Manulife introduces Synergy®, a unique insurance solution to help protect Canadians from life's major risks

Synergy features three policies - life, disability and critical illness insurance - in one convenient and affordable solution.

WATERLOO, ON, June 23, 2011 /CNW/ - For the first time, Canadians can now get life insurance, critical illness insurance and disability insurance in one convenient and affordable package. Manulife's Synergy combines three separate policies in one solution - with one application, one payment, and one plan to manage - making it easier than ever to put the right protection in place.

"For many of us, the combined risk of disability, illness or death before age 65 is significant and the financial impact can be devastating, said Michael Doughty, Executive Vice President, Individual Insurance. "While insurance products for these risks are available, up until now consumers have had to make separate buying decisions and purchase stand-alone policies, and the cost was often too expensive. Synergy changes that."

With one Synergy solution, consumers are covered for disability, critical illness and death. Synergy provides a "pool of money" used to provide benefits for critical illness claims, disability insurance claims and a death claim. Synergy benefits paid reduce the amount of the pool available.

With this unique pool of money benefit design, Synergy offers the potential for savings compared to purchasing three stand-alone policies. For example, a non-smoking, 30-year-old male purchasing $250,000 in Synergy insurance may save as much as 34%* over purchasing three stand-alone policies, making Synergy a smart and affordable insurance solution.

"With Synergy, we're helping families address their life insurance needs as well as protect their income should they be unable to work," said Paul Smith, Vice President, Marketing and Product Development, Individual Insurance. "We saw a gap in the market and wanted to provide Canadians with a simple, money-saving solution to cover the real, everyday risks they face. That's why we created Synergy."

A recent survey** conducted by Manulife Financial shows Canadians are ready for an insurance solution like Synergy:

  • Almost 6 in 10 respondents said they were concerned about providing for their family if they were to die.
  • Seven in 10 were very or somewhat concerned about the financial impact of being unable to work for an extended period of time because of injury or illness.
  • Less than 60% of respondents said they have an individual life insurance plan, only 21% have individual disability insurance, and only 13% indicated that they have individual critical illness protection.
  • Altogether, 92% of surveyed Canadians do not have a plan that includes all three products - individual life, disability and critical illness insurance.

"Synergy is easy to understand and talk about for both consumers and advisors," added Smith. "By introducing Synergy to their clients, advisors can discuss and address three important risk areas together, helping them build a comprehensive protection plan. In that way, Synergy will help spark a whole new conversation about insurance."

For more information on Synergy, visit (for French, visit or contact your advisor.

About Manulife Financial

Manulife Financial is a leading Canadian-based financial services group operating in 22 countries and territories worldwide. For more than 120 years, clients worldwide have looked to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions.  Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients around the world. We provide asset management services to institutional customers worldwide as well as reinsurance solutions, specializing in life and property and casualty retrocession. Funds under management by Manulife Financial and its subsidiaries were $478 billion (US$492 billion) as at March 31, 2011. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK.  Manulife Financial can be found on the Internet at


* The stand-alone products used in this example are $250,000 Family Term Insurance, term-10 with Total Disability Waiver rider (TDW); $62,500 Lifecheque critical illness insurance, renewable 10 year with Waiver of Premium (WP); $1,250 Venture Series disability insurance, 2A occupation class, 90 day EP, to age 65 Benefit Period (BP).

Due to Synergy's unique benefit pool of money concept and the bundled policies structure, there are material differences when comparing Synergy to stand-alone insurance products, including (i) total amount of insurance, (ii) impact of benefit payments on other insurance, (iii) types of exclusions, (iv) coverage duration and (v) contractual provisions.  If you have questions about these differences you should discuss them with your advisor.

** The Manulife Financial survey was conducted with 1,000 Canadian homeowners between the ages of 30 to 50 with household income of $50,000 - $150,000 per annum. It was conducted online by Research House from March 7 - 15, 2011.

SOURCE Manulife Financial

For further information:

Media Contact:

Jana Miller
Manulife Financial


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