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John Hancock life insurance review 2023

Updated Jan 13, 2023
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Bottom Line

John Hancock Life Insurance Company offers a range of life insurance policies, and customers may have access to additional perks like discounts on fitness devices. However, there’s no online quoting tool and whole life coverage isn’t available.

Pros
  • Offers both term and permanent policies

  • Several riders

  • Vitality and Aspire with Vitality programs offer additional perks

Cons
  • Doesn’t offer guaranteed-issue life insurance

  • No online quote tool

  • No whole life policies available

Info
What’s new with John Hancock?

In September 2022, John Hancock began offering GRAIL's Galleri multi-cancer early detection test to eligible customers in the Vitality program. As the first life insurance company to offer such a test, John Hancock is helping its customers take control of their health. The test has been shown, in a clinical trial, to detect signs of over 50 types of cancer, 45 of which have no recommended screening tests.

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John Hancock life insurance

John Hancock life insurance might be a good option if you are looking for a policy with plenty of rider options, or if you want some extra health perks with your coverage. The company offers a few different types of life insurance and several endorsements that could help you broaden your coverage. Our John Hancock life insurance review analyzes the different coverage offerings to help you decide if the insurer is the best life insurance company for your needs.

  • Term: John Hancock’s term insurance comes in four policy lengths — 10, 15, 20 or 30 years — and offers death benefit amounts ranging from $250,000 to $65 million. Term life is often a popular choice among families who want coverage for a shorter period of time, such as when debt is being paid down or until children are independent.
  • Permanent: Permanent policies last throughout your life, as long as you pay the premiums, and feature a cash value in addition to the death benefit. Permanent coverage may be a good option for people over 50 years old who want coverage for the remainder of their lives. John Hancock offers three types of universal life insurance, but doesn’t sell whole life coverage.
    • Universal: Universal life insurance is a flexible option that allows you to adjust your death benefit and premium to meet the changing needs in your life.
    • Indexed universal: This type of universal life insurance invests its cash value portion in an index, such as the S&P 500 or the Dow Jones Industrial Average.
    • Variable universal: Variable universal life allows you to place your cash value in a broader set of investments. To learn more about variable universal life, contact a licensed financial professional.

Unfortunately, none of John Hancock’s policies are guaranteed-issue, which means that your eligibility will depend upon your answers to the application’s questions and potentially on the results of a medical exam. As you shop for life insurance, it may be helpful to use a life insurance calculator or work with a licensed agent to determine how much coverage you need and which policy type is best for your situation.

John Hancock life insurance endorsements

Endorsements, also called riders, add extra coverage to your life insurance policy. People looking for the cheapest life insurance may not want to add riders, as they will very likely increase the cost of a life insurance policy. However, the added coverage of riders might be worth it, depending on your situation. John Hancock offers several riders, including a critical illness benefit rider, an unemployment waiver of protection rider and an accelerated benefit rider. To learn more, talk to a John Hancock agent.

John Hancock life tools and benefits

John Hancock offers two interesting policy options, available for both term and permanent policies, called Vitality and Aspire with Vitality. If you add the Vitality program to your policy, you may have access to perks like discounts on wearable fitness devices, savings on groceries, and discounts on travel and in some retail stores.

The Aspire with Vitality program takes those benefits and adds another layer specifically designed for those with Type 1 or Type 2 diabetes. On top of the perks offered with Vitality, Aspire with Vitality gives policyholders access to virtual consultations with diabetes experts, health coaching and diabetic supplies at no additional cost.

John Hancock customer satisfaction

John Hancock life insurance third-party ratings are mixed. The company has an A+ (Superior) financial strength rating with AM Best, which measures the historical financial stability of an insurer. This metric may give you peace of mind that John Hancock has historically been a financially stable company and able to pay claims.

However, in the 2022 J.D. Power Individual U.S. Life Insurance Study, the company scored 749 out of 1,000 points, ranking it well below the industry average. However, John Hancock’s Complaint Index score with the National Association of Insurance Commissioners (NAIC) is lower than average at 0.35 for individual life insurance. Because the baseline is 1.00, a score of 0.35 means that the NAIC received fewer complaints than average about John Hancock life insurance. If you are considering a policy, this contradictory information might make it helpful to talk to current policyholders about their service experience first.

How to file a claim with John Hancock

If you have a John Hancock life insurance policy, you may want to make sure your beneficiary knows how to file a claim. Filing a life insurance claim can be emotional, so preparing your beneficiary with the necessary steps may relieve some of the stress. To file a life insurance claim with John Hancock, your beneficiary should:

  1. Call 1-888-887-2739
  2. Complete the online death claim notification form (or request that one be mailed, if your beneficiary prefer to fill it out by hand)
  3. Submit all required documents to John Hancock

Documents can be faxed to 1-617-572-1571 or mailed to either of the following addresses:

  • Regular mail:
    • Life Post Issue - Claims
      John Hancock PO Box 55979
      Boston, MA 02205
  • Overnight mail:
    • Life Post Issue - Claims
      John Hancock 410 University Avenue, Suite 55979
      Westwood, MA 02090

Once the claim is finalized, your beneficiary will work with a John Hancock representative to determine the best way to receive the policy proceeds.

John Hancock availability

John Hancock life insurance is available in all 50 states and Washington, D.C. However, the availability of certain products, riders and programs may vary by state. Talk to a John Hancock representative about your needs to find out exactly what options are available in your area.

Other John Hancock perks worth considering

In addition to life insurance, John Hancock offers a variety of other financial products that you might find appealing:

  • Financial advice: Finances can be complex and nuanced. John Hancock offers advisors who can help you develop a plan for each aspect of your financial health.
  • Investments: John Hancock’s financial advisors may be able to help you choose from a variety of investment products, including mutual funds and EFTs, to bolster your financial plan.
  • Market Dynamics resources: These are prepackaged presentations and webinars that can be used by individuals or groups to gain a better understanding of investment strategies and market stressors.
  • Retirement planning: A John Hancock representative could help you review your retirement plan and make adjustments if needed.

John Hancock corporate sustainability

John Hancock has a stated value in its community and gives back in several ways, especially in the Boston region, where it is headquartered. The MLK Scholars program, for example, sponsors summer employment for over 600 Boston teens. John Hancock’s Signature Corps gives employees a paid day off to volunteer each year and matches employee giving to eligible organizations up to $4,000.

John Hancock has also made supplier diversity a top priority, favoring vendors and partners from the Black, Indigenous and People of Color (BIPOC) communities, and investing more than $3.5 million over two years to promote diversity, equity and inclusion in their own workplace and the community.

When looking for the best life insurance for you and your loved ones, you may want to compare different companies to find what best fits your needs. If you aren’t sure if John Hancock is for you, consider these carriers:

John Hancock vs. State Farm

State Farm earned the top spot in the 2022 J.D. Power Life Insurance Study, indicating that the company’s policyholders are typically highly satisfied with its service. It also earned a Bankrate Award in 2022 and 2023 for best term life insurance. State Farm offers more insurance products than John Hancock, including whole life, auto insurance and home insurance — none of which are offered by John Hancock — so it could be a good choice if you prefer keeping your products in one place.

Learn more: State Farm Insurance review

John Hancock vs. Mutual of Omaha

Mutual of Omaha ranks highly in customer satisfaction according to J.D. Power and offers a no-medical-exam option for whole life insurance, which might be appealing if you have health issues but still need coverage. Mutual of Omaha also offers several types of health insurance, including long-term care insurance, disability income insurance and cancer insurance.

Learn more: Mutual of Omaha Life Insurance review

John Hancock vs. Northwestern Mutual

Northwestern Mutual won our 2023 Bankrate Award for best universal life insurance due to its high customer satisfaction ratings, strong financial strength and accessibility. On top of its life insurance offerings, Northwestern Mutual also offers financial planning, investment products and some health insurance products.

Learn more: Northwestern Mutual Life Insurance review

Is John Hancock a good insurance company?

Our John Hancock life insurance review analyzed several aspects of the company, including its policy types, available riders and customer satisfaction. Our editorial team includes a licensed life insurance agent, and we are familiar with the aspects of a life insurance company that matter most to consumers. John Hancock might be a good life insurance company if you are looking for additional perks, as the Vitality and Aspire with Vitality programs offer benefits not usually provided by life insurers. However, its customer satisfaction ratings vary, so talking with current customers before committing to a policy could be a good idea.

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