Optional add-on:
• Term life insurance riders available as add on
• Disability rider available
• Children’s insurance riders available

Participating Life Insurance

Manulife Par Whole Life Insurance

• Attractive long-term cash value and death benefit growth
• No compromising on access to cash values in early years of policy
• Minimum coverage: $100,000
• Option to withdraw dividends annually
• Limited pay options for those that want to pay off the premiums early (10 and 20 Pay)
• Option to switch between some payment options during life of the policy

Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed long term investment component: your insurer gives you options for investing the cash value of your policy.

Manulife offers three different universal life insurance policy options:

InnoVision

• Coverage begins at $100,000
• Choice of over 50 investment options
• Choose between a loyalty bonus or lower management fees on investments
• Guaranteed insurance costs
• Guaranteed minimum interest investment accounts
• Tax advantaged investing options
• Term life insurance rider available
• Accidental death insurance rider available
• Inflation protection options
• Disability rider available
• Guaranteed future eligibility riders available
• Children’s insurance riders available

Security UL

• Coverage begins at $50,000
• Choice between guaranteed minimum interest rates or investing in equity markets
• Term life insurance rider available
• Disability rider available
• Guaranteed future eligibility riders available
• Children’s insurance riders available

Manulife UL

• Coverage begins at $50,000 or $100,000 depending on the chosen options
• Wide range of investment options
• Low management fees
• Guaranteed rate enhancements for accounts managed through policy
• Automatically eligible for Vitality Go

Manulife UL with Vitality Plus

• A unique permanent life policy that combines the benefits of flexible investment potential with Manulife Vitality Plus’ rewards for a healthy lifestyle (see Family Term with Vitality Plus above)
• Bonus rewards for healthy lifestyle: lower premiums, rate enhancements, lower management fees, gift cards, etc.
• Wide range of investment options and option to link account to Performax Gold Investment Fund
• Guaranteed minimum interest investment accounts
• Optional riders available
• Policyholders set personalized health goals for reward eligibility

Manulife Critical Illness Insurance

Manulife offers critical illness insurance for adults and children through several policy options.

LifeCheque

• Basic and enhanced (25 conditions) coverage
• Available Terms: 10 and 20 years and to ages 65, 75, and 100
• Limited Pay available with age 100 coverage
• Maximum coverage: $2-million
• 6 eligible conditions for partial payout
• Partial payment/early detection payment available
• Survival period: 30 days
• Return of Premium on death
• Return of Premium on expiry/cancellation (after 15 years)

CoverMe Critical Illness Insurance

• Available between ages 18-65
• Simplified critical illness insurance available with complete online fulfillment
• 30-day waiting period
• Covers only life-threatening cancer, heart attack, stroke, coronary artery bypass surgery, and aortic surgery
• Option to get up to 100% of premiums back when policyholder turns 75 if they didn’t make claim during life of policy

For more information and an in-depth look at their critical illness coverage, read our Manulife Critical Illness Insurance Review.

Manulife Disability insurance

Disability insurance (or income protection insurance) is a policy that offers you protection against loss of income. It replaces a substantial portion of your paycheque if you become disabled until you return to good health and resume work (or the end of your coverage period).

Manulife offers different options for disability insurance:

• Proguard offers income protection for executives and professionals
• Venture offers income protection for small business owners, farmers, part-time workers, students, and new grads
• Personal Accident Disability Insurance covers expenses when the policyowner becomes disabled and is aimed at full-time and part-time workers and those not working at all
• ExpenseComp reimburses overhead and expenses of small business owners and professionals if a disability prevents the insured from working
• Manulife Buy-Sell Plus is disability insurance that covers key employees at a business as to not jeopardize the business’s value should they become disabled

Manulife Travel Insurance

Manulife offers the following travel insurance plans.

• Travelling Canadians assists in covering any unexpected medical costs when one travels. It also covers COVID-19 related costs.
• The Students option assists in covering medical expenses when for those that study away from home
• Similarly, the Visitors to Canada option covers medical costs of travellers to the country including parents and grand parents visiting on super visa
• TravelEase travel insurance assists with coverage for pre-existing medical conditions and augments your provincial health insurance

Manulife Health Insurance

Manulife offers the following health and dental insurance options.

• Flexcare health & dental insurance is complete comprehensive individually owned health insurance
• FollowMe health & dental insurance covers health insurance needs when one’s employee workplace benefits end due to an occupation change

You can also apply Manulife Vitality to Flexcare and FollowMe health and dental plans for discounts of up to 5% off first-year premiums and up to 10% off premiums in following years.

Is Manulife life insurance right for you?

Manulife offers unique, affordable life insurance coverage products that are a great fit for many Canadian consumers that value the convenience offered by non-medical products. As advisors for Manulife insurance products, we can help you decide if Manulife policies are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies and finding the most affordable life insurance that suits your needs. Speak to our licensed advisors and we can help you find the best policy and supplement gaps in your financial security plan.

Manulife Vitality Term Life Insurance Review

Manulife Vitality life insurance is a participatory wellness program that gives you rewards for making healthier lifestyle choices. If you are already a fan of tracking your steps, this policy might be a great option for you. By engaging in daily physical health and wellness activities, you earn Vitality points that can be used toward gift cards and discounts on your life insurance premiums. The more you participate, the better Vitality status you will achieve, which gets you a better discount. The Vitality program is available for term life insurance, universal life insurance, some Manulife CoverMe policies, as well as for health and dental insurance products from Manulife.

What is the Manulife Vitality Program?

The Manulife Vitality program is a new way to engage with your life insurance policy. When you sign up for one of Manulife’s eligible insurance policies (term, universal, health, or dental) and participate in health and wellness activities, you earn Vitality points that can be used toward gift cards and discounts on your monthly premium.

It’s a way for the insurance company to encourage healthy choices and track health data for their clients to better determine premiums. This is a win-win for those that already track their steps and make daily and weekly efforts toward a healthy lifestyle. The more points you collect, the better the rewards. 

The vitality program is split up into two levels: Vitality Go, which is the basic vitality program for all eligible plans; and Vitality Plus, which is exclusively available for select policies only.

Vitality Go

This feature is automatically available FOR FREE for all eligible plans — namely, term life insurance plans that have at least $250,000 in coverage and universal life insurance plans that have at least $100,000 in coverage. But policyholders are not obligated to make use of its features if they’d prefer not to.

If they do participate, policyholders can earn sweet rewards including gift cards and other exclusive deals, plus the obvious benefit of a healthier lifestyle. There’s no skin off your back if you don’t take advantage of it, though. 

Vitality Go also applies to Manulife CoverMe, Manulife FlexCare health & dental coverage, and Manulife FollowMe health & dental coverage.

Vitality Plus

This feature also rewards policyholders who participate in health activities, but to a greater extent than Vitality Go. Vitality Plus participants can look forward to exclusive perks like discounted insurance premiums, Fitbit and Apple Watch discounts, Amazon Prime membership, exclusive Expedia.ca deals, and more. But at the same time, Vitality Plus also introduces penalties when policyholders fall short of their healthy lifestyle goals.

Only select Manulife insurance products are eligible for Vitality Plus. And, it costs policyholders an additional $6 per month, on top of their usual premiums and policy fees, just for the privilege of having the potential to benefit based on their achieved tier. (We’ll get to that in the next paragraph below)

Coverage and policy details: Manulife Family Term with Vitality Plus

• Available Term Lengths: 10 years, 20 years, to age 65, to age 100
• Available Term Types: Guaranteed minimum & maximum level premiums
• Maximum Amount of Coverage: $25,000,000
• Renewability: Yes, up to age 80
• Convertibility: Yes

Your status will renew at the end of the program year, so you have to keep participating if you want to reap the rewards. Additionally, 10% of your points will roll over from the previous year into the next year to encourage you to keep participating. 

The program further incentivizes users by offering an Apple Watch or another wearable device. With the program, you pay an initial fee for the watch for newer models (free for older models) plus any taxes. Then the more you participate in the Vitality program, the more of the bill they will cover each month.

How to earn Vitality points

Manulife Vitality Go is now automatically added to all eligible insurance products. Once you set up your policy with your life insurance advisor, you will receive an email link to the program. If you would prefer Manulife Vitality Plus, then it’s just a matter of registering for that plan instead. Anyone who has Vitality Go can upgrade to Vitality Plus if they so choose.

• Step One: Find out your Vitality Age 

The program begins by determining your Vitality Age. This is the baseline used to determine your progress. Just for signing up you and doing your health review, you will receive 2,000 points. 

• Step Two: Get your fitness tracker 

With this program, you can use the Apple Watch on offer, a Garmin, Fitbit, or wearable devices that tracks your fitness progress and physical activity. You must download the Vitality Mobile App on the device in order to participate. While it’s not necessary to have and use a fitness tracker to participate, it will certainly help you track your progress and earn points doing simple activities like walking and workouts. 

• Step Three: Track your activity 

Participate in the goal-oriented program that includes everyday activities like walking the dog, going to the gym, or completing online nutrition courses. When you start the program, you are at Bronze status and the app will suggest your weekly goal. The more you participate, the more points you earn. 

NOTE: Vitality Go users are not required to use the app if they don’t want to. But it does provide a great resource for comparing the kinds of rewards you would have gotten if you were on the Vitality Plus program. For instance, it may show you the difference in pricing between your current premiums and the discount you would have had if you were a Vitality Plus member at your tier. But Vitality Plus members should make sure to download the app and log their health achievements to avoid penalties.

The perks of Manulife Vitality

As mentioned, when you participate in the program, you are eligible for weekly rewards, such as gift cards for Vitality Go and annual premium discounts for Vitality Plus. Some of the other alluring rewards for Vitality Plus include: 

• A one-year Amazon Prime® membership when you reach Platinum Status and complete your Vitality Health Review three years in a row
• Exclusive member prices and up to 50% off two hotel bookings on travel when booked through Expedia.ca
• Special rates on GoodLife Fitness memberships
• A free annual health assessment from ExamOne® to get an understanding of how healthy you are today, and what areas you can improve
• Get Apple Watch from just $0 and fund the balance by tracking daily activity and earning Vitality Points
• Receive a free Garmin vívofit® 4 when you sign up for Manulife Vitality or take advantage of exclusive member upgrade prices on the latest wearable technology

You can read the full list of rewards and benefits on Manulife Vitality’s website.

How much does Manulife Vitality life insurance cost?

Vitality Go is a free program that’s automatically available for any of Manulife’s eligible insurance products. It also does not provide a discount on insurance premiums, so your monthly or annual bill would remain the same. 

Vitality Plus, on the other hand, costs $6/month. In terms of premiums, depending on the tier you achieve, you can get a discount of up to 15% off every year.

But keep in mind that the actual discount you see on your statement may end up less than you expected after adjusting for policy fees and the $6 Vitality Plus fee. The final discount may be in the range of 5-8%.

You should also consider that a Bronze tier Vitality Plus policy with a discounted premium may not be much cheaper than a standard Vitality Go policy. Of course, the calculations will vary. But because Vitality Plus charges $6 and Vitality Go doesn’t, in some cases, the premiums for these two may work out to be around the same. For this reason, Vitality Plus really works best for those who have higher premiums so can benefit more from a percentage discount.

As you can see, participating in the program not only benefits your health but your wallet as well—especially over time. With opportunities for further discounts as you participate, the Vitality program can offer more affordable life insurance rates as you age. 

However, one thing to note is that the Vitality program does not offer couples or multi-policy discounts. Couples or multipolicy life insurance policies allow you to save on life insurance fees and have other benefits when you’re applying with your significant other. If you are looking for life insurance for couples, there may be better options for you.

What other insurance coverage does Manulife Vitality offer?

You can participate in the Vitality program when you sign up for Manulife term life insurance, universal life insurance, health, or dental.

Manulife UL with Vitality Plus combines the benefits of flexible investment potential with the Vitality program’s rewards for a healthy lifestyle.

Coverage and policy details: Manulife UL with Vitality Plus

• Minimum Amount of Coverage: $100,000
• Optional Riders: Term life rider and children’s insurance rider
• Guaranteed Minimum Interest: 1%
• Investment Flexibility: Wide range of options

Outside of the Vitality program, Manulife Canada also offers a huge range of insurance products including:

• Permanent or Whole Life Insurance
• Critical Illness Insurance
• Long Term Care
  
• Disability Insurance
• Personal Accident Insurance
  
• Travel Insurance
  
• Health and Dental  Insurance
  
• Group Plans
• Investment Plans (including RRSPs and TFSAs)

Vitality FAQ

When does my life insurance premium change?

You will see your premium discounts on the policy’s anniversary date; the premiums do not fluctuate month-to-month. After your first year of participating in the program, your policy will be reviewed and you will receive a discount according to your Vitality status, which you will keep for that year. 

Will the Vitality program pay for an Apple Watch with a Data plan?

The Vitality program points are used towards paying down the Apple Watch itself, not the cellular or data plan associated with it. To receive the Apple Watch, you may be subject to an initial fee depending on which model you choose and whether you are subscribed to Vitality Plus. You will be responsible for covering any applicable taxes or extra fees associated with Data plans or upgrades. 

Will my premium ever go higher than when I started?

This program is subject to minimum and maximum policy premiums. If you do not participate in the program and lose your Vitality status, your premiums may be changed to the maximum policy premiums and you will lose your previous discount. 

What if I want to stop participating?

If you stop participating in the daily and weekly healthy choices that the program encourages, you will not gain any further Vitality points and you may lose your policy’s discount.

What happens if I don’t maintain my status?

If you lose your status in a certain year, you will have a two-year grace period to earn it back.

How do I apply for the Manulife Vitality program?

Ready to start making healthy choices and save on your life insurance premiums? The first step to sign up for this program is applying for term life insurance with Manulife Insurance. If you are interested in a customized life insurance program that encourages a healthier lifestyle, the expert advisors at PolicyAdvisor can help! We can walk you through the application process and answer any questions you have about how your premium will be impacted by this program. We work with Manulife as well as 20+ other insurance providers and set you up with a policy that works for best for your financial needs! Speak to an advisor today!

Pros and cons

Pros

• Backed by the Manulife brand

Cons

• Lower coverage limits compared to individually purchased insurance
• Limited coverage terms available
• Claim paid out to mortgage lender, not to your beneficiaries
• Only covers mortgage, cannot provide security to family/loved ones or cover other obligations
• Cannot be converted to other forms of insurance
• Limited options for riders

Who is Manulife?

The Manufacturers Life Insurance Company – but colloquially known and branded as Manulife –  is Canada’s largest life insurance company and holds over a trillion dollars in assets. It was founded by Canada’s first prime minister in 1887; today they are the first Canadian insurer to offer life insurance to HIV-positive customers (source: CBC), strive for gender balance in management, and invest billions in sustainable initiatives (source: Manulife).

Types of mortgage insurance policies Manulife Mortgage Protection Plan offers

Manulife Mortgage Protection Plan is a mortgage insurance policy offered by Manulife. It helps cover mortgage payments in the event of your unexpected death or disability.

It provides two options for mortgage protection: life insurance and disability insurance.

Life Protection

This is the basic feature of this policy. In the unfortunate case of your passing away, Manulife Mortgage Protection Plan will pay off your mortgage balance (up to certain maximums). This comes with a Bridge benefit: When a claim is made, payments are covered during the interim period when the claim is reviewed – like a form of balance protection.

Disability Protection

This is an additional paid feature. When you opt for this protection, Manulife Mortgage Protection Plan will pay your monthly mortgage payment if you are totally disabled for 60 days or more (also subject to maximum limits). If you recover and return to work, one extra payment will be made on your behalf.

Coverage and policy details

Manulife will provide up to $1 million per person of life insurance coverage and up to $10,000 per person for a 24-month period of disability insurance coverage. The actual benefit paid out will be the lower of the maximum benefit amount and the actual debt remaining.

For example, if you opt for Manulife Mortgage Protection Plan life insurance for a coverage amount of $1 million, but the mortgage balance remaining when the claim is made is $100,000, then Manulife Mortgage Protection Plan will pay out the lower of the two: $100,000.

The coverage ends as per the below time limits, based on whichever happens sooner:

• When you cross 70 years of age (for life insurance) and 65 years (for disability insurance)
• The end of the mortgage amortization period

Does Manulife Mortgage Protection Plan offer additional riders or benefits?

The total disability protection coverage component of Manulife Mortgage Protection Plan is an optional feature which will raise your monthly premium, if chosen.

Besides this, Manulife offers two other benefits:

• Waiver of premium due to job loss: Your premiums will be waived for 3 months if you (involuntarily) lose your job after 6 months from the insurance start date. This benefit can be claimed once per year.
• Terminal Illness: If you are diagnosed with a terminal illness 6 months after the insurance start date, mortgage payments will be paid by Manulife (up to the maximum limits mentioned above).

How does Manulife Mortgage Protection Plan compare with term life insurance?

How does Manulife Mortgage Protection Plan compare with disability insurance?

How do I apply for mortgage protection insurance?

You can schedule a call with our licensed advisors to find the best mortgage life insurance policy for your needs. Click below here to look up quotes or schedule a call with an advisor today.

The information above is intended for informational purposes only and is based on PolicyAdvisor’s own views, which are subject to change without notice. This content is not intended and should not be construed to constitute financial or legal advice. PolicyAdvisor accepts no responsibility for the outcome of people choosing to act on the information contained on this website. PolicyAdvisor makes every effort to include updated, accurate information. The above content may not include all terms, conditions, limitations, exclusions, termination, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders. All rights reserved.

If something in this article needs to be corrected, updated, or removed, let us know. Email editorial@policyadvisor.com.

Who is Manulife?

Manulife Financial Corporation – but colloquially known and branded as Manulife –  is Canada’s largest insurance company and holds over a trillion dollars in assets. It was founded by Canada’s first prime minister in 1887; today they are the first Canadian insurer to offer life insurance to HIV-positive customers (source: CBC), strive for gender balance in management, and invest billions in sustainable initiatives (source: Manulife).

Types of critical illness insurance policies Manulife offers

Manulife sells critical illness insurance; it is given the quintessentially Canadian name of LifeCheque. They offer enhanced (25 conditions) coverage.

Coverage and policy details

Manulife’s maximum coverage for critical illness insurance is $2-million. 

They offer coverage for loss of independent existence, with the caveat being payments are only offered monthly instead of a lump sum. They offer partial payouts for 6 different conditions. The payout is typically 25% of the policy up to $50,000 and is only payable once during the lifetime of the policy.

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.

Manulife offers critical illness insurance for 10- and 20-year, coverage up to 65 or 75 years of age, or permanent coverage.

Limited-pay options are available for permanent coverage with options to Pay-to-100 or 15 Pay.

Does Manulife’s critical illness insurance offer a return of premiums?

Yes, Manulife offers return of premiums on death, and they offer return of premium on expiry or cancellation of the policy after 15 years.

How do I apply for Manulife’s critical illness insurance?

You can apply for Manulife’s critical illness insurance using the best online life insurance broker in Canada. You can enter your information and look up quotes using the button below or schedule a call with one of our licensed brokers to apply for Manulife’s critical illness insurance.

Pros and cons

Pros

• Comprehensive conditions covered (25 full payout illnesses)
• Multiple terms available
• Lifetime coverage and limited-pay options available
• Children’s coverage available
• Guaranteed insurability rider (increase coverage when needed)
• Decreasing option for mortgage coverage
• Generous partial benefit payouts
• Instant approval possible
• Online access
• Digital e-policy
• Multiple lives under one coverage

Cons

• No second option
• No long term care conversion option

Who is Industrial Alliance (iA)?

iA Financial Group, or Industrial Alliance, is a Quebec based insurance and wealth management company with operations across North America. It’s been around since 1892 and is now the 5th largest life insurance company in Canada, with a 10% share of the individual insurance market. The company’s diversified businesses span individual insurance, individual wealth management, group insurance, group savings and retirement, auto and home insurance and international operations. The company has more than 4 million clients that it services through its 25,000 representatives.  

Key facts about Industrial Alliance

• • Founded: 1892
  • Headquarters: Québec City, Québec
  • AM Best Rating: A+
  • Better Business Bureau Accreditation and Rating: N/A
  • Assets: $86 billion
  • Annual Premiums: $12.1 billion

How much does life insurance from Industrial Alliance cost?

Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term.

What types of term life insurance policies does Industrial Alliance offer?

iA offers several different term life insurance products.

Pick-A-Term

• Designed primarily for young families with many financial commitments and who want to maximize their life insurance coverage when their family needs it most.
• Offered in 10- to 40-year terms and flexible based on financial commitments.
• Designed to cover loans and debts (mortgage, line of credit, credit cards, car loan)

Traditional Term

• Offered in traditional 10- and 20-year terms 
• Designed to cover short-term financial protection needs

Access Life

• Designed for those having difficulty getting coverage due to age, health, lifestyle or citizenship circumstances.
• Available in 15, 20, or 25-year terms.
• Simple and easy application. No medical exam required.
• Instant coverage is available
• Guaranteed lifelong coverage options are available

Industrial Alliance term life insurance coverage details

• Available Term Lengths: Flexible terms between 10 and 40 years.
• Available Coverage Types: Level and decreasing coverages
• Maximum Amount of Coverage: $10,000,000
• Renewability: Yes, before age 71.
• Convertibility: Yes, convertible to permanent insurance before age 71.

What other insurance policies does Industrial Alliance offer?

iA offers a wide range of insurance products to customers, apart from term life plans.

How can I get Industrial Alliance insurance quotes?

iA offers unique life insurance coverage products that are a great fit for many Canadians consumers that value the convenience offered by non-medical products. As insurance advisors for iA’s life insurance products, we can help you decide if iA products are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best coverage for your needs.

Our Equitable Life Insurance rating and review

Equitable Life of Canada is one of the country’s largest mutual companies. The company offers various low-cost life insurance options, both for term and whole life markets. These options are designed to offer a variety of needs – from basic protection for families’ financial security to business protection for entrepreneurs and those that own their own company. For pure term insurance, the company offers 10-, 20- 30-year, and age 65 coverages.

The 10-year and 20-year term products offer automatic renewability up to age 85 and these plans can be switched to permanent protection to cover long-term needs. The longer-term 30/age 65 term product is convertible to Equitable’s suite of permanent life products but does not offer renewability. They also offer both single and multi-life coverage in the same policy, providing family members with coverage within the same contract and saving them a policy fee.

Equitable’s multiple term offerings allow the flexibility to combine them into a single life plan to allow ‘laddering’ of coverage; whereby you can only pay for coverage that you truly need. The term insurance products can also be bundled with EquiLiving critical illness insurance to protect total life and health needs in one convenient policy. Applicants who receive preferred pricing on a term life insurance policy, can also automatically qualify for Equitable’s critical illness insurance plans.

How much does life insurance from Equitable Life cost?

Representative values for cost of insurance. Insurance premiums are based on non-smokers in good health. $500,000 insurance death benefit, 20-year term.

What types of term life insurance policies does Equitable Life offer?

Equitable Life offers a single term insurance protection product with several different options and riders for customized coverage.

Term life insurance from Equitable Life

• • 10-year and 20-year terms, renewable until age 85
  • Term 30/65, offering level premiums for a 30-year term or until age 65 (whichever is later). Not renewable
  • All term products are convertible into Equitable’s suite of permanent products
  • Customizable options such as covering multiple lives on personally-owned policies, term insurance for children, and riders for critical illness, disability, and accidental death insurance
  • Preferred underwriting available for amounts of $500,000 or greater
  • Option to exchange 10-year term to a 20-year term

Coverage and policy details

• • Available Term Lengths: 10, 20, and 30 years/ age 65
  • Available Term Types: Guaranteed level premiums. Single and joint coverages
  • Maximum Amount of Coverage: $10,000,000
  • Renewability: Yes, renewable to age 85 for most term plans
  • Convertibility: Yes, convertible up to age 70 for term 10 and 20 plans, age 60 for Term 30/65

What other insurance policies does Equitable Life of Canada offer?

Equitable Life offers a wide range of insurance products to customers, apart from term life, such as:

Equitable Life whole life insurance

Whole life insurance is a form of permanent life insurance that provides you with coverage from the day the policy is settled until the day you die: lifelong insurance. As long as you pay premiums into the policy, the coverage never expires. One also has the option to purchase a policy for children, usually either their own child or grandchild.

Equitable Life Insurance of Canada offers two participating options for whole life insurance.

Equimax Estate Builder

This whole life policy focus on long-term, guaranteed cash values one can pass on to their beneficiaries. Has the option to pay for the policy in its first 20 years.

Equitable Wealth Accumulator

This whole life policy is focused on building cash value in an accelerated manner during the earlier years of coverage.

For more information and an in-depth look at their whole life and permanent coverage, read our Equitable Life Whole Life Insurance Review.

Equitable Life universal life insurance

Universal life insurance is like whole life insurance, except there is a self-directed long-term investment component: your insurer gives you options for investing the cash value of your policy.

Equitable Life Insurance of Canada offers two variations on is Equation Generation IV universal life insurance solution. Both are tax-advantaged investment strategies for universal life insurance, and offer incentive bonuses (though they are subject to funding bonuses and are not guaranteed):

Equation Generation IV with Bonus

There is a guaranteed investment bonus, regardless of the performance of the self-directed component of the policy’s investment.

Equation Generation IV Low Fees

The returns on the investment are that much greater as you pay much lower fees for the management of the policy.

Equitable Life critical illness insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump if you develop a specified illness, health event, or undergo treatment while under its coverage, 30 days after your initial diagnosis. This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.

Equitable Life’s critical illness insurance coverage is called Equiliving. It covers 25 different illnesses and conditions, 5 illnesses for dependent children (until age 25), and loss of independent existence. The maximum coverage is $2 million. Equitable Life of Canada critical illness coverage is also available as an additional rider on their term life insurance policies.

Equiliving is offered for 10-year terms up to 75 or 100 years of age.

For more information and an in-depth look at their critical illness coverage, read our Equitable Life Critical Illness Insurance Review.

Equitable Life group benefit insurance

Many Canadian employers offer group benefits for their employees to cover health and dental expenses.

Equitable Life Insurance of Canada administers group benefits for companies across the country, with plans that include:

• Health and dental: Health insurance providing additional coverage to supplement government-provided universal-healthcare plans. These plans can include coverage for: prescription drugs, paramedical care (chiropractor, physiotherapy etc), medical supplies and devices (hearing aids, insulin pumps, etc), eye examinations, travel medical insurance, and dental care.
• Life insurance for employees or their dependents
• Disability insurance where employees receive part of their salary in the event of disability
• Accidental death and dismemberment insurance covering workplace accidents

Financial, Investment, Savings, and Retirement Products from Equitable Life

Equitable Life of Canada offers investment and retirement savings products for Canadians including:

• Guaranteed investment accounts (which are also considered tax-free savings accounts – TFSAs) in the form of Daily investment accounts (DIAs), Guaranteed deposit accounts (GDAs), and Term deposit accounts (TDAs).
• Payout annuities for guaranteed income derived from investments on savings.
• Registered Retirement Savings Plans (RRSPs).
• Retirement Income Fund and Life Income Fund (for managing your retirement savings when you need it for income).
• Segregated Funds (investment funds that are great for estate planning and offer an easy way to leave money to heirs while avoiding probate).

How do I get Equitable Life Insurance quotes?

Equitable Life of Canada offers unique coverage products that are a great fit for many Canadian consumers. As insurance advisors for Equitable Life insurance products, we can help you find complete product details, review coverage,  and decide if Equitable Life of Canada’s products are the best fit for you.

As Canada’s best online life insurance advisor, we will assist you in comparing and choosing products across all our partner companies. Speak to our licensed advisors and we will be able to assist you in finding you the best life insurance services for your needs.

Pros and cons

Pros

• It is a direct to consumer product which can be purchased online, unlike the majority of Manulife insurance products
• It is a no-medical product, so you will not be required to participate in paramedical tests or even fill out a medical questionnaire. You only need to submit a declaration of good health
• Backed by the Manulife Brand name
• Online account access
• Digital e-policy

Cons

• Limited coverage: CoverMe CI offers only 5 illness basic coverage. There is no enhanced version which would cover 24+ illnesses, unlike many other critical illness policies.
• Low coverage limits: CoverMe’s maximum coverage is capped at $75,000. This is extremely low compared to other insurers, with coverage limits of up to $3 million.
• Coverage is available for 5-year terms only, with premiums increasing considerably when renewed.
• Coverage terminates at age 75. There is no permanent coverage. There is no limited pay option.
• CoverMe Critical Illness Insurance is more expensive than alternatives on the market, including Manulife’s own term life insurance.