The Maritime Life Assurance Company is a life insurance company that no longer exists as it was bought out by another company several years ago. Maritime Life came into existence in 1922 when it was founded by 9 people in Nova Scotia. In 1922, there were only 60 insurance companies in Canada, and Maritime Life originally ranked 58th on that list. Maritime Life was purchased by an American insurance company called the John Hancock Mutual Life Insurance Company in 1969 and allowed to continue existing as the Canadian subsidiary of John Hancock Mutual Life. In 2004, parent company John Hancock Mutual Life and the Manulife Financial Corporation merged under the Manulife Financial name; John Hancock Mutual Life became the American subsidiary of Manulife Financial, and Maritime Life was completely absorbed into Manulife Financial’s Canadian division. Maritime Life isn’t the only insurance company that Manulife Financial owns – other insurance companies they’ve acquired over the years include the Dominion Life Assurance Company, the Monarch Life Insurance Company, the North American Life Assurance Company, the Heritage Life Assurance Company and the Excelsior Life Insurance Company.
Life insurance products sold by Manulife Financial include term life insurance, whole life insurance and universal life insurance. The types of term life insurance available are Family Term and Business Term. Family Term life insurance is, like the name suggests, designed for families, and you have the option of selecting a plan that runs for 10 years, 20 years or the rest of your life. Business term life insurance is for business owners who want to make sure that their business will survive even if they are longer around. Like Family Term, it is available for a period of 10 years or 20 years, or for the rest of your life. You have the option of purchasing additional protection through the Business Value Protector Rider.
Manulife Financial’s whole life insurance is known as Performax Gold. With Performax Gold, you can protect your loved ones at the same time you work towards long-term financial goals. You have the option of insuring up to 20 people under 1 Performax Gold policy, and you have the flexibility to increase or decrease your coverage whenever you choose. If you’re interested in trying to increase the value of your policy, check out the Deposit or Term Option. To learn more about whole life coverage click here.
Some of the universal life insurance products sold by Manulife Financial are Security Universal Life, Limited Pay Universal Life and UltraVision. Security Universal Life is the default universal life insurance policy offered by Manulife Financial. It comes with 6 different investment accounts. Limited Pay Universal Life is a very flexible plan that allows you to change your coverage whenever you want, but Manulife Financial can’t change its mind whenever it wants – the plan comes with several built-in guarantees, such as guaranteed premium rates, guaranteed cash values and guaranteed minimum interest rates. The UltraVision plan is a great plan for people who are interested in tax-advantaged investing but don’t want to put a lot of time and effort into it. Manulife Financial takes the hard work out of investing by managing some of it for you.