Manulife Life Insurance Review: Rates, Products & Vitality (2026)
Manulife Financial is Canada's largest life insurance company and a global industry leader. Headquartered in Toronto, Manulife serves clients in every Canadian province with the broadest product lineup of any domestic insurer — plus the unique Vitality wellness program that rewards healthy policyholders with premium discounts. Here's our full 2026 review.
Updated February 24, 2026
Manulife at a glance
| Company | Manulife Financial Corporation |
| Founded | 1887 — Toronto, Ontario |
| Headquarters | Toronto, Ontario |
| Global operations | Canada, US (John Hancock), Asia |
| Products | Term life, whole life, universal life, critical illness, disability, Vitality |
| Financial strength | AM Best A+ (Superior) |
| Unique feature | Manulife Vitality — premium discounts for healthy living |
| Assuris member | Yes — policyholder protection guaranteed |
Manulife insurance products
Manulife term life insurance
Manulife offers term life insurance in 10, 20, and 30-year terms with coverage from $100,000 to $10M+. Their term products include guaranteed renewability and conversion privileges. Manulife's term rates are consistently competitive — especially for healthy applicants who qualify for preferred underwriting classes.
Manulife Vitality
Manulife Vitality is a wellness rewards program attached to eligible life insurance policies. Members earn Vitality Points for healthy activities — exercise tracking, gym visits, nutrition logging, and preventive health screenings. Higher status levels unlock premium discounts of up to 15% plus rewards from partners like Apple, Starbucks, and Cineplex.
No other major Canadian insurer offers a comparable program. For active, health-conscious Canadians, Vitality can make Manulife the cheapest option even when base rates are slightly higher than competitors.
Manulife whole life & universal life
Manulife's whole life products include participating and non-participating options with strong dividend history. Their universal life offers flexible premiums and a range of investment options.
Manulife critical illness & disability
Manulife offers comprehensive critical illness and disability insurance products. Their critical illness coverage includes 25+ conditions with return-of-premium options.
Manulife pros and cons
Pros
- Largest Canadian insurer: Maximum financial stability and product breadth.
- Vitality program: Up to 15% premium discounts for healthy living — unique among Canadian insurers.
- Competitive term rates: Consistently among the most affordable for healthy applicants.
- Global reach: Operations in Canada, US (John Hancock), and Asia provide diversification.
- Digital tools: Strong online application and policy management experience.
Cons
- Not always cheapest: For non-Vitality policies, Desjardins and Empire Life sometimes offer lower base rates.
- Vitality requires effort: Premium discounts require ongoing engagement with the wellness program.
- Complex product lineup: The breadth of options can be overwhelming without an advisor.
Manulife term life insurance rates (2026)
| Age | Monthly rate ($500K, 20yr term) |
|---|---|
| 25 | $18–$28 |
| 30 | $22–$36 |
| 35 | $28–$46 |
| 40 | $38–$62 |
| 45 | $55–$92 |
| 50 | $85–$132 |
Frequently asked questions
Is Manulife a good life insurance company?
Yes. Manulife is Canada's largest insurer with an AM Best A+ rating. It offers the broadest product lineup and the unique Vitality wellness program.
What is Manulife Vitality?
A wellness rewards program that gives premium discounts (up to 15%) for healthy activities like exercise, nutrition tracking, and health screenings.
How does Manulife compare to Sun Life and Canada Life?
All three have AM Best A+ ratings. Manulife leads in size and Vitality. Sun Life leads in digital tools and critical illness. Canada Life excels in estate planning. Compare all on LowestRates.io.
Compare Manulife with 50+ providers
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Related reading: Canada Life Review · Sun Life Review · Top Companies in Canada · Term Life Insurance Guide