John Hancock Life Insurance

John Hancock Life Insurance Hakkında

200 Berkeley Street Boston, MA 02116

Firma Açıklaması

John Hancock is a Boston-based company that was established in 1862. According to the National Association of Insurance Commissioners (NAIC), it is the eighth largest life insurance company in the United States. The firm has more than 3.5 million policyholders and generated almost $4.7 billion in life insurance premiums in 2020. John Hancock offers life insurance in every state and the District of Columbia.

Reasons Why

Term coverage available until age 80: John Hancock is one of the few insurance companies that will sell you term life coverage past the age of 80. We found John Hancock to be the finest senior life insurance company for term coverage.

No-medical-exam life insurance up to $3 million: You can acquire up to $3 million in coverage without having to submit to a medical exam if you’re 60 or younger. Most of the providers of such extensive insurance without medical exams have a cutoff age of 50.

Offers a wellness program: Vitality, John Hancock’s wellness program, offers members benefits including activity tracker discounts, hotel and retail savings, and even the chance to lower the cost of their life insurance. Some insurance include free enrollment in either the Vitality GO or Vitality PLUS programs.

Sells life insurance to diabetics: The Aspire program from John Hancock makes it simpler for persons with Type 1 and Type 2 diabetes to purchase life insurance. Access to virtual consultations with diabetes specialists, discounts on healthy foods, and other diabetes care resources are all made available through the Aspire program.

Cons

Most accelerated death benefit riders are not free: When compared to other leading life insurance providers we researched, John Hancock’s premiums were the highest for the majority of accelerated death benefit riders we looked at.

No online application or quote options: While competitors like MassMutual and Nationwide offer convenient online term life insurance quote tools, John Hancock does not. In addition, you’ll need the help of a broker or agent to fill out an application and buy insurance.

No option for whole life insurance: Whole life insurance is not offered by this company, so you’ll have to go elsewhere. John Hancock does not provide whole-life insurance.

Complaint Index

The number of complaints received by an insurance provider is correlated with its size according to the NAIC’s complaint index. One (1) is the average number of complaints received by a company of its size. A score below 1.0 indicates that the number of complaints received by the company is lower than expected. Companies that receive more customer complaints than usual have a score higher than 1.0.

With a complaint score of 0.34 (mean across three years), John Hancock receives much less complaints than would be expected. When compared to the other 91 life insurance providers in our database, such as Mutual of Omaha (1.067) and Protective (0.730), John Hancock has one of the lowest complaint rankings.

Third-Party Ratings

There are a lot of independent rating agencies that give John Hancock very good marks. AM Best has given it a financial strength rating of A+ (Superior), which takes into account things like the company’s balance sheet health, operating performance, and debt levels. John Hancock’s excellent ability to pay claims and fulfill other policyholder duties is demonstrated here.

In addition, in J.D. Power’s 2021 U.S. Individual Life Insurance Study, John Hancock received an above-average score for customer satisfaction. Among the top 21 life insurance companies, John Hancock rated 8.

Competition

We compared John Hancock to Transamerica and State Farm based on several criteria to evaluate the company’s strengths and weaknesses.

Items  John Hancock  Transamerica State Farm
Types of Coverage Term, universal, variable universal, index universal Term, whole, index universal, final expense Term, whole, universal, final expense
Online Application Not available Not available Not available
AM Best Rating A+ A A++
Price for Term Policies Not available Better than average Poor
NAIC Complaint Index (averaged over 3 years) 0.344 1.370 0.295
J.D. Power Ranking 8 19 1

 

Policies Available 

John Hancock provides a wide variety of options for life insurance. The available choices are as follows:

Term Life Insurance

Term life insurance provides protection for a predetermined number of years, most frequently between 10 and 30. Your beneficiary will get money if you die during the period. The rates for term life insurance are set and will not change during the policy’s term. At the end of the level term period, term life insurance policies from John Hancock are renewed annually and can be converted if desired. However, the premium will increase if you decide to renew the coverage.

Vitality Term: John Hancock’s Vitality Term policy offers ten, fifteen, twenty, or thirty years of coverage and as much as twenty million dollars in protection. You can change your term policy into permanent coverage up until age 70 before the conclusion of the term. John Hancock Vitality PLUS membership is included with this policy.

Protection Term: Insurance for 10, 15, 20, or 30 years with set rates that are guaranteed for the entire term and a conversion option that lasts until age 70: that’s the Protection Term insurance. Only at this issue can you get the whole disability waiver rider. The Protection Term policy gives you access to Vitality Go at no cost and Vitality PLUS for a monthly premium.

Universal Life Insurance

Permanent insurance with a cash value component is known as universal life insurance (UL). You can use the cash value in your policy to adjust the timing and size of your premium payments. In addition, the cash surrender value of a John Hancock UL policy can never be lower than zero and the policy will never lapse.

Protection UL: John Hancock’s standard universal life policy, the Protection UL, features a cash value accumulation component and flexible premiums. You can choose between the free Vitality GO program and the paid Vitality PLUS program when you buy the Protection UL policy.

Protection Survivorship UL: Protection UL and Protection UL with Survivorship offer the same foundational protections for you and your loved ones. Survivorship insurance, in contrast, covers two people and pays out a death benefit even if one of them dies.

Variable Universal Life Insurance

The premiums for variable universal life insurance (VUL) can be adjusted, and the policy’s cash value can grow over time, making it another permanent coverage option. The money you put into a variable universal life insurance policy (VUL) is invested and grows based on how the market does. Both of John Hancock’s variable universal life (VUL) policies come with a no-lapse guarantee that ensures your coverage will remain in effect so long as the required minimum premium is paid.

Accumulation VUL: John Hancock’s standard variable universal life (VUL) policy is called the Accumulation VUL. The premiums are adjustable, and the cash value grows in line with your preferences for investment. The Vitality GO program is included at no additional cost with this coverage.

Accumulation Survivorship VUL: Insuring two persons at once, such a married couple or business partners, is possible with an Accumulation Survivorship Variable Universal Life policy. After the death of the last insured, the policy pays out a death benefit.

Protection VUL: Protection Variable Universal Life Insurance is quite similar to Accumulation Variable Universal Life Insurance, however it does not have a no-lapse guarantee. That’s because the value of your insurance policy could become null and void if your investments perform poorly.

Indexed Universal Life Insurance

Indexed universal life insurance (IUL) provides cash value accumulation, premium flexibility, and optional death benefit design. The value of an IUL’s cash component rises in tandem with a stock market index, most frequently the S&P 500. There is a degree of risk associated with IUL plans due to their tremendous growth potential but lack of a guaranteed return.

Protection IUL: The Protection IUL from John Hancock is the company’s go-to IUL plan. Your policy won’t expire even if the value drops to zero thanks to the no-lapse guarantee.

Accumulation IUL: Premiums for an Accumulation IUL insurance can be funded in part or in full through a Preliminary Funding Account (PFA). You make an initial deposit into a PFA, and the insurance provider automatically deducts premium installments from that account and applies them to your policy. A personal financial account (PFA) offers security in the form of guaranteed returns.

Protection Survivorship IUL: Protection Survivorship IUL is a joint and survivor insurance policy. The beneficiary receives the death benefit upon the passing of the second insured.

Available Riders

A rider is an endorsement to a life insurance policy that provides coverage in circumstances not covered by the basic policy. For an additional premium, you can add most riders from John Hancock to your policy. John Hancock provides the following addendums to his will:

Waiver of Premium Rider

John Hancock offers a premium waiver rider known as the Total Disability Waiver that would cover up to $5,000 in monthly premium payments if you become totally and permanently disabled and unable to work for six months or longer. It will pay benefits for as long as you have a covered disability or until your policy expires, whichever comes first. A Vitality Term policy can have this rider added to it at no extra cost.

Disability Income Rider 

If you become disabled and are unable to work, a disability income rider might help supplement your income. The rider will begin paying out when you have been disabled for 90 days.

Terminal Illness Rider

If you have been diagnosed with a terminal disease and have less than a 12-month life expectancy, the terminal illness rider from John Hancock will allow you to receive up to half of your death benefit while you are still alive, up to a maximum of $1 million. Any Protection Term or Vitality Term life insurance policy can have this rider added to it at no extra cost.

Long-term Care Rider 

With a long-term care rider, your death benefit can be used for things like nursing home or adult day care bills, as well as hospice treatment. For an additional premium, this rider can be applied to any permanent life insurance policy issued by John Hancock.

Critical Illness Rider

If you suffer from a severe disease that is covered by your policy’s rider, you will receive financial compensation. For an additional premium, this rider can be applied to any permanent insurance policy. John Hancock’s critical illness rider is unique among life insurance providers in that it does not diminish the death payout. This rider allows you to receive monthly reimbursement from John Hancock for approved long-term care expenses in an amount of your choosing, without having to use any of your death benefit.

Unemployment Protection Rider

For a premium, you can add John Hancock’s Unemployment Protection Rider to your Vitality Term or Protection Term policy. If you lose your job, your premium will be forgiven and you’ll receive up to $10,000 annually (for plans with a maximum value of $5 million). This rider can be used twice during the level duration at no additional cost to you.

Customer Service

John Hancock’s phone lines are open Monday through Friday, 8 a.m. to 6 p.m. Eastern Time, for your convenience. Here are the numbers:

  • General information: 1-800-732-5543
  • Claims: 1-888-887-2739
  • Vitality programs: 1-888-333-2659

Judgment Reached

John Hancock is a solid choice for those over the age of 60 who are shopping for a permanent or term life insurance coverage. John Hancock allows applicants up to age 80 for term coverage, although many other carriers cap the threshold at 75. Two of the insurance are convertible until the policyholder reaches age 70. In addition to its death benefit, the firm provides its policyholders with enticing living benefits including a critical illness rider and a diabetic management program designed specifically for those with the disease.

FAQs

If the claim holder has passed away, you can file a claim with John Hancock Life Insurance by calling the company or going online to do so. Once the claim is processed and approved, the funds will be transferred to either a bank account, a Safe Access Account, or a personal checking account.
Express claims with John Hancock Life Insurance are processed quickly. The policyholder’s death benefit must be less than $50,000 per beneficiary, the beneficiary must be an adult U.S. resident, the insured’s death must have happened in the U.S., and the date of death must be at least two years after the policy’s issuance.
Manulife Financial now owns John Hancock. On April 28, 2004, Manulife Financial and John Hancock Financial Services, Inc. formally merged into one company. The policyholders who invest in Manulife Financial Corporation are the company’s sole owners.

Methodology

We ranked over 90 insurers in five broad categories including financial soundness, customer satisfaction, product and feature variety, the overall buying experience, and cost using a rating methodology we developed based on consumer objectives and life insurance firm fundamentals.

We used 55 different indicators and collected over 5,000 data points to accomplish this. We examined insurers’ results across a variety of measures by classifying them into categories and scoring them accordingly.

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