Manulife Global IUL PRO vs MGIUL 24
Manulife's two Global IUL products share the same issuer, currency, and charges chassis. They differ in the two places that matter most: the crediting engine and the guarantee structure. This briefing compares them side by side.
Rates as declared December 2025 · Published July 2026 · For professional adviser use only
Same chassis. Different crediting design.
Both products are issued by The Manufacturers Life Insurance Company (Bermuda Branch) with identical issuer, currency, charges, and rider architecture. The choice turns on which guarantee matters more: cash value certainty or maximum crediting potential with death benefit certainty.
MGIUL PRO
A growth-led design built around the S&P PRO Indexed Account, available only in this product.
The S&P PRO account credits annual S&P 500-linked interest of up to 13.80% at current rates, and Manulife absorbs the first 20% of any annual index fall. Falls beyond −20% flow through as negative crediting — the structural trade for the higher cap and the absence of any performance charge on this account. Alongside it sit the S&P Performance, Nasdaq Performance and Blended indexed accounts and the Fixed Account.
The highest crediting potential of the two products, with no performance charge on the flagship account; an automatic Death Benefit Protection guarantee that keeps the death benefit in force — to age 121 — while the funding test is met, even if cash value falls to zero; flexible funding and withdrawal options; and typically lower premium solves for the same cover.
High-net-worth business owners seeking maximum upside with built-in protection against moderate market falls.
MGIUL 24
A full-floor indexed universal life design for clients who want index-linked growth with no exposure to negative index crediting.
The same account menu as PRO minus the S&P PRO account. Every indexed account carries the guaranteed 0% floor; maximum crediting at current rates is 11.53% on the S&P and Nasdaq Performance accounts (9.25% on Blended), with the Fixed Account at 4.75% current.
No negative index crediting in any market year; a guaranteed minimum cash value through the Cumulative Guarantee — 3.00% minimum average annualised policy value growth, assessed at full surrender; flexible funding and withdrawal options.
Clients who prioritise certainty of downside protection and a guaranteed cash value foundation over maximum crediting potential.
Every feature, compared side by side
Caps and crediting rates are Manulife's declared rates as at December 2025 (published February 2026). Caps are reviewed over time; only the 3.00% minimum cap is guaranteed. Multipliers are guaranteed for as long as the relevant account continues to be offered.
| Feature | MGIUL PRO | MGIUL 24 |
|---|---|---|
| Purpose | Maximum growth potential with structured downside protection | Steady, downside-protected growth |
| Maximum credited rate (current) | 13.80% on the S&P PRO account (12.00% cap enhanced by a guaranteed 15% multiplier) | 11.53% on the S&P and Nasdaq Performance accounts (9.30% cap enhanced by a guaranteed 24% multiplier) |
| Downside protection | −20% buffer on S&P PRO — Manulife absorbs the first 20% of any annual S&P 500 fall; falls beyond −20% produce a negative credited rate. All other indexed accounts carry the guaranteed 0% floor | Guaranteed 0% floor on every indexed account — no negative index crediting in any market year (policy charges continue to apply) |
| Account choices | S&P PRO; S&P Performance; Nasdaq Performance; Blended (S&P 500/Nasdaq-100, 50:50); Fixed Account at 4.75% current, 1.00% guaranteed | S&P Performance; Nasdaq Performance; Blended; Fixed Account — identical terms to PRO |
| Performance charge | None on S&P PRO | 0.0833% a month (approximately 1.00% a year) on the S&P and Nasdaq Performance accounts |
| Guarantees | Death Benefit Protection, automatic on every policy: the death benefit cannot lapse — up to age 121 — while the policy's DBP funding test is met and debt does not exceed policy value. No guaranteed cash value or Cumulative Guarantee | Cumulative Guarantee of 3.00% minimum average annualised policy value growth (assessed at full surrender), a guaranteed cash value, and five-year early-lapse protection |
| Risk/reward profile | Highest crediting potential; accepts negative crediting in severe market falls | Lower maximum crediting; complete segment-level downside immunity |
| Best for | HNW business owners prioritising long-term growth; typically supports lower premium solves | Clients prioritising downside immunity and a guaranteed cash value baseline |
| Uses | Key person cover, personal estate planning, shareholder buyouts, gratuity provision | The same uses, with a more conservative crediting profile |
Rates current as at the LIFE-6272 02/26 publication (December 2025 declared rates). Illustrated rates are not guaranteed. Sources: Manulife Global Indexed UL PRO — Built for Long-Term Performance and Protection (LIFE-6272 02/26); Manulife Global Indexed UL 24 — Built for Long-Term Performance and Protection (LIFE-6272 02/26).
20 years of backtested performance
Manulife has published a 20-year backtest for each indexed account, applying the caps, buffer, floor and multipliers declared as at December 2025 to actual S&P 500 and Nasdaq-100 returns for every monthly segment from 2006 to 2025.
Hypothetical past performance
This is hypothetical past performance under today's design — neither product existed for most of that window, so no policyholder received these crediting rates.
Constant caps assumed
The calculation holds the December 2025 caps constant across all 20 years; in practice caps are reviewed over time. Past hypothetical performance is not a guarantee of future results.
| 2006–2025 · 240 monthly segments | S&P PRO (MGIUL PRO only) | S&P Performance | Nasdaq Performance | Blended |
|---|---|---|---|---|
| The three shared accounts are structured identically in both products. The S&P PRO column applies to MGIUL PRO only. | ||||
| Average annualised crediting | 8.48% | 8.09% | 8.77% | 6.77% |
| Maximum credited rate | 13.80% | 11.53% | 11.53% | 9.25% |
| Segments crediting the maximum | 122 (51%) | 138 (58%) | 158 (66%) | 128 (53%) |
| Segments held at the downside boundary | 45 absorbed within the −20% buffer (19%) | 47 at the 0% floor (20%) | 35 at the 0% floor (15%) | 33 at the 0% floor (14%) |
| Segments credited negative | 4 (2%) | None | None | None |
Source: Manulife Global Indexed UL PRO and MGIUL 24 — Built for Long-Term Performance and Protection (LIFE-6272 02/26). Hypothetical backtest applying December 2025 declared rates to actual index returns 2006–2025. Past or hypothetical performance is not a guarantee of future results.
Highest average and most cap hits
The Nasdaq Performance account produced the highest backtested average and hit its maximum in two segments out of three — 158 of 240 (66%).
Buffer breached four times in 20 years
The S&P PRO account produced 8.48% with the highest maximum credited rate, and its −20% buffer was breached in only four of 240 segments — all maturing during the 2008–09 financial crisis.
Floor years followed by cap years
Where a segment returned the floor, the same account hit its cap the following year in 68% of cases (S&P Performance), 83% (Nasdaq Performance) and 73% (Blended).
One adjustment matters
The published figures are pure crediting calculations, before charges. The S&P and Nasdaq Performance accounts carry the performance charge of approximately 1.00% a year; S&P PRO carries none — so on a net-equivalent basis the Performance averages read closer to 7.1% and 8.0% against S&P PRO's 8.48%.
A Capital for Life derivation, approximate — not a Manulife figure.
The choice turns on which guarantee matters more
MGIUL PRO
Highest growth potential, a buffer against the first 20% of any market fall, and a guaranteed death benefit that cannot lapse while funded: growth with protection.
Choose when
Long-run net crediting performance is the priority — premium-financed designs, multi-pay accumulation, lower premium solves.
MGIUL 24
A full 0% floor on every indexed account and a guaranteed minimum cash value: steady, downside-immune accumulation.
Choose when
Clients require absolute segment-level downside immunity — no negative credited rate regardless of market conditions — and value the Cumulative Guarantee cash value certainty.
Capital for Life models both designs against the specific case before any recommendation is made.
Ready to compare for a specific case?
Capital for Life provides side-by-side suitability comparisons and full product illustrations for any specific case on request. Contact Carlton Crabbe and the advisory team directly.
What you get
Full product illustrations
Both products modelled on your client's age, face amount and funding pattern.
Suitability commentary
Written buffer-vs-floor rationale you can place directly in the client file.
Turnaround in 48 hours
Standard cases returned within two working days, premium-financed cases in five.
Sources & References
Figures and product specifications in this document are sourced from the Manulife issuer documentation listed below. Rates verified against source documents as at December 2025 (LIFE-6272 02/26).
- 01
Manulife Global Indexed UL PRO — Built For Long-Term Performance and Protection (LIFE-6272 02/26)
Declared rates and 20-year backtest data for the S&P PRO, S&P Performance, Nasdaq Performance and Blended Indexed Accounts.
- 02
Manulife Global Indexed UL 24 — Built For Long-Term Performance and Protection (LIFE-6272 02/26)
Declared rates and 20-year backtest data for the MGIUL 24 indexed accounts.
- 03
Manulife Global Indexed UL PRO — Specimen Contract (24MGIULPRO-NC, September 2024)
Death Benefit Protection provisions (Section 12), account mechanics and policy terms.
- 04
Manulife Global Indexed UL PRO — FAQ (September 2024)
Confirmation that MGIUL PRO carries the Death Benefit Protection feature in place of the Cumulative Guarantee and Guaranteed Cash Value.
- 05
Manulife Global Indexed UL — Contract Specimen (24MGIUL-C) and Product Guide (LIFE-5082 07/24)
MGIUL 24 Cumulative Guarantee, early-lapse protection, account terms and charges.
Prepared July 2026. Rates as declared December 2025 (LIFE-6272 02/26). Figures verified against the Manulife source documents listed above.
About Carlton Crabbe and Capital for Life
Founder and CEO, Capital for Life
Carlton Crabbe is the Founder and CEO of Capital for Life, an international life insurance advisory specialising in Indexed Universal Life and Private Placement Life Insurance for high net worth and ultra high net worth families, entrepreneurs and their advisers. With close to 30 years of specialist experience, and prior regulated roles at Barclays Private Bank and Grant Thornton, he designs cross-border IUL and PPLI structures for protection, liquidity and global estate planning across the UAE, UK, Europe, Africa, Asia and Australia.
Capital for Life has advised (U)HNW and corporate clients from Google, Red Bull, BlackRock, L'Oréal, private equity executives, the UK government, hedge fund managers, billionaires, and pop and sports stars. The firm works alongside financial advisers, tax specialists, trustees, private bankers, fiduciaries and family offices, designing high-value IUL and PPLI strategies, multi-pay and premium-financed solutions, policy loan arrangements and trust-based planning.
Important Information. This briefing has been prepared by Capital for Life Ltd (Company No. 12976386) as a factual comparison of two Manulife product designs, based on the issuer documentation listed in the Sources section. It does not constitute a personal recommendation; any recommendation will be made separately, as part of the advice process, once the full circumstances of the case have been assessed.
Manulife Global Indexed UL PRO and Manulife Global Indexed UL 24 are issued by The Manufacturers Life Insurance Company (Bermuda Branch), a branch of a Canadian-domiciled company incorporated under the laws of Canada, regulated in Bermuda by the Bermuda Monetary Authority. Neither product is available to citizens or residents of the United States or Bermuda, or to residents of Canada; further jurisdictional restrictions apply.
Cap rates and the Fixed Account crediting rate are declared rates, current as at December 2025 (published February 2026), and are subject to change by the issuer; only the contractual minima (3.00% minimum cap; 1.00% minimum Fixed Account rate) are guaranteed. The index-performance multipliers are guaranteed only for as long as the relevant accounts continue to be offered. The backtested figures are hypothetical: they apply current product parameters to historical index returns for periods before either product existed, and no policyholder received them. Past or hypothetical performance is not a guarantee of future results.
Policy charges apply in all years regardless of index performance, so policy value can fall in a year in which the credited rate is 0%. On the S&P PRO Indexed Account, index losses beyond the −20% buffer produce a negative credited rate and reduce policy value. Tax treatment depends on individual circumstances and the laws of the relevant jurisdiction; independent tax and legal advice should be obtained.
Capital for Life Ltd is regulated by FINMA (F01309072), SO-FIT (1260), and ARIF (32974).
Capital for Life Ltd · 5 Brayford Square, London E1 0SG · www.capitalforlife.com