John Hancock Life Insurance Review
John Hancock offers term and universal life insurance and the Vitality program.
John Hancock Overview
Life insurance is offered by John Hancock Life Insurance Co. USA and John Hancock Life Insurance Co. New York.
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
John Hancock, Cincinnati Life, Prudential, and Lincoln National will give non-tobacco rates for cigars, pipe, and chewers if their urine sample is positive.
If you have diabetes, the John Hancock Aspire program is a great life insurance program to consider.
Financial Strength
Hancock was recently ranked as one of the larger US-based life insurers, with revenue of $12.2 billion.
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 minimum amount of coverage is $250,000
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.
John Hancock just announced that customers are being awarded 400 Vitality points for getting the COVID vaccine.
Universal Life Insurance Products
Product types available:
- No lapse guaranteed universal life insurance products
- Universal life products that build cash value
- Index universal life are available.
Hancock offers a survivorship product for estate planning purposes.
John Hancock Protection IUL and John Hancock Accumulation IUL
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 interest crediting based on the performance of the S&P 500 or the Hang Seng index.
These policies offer many features that index universal life insurance buyers desire.
Other index universal life policies to consider include AXA Equitable, Lincoln National, and North American.
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 depend on the product, 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.
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 up to 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.
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.
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.
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Michael J. Horbal
Owner of RiskQuoter
Too many people overpay for life insurance because they have the wrong life insurance company, agent, or both. That’s why I started RiskQuoter – To help you get the best life insurance rates available.
As an independent insurance agent, I’m licensed in all 50 states and the District of Columbia and offer 40+ life insurance companies to ensure you get your best rate!
By Michael Horbal – Updated on 01/28/2023