I would not sign up for a 2.75MER. It basically means that your money is working harder for them than it is for you, and if subsequent year returns are lower than expected they get paid, you don't. Yet you have taken the risk. It is like being second in line on a bankrupcy..the secured creditor gets his money before anyone else.
I have no doubt that the salesperson will earn a very good commission on this...for a reason. It is very lucrative for Manulife and they encourage their salespeople to sell it by making the commission very attractive.