Considering the many life insurance companies available can be challenging. However, one name you might have encountered is John Hancock Life Insurance Company.
I used my experience and knowledge as a contracted agent who works with John Hancock to review products, underwriting, financial strength, competitor comparisons, and more!
Overview of John Hancock Life Insurance Company
John Hancock has a longstanding 150-plus-year reputation in the life insurance industry.
As a division of Manulife in Canada, John Hancock has more than 3.5 million policyholders, strong financial strength ratings, and many types of life insurance policies to help you.
John Hancock Life Insurance Co. USA and John Hancock Life Insurance Co. New York issue policies.
Underwriting Review
John Hancock’s life insurance underwriting is very competitive in several areas, including:
- High-Risk Medical Conditions:
- Cancer
- Heart Disease
- Diabetes
- HIV Positive
In addition to offering high-risk life insurance, John Hancock promotes healthy lifestyle choices, rewarding policyholders with the Vitality program and Aspire diabetes program.
Unlike Transamerica, John Hancock does well if there is a family history of heart attack death before 60 as they will consider preferred rates vs. Trans standard plus rate.
Non-medical Underwriting Expertise includes:
- Private Pilots
- Tobacco Underwriting
John Hancock is one of the few life insurance companies that offer non-tobacco rates for cigars, pipe, or tobacco chewing, even when lab results are positive for nicotine derivatives.
John Hancock Consume Guide to Life Insurance Underwriting
The other companies with similar tobacco underwriting include Cincinnati Life, Prudential, and Lincoln National.
Financial Strength
Hancock was recently ranked as one of the larger US-based life insurers, with their Manulife parent recording $7.2 billion of net income for 2022.
Independent rating organizations reported the following for 2024:
AM Best = A+ (2nd highest of 16)
Moody’s = A1 (5th highest of 21)
S&P = AA- (4th highest of 21)
Fitch = AA (3rd highest of 19)
The companies include John Hancock Life Insurance Company USA and John Hancock Life Insurance Company, New York.
John Hancock Life Insurance Products
Different types of life insurance are available, including:
- Term life insurance
- Universal life insurance
- Index universal life insurance
- Variable life insurance
Whether you need life insurance for family protection, business, or estate planning, John Hancock offers products to meet your needs.
Protection Term
The Protection term product is a level premium life insurance policy from John Hancock.
Protection Term Features include:
- Term Lengths Available
- 10-year term – Ages 18-80
- 15-year term – Ages 18-75
- 20-year term – Ages 18-65
- 30-year term – Ages 18-55 (50 for smokers) Not available in NY
- Minimum Face Amount – $250,000
- Maximum Face Amount – None, subject to retention and reinsurance limits
- Riders available include:
- Healthy Engagement Rider (Vitality Plus Program)
- Total Disability Waiver Rider
- Accelerated Benefit Rider
- Unemployment Protection Rider
You may convert your John Hancock term life insurance policy subject to the rules in place for your exact policy.
The conversion period is the lesser of the end of the level term period or reaching age 70. All permanent products John Hancock offers are available if you convert your policy during the first four years.
In policy year five or later, the products available for conversion are designated by JH.
Additional conversion options may be available if you have the Vitality Plus rider on your policy. It depends on the Vitality Status achieved, and state of residence.
Vitality Term
The Vitality Term product rewards living a healthy lifestyle by providing a discounted premium based on the Vitality Status level you achieved.
Vitality Term Features include:
- Term Lengths Available:
- 10-year term – Ages 20-80
- 15-year term – Ages 20-75
- 20-year term – Ages 20-65
- 30-year term – Ages 20-55 (50 for smokers)
- Minimum Face Amount – $250,000
- Maximum Face Amount – $30 Million
- Riders Available Include:
- Estate Preservation Rider
- Total Disability Waiver Rider
- Accelerated Benefit Rider
- Unemployment Protection Rider
The conversion privilege is similar to the Protection Term above.
Vitality Status levels available:
- Bronze
- Silver
- Gold
- Platinum.
John Hancock offers the following consumer-approved guide about Vitality – As of 06/02/2023
If you’re willing to share healthy lifestyle choices with John Hancock, you may be able to save on your premiums.
Universal Life Insurance Products
If you’re looking for a universal life insurance policy, John Hancock has several choices.
- Protection Universal Life
- Protection Survivorship Universal Life
- Accumulation Index Universal Life
- Protection Index Universal Life
- Protection Survivorship Index Universal Life
- Accumulation Variable Universal Life
- Protection Variable Universal Life
- Protection Survivorship Universal Life
A quick overview of each policy type is described below. We can compare other companies to Hancock, including Lincoln, AuguStar Life, Protective, etc.
Protection Universal and Protection Survivorship Policies
Both policies are designed to provide low-cost, guaranteed, no-lapse death benefit protection to age 121.
The Protection Universal policy insures one life, while the survivorship policy covers two lives and is used for estate planning.
Protection Universal
- Issue Ages – 3 Months – Age 90
- Minimum Face – $50,000
- Riders Available:
- Vitality Plus
- Long Term Care
- Critical Illness
- Cash Value Enhancement
- Return of Premium
- Disability
- Terminal Illness
- Chronic Illness
- Preliminary Funding Account
Protection Survivorship
- Issue Ages – 20 – 90
- Minimum Face – $250,000
- Riders Available:
- Vitality Plus
- Cash Value Enhancement
- Return of Premium
- Estate Preservation
- Policy Split Option
- Preliminary Funding Account
The Protection Universal and Protection Survivorship are great policies to consider when you want a death benefit and the premium you pay to be guaranteed as long as you live.
- No lapse guaranteed universal life insurance products
- Universal life products that build cash value
- Index universal life is 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 happily 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 in 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; some states define terminally ill as 12 months while others define it as 6 months. This rider may not be available in all states.
Cash Value Enhancement Rider
This rider enhances the cash value of a universal life policy during the initial years when there is a surrender charge for canceling coverage.
It’s good to have if you may consider canceling coverage during the initial surrender period.
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 disabled for at least six months without interruption.
Available at policy issue for ages 20-55.
There is a maximum benefit of $5,000 per month.
If disability occurs before age 60, premiums are waived until the earlier of age 94 or until recovery from the disability.
Stand-alone disability insurance policies are not available at John Hancock.
Final Thoughts
John Hancock Life Insurance Company is worth considering for your protection needs.
Please take a few minutes to submit your quote request today. We’ll review your request and provide you with accurate quotes for John Hancock as well as competitors.
Remember that there is never any pressure or obligation with our life insurance service.
