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John Hancock Life Insurance Review

What We Think

John Hancock offers straightforward coverage with some available riders. They do offer competitive term rates and programs to earn rewards and even reduce some premiums. There is an easy way to apply, and a usual amount of waiting time for coverage. This being said, John Hancock is a good life insurance company if you’re looking for basic coverage or are a first-time shopper. There aren’t a plethora of extra frills, but what they do, they do well. 

Pros

  • Online application

  • Reasonably priced monthly premiums

  • Discounts for healthy lifestyles

  • Special coverage for people with diabetes

Cons

  • Lengthy process to change policy

  • Customer service needs improvement

  • Website lacks detailed information


Ease of Application

John Hancock is available in all 50 states, however some policies and programs vary slightly. After answering a questionnaire, you can receive a quote online. You can also speak to a representative over the phone if that is what you prefer. Underwriting takes about two weeks, which is the usual amount of time for life insurance policies. You are able to pay online or by check. 


Third Party Rating

A.M. Best: A+

Moody’s: A2

Standard & Poor’s: AA-

BBB: B

Consumer Affairs: 1.75 / 5

Consumer Advocate: 4 / 5

J.D. Power: 2 / 5

NAIC complaint index: 0.3


Special Features

Policyholders are able to convert from a term to a permanent life insurance policy at any time before they turn 70, and can do so without additional fees or a medical exam.

Vitality Rewards Program - John Hancock offers a rewards program based on your healthy lifestyle. You can get rewarded for making healthy choices and receive savings and discounts. You earn rewards like Amazon gift cards, or even an Apple Watch, by visiting the doctor routinely, eat healthy food, and exercise regularly.

Aspire Program - For people with diabetes, John Hancock provides a life insurance and savings plan option. Consumers are eligible after they sign up for a life insurance policy and talk to a representative about the program. In addition to the benefits of the regular life insurance policy, you also receive a welcome kit with a blood glucose monitor and test strips, and access to the Onduo app, which has educational info, clinical support, and a care team.


Policy Details

Term Insurance

John Hancock offers term coverage for 10-, 15-, or 20-year term lengths in coverage amounts of $25K - $65M. They do not offer the option to browse their policies online. You must get in touch with a financial professional and licensed agent to view the best options available. Term policyholders with John Hancock will have fixed premiums, so they will not have to worry about rising premium costs. These policies are convertible to permanent policies, however there is a new application and forms process you must go through.

Permanent Life Insurance

John Hancock’s permanent policies are designed to grow with you, offering lifetime coverage. There are three types of permanent coverage offered:

  1. Universal Life Insurance - This flexible, customized policy allows you to decide both the timing and amount of your premium. Accumulation of cash value with lifetime protection help meet your current needs while also planning financially for the future. Key benefits of this include:

    1. Payments can be adjusted for both frequency and amount

    2. Based on the credited interest rate, your policy grows over time

    3. If you replace it, you can borrow cash funds from your policy without decreasing your value or final payout

  2. Indexed Universal Life Insurance - This plan is similar to universal life, however there are more opportunities to grow cash value. Linking an indexed account allows you to earn interest based on your performance. This way you can grow money quicker, but with lower risk. Key benefits of the indexed universal life plan include:

    1. The policy does not directly participate in market, stock, or equity investments

    2. If you replace it, you can borrow cash funds from your policy without decreasing your value or final payout

    3. The flexibility to switch between premium allocations as needs change

  3. Variable Universal Life Insurance - This plan is also flexible and offers lifetime protection, however this policy also allows for the most cash growth. You can choose amongst an array of investment opportunities. Some of these investments may come with higher risks. You get to decide exactly how much risk you’d like to take. This method means your cash value may change depending on market conditions. Key benefits include:

    1. Potential for the largest cash growth. This depends on the performance of the investments you choose

    2. If you replace it, you can borrow cash funds from your policy without decreasing your value or final payout

    3. The ability to transfer funds between different investment and build new strategies with the changing markets

Available Riders:

John Hancock offers several optional riders to choose from. While some may add additional costs, the offer the opportunity to receive more benefits in different circumstances. These riders include:

  • Accidental Death benefit - in the event in the policyholder’s death due to an accident, the payout will go to the beneficiaries

  • Child benefit - benefit payout in the event your child passes away

  • Accelerated Death Benefit - If you are diagnosed with a terminal illness, you receive your death benefit, up to $1M.

  • Disability Benefit - You receive a waiver for premiums if you become totally disabled for at least 6 consecutive months

  • Long-Term Care Rider - can help cover long-term-care expenses

  • Spousal Rider - you have the ability to add your spouse to your policy instead of getting them a whole new one