Capital for Life · Adviser Reference Document
Manulife Global Indexed UL
HNW & UHNW Clients · Issued from Bermuda · Data verified June 2026 · For professional adviser use only
HNW & UHNW Clients · Issued from Bermuda · Data verified June 2026 · For professional adviser use only
An Indexed Universal Life (IUL) policy is a long-term, whole-of-life insurance contract issued offshore by an international life insurer. The policy wraps a life assurance component around a tax-deferred cash value account, which is linked to the performance of one or more equity indices such as the S&P 500 and the Nasdaq-100. The policyholder selects from available account strategies — fixed, capped indexed with a 0% floor, or capped-and-multiplied indexed with a guaranteed buffer rate — and may allocate premiums across them in any combination.
The asymmetric core of the design is the segment-level downside protection. On floor accounts, in years when the linked index falls, the indexed account is credited at zero rather than recording the loss. On the buffer account unique to MGIUL PRO, Manulife absorbs the first 20% of negative index performance — only losses in excess of the buffer pass through. Upside participation is capped annually on all indexed accounts, creating a risk/return profile that is well suited to HNW and UHNW clients focused on long-duration accumulation, estate planning, and tax-efficient* income access in retirement.
* Tax treatment depends on the individual client's circumstances and the laws of their country of residence. This is not tax advice.
Founded on 23 June 1887 in Toronto, The Manufacturers Life Insurance Company is one of the largest international life insurance groups, with more than 138 years of continuous operation. As at 31 December 2025, the parent group Manulife Financial Corporation reported total assets under management and administration of approximately C$1.7 trillion (US$1.2 trillion). The Bermuda Branch is the issuing hub for Manulife Global Indexed UL (MGIUL 24) and serves international HNW and UHNW clients.
The Manufacturers Life Insurance Company (the operating subsidiary and issuing entity) holds a LICAT ratio of 136% as at Q4 2025 — well above OSFI’s supervisory target of 100%. The operating entity carries an S&P Global financial strength rating of AA−, Moody’s Aa3, AM Best A+ (Superior), Fitch AA and DBRS Morningstar AA — a consistently top-tier multi-agency profile.
Source: Manulife Q4 2025 Earnings Release; Manulife 2025 Annual Report; S&P Global; Moody’s; AM Best; Fitch; DBRS Morningstar. LICAT data as at Q4 2025 (most recent published). See Sources section for full reference URLs. Data verified March 2026.
The three tables below set out the full MGIUL PRO contract parameters — core terms, account strategies and rates, and policy features and flexibility — referenced throughout this review.
Rates current as at the LIFE-6272 02/26 publication (December 2025 declared rates). Illustrated rates are not guaranteed.
Source: MGIUL 24 Product Guide and Snapshot. Cap and credit rates current as at policy form pricing; guaranteed minimums are contractual.
All three indexed accounts on MGIUL 24 — S&P Performance, Nasdaq Performance and Blended — operate on a one-year point-to-point indexed crediting method with a 0% floor and an account-specific cap. Each account segment is measured at the start and end of the segment year. If the underlying index has appreciated, the indexed gain (subject to the cap) is credited to the account. If the index has declined, the credited rate is 0% — the account does not lose value due to negative index performance. Internal policy charges continue to apply.
The 0% floor is contractual and guaranteed on all indexed accounts. It is fundamental to the asymmetric risk/return profile that distinguishes IUL from direct market investment: the policy participates in upside (within caps) without exposure to index drawdowns. Across long holding periods this materially reduces sequence-of-returns risk for clients planning to draw policy income through loans or withdrawals.
MGIUL 24 offers three indexed accounts and one fixed account. Premiums and account values can be allocated across any combination. The two Performance accounts include a 24% guaranteed multiplier on indexed gains and carry the Index-Performance Charge; the Blended account does not.
A Fixed Account sits alongside the indexed strategies, currently crediting 4.75% with a contractual minimum of 1.00%. It is suited to allocations where the client prefers known, declared crediting over market-linked exposure, and is also commonly used to hold loan collateral.
Worked example for illustration of mechanics only. Index-Performance Charge of 0.0833% per month applies to the S&P Performance and Nasdaq Performance accounts. The Blended account does not carry the multiplier and is not subject to the IPC.
The two Performance accounts on MGIUL 24 — S&P 500 Performance and Nasdaq-100 Performance — each carry a contractual 24% multiplier on indexed gains. Once the indexed credit is calculated and capped, the multiplier is applied: a 9.30% capped credit becomes an effective 11.53% credit at the account level. The multiplier is guaranteed in the contract, not declared annually.
The multiplier is funded by the Index-Performance Charge (IPC) of 0.0833% per month (1.00% annualised), deducted only from the account values held in the two Performance accounts. The Blended account does not include the multiplier and is therefore not subject to the IPC. In effect, advisers have a choice within the indexed sleeve: a higher engineered upside on Performance accounts at the cost of a small monthly charge, or a simpler diversified credit on Blended.
MGIUL 24 includes a contractual Cumulative Guarantee of 3.00% effective annual rate. This guarantee sets a floor on the policy's indexed credits measured cumulatively over the holding period, and is paid out only on full surrender of the policy — not on partial withdrawals, policy loans, or death claims. It works as a long-term backstop should indexed credits over time fall below the guaranteed rate; in such case, the surrender proceeds are topped up to the guaranteed minimum.
The policy also includes early-lapse protection in its first 10 years, designed to keep the policy in force during the period when account values are most sensitive to charges. After year 10, lapse protection follows the standard universal life mechanics — the policy remains in force as long as Account Value less debt is sufficient to cover monthly deductions. Continuation past the maturity date is available, with the death benefit equal to the Account Value at and after maturity.
The Critical Illness Rider on MGIUL 24 is an accelerated death benefit rider — not a standalone critical illness sum assured. On diagnosis of a covered condition, the rider permits an accelerated payout drawn against the policy's death benefit. This distinction is material when positioning the rider with an enquiring adviser: the figures shown in an illustration represent a maximum draw against the death benefit, not a defined CI payout in addition to it.
Life-threatening — defined exclusions and waiting period apply.
Defined diagnostic criteria.
Defined diagnostic criteria, neurological deficit threshold.
Specified surgical procedure.
The CI payment reduces the death benefit and account value pro rata. The rider is available only with Death Benefit Option 1 (Level) and is not compatible with Option 2. There is no separate rider charge — the cost is captured in the policy's underlying mortality charges. Issue ages and underwriting requirements follow the base policy. On rider claim, the policy continues in force on the reduced death benefit and account value.
When discussing the rider with a client or referring adviser, the rider must be framed as an acceleration of the death benefit on diagnosis of a covered condition — not as a standalone CI sum that would pay in addition to the death benefit. Mischaracterising the rider as a fixed CI benefit creates unmet client expectations on claim and is technically inaccurate. The figure of USD 1,250,000 occasionally seen in MGIUL illustrations represents a draw against the death benefit at that point in the illustration, not a defined CI sum assured.
MGIUL 24 is suited to internationally mobile HNW and UHNW clients seeking a USD-denominated, Bermuda-issued IUL with engineered upside on the indexed sleeve, a contractual long-term floor, and access to an accelerated critical illness benefit on the death benefit. Typical profiles include:
Capital for Life works with advisers to deploy MGIUL 24 within four core strategy frames. Each frame uses the same underlying contract but is structured, funded and illustrated to a different end objective.
Funding pattern and account allocation engineered to support tax-efficient policy loan income through retirement, with Cumulative Guarantee underpinning long-term resilience.
Policy used as collateral or as an internal lending vehicle. Policy loans, premium financing, and bank-collateralised structures.
Multi-generational planning. Trust ownership, settlement options, and use of the death benefit as a tax-efficient transfer mechanism.
Corporate-owned cover on principals or key executives. Combines mortality protection with cash value accumulation on the company's balance sheet.
Strategies are bespoke to each client. Capital for Life works with the advising professional, trustee, or private bank to model the chosen frame and produce client-ready illustrations.
The two Performance accounts (S&P 500 and Nasdaq-100) carry a 24% guaranteed multiplier on indexed gains and a 0.0833%/month Index-Performance Charge. The Blended account is 50% S&P 500 / 50% Nasdaq-100, has no multiplier, and no IPC. Performance accounts engineer higher upside at the cost of a small monthly charge; Blended offers a simpler diversified credit.
Contractual and guaranteed. It is written into the policy form and applies to indexed gains on the S&P Performance and Nasdaq Performance accounts. It is not subject to annual declaration or change. A 0% credit segment is not multiplied (24% × 0% = 0%).
The Cumulative Guarantee operates as a long-term backstop on indexed credits, measured cumulatively at an effective 3.00% annual rate. It is paid only on full surrender of the policy. It does not enhance withdrawals, policy loans, or death claims. If at full surrender the cumulative indexed credits would have produced less than a 3.00% effective annual rate, the surrender proceeds are topped up to that rate.
As an accelerated death benefit rider, not a standalone critical illness sum. On diagnosis of a covered condition, the rider permits a draw against the policy's death benefit, capped at the lesser of 80% of Policy Value less debt or USD 5m. The death benefit and account value reduce on claim. Mischaracterising the rider as a fixed CI sum that pays in addition to the death benefit creates unmet client expectations.
From policy year 11. Up to 5% of Account Value per year can be withdrawn without surrender charge, subject to two restrictions: it is not available with the Return of Premium (ROP) rider, and it is not available on policies issued with Death Benefit Option 2.
Yes — the policy is issued by The Manufacturers Life Insurance Company (Bermuda Branch). Bermuda is a leading international financial centre regulated by the Bermuda Monetary Authority (BMA), whose BSCR solvency standard is recognised by the EU as Solvency II equivalent. Bermuda-issued contracts are widely used by international HNW and UHNW clients for cross-border planning.
Standard issue ages are 20 to 70. There is a restricted offering for ages 71 to 80, subject to additional underwriting requirements. The minimum face amount is USD 2,000,000.
MGIUL PRO adds an additional indexed account — the S&P PRO Indexed Account — featuring a 12% cap, a 15% multiplier, and a −20% buffer in place of the 0% floor. It is a different risk/return profile, suited to advisers and clients prepared to accept buffered downside in exchange for a higher cap. See the dedicated MGIUL PRO Adviser Reference for full detail.
Manulife also issues MGIUL PRO , a sister contract to MGIUL 24 sharing the same issuing entity, regulatory framework, and core IUL mechanics. The principal difference sits within the indexed sleeve: PRO adds an S&P PRO Indexed Account with a higher cap, a multiplier, and a −20% buffer in place of the standard 0% floor.
| Feature | MGIUL PRO — S&P PRO Account |
|---|---|
| Cap | 12.00% |
| Multiplier | 15% on indexed gain |
| Downside protection | −20% buffer (not a 0% floor) |
| Index-Performance Charge | None on this account |
A −20% buffer means the first 20% of negative index performance is absorbed by the buffer, and only losses beyond that are credited to the account. This is structurally different from the 0% floor, which prevents any negative crediting on the indexed account. PRO is suited to advisers and clients who understand and accept buffered downside in exchange for a higher engineered cap.
A dedicated MGIUL PRO Adviser Reference is in preparation. This guide covers MGIUL 24 only.
This document is an introduction. The resources below provide the technical depth behind every point covered here.
Standalone review of Manulife as an issuing carrier — financial strength, ratings history, regulatory profile and group structure.
Read review →Adviser-facing briefing note on the Accelerated Death Benefit for Critical Illness Rider — covered conditions, claim mechanics, and positioning.
Read briefing →Capital for Life's annual sentiment survey of advisers, trustees and private bankers active in the international IUL market.
Access survey →Dedicated reference on MGIUL PRO and the S&P PRO Indexed Account, including the −20% buffer mechanics and PRO-specific positioning.
Coming soon →Capital for Life is an international life insurance advisory specialising in Indexed Universal Life and Private Placement Life Insurance for HNW and UHNW clients. Led by CEO Carlton Crabbe, the firm works with financial advisers, tax specialists, trustees, private bankers, fiduciaries and family offices across the UAE, UK, Europe, Africa, Asia and Australia.
Our approach is consistent: understand the client, analyse the structure, build a solution that endures. We support advisers with technical resources, underwriting support, illustration analysis and CPD-eligible training programmes.
Contact Capital for Life with client age, premium amount, pay track, and preferred allocation to receive a personalised MGIUL PRO illustration including Guaranteed Values, Non-Guaranteed Values, and Alternative Assumptions reports.
Arrange a call or meeting with Carlton Crabbe to discuss account selection, jurisdiction, trust integration, allocation rationale, ownership structure (including Manulife Bermuda Master Insurance Trust sub-trust), or premium financing options.
Applications are submitted through your regulated adviser of record. Capital for Life provides full case management, financial underwriting support, and Supplemental Disclosure handling throughout the issue process.
capitalforlife.com · Adviser enquiries welcome · For illustration requests and case support contact Capital for Life directly.
All figures and product terms in this guide are drawn from Manulife product documents and publicly disclosed corporate filings. Capital for Life verifies key data points before publication and updates the guide on a quarterly cycle.
Manulife Bermuda · primary source for product mechanics, account terms, and rider summaries
Manulife Bermuda · concise feature summary used in adviser-facing materials
Manulife Bermuda · authoritative source for guaranteed terms, rider forms, and surrender mechanics
Manulife Bermuda · rider form, covered conditions, claim mechanics
LICAT ratio (MLI 136%, Q3 2025 138%); AUMA C$1.7tn / US$1.2tn
https://www.manulife.com/en/investors.html →Founding date 23 June 1887; corporate structure
https://www.manulife.com/en/about-us.html →BSCR regulatory framework — recognised by the EU as Solvency II equivalent
https://www.bma.bm →LICAT supervisory framework — target ratio 100%
https://www.osfi-bsif.gc.ca →Capital data verified June 2026. Product terms current as at the most recent Manulife product form. All hyperlinks open in a new window. Capital for Life does not own or control third-party websites and is not responsible for their content.
For professional adviser use only. This document is provided by Capital for Life for the use of authorised financial advisers, tax specialists, trustees, private bankers, fiduciaries and family offices. It is not intended for distribution to retail clients and does not constitute a financial promotion to the public.
This guide summarises certain terms of Manulife Global Indexed Universal Life (MGIUL 24) and is not a contract. The policy contract, supporting riders, illustration and disclosure documents issued by The Manufacturers Life Insurance Company (Bermuda Branch) are the binding documents. In any conflict between this guide and the policy contract, the policy contract prevails. Past performance is not a guide to future returns. Indexed credits are subject to caps, participation rates and policy charges. Tax treatment depends on the personal circumstances of the policyholder and the jurisdiction in which they are resident, and may change.
Capital for Life is an international life insurance advisory. This document does not constitute investment, tax, or legal advice. Advisers and end clients should obtain advice appropriate to their own circumstances before entering into any contract.