Examining Manulife Benefits

As a leading Canadian insurance provider, Manulife offers competitive employee benefits packages. Customizable plans with health, dental, disability, life and more. Group pricing gives savings. 130+ years experience designing tailored benefits. Offerings for all group sizes. A recommended option to evaluate.

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Evaluating Manulife for Your Employee Benefits Needs

Selecting an employee benefits provider is a crucial decision impacting your workforce. With costs rising, employers want partners who offer competitive pricing and valued protection.

This in-depth review examines if Manulife is the right fit for your organization’s benefits needs. We’ll explore Manulife’s reputation, customizable offerings, pricing, and overall value to enable an informed decision.

Introducing Manulife

Manulife Financial is a leading Canadian insurance provider founded in 1887. They operate across Canada, the US, and Asia serving over 30 million customers.

With headquarters in Toronto, Manulife:

- Employs over 38,000 people globally

- Manages over $1.4 trillion in assets

- Is Canada’s largest insurance company

- Is the 28th largest fund manager globally

Manulife provides insurance, wealth management, and banking both for consumers and businesses. Their employee benefits division crafts customized packages.

Manulife has earned a strong reputation and ratings including:

- A.M. Best Financial Strength Rating: A+

- DBRS Morningstar Issuer Rating: AA (low)

- Moody’s Financial Strength Rating: A1

This pedigree makes them a recommended option to evaluate.

Reviewing Manulife’s Employee Benefits

Manulife provides a full suite of insurance products for group benefits plans including:

- Health: Medical, dental, prescription drugs

- Disability: Short and long-term

- Life: Term, AD&D

- Retirement: Pensions, RRSPs

- Critical illness

- Wellness programs

They customize combinations based on each company’s workforce, goals and budget.

Unique aspects of Manulife’s offerings include:

- Customization: Tailored plans, not one-size-fits-all

- Health focus: Resources for promotion, prevention and disability management

- Manulife Vitality: Rewards program incenting wellness

- Value-added services: Virtual healthcare, Best Doctors medical support

This flexibility and breadth of options enable competitive packages meeting needs.

Manulife Employee Benefits Packages

Manulife collaborates with employers to build optimal benefits bundles leveraging their wide range of coverages.

The process involves:

- Analyzing your workforce, budget, existing plans and concerns

- Recommending suitable products and design for each component

- Modeling costs of different combinations and changes

- Selecting a final package matching priorities affordably

Here are sample Manulife packages for different business sizes:

Small Business Plan:

- Health: Generic drugs, massage, vision, semi-private hospital

- Dental: 80% basic, 50% major restorative, $2,000 maximum

- Disability: STD and LTD, 60% income replacement

- Life: $50,000 term

- Health spending account: $300 per employee

Mid-Size Business Plan:

- Health: $7 prescriptions, $750 paramedical

- Dental: 80% basic and major, 50% orthodontics, no maximum

- Disability: STD and LTD, 67% income replacement

- Life: 2x salary life insurance, $100,000 minimum

- Critical illness: $25,000

- RRSP: 3% with 50% match on 5% employee contribution

Enterprise Plan:

- Health: 90% drugs, $2,000 paramedical

- Dental: 100% basic, 50% major/ortho, unlimited maximum

- Disability: STD and LTD, 70% salary replacement

- Life: 2x salary to $1 million maximum

- Critical illness: $50,000

- Pension: Defined contribution, 6% employer contribution

- Wellness incentives: Premium discounts for engagement

Manulife allows mixing and matching benefits a la carte as well. This modularity accommodates different needs.

Manulife Employee Benefits Costs

Manulife employs actuaries and underwriters to develop competitive premium rates based on:

- Plan design: Benefit amounts, deductibles, limits

- Workforce data: Age, gender, location, risks

- Past claims and usage

- Company size

Sample monthly Manulife premiums:

- $50,000 term life, female 30: $20

- $25,000 critical illness, male 40: $36

- Health for family of 4: $375

- Dental for family: $89

- $70,000 LTD: $86 per month

Actual pricing is customized but very competitive. Manulife’s costs align with other leading Canadian benefits carriers.

Implementing and Using Manulife Benefits

Manulife guides clients through benefits setup:

- Gathering priorities, workforce data, existing plans

- Enrolling employees and communicating benefits

- Transitioning insurance carriers

- Ongoing administration

Dedicated account reps address ongoing needs like:

- New employee enrollments

- Claims assistance

- Regulatory updates

- Renewals and funding analysis

- Promoting wellness programs

Employees access benefits details and claims through Manulife’s plan member website and mobile app.

Pros and Cons of Manulife Benefits

Key advantages include:

- Packaged and customizable plans

- Leading reputation and financial strength

- Competitive pricing

- Healthy workforce focus

- Offerings for all group sizes

- Value-added services like virtual healthcare

Potential limitations:

- More limited options for smaller groups

- Less leverage for mega groups

- Mixed customer service reviews

The pros make Manulife well worth considering. But these cons should be factored into any decision.

Is Manulife Right for Your Employee Benefits?

Manulife is a particularly good fit for:

- Medium and large companies wanting customization

- Businesses focused on health and disability management

- Organizations with some hazardous occupations

- Companies needing virtual care access

- Those seeking bundled package deals

For niche risks or benefits cost prioritization, other specialized carriers may be preferable.

The Bottom Line on Manulife Benefits

With Manulife’s strong reputation, customizable offerings, bundled pricing, and years of expertise, they are strongly recommended for many Canadian employers seeking group benefits.

For most organizations over 50 employees, Manulife should be on the list of top group carriers for consideration and quotes. Their consultative approach to craft tailored plans provides advantages beyond solely costs.

While not always the absolute cheapest, Manulife delivers substantial overall value at reasonable rates that benefit employers and employees.