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Manulife Term: MORE savings, convenience and choice!


Manulife Term insurance solutions are more accessible for our customers with more savings, convenience and choice. Not to mention, it's now easier for customers and advisors to buy insurance. We offer:

1. MORE savings: Lower Term-10 and Term-20 insurance rates
2. MORE convenience: Expanded accelerated underwriting*and updates to our Healthstyles® program (the preferred underwriting process that rewards clients for their good health and lifestyle with lower insurance costs)

*With accelerated underwriting, Manulife is challenging traditional underwriting practices to make insurance more accessible, the application process easier, and decision time faster.

1. MORE savings:

Lower Term-10 and Term-20 insurance rates, making them more affordable. The most significant changes are for male non-smokers. Check out our new term pricing and more.

2. MORE convenience:

Expanded accelerated underwriting
We offer accelerated underwriting up to age 50 for all our life insurance products (previously up to age 45) for these coverage amounts:

  • for Family Term, Business Term, and Family term with Vitality products, coverage amounts up to and including $1,000,000
  • for all other life products and Synergy (including Term Insurance Riders on each product), coverage amounts from $100,000 up to and including $1,000,000.
    Use the Evidence of Insurability Requirements charts on Repsource for up to date requirements, instead of the Diamond View illustration software.

With the ongoing expansion of accelerated underwriting and its easier application process and faster decision time, you and your eligible clients can continue to benefit from:

  • Reduced medical underwriting (no fluids or biometric testing) for a less intrusive application
  • An easier, more convenient process with a single meeting (with no need for a separate appointment with a nurse)
  • A quicker cycle time so clients get a decision sooner (and you settle business faster)

NOTE 1: Evidence of insurability charts are combined for paper and electronic applications for life and critical illness insurance.
NOTE 2: For critical illness insurance, biometric testing is no longer required for eligible clients up to age 50 for coverage amounts up to $100,000 (was previously up to $99,999).

Changes to our Healthstyles® program
For new coverages issued with a coverage date of November 6, 2018 or later, only Healthstyles 3 and 5 are available for Family Term, Family Term with Vitality and Business Term for ages 18 to 50 and for amounts up to and including $1,000,000. Note that Healthstyles 1, 2 and 4 are still available for certain policy changes. This approach is consistent with our expanded accelerated underwriting limits.

And, MORE choice
When it comes to term insurance, price and convenience are key. And so is the ability for you and your clients to choose a plan that meets their specific needs. Manulife Term gives you and your clients plenty of options to choose, including:

  • Conversions
    If it makes sense for your client to switch to a permanent product, you can easily help them convert. Plus, your clients have the guaranteed option to partially convert their term coverage to a permanent policy and carryover the remaining balance of the original term coverage to a new Term insurance rider on the new permanent policy, without medical evidence.

Thanks to the addition of Manulife Par, we offer one of the broadest insurance product shelves in the industry. That means you’ll be better equipped to meet all your clients’ insurance needs. 

  • Term-10 YRT renewal rate structure
    Clients can choose a more affordable option to renew for the short term, beginning in year 11, and defer the bigger decision to a time that’s better for them and their unique protection needs.
  • Manulife Vitality
    Family Term with Vitality gives your clients the protection they need, plus the opportunity to earn rewards and save on their premiums, all while improving their health. Even if they’re not sure about the Manulife Vitality program at the time of purchase, clients have the option to change to Family Term with Vitality until the 5th coverage anniversary.

Get a quote!

After you’ve used the InsureRight tool to talk to your clients about their insurance needs, visit Manulife’s Rates to go to see just how great our Term-10 and Term-20 rates really are.

Learn more

For more information, please refer to the Accelerated Underwriting page (login required) and Transition Rules on Repsource.ca. For questions, please contact your Manulife sales representative or back office as appropriate. 


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