Manulife and World Financial Group (WFG) have announced a significant expansion of their partnership aimed at increasing access to life insurance and financial solutions for Canadians. The collaboration seeks to address the issue of underinsurance among Canadians, with recent data from the Life Insurance Marketing and Research Association (LIMRA) indicating that 31% of Canadians are either uninsured or underinsured.
Expanding Reach and Access
Paul Savage, Head of Individual Insurance at Manulife, explained that the decision to expand the partnership now was driven by the need to connect more Canadians with trusted agents who can help them understand their insurance needs. “By bringing life insurance and Manulife Vitality into this partnership with WFG, our goal is to help Canadians live longer, healthier, better lives,” Savage said.
Todd Buchanan, President of WFG, emphasized that the company’s motto, ‘No family left behind,’ guides their efforts. “We recognize that middle-income Canadians have often been overlooked by the insurance industry, leaving many families underserved,” Buchanan stated. The expanded partnership aims to change this by providing education on insurance and financial solutions to secure a brighter future for these families.
Supporting Agents with Comprehensive Solutions
The partnership involves comprehensive onboarding for WFG agents, providing them with access to a full suite of Manulife offerings, including Term, Universal, and Participating life insurance, as well as guaranteed wealth solutions like segregated funds and annuities. Agents will also receive Vitality certification upon completing their onboarding, enabling them to offer Manulife Vitality, a program backed by behavioral science that helps clients improve their health and wellbeing.
A Shared Goal of Closing the Coverage Gap
Savage and Buchanan both highlighted the shared goal of closing the coverage gap for middle-income families. “WFG’s growing network brings deep community insight and expertise, serving local communities across Canada who haven’t traditionally had access to personalized financial advice,” Savage noted. Buchanan added that the partnership demonstrates their dedication to Canada and their ongoing investments in digital capabilities and compliance oversight to support their agents effectively.
Looking Ahead
The expanded partnership aligns with Manulife’s goal of ensuring Canadians who need insurance have access to their solutions. “Together with Manulife, our collective goal is to reach the under and uninsured in Canada and set a new standard in how financial advice and protection are delivered,” Buchanan concluded. For more information on the Manulife and WFG partnership, visit https://advisor.manulife.ca/advisors/insurance/newsroom/manulife-and-world-financial-group-news-release.html
