Life Insurance
John Hancock Life Insurance Review
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MoneyGeek’s Take: Is John Hancock Right for You?
John Hancock life insurance can be a good option for seniors looking for coverage. The company accepts applicants up to 80 years old for term insurance and 90 years old for a permanent policy.
If you’re a young individual with high coverage needs or someone who wants to enjoy the flexibility of customizing your plan based on your specific needs, John Hancock policies might work for you.
However, John Hancock isn’t ideal for people looking to earn dividends as the company doesn’t offer whole life insurance. For this type of policy, you may want to consider Northwestern Mutual. If you want a policy specifically for burial and funeral costs, AARP might be a better fit.
At a Glance: John Hancock Life Insurance
pros
Available in all states
Offers rewards and wellness programs
Accepts older adults up to 80 (term) and 90 (permanent) years old
cons
Doesn’t offer whole or final expense insurance
No online quote or application tool
Some policy options, riders and programs may not be available in all states
COMPANY HIGHLIGHTS
John Hancock has been in the insurance industry for 160 years, serving over 3.5 million customers across the country. The company got fewer customer complaints than average. According to the National Association of Insurance Commissioners (NAIC), John Hancock’s complaint index in 2022 was 0.34.
John Hancock offers four life insurance products:
- Term (10, 15, 20 or 30 years)
- Universal
- Indexed universal
- Variable universal
Term life insurance is available to individuals 18 to 80 years old, with coverage amounts ranging from $250,000 to $65 million. Permanent life insurance is available for three-month-old to 90-year-old individuals. You can get lifetime coverage from $50,000–$65 million. John Hancock also has an ExpressTrack program for 18 to 60 years old applying for single life insurance coverage of up to $3 million. Eligible applicants won’t undergo a health exam.
One of the advantages of having a John Hancock policy is access to certain rewards and wellness programs. You can add Vitality, which gives rewards to members engaging in healthy activities like walking, visiting the doctor or buying healthy food. Another good addition is the Aspire with Vitality, a rewards program for people living with type 1 or 2 diabetes.
John Hancock insurance products and programs are generally available in all states, but some features, like the 30-year term and Aspire with Vitality, may not be offered in some areas.
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Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
TABLE OF CONTENTS
- Is John Hancock Right for You?
- At a Glance: John Hancock Life Insurance
- John Hancock Life Insurance Policy Options Explained
- Term Life Insurance Options From John Hancock
- Universal Life Insurance Options From John Hancock
- John Hancock Life Insurance Riders
- How to Buy Life Insurance From John Hancock
- What to Do if John Hancock Denies You Coverage
Key Takeaways
John Hancock offers term and universal life insurance policies with coverage amounts of up to $65 million.
Term life insurance provides temporary coverage and is available in 10, 15, 20 and 30-year terms.
Universal life insurance policies provide permanent coverage and build cash value, which can be withdrawn.
John Hancock Policy Options Explained
In its 2022 Insurance Barometer Study, the Life Insurance Marketing and Research Association (LIMRA) reported that 44% of respondents said they would feel financial hardship within six months if they lost their primary wage earner. John Hancock provides life insurance options that could help in these situations. Learn more about the different policies and find out which one best fits your needs and situation.
Term Life Insurance Options From John Hancock
Term life insurance refers to a type of policy providing coverage for a specific period. Beneficiaries will receive a death benefit only if the policyholder passes away during the specified period. This type of policy comes with a lower premium than other plans.
John Hancock’s term insurance has four term lengths, including 10, 15, 20 and 30 years. Coverage amounts range from $250,000 to $65 million. Individuals 18 to 60 years of age can apply for a policy.
Although it doesn’t accumulate cash value, you can convert it to a permanent policy for cash value accumulation potential. You can also add different riders based on your needs. Term life insurance policyholders can join the Vitality and Aspire with Vitality rewards programs.
Term life insurance can be used for various purposes, including income replacement, mortgage and education. It’s ideal for younger individuals or those with temporary insurance needs. If you’re on a budget, this type of policy could also be right for you.
Universal Life Insurance Options From John Hancock
Universal life insurance provides lifetime coverage. It builds cash value, which you can borrow and withdraw. John Hancock’s universal life insurance policies are available to individuals aged 3 months to 90 years. You can get coverage ranging in amounts from $50,000 to $65 million.
Universal Life Insurance
John Hancock offers basic universal life insurance, which has the potential for cash value accumulation. Depending on your needs, you can withdraw the cash value or borrow from your policy. Just note that your cash surrender value and death benefit will be lower if you fail to repay the funds you borrowed. The carrier also allows policyholders to adjust the amount and frequency of their premium payments.
Indexed Universal Life Insurance
Similar to universal life, this type of policy also offers lifetime coverage, cash value accumulation and premium payment flexibilities. Its earning potential is based on a linked indexed account, which offers a quicker way to grow money with minimal risk. Policyholders have the freedom to adjust their premium allocation depending on their needs.
Variable Universal Life Insurance
This type of universal life insurance has the highest earning potential. Cash value growth depends on the performance of selected investment options. Depending on your investment strategy, you can also transfer funds across different investment options.
Buyers can get permanent coverage by choosing universal life insurance. It’s a good option for legacy planning. It’s also best for individuals who want to invest or accumulate more cash value.
Universal Life Insurance Options From John Hancock
Universal life insurance provides lifetime coverage. It builds cash value, which you can borrow and withdraw. John Hancock’s universal life insurance policies are available to individuals aged three months to 90 years. You can get coverage ranging in amounts from $50,000 to $65 million.
1
Universal Life Insurance
John Hancock offers basic universal life insurance, which has the potential for cash value accumulation. Depending on your needs, you can withdraw the cash value or borrow from your policy. Just note that your cash surrender value and death benefit will be lower if you fail to repay the funds you borrowed. The carrier also allows policyholders to adjust the amount and frequency of their premium payments.
2
Indexed Universal Life Insurance
Similar to universal life, this type of policy also offers lifetime coverage, cash value accumulation and premium payment flexibilities. Its earning potential is based on a linked indexed account, which offers a quicker way to grow money with minimal risk. Policyholders have the freedom to adjust their premium allocation depending on their needs.
3
Variable Universal Life Insurance
This type of universal life insurance has the highest earning potential. Cash value growth depends on the performance of selected investment options. Depending on your investment strategy, you can also transfer funds across different investment options.
Buyers can get permanent coverage by choosing universal life insurance. It’s a good option for legacy planning. It’s also best for individuals who want to invest or accumulate more cash value.
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Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
John Hancock’s Life Insurance Riders
An insurance rider is an optional coverage you can add to your policy at an additional cost. Riders allow policyholders to customize their plan and ensure that it covers all their insurance needs. John Hancock offers four types of riders.
Rider | Description |
|---|---|
Disability Rider | Waives premiums if the policyholder is unable to work for six or more months |
Unemployment Waiver of Protection Rider | Waives premiums for up to 12 months if the policyholder becomes unemployed. |
Accelerated Benefit Rider | Allows access to the death benefit, up to $1 million, if the insured is diagnosed |
Critical Illness Benefit Rider | Offers a lump-sum benefit of up to $250,000 if the insured gets diagnosed with a |
How to Get John Hancock Life Insurance
If you think John Hancock life insurance is right for your situation and needs, it's time to complete the application process.
How to Buy Life Insurance From John Hancock
1
Do Your Research
The first thing you need to do is make sure you understand all your options. Study the policy offerings and additional coverage options. You can also send an online request to connect with a John Hancock insurance professional.
2
Compare Quotes
Consider getting personalized quotes from multiple insurance carriers. Each insurer calculates premiums differently. Having multiple choices could help you find the most suitable policy at a fair price.
3
Health Check
A health exam is typically necessary when applying for a life insurance policy. This may include an interview, questionnaire and a medical exam. A health check will help the insurance provider with risk assessment.
4
Approval
Once you’re 100% sure about a policy, you can proceed with the application. Review the proposed policy and make sure you understand all terms and conditions. Check all types of fees and fines. Clarify all details with your agent. After submitting your application, the insurance carrier will determine whether or not to approve your application.
What to Do if John Hancock Insurance Denies You Coverage
In some cases, an applicant’s insurance application may be denied. If this happens, it’s important to know that you still have options.
1
Contact Your Broker
Reach out to your agent to ask them why you were denied coverage. This will help you understand the specifics and determine if there’s a way to modify your application to get approved for a policy.
2
Lifestyle Changes
Insurance providers consider your overall health when deciding whether to approve or deny your application. They may decide to postpone approval until the applicant’s health improves. Consider making lifestyle modifications to improve your odds of approval.
3
Explore Other Options
There are some ways to get a policy. For example, you can lower the coverage amount. You may also consider other policy types from other insurance providers. For instance, a final expense insurance policy is typically easier to get, but it may have higher premiums and limited coverage.
Frequently Asked Questions About John Hancock Life Insurance
MoneyGeek answers some frequently asked questions to help you better understand John Hancock’s life insurance.
Life Insurance
sources
- J.D. Power. "Both Life Insurance and Annuity Customer Satisfaction Decline as Pandemic Fears Wane, J.D. Power Finds." Accessed March 13, 2023.
- John Hancock. "Get the Life Insurance Protection You Need." Accessed March 13, 2023.
- John Hancock. "It’s Time to Get to Know John Hancock." Accessed March 13, 2023.
- John Hancock. "John Hancock Vitality." Accessed March 13, 2023.
- John Hancock. "Now There’s Life Insurance Designed for People Living with Diabetes." Accessed March 13, 2023.
- John Hancock. "Permanent Life Insurance, Peace of Mind." Accessed March 13, 2023.
- John Hancock. "Term Life Insurance: Just the Coverage You Need." Accessed March 13, 2023.
- LIMRA. "2022 Insurance Barometer Study." Accessed March 13, 2023.
- NAIC. "John Hancock Life Ins Co USA National Complaint Index Report." Accessed March 13, 2023.