John Hancock Life Insurance Company, founded in 1862, is one of the oldest companies in the U.S, and it is known for offering a comprehensive range of life insurance policies to customers, from life insurance for children to senior citizens. It offers solid value for the money, and even provides policies for those who don’t usually qualify, such as individuals with diabetes.
|Been in business for 160 years||Policies can be on the expensive side|
|Offers both term and permanent policies||No online quote tool|
|Aspire with Vitality program provides wellness support to diabetics||No whole life policies available|
|Discounts on healthy food, fitness devices, and travel|
With 160 years of life insurance experience, John Hancock has the knowledge base and resources to offer life insurance and other financial products to individuals looking for a way to provide enough coverage for their loved ones if they should pass away.
With John Hancock, you have the flexibility to choose from a number of life insurance offerings, including term insurance and a list of riders to choose from, that can help you personalize your policy. They also offer permanent policies and several types of universal life insurance. Something that sets John Hancock apart from other companies is their Aspire with Vitality program, which offers insurance and wellness support to those with diabetes.
John Hancock life insurance coverage types
John Hancock’s life insurance policies include both major types of insurance — term and permanent. Permanent policies are offered in various universal life policy types. Term insurance is also available for 10 to 30 years for a payout of up to $65 million. Most policies will require a medical exam.
- Term: John Hancock’s term insurance lets you choose the term, between 10 and 30 years, that works for you and your family. You also choose your coverage amount, with a range from $750,000 up to $65 million. Term insurance is generally more affordably priced compared to other permanent life insurance policy types, and offers coverage only for as long as needed.
- 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. John Hancock’s permanent policies are in the universal life category, which means they offer more flexibility than whole life insurance. With universal life, you can increase or decrease your death benefit and premium payment if necessary. John Hancock has three kinds of universal life policy:
- Universal life: Cash value grows based on a credited interest rate
- Indexed universal life: Cash value growth is based on the performance of a linked indexed account
- Variable universal life: Offers the most cash value growth potential. Investment options are broad, and span a range of risk categories
John Hancock life services
A program that is unique to John Hancock is the Aspire with Vitality program, for those with Type 1 or Type 2 diabetes. The program allows these individuals to purchase life insurance at up to 25% off, provides discounts and virtual consults with diabetes experts and offers tools, education and incentives to support policyholders.
John Hancock also offers other financial services, including investment programs with personal advisors and retirement savings options. Clients can speak with financial professionals to help prioritize and chart their investment strategies.
Other John Hancock perks worth considering
- John Hancock Vitality Plus: This is a benefit for policyholders, Vitality Plus lets you save up to 25% on your policy, purchase discounted Apple watches and other products, save on food, travel and retail purchases, and more for a small monthly fee.
- Vitality Go: This is a free program for policyholders with discounts on fitness devices and foods to encourage healthy living, discounts at REI, and free tips and content from health experts.
- Insights blog: The John Hancock website has an Insights center with articles centered on advice on estate planning, wills, investments, and more.
- 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.
John Hancock life insurance customer and claims satisfaction
John Hancock life insurance third-party ratings are generally good. It has an A+ (Superior) rating with AM Best, which measures the historical financial stability of an insurer — or in other words, whether they likely have the funds available to pay out claims. S&P Global gives it an AA- financial strength rating.
In the 2021 J.D. Power U.S. Life Insurance Study, the company scored 781 out of 1,000 points, ranking it above industry average. However, its complaint index score with the National Association of Insurance Commissioners (NAIC) is higher than average, also, coming in at 2.56, where anything over 1 is above the normal number of complaints.
John Hancock social responsibility
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. Other initiatives include John Hancock’s Signature Corps, made up of employee volunteers who work on more than 100 projects each year with the company’s support.
John Hancock has also made supplier diversity a top priority, favoring vendors and partners from the BIPOC community, and investing more than $3.5 million over two years to promote diversity, equity and inclusion in their own workplace and the community.
Not sure if John Hancock is right for you? Consider these alternatives
- State Farm: State Farm earned the top spot in the 2020 J.D. Power Life Insurance Study, indicating that the company’s policyholders are typically highly satisfied with its service. It also earned a 2022 Bankrate Award for its accessible online tools and top-notch customer service.
- Mutual of Omaha: This company ranks highly in customer satisfaction and offers no-medical-exam options, an excellent digital app and an easy online quote process.
- Northwestern Mutual: Northwestern Mutual has a full range of term, whole life and universal life insurance policies — some of which feature annual dividend payments, which could be an added benefit for policyholders.