• Rev 01 – Posted on 2022-12-20 This is obsolete as the prices of higher tier Apple Watch have changed
• Rev 02 – Posted on 2025-04-03

Manulife is the largest insurance company in Canada according to Wikipedia, and it offers a superb Term Life Insurance with Vitality Plus plan.

This blog will be introducing this insurance in two parts: (1) What is Term Life Insurance? and (2) What is Vitality Plus?

What is Term Life Insurance:

Glossary:

Life Insured: the person(s) whose life is covered in the insurance contract.

Owner: the person(s) who owns the policy and usually who pays the premium.

Beneficiary: the person(s) who receives the death benefit payout from the insurance company.

Face Amount: the amount of payout from the insurance company in the even of death of the life insured.

Term: the duration for which the insurance policy is effective.

First of all, Life Insurance is a policy purchased by its owner from an insurance company against life of the insured. Insurance company will pay out the face amount of the insurance if the life insured passes away.

Secondly, Term Life Insurance means there is an effective term applied to the insurance, meaning the insurance is not necessarily permanent.

Term Life Insurance can have terms such as 10 years (T10), 20 years (T20), till 65 years old (T65) and so on.

Term Life Insurance is typically used to pay off mortgage or other debts, in the event of death of the life insured.

For example, a couple recently purchased a property with a mortgage of $500k. They are concerned if either one of them accidentally passes away and leaves the mortgage to the surviving partner, so they decides to purchase term life insurance for both. ($500k face amount for each of them)

If either one of them accidentally passes away, the surviving partner would receive $500k from the insurance company and will not have to worry about paying off the mortgage.

Often times, the mortgage lender, usually a bank in Canada will try to sell “mortgage insurance” to the borrower, but according to the chart below, term life insurance is more advantageous to such “mortgage insurance”.

In summary, Term Life Insurance is usually purchased to alleviate the financial pressure for the surviving partner (and/or dependents) in case of accidental death of the life insured.

Premium rates can be calculated here: http://manuliferates.com/. Please note the minimum amount is $250k and the default Healthstyle is 3.

Typical rate for a 35 year-old male or female is less than $1/day for a term-20 policy with $250k face amount.

What is Vitality Plus:

Vitality Plus is a program spearheaded by Manulife to boost heathy lifestyle and to award physically active members. Currently Vitality Plus program is available after purchasing Manulife Term Life Insurance, Manulife Participating Whole Life Insurance, Manulife Universal Life Insurance, Manulife Personal Health & Dental Insurance.

With Vitality Plus members can enjoy a wide selections of perks:

1. As low as $0 down payment for an Apple Watch ($0 down payment for Apple Watch SE, $220 down payment for Apple Watch 10 and $770 down payment for Apple Watch Ultra 2). Members can reduce the monthly instalment to as low as $0 by exercising, and can order a new Apple Watch every two years. Details can be found here
2. Up to 15% annual premium discount
3. Free Garmin vivosmart 5 or 30% off other models
4. Up to 40% off select Fitbit products
5. Free at-home paramedical screening provided by ExamOne^®
6. Up to 30% discount for Adidas Shoes
7. Up to 50% discount on two bookings (up to $1,000 in total) per program year on Expeda^TM
8. $99 gift card from Amazon (enough for one year of Amazon Prime^TM) after three consecutive years of achieving Platinum status
9. 15% off for Oura Ring
10. etc

So for less than $1/day mentioned above, all these perks and rewards will be available to the policy owners.

If you are interested, please feel free to contact me to purchase this Manulife Term Life Insurance with Vitality Plus.

Thanks