John Hancock Life Insurance Review

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If you worry about how your loved ones will fare after you pass, planning for such an event is necessary, even if it’s uncomfortable. Life insurance is the best way to financially provide for those who depend on you once you’re gone. Your beneficiaries will receive a tax-free payout that will help them transition from the loss a little easier. The John Hancock Life Insurance Company is one of the top life insurance providers and should be on your shortlist of insurers to compare.

John Hancock life insurance

John Hancock is 155 years old and provides life insurance to more than 2.6 million individuals. The company prides itself on being “the first life insurance company in the United States to offer a wellness-based rewards program.”

Policyholders of The John Hancock Life Insurance Company Vitality Program will earn rewards for everyday healthy habits such as exercising, going for walks, getting regular health exams and eating well. The rewards include premium discounts, travel savings and gift cards.

Besides the health rewards program, individuals with medical conditions such as diabetes may qualify for life insurance. John Hancock’s underwriters specialize in high-risk health issues to approve individuals with hard-to-insure medical conditions.

Types of life insurance policies offered

John Hancock gives you the flexibility you need when you’re in search of life insurance. You can choose from two main types of life insurance:

Term life insurance

The John Hancock Life Insurance Company’s term life insurance policies are available for term lengths of 10, 15 or 20 years for policies of $25,000 to $5,000,000. Quotes are available through the company website. Term policies can be converted to permanent life insurance if you’d like to extend your coverage.

Permanent life insurance

John Hancock’s permanent life insurance products consist of three universal life options. All three come with the added flexibility of adjusting your death benefit and the frequency and amount of your premium payments. Permanent life insurance policies are tax-deferred and are good for your lifetime. Unlike term life insurance, they don’t have an end date.

John Hancock’s universal life policies come with two components: a death benefit payout for your loved ones and a cash value account you can draw from while you’re alive.

Final expense life insurance

Final expense life insurance from John Hancock is a guaranteed policy with no medical exams for applicants age 55 to 80. It comes with smaller payouts of $2,000 to $20,000, designed to pay for final expenses such as funeral costs, and costs as little as $12 per month.

Universal life insurance

John Hancock’s universal life policies provide a level of flexibility you won’t find from term life insurance. The three universal life products are:

  • Universal Life Insurance — flexible payment options and a cash value account that earns interest and can be accessed by the policyowner in the form of withdrawals or loans.
  • Indexed Universal Life Insurance — the cash value account can grow faster due to the index fund it’s tied to.
  • Variable Universal Life Insurance — with the most investment options available, a variable policy can earn more than the other types of universal policies but comes with higher risk.

Aspire with Vitality

John Hancock insures individuals with diabetes through the Aspire with Vitality program. You’ll be able to purchase life insurance and receive wellness support tailored to your medical needs through the Vitality program. According to the company, 88% of applicants with type 2 diabetes were approved for coverage.

John Hancock ratings, reviews, customer satisfaction and complaints

Finding the best life insurance company takes a little research. There are plenty of options out there so it’s important to look at a company’s financial strength and what customers have to say about the service the insurer provides. Here’s a closer look at The John Hancock Insurance Company:

John Hancock life insurance reviews
AM Best financial rating A+
Moody’s financial rating A1
S&P Global financial rating AA-
J.D. Power Customer Satisfaction score 739/1,000, #17 in the ranking
Better Business Bureau rating A+

Reasons why John Hancock is a great option

There aren’t very many drawbacks to a life insurance policy from John Hancock. They may not have the lowest-cost premiums, but the insurance company provides value. Choose John Hancock if good health and wellness are a part of your lifestyle. The added support you’ll receive through John Hancock’s Vitality Program is unique for a life insurance company. And even if you’re not health-oriented but would like to be, having extra rewards for making healthy choices may be the motivator you need to get in shape.

Frequently asked questions

What is the best life insurance company?

There are many life insurance companies to choose from. The best company is the one that meets your insurance needs at a price you can afford. To find the right insurer, research customer reviews and ratings to learn more about how the company handles insurance claims and complaints. Be sure to get a few quotes to compare pricing before you decide.

What is the difference between term and permanent life insurance?

Term life insurance covers you for a set period of time and pays out a certain amount of money to your beneficiaries. Permanent life insurance also has a payout after your death. Plus, there’s a cash value account you can access while you’re alive.

Can I get life insurance if I have diabetes?

John Hancock is one of the few companies to work with people who may have chronic medical conditions. The John Hancock Life Insurance Company underwrites individuals with diabetes through the Aspire Program. According to the company, 88% of applicants with type 2 diabetes were approved for coverage.

How do I withdraw money from my cash value account?

Permanent life insurance policies come with a cash value component you can access throughout your lifetime. To withdraw funds from your John Hancock life insurance policy, you’ll need to fill out a Dividend Withdrawal Form. Processing times for disbursements are seven to ten business days.