The Commercial Union Life Assurance Company of Canada was a life insurance company founded in 1983. The company ceased doing business under the Commercial Union Life name when it was purchased by Manulife Financial in 2001. Although Commercial Union Life may not exist anymore, Manulife is doing a fine job of continuing Commercial Union Life’s mission of providing high-quality life insurance products. Through its Canadian branch, Manulife, one of the largest life insurance companies and one of the most financially stable companies in the world, offers critical illness insurance, disability insurance, long-term care insurance, health insurance and dental insurance in addition to its life insurance products.
The three life insurance products offered by Manulife are term life insurance, whole life insurance and universal life insurance. Term life insurance comes in two forms: Family Term and Business Term. Family Term caters to both the short-term and long-term needs of families while Business Term is more suitable for business owners looking to make sure the business will continue even after the death of an owner or other key person. If you want to purchase term life insurance, you have the option of getting a 10 year policy, 20 year policy or lifetime policy. Manulife prides itself on the flexibility of its term life insurance policies; you can change your coverage depending on your current needs, and you can decide how often and how much your payments should be.
Manulife sells whole life insurance under the name of Performax Gold. Purchasing a whole life insurance policy provides you with lifetime coverage and a premium that never increases. You can choose to either make payments throughout the life of the policy or pay for the entire policy within a specified time period. Up to 20 people can be insured under one whole life insurance policy.
Manulife’s universal life insurance policies are Security UL, Limited Pay UL, UltraVision and InnoVision. Universal life insurance is a great choice for someone who wants both life insurance coverage and the opportunity to make money with tax-advantaged investing. Security UL is the most basic universal life insurance policy available. You’ll have access to six different investment accounts through this policy, and Security UL guarantees that your premiums and administration charges will not rise throughout the life of the policy. The Limited Pay UL policy is for people who want to pay off their universal life insurance policy within 10 years, 15 years or 20 years. While all of Manulife’s universal life insurance policies are designed for people interested in making money through investing, UltraVision and InnoVision are for people who are especially dedicated to this goal.