Manulife Financial Corporation is a company that provides financial services and insurance products both within North America and Asia. Manulife has been offering its services in Asia for more than 100 years. Since the company has worked with Asia for so long, over the years it has built up an incredible market on that continent. Currently, Manulife’s 4.5 million Asian customers are serviced by 3,000 employees and 25,000 agents.
In North America, Manulife offers life insurance to both Americans and Canadians. Thanks to Manulife’s merger with John Hancock Financial Services, Inc. in 2004, Manulife is now the largest life insurance company in all of North America. Manulife’s Canadian Division has its headquarters in Kitchener-Waterloo. Some of the products and services offered to Manulife’s Canadian clients include individual insurance, affinity markets, group benefits, group retirement solutions, investments, securities and banking. In 2004, Maritime Life Assurance was absorbed into Manulife Financial.
Manulife has three categories of life insurance products to offer: term, whole and universal life insurance. The two types of term life insurance available are family term and business term. Like the name suggest, family term life insurance provides coverage for families in the event of the death of the primary breadwinner. Business term life insurance can be used to insure a business owner or a business partner; in the event of the death of either, the insurance payout will allow the business to survive and continue providing funds for any beneficiaries.
For whole life insurance, Manulife offers Performax Gold. The Performax Gold policy isn’t just designed to provide life insurance coverage – it also can be used to help an insuree reach their financial goals. Manulife’s universal life insurance is similar to whole life insurance in that it also has the two components of life insurance coverage and money making. The four types of whole life insurance Manulife offers are Security UL, Limited Pay UL, UltraVision and InnoVision. Security UL is a very basic whole life insurance designed to be easily understood and managed by insurees. Limited Pay UL is for people interested in buying whole life insurance but not willing to pay for it for the rest of their lives – with Limited Pay UL, insurees are able to finish paying their premiums within a specific time period. With UltraVision, individual insurees receive tax-deferred cash value, and with InnoVision, both personal and business insurees can focus on preserving their estates and accumulating wealth.