John Hancock Life Insurance Review

Updated: October 31, 2024

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MoneyGeek’s Take: Is John Hancock Right for You?

John Hancock life insurance can be a good option for seniors looking for coverage. The company accepts applicants up to 80 years old for term insurance and 90 years old for a permanent policy.

If you’re a young individual with high coverage needs or someone who wants to enjoy the flexibility of customizing your plan based on your specific needs, John Hancock policies might work for you.

However, John Hancock isn’t ideal for people looking to earn dividends as the company doesn’t offer whole life insurance. For this type of policy, you may want to consider Northwestern Mutual. If you want a policy specifically for burial and funeral costs, AARP might be a better fit.

At a Glance: John Hancock Life Insurance

John Hancock

pros

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Available in all states

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Offers rewards and wellness programs

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Accepts older adults up to 80 (term) and 90 (permanent) years old

cons

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Doesn’t offer whole or final expense insurance

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No online quote or application tool

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Some policy options, riders and programs may not be available in all states

COMPANY HIGHLIGHTS

John Hancock has been in the insurance industry for 160 years, serving over 3.5 million customers across the country. The company got fewer customer complaints than average. According to the National Association of Insurance Commissioners (NAIC), John Hancock’s complaint index in 2022 was 0.34.

John Hancock offers four life insurance products:

  • Term (10, 15, 20 or 30 years)
  • Universal
  • Indexed universal
  • Variable universal

Term life insurance is available to individuals 18 to 80 years old, with coverage amounts ranging from $250,000 to $65 million. Permanent life insurance is available for three-month-old to 90-year-old individuals. You can get lifetime coverage from $50,000–$65 million. John Hancock also has an ExpressTrack program for 18 to 60 years old applying for single life insurance coverage of up to $3 million. Eligible applicants won’t undergo a health exam.

One of the advantages of having a John Hancock policy is access to certain rewards and wellness programs. You can add Vitality, which gives rewards to members engaging in healthy activities like walking, visiting the doctor or buying healthy food. Another good addition is the Aspire with Vitality, a rewards program for people living with type 1 or 2 diabetes.

John Hancock insurance products and programs are generally available in all states, but some features, like the 30-year term and Aspire with Vitality, may not be offered in some areas.

TABLE OF CONTENTS

Key Takeaways

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John Hancock offers term and universal life insurance policies with coverage amounts of up to $65 million.

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Term life insurance provides temporary coverage and is available in 10, 15, 20 and 30-year terms.

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Universal life insurance policies provide permanent coverage and build cash value, which can be withdrawn.

John Hancock Policy Options Explained

In its 2022 Insurance Barometer Study, the Life Insurance Marketing and Research Association (LIMRA) reported that 44% of respondents said they would feel financial hardship within six months if they lost their primary wage earner. John Hancock provides life insurance options that could help in these situations. Learn more about the different policies and find out which one best fits your needs and situation.

Term Life Insurance Options From John Hancock

Term life insurance refers to a type of policy providing coverage for a specific period. Beneficiaries will receive a death benefit only if the policyholder passes away during the specified period. This type of policy comes with a lower premium than other plans.

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    John Hancock’s term insurance has four term lengths, including 10, 15, 20 and 30 years. Coverage amounts range from $250,000 to $65 million. Individuals 18 to 60 years of age can apply for a policy.

    Although it doesn’t accumulate cash value, you can convert it to a permanent policy for cash value accumulation potential. You can also add different riders based on your needs. Term life insurance policyholders can join the Vitality and Aspire with Vitality rewards programs.

Term life insurance can be used for various purposes, including income replacement, mortgage and education. It’s ideal for younger individuals or those with temporary insurance needs. If you’re on a budget, this type of policy could also be right for you.

Universal Life Insurance Options From John Hancock

Universal life insurance provides lifetime coverage. It builds cash value, which you can borrow and withdraw. John Hancock’s universal life insurance policies are available to individuals aged 3 months to 90 years. You can get coverage ranging in amounts from $50,000 to $65 million.

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    Universal Life Insurance

    John Hancock offers basic universal life insurance, which has the potential for cash value accumulation. Depending on your needs, you can withdraw the cash value or borrow from your policy. Just note that your cash surrender value and death benefit will be lower if you fail to repay the funds you borrowed. The carrier also allows policyholders to adjust the amount and frequency of their premium payments.

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    Indexed Universal Life Insurance

    Similar to universal life, this type of policy also offers lifetime coverage, cash value accumulation and premium payment flexibilities. Its earning potential is based on a linked indexed account, which offers a quicker way to grow money with minimal risk. Policyholders have the freedom to adjust their premium allocation depending on their needs.

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    Variable Universal Life Insurance

    This type of universal life insurance has the highest earning potential. Cash value growth depends on the performance of selected investment options. Depending on your investment strategy, you can also transfer funds across different investment options.

Buyers can get permanent coverage by choosing universal life insurance. It’s a good option for legacy planning. It’s also best for individuals who want to invest or accumulate more cash value.

Universal Life Insurance Options From John Hancock

Universal life insurance provides lifetime coverage. It builds cash value, which you can borrow and withdraw. John Hancock’s universal life insurance policies are available to individuals aged three months to 90 years. You can get coverage ranging in amounts from $50,000 to $65 million.

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    Universal Life Insurance

    John Hancock offers basic universal life insurance, which has the potential for cash value accumulation. Depending on your needs, you can withdraw the cash value or borrow from your policy. Just note that your cash surrender value and death benefit will be lower if you fail to repay the funds you borrowed. The carrier also allows policyholders to adjust the amount and frequency of their premium payments.

  2. 2
    Indexed Universal Life Insurance

    Similar to universal life, this type of policy also offers lifetime coverage, cash value accumulation and premium payment flexibilities. Its earning potential is based on a linked indexed account, which offers a quicker way to grow money with minimal risk. Policyholders have the freedom to adjust their premium allocation depending on their needs.

  3. 3
    Variable Universal Life Insurance

    This type of universal life insurance has the highest earning potential. Cash value growth depends on the performance of selected investment options. Depending on your investment strategy, you can also transfer funds across different investment options.

Buyers can get permanent coverage by choosing universal life insurance. It’s a good option for legacy planning. It’s also best for individuals who want to invest or accumulate more cash value.

John Hancock’s Life Insurance Riders

An insurance rider is an optional coverage you can add to your policy at an additional cost. Riders allow policyholders to customize their plan and ensure that it covers all their insurance needs. John Hancock offers four types of riders.

Rider
Description

Disability Rider

Waives premiums if the policyholder is unable to work for six or more months
due to a disability.

Unemployment Waiver of Protection Rider

Waives premiums for up to 12 months if the policyholder becomes unemployed.

Accelerated Benefit Rider

Allows access to the death benefit, up to $1 million, if the insured is diagnosed
with a terminal illness.

Critical Illness Benefit Rider

Offers a lump-sum benefit of up to $250,000 if the insured gets diagnosed with a
qualified critical illness.

How to Get John Hancock Life Insurance

If you think John Hancock life insurance is right for your situation and needs, it's time to complete the application process.

How to Buy Life Insurance From John Hancock

  1. 1
    Do Your Research

    The first thing you need to do is make sure you understand all your options. Study the policy offerings and additional coverage options. You can also send an online request to connect with a John Hancock insurance professional.

  2. 2
    Compare Quotes

    Consider getting personalized quotes from multiple insurance carriers. Each insurer calculates premiums differently. Having multiple choices could help you find the most suitable policy at a fair price.

  3. 3
    Health Check

    A health exam is typically necessary when applying for a life insurance policy. This may include an interview, questionnaire and a medical exam. A health check will help the insurance provider with risk assessment.

  4. 4
    Approval

    Once you’re 100% sure about a policy, you can proceed with the application. Review the proposed policy and make sure you understand all terms and conditions. Check all types of fees and fines. Clarify all details with your agent. After submitting your application, the insurance carrier will determine whether or not to approve your application.

What to Do if John Hancock Insurance Denies You Coverage

In some cases, an applicant’s insurance application may be denied. If this happens, it’s important to know that you still have options.

  1. 1
    Contact Your Broker

    Reach out to your agent to ask them why you were denied coverage. This will help you understand the specifics and determine if there’s a way to modify your application to get approved for a policy.

  2. 2
    Lifestyle Changes

    Insurance providers consider your overall health when deciding whether to approve or deny your application. They may decide to postpone approval until the applicant’s health improves. Consider making lifestyle modifications to improve your odds of approval.

  3. 3
    Explore Other Options

    There are some ways to get a policy. For example, you can lower the coverage amount. You may also consider other policy types from other insurance providers. For instance, a final expense insurance policy is typically easier to get, but it may have higher premiums and limited coverage.

Frequently Asked Questions About John Hancock Life Insurance

MoneyGeek answers some frequently asked questions to help you better understand John Hancock’s life insurance.

Can you borrow from your John Hancock life insurance policy?
What’s the maximum amount of life insurance coverage available from John Hancock?
Do life insurance policies from John Hancock pay dividends?
Can you get life insurance from John Hancock if you have cancer?
Do life insurance policies from John Hancock cover death by drug overdose?
Do life insurance policies from John Hancock cover death by suicide?

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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