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Manulife Financial CoverMe Travel Insurance Review 2024

Updated: Feb 28, 2024, 7:30am

Manulife Financial’s CoverMe Travel Insurance offers a generous $10 million in emergency medical coverage, and mature travellers will benefit from the emergency medical coverage for pre-existing conditions. But if you’re looking for high levels of trip insurance, you might want to consider other options.

• Generous emergency medical coverage
• Coverage for pre-existing conditions
• COVID-19 Pandemic Travel Plan
• Lengthy medical questionnaire
• No CFAR coverage
• Lower trip benefits than other plans

Table of Contents

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Manulife Financial Corporation is a multinational financial services company offering financial advice, insurance and wealth management services.

Headquartered in Toronto with offices in Canada, Asia and Europe, as well as in the U.S. under the name John Hancock, Manulife started selling insurance in 1887. Today the company offers a bevy of insurance products, including health, life, mortgage protection and travel insurance.

Manulife Travel Insurance is underwritten by The Manufacturers Life Insurance Company (Manulife) and First North American Insurance Company (FNAIC), a wholly-owned subsidiary of Manulife.

Here are the key types of travel insurance coverage offered in Manulife travel insurance plans:

• Emergency medical insurance: If you get ill or are injured on your trip, travel medical insurance can pay for emergency medical expenses, up to the coverage limits in your plan. These expenses can include doctor and hospital bills, medication and lab work.
• Trip cancellation insurance: If you cancel a trip for a reason listed in your travel policy, such as you or your travelling companion becoming ill, weather conditions causing a massive delay or you losing your job,   trip cancellation insurance can reimburse you for prepaid, non-refundable costs.
• Travel interruption or delay insurance: Trip interruption insurance can pay for a last-minute flight home in an emergency and money that you lose by cutting a trip short, such as non-refundable activities and hotel stays. If your flight is delayed , your insurance can cover the cost of incidentals, such as meals or accommodations, after a specified period of time, like 10 or 12 hours.
• Baggage insurance: Baggage travel insurance can compensate you up to your policy limits if your luggage is lost or stolen. It will reimburse the depreciated value of your suitcases and what you packed. If your bags are delayed, it can reimburse you for the cost of the necessities you’ll have to buy to tide you over. It also extends to your personal belongings, if lost, damaged or stolen.
• Travel accident insurance. This coverage offers compensation in the event of accidental death or catastrophic injury from an accident during your trip. Flight Accident Insurance covers injury while you’re on a commercial plane, during a connection or in an airport. Travel Accident Insurance covers death or dismemberment, including the loss of limbs or eyesight, while on your trip.

Manulife Financial Travel Insurance offers four plans:

All Inclusive: This is the most comprehensive plan offered by Manulife Financial that includes coverage for unforeseen medical emergencies, trip cancellation and interruption, travel accident, and baggage loss, damage and delay.

According to Manulife Financial, emergency medical treatment includes:

• Hospital accommodation up to a semi-private room
• Private duty nursing
• Rental or purchase of a hospital bed, wheelchair, brace, crutch or any other medical appliance
• Diagnostic tests
• Prescription drugs and medication
• Paramedical services, such as care from a chiropractor, osteopath, physiotherapist, chiropodist or podiatrist, up to $70 per visit for a maximum of $700 per covered injury
• Ambulance transportation
• Emergency dental due to a blow to the face (up to $3,000: $1,500 on your trip and $1,500 once you return home) or,
• Emergency dental due to pain, up to $300

Medical benefits also include coverage to bring someone to your bedside, expenses for meals, hotel accommodations and associated expenses if a medical delay prevents you from returning home, repatriation expenses, return of your remains if you die and a hospital allowance, for expenses such as parking and TV rental.

Manulife Insurance is secondary insurance, which means that coverage kicks in once any other benefit plan is exhausted.

Emergency Medical: If you’re only worried about medical emergencies while travelling, this plan offers all of the emergency medical coverage options of the all inclusive plan and includes hospital accommodations, physician fees, lab tests, private nurses and ambulance services.

Trip Cancellation/Interruption: If you have medical coverage elsewhere, such as a travel credit card , this will cover trip cancellation and trip interruption. It does not offer any baggage coverage or flight and travel accident coverage.

COVID-19 Pandemic Travel Plan: This plan provides emergency medical insurance for COVID-19 and related complications, as well as trip interruption insurance benefits if you need to quarantine. The maximum payable amount is $5 million for a medical emergency related COVID-19 if you are vaccinated and $1 million if you are not vaccinated. The $5 million in coverage can also be used in the event of a non-COVID related medical emergency.

Family coverage for up to four adults (parents and grandparents) and their unmarried dependent children or grandchildren may also be available for any of these plans. (If purchasing the COVID-19 Pandemic Plan, family coverage is available for up to two adults.)

In order to be eligible for coverage, the following must be true:

• All travellers are between 30 days old and 59 years old at the time of the application
• Adults are either a parent or grandparent of the dependent children or grandchildren
• Dependent children or grandchildren are unmarried and under age 21, a full-time student under age 26 or mentally or physically disabled

We’ve highlighted key benefits of Manulife CoverMe Travel Insurance for the single trip plan to help you identify which coverage is the best fit for you.

The price of a Manulife Financial CoverMe travel insurance plan depends on factors such as the cost of your trip, your age and the amount of coverage you choose.

Here are some examples of the cost for Manulife Financial CoverMe Travel Insurance single trip plans for healthy travellers based in Ontario. Each traveller is quoted individually.

With your emergency medical coverage, you can also add an optional deductible, or the amount you will pay out of pocket before your coverage kicks in, of $500, $1,000, $5,000 or $10,000.

Emergency medical: $5 million Cancel For Any Reason: Yes, 50% to 75% Baggage insurance (maximum): $1,500

Related: CAA Travel Insurance Review

TD Insurance

Emergency medical: $5 million Cancel For Any Reason: No Baggage insurance (maximum): $1,000

Related: TD Insurance Travel Insurance Review

Emergency medical: $5 million Cancel For Any Reason: No Baggage insurance (maximum): $1,500

Related: Blue Cross Travel Insurance Review

Manulife Financial does not offer any insurance riders or add-ons.

Costco Executive members can save up to 5% on most Manulife insurance plan premiums.

Yes. You can buy multi-trip annual insurance if you travel more than once a year for multiple individual trips. Manulife Financial offers medical only coverage for four, 10, 18, 30 and 60 days and all inclusive coverage for four, 10, 18 or 30 days per trip. If you stay longer than the number of days you purchased, you can purchase a top-up. It’s important to note that the Multi-Trip All Inclusive plan is only available for purchase within 60 days of departure.

Here’s how the prices between single trip and multi-trip insurance for 18 days compare:

The Manulife Assistance Centre is available 24/7 and 365 days of the year and can help you when you’re faced with an emergency. Depending on the coverage provided by your insurance policy, support includes:

• Verifying and explaining coverage
• Referral to a physician, hospital or other health care provider
• Monitoring your medical emergency and keeping your family informed
• Arranging for return transportation home when medically necessary
• Arranging direct billing of covered expenses, wherever possible
• Assistance with lost, stolen or delayed baggage
• Assistance in obtaining emergency cash
• Translations and interpreter services in a medical emergency
• Help to replace lost or stolen airline tickets
• Assistance with obtaining prescription drugs
• Assistance in obtaining legal help or bail bond

For policyholders with emergency medical coverage, Manulife Financial Travel Insurance also offers StandbyMD, a medical concierge service. StandbyMD offers the following services 24/7:

• Teleconsultations with a physician who can assess your symptoms and provide treatment options
• A network of visiting physicians in 141 countries and over 4,500 cities
• In-network clinics close to the patient
• In-network ERs close to the patient

If you (or someone calling on your behalf) do not contact the Manulife Assistance Centre before receiving medical treatment, you may be limited to reimbursement of 80% of eligible medical expenses. It’s important to remember that certain services, such as MRIs, CAT scans, ultrasounds, biopsies and cardiovascular surgeries must be approved in advance of receiving treatment.

Manulife Financial will not pay any medical expenses related to a medical condition that is not stable for a set period of time before your coverage takes effect, either three months or six months depending on the rate category you qualify for when purchasing your policy based on your health status.

A medical condition is considered stable when all of the following are true:

• There has been no new treatment prescribed or recommended or change in existing treatment, including a stoppage in treatment.
• There has not been any change in medication, or any recommendation or starting of a new prescription drug.
• The medical condition has not become worse.
• There has not been any new, more frequent or more severe symptoms.
• There has been no hospitalization or referral to a specialist.
• There have not been any tests, investigation or treatment recommended but not yet complete, nor any outstanding test results.
• There is no planned or pending treatment.

In addition, Manulife will not cover any heart condition for which you’ve had to take nitroglycerin for angina pain in the three or six months before your effective date (the date your coverage starts), or any lung condition that required treatment with oxygen in the three or six months before your effective date.

However, Manulife Financial offers TravelEase insurance coverage for fully disclosed pre-existing medical conditions with up to $5 million in emergency benefits. Travellers interested in this coverage can call Manulife Financial for a quote.

There are a number of scenarios not covered by travel insurance and it’s critical to know what not to do before you make a claim only to be told you’re on the hook for all associated costs. The following are some of the most common issues not covered by travel insurance:

• A claim against an unstable pre-existing medical condition
• Self-inflicted injuries, unless medical evidence shows the injuries are related to a mental health illness
• Any claim resulting from a criminal offence or illegal act
• Any medical condition resulting from you not following prescribed treatment
• Any medical condition due to use or withdrawal from alcohol, drugs or other intoxicants, before or during your trip
• Routine pre-natal or post-natal care, or your pregnancy, delivery or complications of either nine weeks before or after your expected due date
• A child born on the trip
• Any non-emergency, experimental or elective treatment, such as cosmetic surgery, chronic care or rehabilitation
• A travel visa not issued in time due to a late application
• Failure of any travel agency, agent or broker
• Any loss suffered during an “Avoid all travel” or “Avoid all non-essential travel” advisories
• Any medical condition for which it was reasonable to believe you’d require treatment for during your trip or would produce symptoms before your trip
• Any act of terrorism or war

To be eligible for emergency medical insurance coverage, the following must apply:

• You are a resident of Canada and are covered under a government health insurance plan
• You are at least 30 days old
• You have not been advised by a physician not to travel
• You have not been diagnosed with a terminal illness or metastatic cancer
• You do not require kidney dialysis
• You have not been prescribed or used home oxygen in the last 12 months
• You have never had a bone marrow, stem cell or organ transplant, except for corneal transplant

There are additional eligibility criteria for travellers aged 60 and older based on their answers to a health questionnaire.

You can file a claim online 24/7 by visiting the Manulife online claims portal where you can start a new claim, submit your required documentation and follow the progress of your claim.

If you are making an emergency medical claim, documentation may include:

• Original itemized receipts for all bills and invoices
• Proof of payment by you and any other benefit plan (as Manulife is a secondary plan, meaning it pays out the balance not covered by any other insurance coverage)
• Medical records, including complete diagnosis by the attending physician or the hospital verifying that the treatment was medically necessary
• Proof of the accident if you are submitting a claim for emergency dental
• Proof of travel, including departure date and return date
• Your historical medical records, if required
• Police reports

For a trip cancellation and trip interruption claim, you may be asked to provide:

• A medical certificate stating why travel was not possible
• A police (or other responsible authority) report documenting the reason for the delay if your claim is due to a missed connection
• Original receipts for any travel accommodations made in advance and/or receipts for extra hotels, meals, telephone and taxi expenses

If you are making a baggage loss, damage and delay insurance claim, you will need to provide:

• Copies of reports from the authorities (police, hotel manager, tour operator, etc.) as proof of loss, damage or delay
• Proof that you owned the items and receipts for their replacement

To make submitting a claim easier, Manulife Financial also offers a TravelAid mobile app that gives policyholders immediate digital access to the Assistance Centre.

You must report a claim within 30 days of the occurrence, and you must submit proof of your claim within 90 days that a claim occurred or a service was provided. Money will be paid out within 60 days after all required documentation has been received and the claim is approved.

Manulife Financial CoverMe Travel Insurance FAQs

Does manulife financial pay for medical costs upfront.

According to the company, its Assistance Centre has existing relationships with medical providers in many vacation destinations to ensure emergency situations are handled “as smoothly as possible.” There is the caveat that some medical providers will require a deposit or assurance that they will be paid. However, the insurer adds that, “once the Assistance Centre is contacted and actively managing the case, the providers will directly bill Manulife and, in almost all cases, you will not see a bill.” Should you have to pay direct, Manulife will reimburse expenses once the claim documentation has been received and verified.

However, if you pay out of pocket for medical expenses without prior approval by Manulife’s Assistance Centre, eligible expenses will be reimbursed to you based on “reasonable and customary charges,” which may be less than what you paid.

Does Manulife Financial cover COVID-19?

Yes. If you have been fully vaccinated against COVID-19 at least 14 days before the start of your trip and your policy includes emergency medical benefits, Manulife will provide coverage for any unforeseen medical emergency related to COVID-19. If you’re required to quarantine, your emergency medical coverage will reimburse you for extra expense for meals, accommodation, telephone calls and taxi fares and/or the expense to bring you home. For policyholders with Trip Cancellation and Trip Interruption, COVID-19 is considered a “known event” and therefore will not be covered except for as part of one of the three scenarios below:

1) You become ill with COVID-19 and you’re unable to travel 2) You test positive for COVID-19 within 72 hours before you leave home 3) You lose your job as a result of the pandemic

Does Manulife Financial offer coverage extensions?

Yes. Your coverage is automatically extended for 72 hours starting on the final day of your trip due to a transportation delay. If you or your travelling companion are hospitalized, your coverage is extended for the period of hospitalization (to a maximum of 365 days), plus up to five days after discharge. If you or your travelling companion is unfit to travel due to a medical emergency that does not require hospitalization, your coverage is automatically extended for up to five days.

You can also request an extension if you want to stay longer on your trip, provided you apply before the expiry date of your policy and you haven’t made any claims or you’re not currently seeking treatment.

Does Manulife Financial require a medical questionnaire?

Yes. Travellers age 60 and over must complete a comprehensive medical questionnaire that asks questions about your eligibility for insurance. For example, if in the last 12 months you’ve had a new heart condition or an existing heart condition that required a change in medication or hospitalization, or if in the last four months you’ve been prescribed or taken six or more prescription medications (with some exclusions), you are not eligible for insurance. You may, however, be eligible for the TraveEase plan for pre-existing conditions. Additional questions are used to assign you to a certain rate category, which affects your premiums as well as your stability period. For example, if in the last five years you’ve been diagnosed with or treated for diabetes, a stroke or a lung condition, you’ll be assigned rate category C. Meanwhile, if in the last two years, you’ve been diagnosed with or treated for chronic bowel disease or kidney disorders, or been to the ER more than twice in six months, you’ll be assigned rate category B.

Also, if it’s discovered that you did not answer the questions truthfully or there are any errors in your claim, this may void your plan and/or your claim may be denied.

Does Manulife Financial have any age restrictions?

Yes. Travellers must be at least 30 days old. There is no maximum age limit, though family coverage is only available up to age 59.

When does my coverage with Manulife Financial begin?

If you purchase cancellation coverage, it begins the day you buy your policy and ends the day when you make a claim or leave on your trip. Your interruption coverage, if purchased, begins when you leave home. Your delay coverage begins once an insured risk prevents you from returning home as scheduled.

Can I get a refund with Manulife Financial?

You can cancel an emergency medical plan, both single trip and multi-trip, before the effective date of coverage. Refunds and cancellations are not available for any all inclusive plan.

Does Manulife Financial offer a free look period?

Yes. Manulife Financial offers a 10-day “Free Look” period where you can review and cancel your policy within 10 days of purchase if you have not already left for your trip and there is no claim in progress.

Fiona Campbell is a Staff Writer for Forbes Advisor Canada. She started her career on Bay Street, but followed her love for research, writing and a good story into journalism. She is the former editor of Bankrate Canada, and has over 20 years of experience writing for various publications, including the Globe and Mail, Financial Post Business, Advisor’s Edge, Mydoh.ca and more.

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• Single Trips
• Multi Trips
• Visitors to Canada

Multi-trip plans

• Up to $10 million in emergency medical benefits 
• Covers a wide range of risks – from ambulance transportation to paramedical services
• Insure trips of 4, 10, 18, 30 or 60 days – and top up for a longer trip if needed

Emergency medical benefits*

Health services.

• Hospital and physician services
• Paramedical services
• Emergency dental treatment

Transportation

• Emergency medical return home
• Visit to bedside if travelling alone
• Return home of children in care of insured, travel companion, pet, vehicle
• Return to original trip destination
• Return of excess baggage

Additional protection

• Hospital allowance
• Extra meal, hotel, child care and phone call costs
• Expenses related to death
• Terrorism coverage*

Top-up for a longer trip

• Confirm top-up won't reduce trip coverage with another insurer
• Confirm entire trip, including top-up, is within the length allowed by the insured's government health insurance plan
• Buy before expiry date
• Complete medical questionnaire for applicants age 60 or older

* If the claim is a result of an act of terrorism, benefits may be limited. Other exclusions, limitations and conditions apply. See the policy for details.

• Up to $3,500/insured/trip and $6,000/policy in trip cancellation/interruption benefits
• Baggage loss, damage & delay insurance
• Flight & travel accident insurance
• Insure trips of 4, 10, 18 or 30 days – and top up for a longer trip if needed
• Return to original trip destination*
• Top-up with Manulife Financial emergency medical coverage will automatically includes all other coverages under an existing Manulife Financial All-inclusive

Trip cancellation/interruption insurance*

• Reimburses prepaid, non-refundable, non-transferable portion of a trip cancelled or interrupted by – for example:
• Unexpected medical emergency or death of insured, insured's travel companion, an immediate family member or key person
• Missed connection
• Business meeting cancelled
• Travel advisory issued by Canadian government
• Travel visa not issued
• Travel host hospitalization or death

Baggage loss, damage and delay insurance

• Up to $100 for replacement of passport, driver's licence, birth certificate or travel visa
• Up to $500 for toiletries and clothing after luggage delay of at least 10 hours; up to $1,500 per policy
• Up to $300/trip for any item or set of items to a maximum of $1,000; up to $3,000 per policy

Flight and travel accident insurance

• $100,000 for a flight accident and $50,000 for a travel accident that results in the insured's death, blindness or double dismemberment within 365 days
• $50,000 for a flight accident and $25,000 for a travel accident that results in the insured's blindness in one eye or single dismemberment within 365 days
• Only one benefit payment (the largest applicable) per trip

Choose plans

• Emergency medical plan
• All-inclusive plan

* For all multi-trip plans, the minimum age is 30 days. There is no maximum age. ** For family coverage, all family members must have coverage that starts and ends on the same dates. *** Family coverage cannot be combined with travel companion savings.

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Zacks industry outlook highlights manulife financial, sun life financial, reinsurance group, primerica and lincoln national, for immediate release.

Chicago, IL – May 2, 2024 – Today, Zacks Equity Research discusses Manulife Financial Corp. MFC, Sun Life Financial Inc. SLF, Reinsurance Group of America, Inc. RGA, Primerica PRI and Lincoln National Corp. LNC.

Industry: Life Insurance

Link: https://www.zacks.com/commentary/2266334/5-life-insurance-stocks-to-watch-amid-industry-challenges

Redesigning and repricing of products and services to maintain sales and profitability have been driving Zacks Life Insurance industry players. Life insurers are the direct beneficiaries of an improving rate environment as they invest a large portion of their premiums. Increased automation is expected to drive premium growth and boost the efficiency of Manulife Financial Corp. , Sun Life Financial Inc. , Reinsurance Group of America, Inc. , Primerica and Lincoln National Corp. However, with accelerated digitalization, expenses are likely to increase. Also, prudently pricing the products, balancing customers preferences and claim costs, remains a challenge.

About the Industry

The Zacks Life Insurance industry comprises companies that offer life insurance coverages and retirement benefits to individuals and groups. The products include annuities, whole and term life insurance, accidental death insurance, health insurance, Medicare supplements and long-term healthcare policies. Sales benefit from the increasing demand for protection products.

The industry also includes companies providing wealth and asset management solutions. With a rise in the number of baby boomers, the demand for retirement benefits is increasing. Economic growth instills confidence. Per a Statista report, the life insurance market is expected to grow, with gross written premium expected to be $3.67 trillion in 2024. The industry has also been witnessing the accelerated adoption of technology. However, rising mortality or loss cost trends may impact the profitability of insurers.

3 Trends Shaping the Future of the Life Insurance Industry

An Improved Rate Environment : An improving interest rate environment benefits life insurers as their products and investments are rate-sensitive. A favorable interest rate thus impacts life insurers' earnings, capital and reserves, liquidity and competitiveness positively. In times of persistently low interest rates, life insurers' income from investments becomes insufficient to meet the contractually guaranteed obligations of policyholders, which cannot be lowered.

Thus, they direct their funds into alternative investments like private equity, hedge funds and real estate, among others, to counter the challenge. The Fed has made 11 rate hikes since March 2022. Life insurers, being the direct beneficiaries of an improving rate environment, have performed well. However, concerns over the Fed’s decision to cut rates loom. Nonetheless, these insurers stay focused on navigating the challenges faced by their commercial real estate portfolio.

Product Redesigning : Industry players are finding new solutions and ways to improve their sales and profitability. Insurers are refraining from selling long-duration term life insurance. Also, life insurers continue to roll out investment products that provide bundled covers of guaranteed retirement income, life and healthcare to cater to customers preferring policies with “living” benefits more than those with death benefits.

Increased awareness continues to support the life insurance business. A compelling product portfolio will thus aid sales of life insurers. Also, prudently pricing the products, balancing customers' preferences and claim costs, will be the key to driving growth. Per a report published in ReporterLinker, global life insurance gross written premium is expected to be $2.5 trillion by 2026. Per Statista’s report, gross written premium is expected to show an annual growth rate (CAGR 2024-2028) of 1.7%.

Increased Adoption of Technology : Companies are now using electronic applications, e-signatures and electronic policy delivery. Carriers have started selling policies online that appeal to the tech-savvy population. At the same time, the use of real-time data makes premium calculation easier and reduces risk. Increased automation is expected to drive premium growth and boost efficiency.

Moreover, accelerated digitization, as evident from the increased adoption of generative AI, cognitive intelligence and blockchain, should help life insurers curb operational costs and aid margin expansion. Insurers are investing heavily in technological advancements to ensure efficiency and smooth functioning. At the same time, players must shield themselves from falling prey to cyber threats.

Zacks Industry Rank Indicates Bleak Prospects

The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates dull prospects for the near term. The Zacks Life Insurance industry, within the broader Zacks Finance sector, currently carries a Zacks Industry Rank #223, which places it in the bottom 11% of the 255 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.

The industry’s positioning in the bottom 50% of the Zacks-ranked industries is the result of a negative earnings outlook for the constituent companies in aggregate. The industry’s earnings estimate for 2024 has gone down 0.2% in a year.

Before we present a few life insurance stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.

Industry Vs. Sector & S&P 500

The Life Insurance industry has underperformed the Finance sector and the Zacks S&P 500 composite in the past year. The stocks in this industry have collectively gained 17.5% compared with the Finance sector’s increase of 19.9% and the Zacks S&P 500 composite’s increase of 23.8% in the said time frame.

Life Insurance Industry's Current Valuation

On the basis of trailing 12-month price-to-book (P/B), which is commonly used for valuing insurance stocks, the industry is currently trading at 1.78X compared with the S&P 500’s 6.35X and the sector’s 3.01X.

Over the past five years, the industry has traded as high as 1.9, as low as 0.65X, and at the median of 1.33X.

5 Life Insurers in Focus

Here, we present one stock with a Zacks Rank #2 (Buy) and four stocks with a Zacks Rank #3 (Hold) each from the industry. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here .

Primerica : This Duluth, GA-based, second-largest issuer of term-life insurance coverage in North America aims to be a successful senior health business while continuing to enhance its shareholders’ value. Strong demand for protection products drives sales growth and policy persistence benefit of this Zacks Rank #2 insurer. A strong business model makes Primerica well-poised to cater to the middle market's increased demand for financial security.

The Zacks Consensus Estimate for PRI’s 2024 earnings indicates a year-over-year increase of 10.2% and has moved up 0.2% north in the past seven days. PRI delivered a four-quarter average earnings surprise of 7.84%.

Lincoln National : Headquartered in Radnor, PA, Lincoln National is a diversified life insurance and investment management company. A fast-recovering Group Protection business, strong fixed annuity business and positive flows in the Retirement Plan Services coupled with pricing discipline and new product introductions should favor this Zacks Rank #3 insurer.

The Zacks Consensus Estimate for Lincoln’s 2024 and 2025 earnings indicates a year-over-year increase of 24% and 16.8%, respectively. The expected long-term earnings growth rate is pegged at 24%, better than the industry average of 17%.

Manulife Financial : Headquartered in Toronto, Canada, this insurer is one of the three dominant life insurers within its domestic market and possesses rapidly growing operations in the United States and several Asian countries. A strong Asia business, expanding wealth and asset management business, investments to ramp up digital capabilities and solid capital position poise this life insurer well for growth. MFC estimates core EPS growth between 10% and 12% over the medium term.

The Zacks Consensus Estimate for Manulife’s 2024 and 2025 earnings indicates a year-over-year increase of 5.1% and 8.5%, respectively. The expected long-term earnings growth rate is pegged at 10%. It delivered a four-quarter average earnings surprise of 7.01%.

Sun Life : Based in Toronto, SLF is the third largest insurer in Canada. The company is well diversified by geography and product, providing protection and wealth management products and services to individual and group customers worldwide. Its focus on Asia operations, growing asset management businesses, scaling-up and integration of U.S. operations and strategic buyouts bode well for growth. The underlying return on equity continues to trend toward a medium-term financial objective of 18% plus, thus reflecting a sustained emphasis on capital-light businesses.

The Zacks Consensus Estimate for Sun Life’s 2024 and 2025 earnings indicates a year-over-year increase of 6.8% and 7.1%, respectively. The expected long-term earnings growth rate is pegged at 8%. The company delivered a four-quarter average earnings surprise of 3.32%. It has a VGM Score of B.

Reinsurance Group of America : It is a leading global provider of traditional life and health reinsurance and financial solutions with operations in the United States, Latin America, Canada, Europe, the Middle East, Africa, Asia and Australia. This insurer is set to benefit from the changing life reinsurance pricing environment, expanding business in the pension risk transfer market and disciplined capital management.

The Zacks Consensus Estimate for Reinsurance Group’s 2024 and 2025 earnings has moved up 0.8% and 1%, respectively, in the past 30 days. RGA delivered a four-quarter average earnings surprise of 24.39%. It has a VGM Score of B.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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Lincoln National Corporation (LNC) : Free Stock Analysis Report

Manulife Financial Corp (MFC) : Free Stock Analysis Report

Reinsurance Group of America, Incorporated (RGA) : Free Stock Analysis Report

Primerica, Inc. (PRI) : Free Stock Analysis Report

Sun Life Financial Inc. (SLF) : Free Stock Analysis Report

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Welcome to Manulife

You are about to leave a website that is not operated by The Manufacturers Life Insurance Company (Manulife). Manulife makes no representation that the information from the site you are leaving is accurate, and Manulife accepts no responsibility or liability for any inaccuracies on it. Any opinion or advice expressed in this site should not be construed as Manulife’s opinion, advice or endorsement. Manulife is not responsible for any detrimental reliance that you may place upon such site or its contents. By proceeding to Manulife’s website, you agree that Manulife will not be liable for any and all damages, directly or indirectly, related to the use of the site you are leaving.

• Single-Trip Emergency Medical 1 of 5
• Single-Trip All-Inclusive 2 of 5
• Single-Trip Travel Canada Emergency Medical 3 of 5
• Trip Cancellation & Interruption 4 of 5
• COVID19 Pandemic Travel Plan 5 of 5
• Multi-Trip Emergency Medical 1 of 2
• Multi-Trip All-Inclusive 2 of 2
• Emergency Medical Top-Up 1 of 1
• Emergency Medical Plan 1 of 1
• Canadian Studying in Canada Outside the Home Province 1 of 3
• International Student Studying in Canada 2 of 3
• Canadian Studying Outside Canada 3 of 3

Why is Travel Insurance important?

Travel insurance is important to help protect you, your family or visitors to Canada from costs that can occur due to an unforeseen medical emergency during a trip or an unexpected reason to cancel or interrupt a trip. Without it, travellers may be left to pay significant out of pocket expenses.

If you are looking for Single Trip Emergency Medical coverage, we have recently introduced a new plan that provides up to $5 Million for COVID-19 emergencies while travelling outside of Canada. See the COVID-19 Pandemic Travel Plan for more details.

Learn More About Our Plans

Travelling canadians.

The COVID-19 Pandemic Travel Plan is designed for Canadians travelling outside of Canada. It can help protect you against the cost of unexpected emergencies that may occur during your trip.

Manulife Financial Travel Insurance for Travelling Canadians is designed for Canadians travelling out-of-province or outside Canada. It can help protect you against the cost of unexpected emergencies that may occur before or during your trip.

Your government health insurance plan may only cover a fraction of healthcare expenses incurred outside Canada, and may only provide limited coverage. Without travel insurance, a medical emergency or trip interruption due to an emergency could be disruptive and leave you facing large unexpected expenses.

Visitors To Canada

Do you have family or friends coming to stay? Do they have health insurance to help protect them while they’re here? Are you visiting Canada and need health insurance while you are away from home?

When Visitors to Canada purchase Manulife Financial Travel Insurance before leaving home they will have coverage during their uninterrupted flight to Canada.

The Student plan offers those who are studying away from home a smart and economical way to help protect themselves against the cost of emergency medical and basic healthcare expenses and more.

Plans are available for full-time:

• International students studying in Canada or
• Canadian students studying outside their home province or outside of Canada.

Family coverage is also available for immediate family members residing with the student.

Submit a claim with Manulife

On this page.

Instruction: Change of selection promptly shifts the focus to a matching heading further down, on the same page.

To receive insurance plan benefits – and get reimbursed for eligible expenses covered under your insurance policy – you need to file a claim with us.

We’ve gathered resources from across Manulife Canada – and built this ‘claim centre’ – to help make it easier for you to get started on making a claim for:

• health and dental medical expenses (e.g., medical equipment, drugs)
• travel expenses
• other health claims (e.g., a living benefits claim)
• a life insurance policy
• account proceeds (e.g., bank, securities or mutual funds, etc.)

Where you go on our site – and how you start a claim – depends on the type of claim you need to make, and the kind of insurance you have with us (e.g., through an employer, an affinity group, through our CoverMe ®  site, as an individual, or through an advisor). So let’s get started.

Submit a claim

Group benefits, group benefits – health and dental claims.

Sign in to your plan on the website or use our app, Manulife Mobile, to start an online claim.

Group benefits – Travel claims

Submit a travel insurance claim – for emergency travel assistance or trip cancellation insurance – through your employer group plan.

Need help with group benefits claims?

For more information about how to make a claim, visit this dedicated resource page.

CoverMe and Alumni, professional and retail members

This also applies to FollowMe TM  and Flexcare ® plan holders.  Alumni, professional and retail members are sometimes referred to as Affinity customers. Not sure if you're an Affinity customer?  Check our Affinity groups listing to find out.

Individual health and dental insurance (SecureServe ® ) claims

Sign in to your plan on SecureServe and start an online claim.

Individual insurance travel claims

Submit a travel insurance claim – for policies purchased through a travel agent or via CoverMe.

Need help with individual insurance travel claims?

To register and make a claim, follow the steps outlined on this travel claim resource page.

When there is a death

Please use this form to start the discussion and inform us of any accounts or policies a person had with us.

Let us know about a death

When you don’t know where to start, you can notify us about a death using this notification form, and we will take it from there.

Other resources

Find a form.

Visit our Manulife forms page for a full listing of documents needed to begin a process (e.g., enrolment application, beneficiary designation).

Coordination of benefits

More than one insurance benefits policy in your household? You can submit a claim to both of them. Visit our resource page for more information.

Frequently asked questions

An insurance claim is a process by which a person (i.e., claimant or policy holder) lets their insurance company know they’re seeking funds (reimbursement, payouts or other remuneration) according to a benefit they understand they’re entitled to receive, under their insurance policy.

The conditions of the policy will have been determined by Manulife at the time the policy originally came into force.

A claimant starts an insurance claim by completing an online digital form or a paper form. The claim is made against an insurance policy they own or one through an organization/employer that provides benefits to them, according to specific terms.

You can claim Manulife benefits through online claims processing, or using a paper claim form if that’s easier. It's important to remember that the claims process may be slightly different depending on the kind of insurance you have, and the customer group to which you belong.

Health claims, dental claims or travel insurance benefits generally involve signing in to your plan, SecureServe web portal, or a travel claim administration tool. With online claims reimbursement, once a claim is reviewed and approved for payout, any funds owed to you get deposited directly into your bank account.

The web page you’re currently visiting (i.e., File a claim with Manulife) includes links to several resources that will help get you on the right path to making a claim. 

Each insurance policy has limits as to how much it will cover in a policy year. Generally, on an annual basis, provided you re-enrol in your insurance when the time comes, those limits reset themselves to the original maximum amount allotted to you on the anniversary of your policy, often January 1 st .

If, for example, you have dental benefits for a maximum of $1,000 annually for basic care, provided you continue with the insurance into the next year, the maximum of $1,000 resets on the anniversary date.

Every policy is different so it’s important to ask questions to understand the full extent of your benefits package. Revisiting your plan regularly can help you maximize your benefits, check on claim status and facilitate claims management.

You may file a claim for a dependant so long as they are covered under your policy and are within the age limit prescribed by the policy/certificate.

Most policies in Canada allow for children 18 and under who live with the claimant in the same household to be covered under a family policy. In some cases, if the child continues in post-secondary education, that age restriction increases from 18 to 25.

It’s important to check your policy/certificate and carefully read the details of coverage when you first make your insurance arrangements. That way you can understand any limits, conditions, and/or exclusions that may exist as to coverage under your particular policy for dependants.

Manulife profit beats estimates on strong gains from Asia, wealth management

Core earnings up 39 per cent and 25 per cent in two areas

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Manulife Financial Corp. posted first-quarter profit that beat analysts’ estimates, boosted by continued strength in its Asia operations and wealth-management business.

Manulife profit beats estimates on strong gains from Asia, wealth management Back to video

Core earnings increased 16 per cent from a year earlier to $1.8 billion, or 94 cents a share, the Toronto-based life insurer and asset manager said Wednesday in a statement. That beat the 91-cent average estimate of analysts in a Bloomberg survey.

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“Global wealth and asset management saw strong net inflows,” chief financial officer Colin Simpson said in the statement. “Our capital position remains robust.”

In Asia, core earnings increased 39 per cent from a year earlier, and they rose 25 per cent in global wealth and asset management.

Manulife recently offloaded some of its less-profitable assets by striking two large reinsurance deals, both of which have now closed. These transactions are allowing the company to reduce risk, release capital and return money to shareholders through buybacks. But they also cut into reported earnings as Manulife no longer books the revenue from the reinsured policies.

The reinsurance strategy “does not appear to have unduly weighed on core profitability,” Jefferies Financial analyst John Aiken wrote in a report to clients Wednesday. “We anticipate that the quarter will be met with some measure of relief from investors and should be supportive to MFC’s valuation.”

Net income attributable to shareholders was $866 million, down 38 per cent from a year earlier. Reported earnings in the quarter totalled 45 cents a share, down from 73 cents.

As part of the first of the recent reinsurance deals, Manulife is selling $1.7 billion of alternative long-duration assets. It has already disposed $1.3 billion of that total, primarily private equity stakes, Simpson said in an interview.

“We’ve sold at pretty much our carrying value,” he said, noting that while there’s concern in the market about private equity valuations, “the fact that we are able to sell for carrying value validates our valuation methodology.”

Simpson said Manulife hasn’t looked to sell commercial real estate assets, where valuations have generally taken a beating.

The value of the insurer’s investments in office properties at the end of the first quarter declined 10.5 per cent from a year earlier to $4.8 billion.

Manulife will host an investor conference call as well as its annual shareholders meeting on Thursday.

Bloomberg.com

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