One of the most important types of insurance that a person should have is life insurance. Although it is also the one that often gets neglected. It can also be a challenge on determining which Insurance Company has the best to offer. It is because there are so many to choose from. Plus, there are different categories of this type of insurance. One of the most well-known companies for life insurance is Manulife Financial.
What Kind of Life Insurance Does Manulife Financial Offer?
Manulife offers an excellent variety of insurance packages. No matter which category the insurance comes under. The same applies to their life insurance products.
Term Life Insurance
Term life insurance has a time applied to it. Those who buy this type of insurance are buying it for a specific length of time. It could be for five years or perhaps ten or maybe even twenty years. During this time the insured pays the premiums. When the time span is up the policy is no longer in effect. Then the individual has to decide whether they want to buy the insurance again or go with another type. During the period that an individual has the insurance, protection is in place.
Should the insured die, the beneficiary receives the lump sum payment.
Term life insurance is the most inexpensive type of life insurance. It is also the easiest to understand. It is straightforward. The insured pays a specific amount of money. The insurer pays out a particular amount of money in the event of a claim.
Manulife offers some different options in the term life insurance packages.
CoverMe Term Life Insurance
This package by Manulife Finance covers the basics. The basics of what one would expect from term life insurance. There are specific criteria in place. A concern for some is whether there will be a health questionnaire that needs filling out. For those between the ages of eighteen and fifty-five, there is NO medical exam required. But, there is a need to fill out a health questionnaire. Also, this is only applicable up to the amount of coverage of $250,000. It is their instant coverage. But, the insured has to meet the guidelines.
$100,000 to one million worth of insurance coverage is available under this plan.
It is available to those between the ages of eighteen and seventy.
The term of the policy runs for ten years. During that time the premiums will not increase. With respect to the cost of the premiums, it will depend. It depends on the age of the insured. The younger an individual is, the cheaper the premiums are.
CoverMe Easy Issue
For those who want an even more simple version of term life insurance, the CoverMe Easy Issue may be a good option.
It is also a plan with a ten-year term. The amount of insurance that is available is either $50,000. or $75,000. As noted this is a lower package compared to the CoverMe Term Life. The applicable age is between eighteen and seventy. There is no medical exam required. The premiums remain the same during the ten-year term. Plus, there is an option to renew up to the age of eighty-five.
Manulife Quick Easy Term
Manulife always wants to be sure they are offering as many options as possible. They want their products to fit in with the lifestyles of their clients. For this reason, they have created another term life insurance plan. It is the Manulife Quick Easy Term. Again another simplified option for buying term insurance.
For those between the age of eighteen to fifty, there are options to buy insurance. It is worth $100,000 to $500,000. For either a ten or twenty-year term or to the age of sixty-five. The highlights of this option are the ease with which one can apply and get it. Medical exams, as well as blood and urine tests, are not required. Also, there is a quick turnaround on the approval time.
Permanent Life Insurance
Many Canadians suffer from a variety of health conditions. It can be difficult for them to get life insurance. Manulife recognizes this. They have developed some permanent life insurance plans. These plans make buying life insurance much easier.
The CoverMe Guaranteed
It is a permanent life insurance plan that offers between $5,000 to $25,000. Of coverage. It is for the age group forty to seventy-five. Plus, Manulife guarantees that coverage will be available. It will be available no matter what health history an individual has.
Whole Life Insurance
The Performax Gold starts at $25,000. It is whole life insurance where Manulife is backing it up with a variety of guarantees. The guarantees are important for this type of life insurance. It is because this form of insurance is also an investment. The guarantees pertain to a specified death benefit payout. Plus there are guaranteed cash values along with performance credits. Also, there is a guaranteed option to pay out the insurance in a fifteen-year period. A bonus is an option for add-ons.
Universal Life Insurance
The Manulife UL starts at $50,000. With an option for $100,000. Worth of coverage. This particular form of insurance gives the opportunity to grow a tax-deferred investment. While at the same time protecting the beneficiaries. It gives them a payout upon the insured’s death.
Combination Life Insurance
With so many options for insurance, how does one know which to pick? It may be a question that Manulife gets on a regular basis. Their answer to the question may be their Combination Life Insurance Coverage. It is a three-in-one insurance package. It includes life, disability, and critical illness insurance.
Which Life Insurance Policy is Best For You?
Staying focused on life insurance the plans that Manulife offers are…
- Term life insurance
- Permanent life insurance
- Whole life insurance
- Universal life insurance
There are four great choices. But, which is best for you. There are some factors that you need to consider to help you narrow down your choices. Making a careful comparison of what they each have to offer it will make a determination easier.
Manulife has made sure that they have plenty of options to offer anyone in the market for life insurance.
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