John Hancock offers term and universal life insurance, and the Vitality program.
Life insurance is offered by John Hancock Life Insurance Co. USA and John Hancock Life Insurance Co. New York.
John Hancock Overview
Hancock is a great life insurance company worth considering.
John Hancock Underwriting Review
John Hancock life insurance underwriting is very competitive across the board.
For certain high-risk medical conditions such as cancer, diabetes, HIV, tobacco users, John Hancock is tough to beat.
Medical issues where John Hancock is competitive include:
- Cancer Life Insurance
- Heart Disease Life Insurance
- Diabetes Life Insurance
- Life Insurance for People with HIV
- Truvada Life Insurance
Non-medical Underwriting Expertise includes:
- Non-Tobacco Life Insurance
- Private Pilots
If you have diabetes, John Hancock Aspire program is a great life insurance program to consider.
Rating Information
Hancock was recently ranked as one of the larger US-based life insurers, with revenue of $12.2 billion and ranked #11 in overall life insurance sales.
Independent rating organizations reported the following on 02/13/2019
AM Best = A+ (2nd highest of 16)
Moody’s = A1 (5th highest of 21)
S&P = AA- (4th highest of 21)
Fitch = AA- (4th highest of 19)
The companies include John Hancock Life Insurance Company USA and John Hancock Life Insurance Company, New York.
John Hancock Product Information
Different types of life insurance, including term life insurance and universal life insurance, are available.
John Hancock Term
Features include:
Level Premiums – During the 10, 15 or 20 year term period, premiums remain level.
The conversion period is the lesser of the end of the level term period or age 70.
Term policies may be converted during the first 4 years to any product offered. In policy year 5 or later, the products available for conversion are designated by JH.
Vitality Program
Vitality is a feature offered by John Hancock that rewards consumers for healthy living.
Features include:
Level Premiums – During the 10, 15 or 20 year term period, premiums remain level.
Vitality offers four status levels – Bronze, Silver, Gold, and Platinum.
Attaining higher status levels offers additional benefits such as lower premiums and rewards.
The conversion period is the lesser of the end of the level term period or age 70.
The Vitality status level obtained determines what policies are available for conversion.
Universal Life Insurance Products
No lapse guaranteed universal life insurance products, universal life products that build cash value, and index universal life are available.
Hancock offers a survivorship product for estate planning purposes.
John Hancock Protection IUL and John Hancock Accumulation IUL
Both of these are indexed universal life insurance policies with the Accumulation product offering the potential to build greater cash values.
The minimum coverage amount is $50,000
This index universal life insurance policy offers you the potential to build cash value over time, based on the performance of the S&P 500 or the Hang Seng index.
These policies offer many features that indexed universal life insurance buyers desire. Other index universal life policies to consider include AXA Equitable and Lincoln National.
We’ll be happy to provide you with illustrations and consumer approved product details when we discuss.
John Hancock Life Insurance Riders
John Hancock offers life insurance riders for their policies.
The riders available will depend on the product type you choose, the state of policy ownership, and other factors that will be explained with your quotes.
Accelerated Benefit Rider
Hancock’s accelerated benefit rider is a no-cost rider that accelerates up to 50% of the death benefit up to $1,000,000 to you in the event you are diagnosed as terminally ill.
The exact details vary by state as some states define terminally ill as 12 months while others define it as 6 months. This rider may not be available in all states.
Unemployment Protection Rider
This additional cost rider waives your premium up to $10,000 annual maximum.
The unemployment rider waives 12 months premium and may be used a maximum of two times during your level term period.
Total Disability Waiver (TDW)
This additional cost rider waives all premiums if the insured becomes totally disabled for at least 6 months without interruption. (full details are provided to you with illustrations).
Available at policy issue for ages 20-55.
There is a maximum benefit of $5,000 per month.
If disability occurs prior to age 60, premiums are waived until the earlier of age 94 or until recovery from the disability.
In conclusion:
We’ll let you know what companies have to say in terms of underwriting and price.
Please take a few minutes to submit your quote request today.
Keep in mind that there is never any pressure or obligation with our life insurance service.
We’ll provide you with the information you need in order to make an informed decision about your life insurance.
Michael J Horbal
I’m the owner of RiskQuoter. We specialize in life insurance underwriting, helping you get the best rates whether you have perfect health or a history of medical problems.
Last Updated – January 26, 2021