John Hancock Company Life Insurance Review

Written by Jeff Root

John Hancock is an American Division of a publicly traded financial services company located in Canada called Manulife Financial Corp. They were the first to introduce a policy directly linked to your wellness and lifestyle. This is called the Vitality program and when you sign up for it you get a free Fitbit.

John Hancock offers more competitive underwriting for men versus women and they are great for applicants with certain types of health history such as weight loss or former use of tobacco. They’re also one of the few companies taking charge of fitness engagement, tracking the overall fitness of their customers in an effort to provide better pricing.

John Hancock Life Insurance Company also has some very respectable financial ratings from highly regarded third-party rating companies:

Company A.M.Best
A.M. Best A+
Moody’s A1
Fitch AA-
S&P’s AA-

John Hancock Term Life Insurance Review

The term life insurance offered by John Hancock provides you a death benefit protection for a specific length of time. The term plans have a selection of riders available so that you can personalize your coverage and they have competitive underwriting for all manner of health conditions.

You can apply online. John Hancock’s term life insurance policies have level coverage for your premiums which means that the cost of your premium stays the same for the duration of your policy. These policies are significantly less expensive for the exact same death benefit coverage compared to permanent life insurance policy.

As a policyholder, you have a no-risk obligation when you sign up so you are able to cancel your policy at any time if you so choose. At the end of your term, you are able to convert the policy into a permanent life insurance policy without extra fees.

John Hancock Term Life Insurance Rates

John Hancock coverage for a 50 year old applicant for $500,000 in coverage. The applicant is a non-smoker:

Term Length & Health Class Monthly Rate
10 Year Term – Preferred $49.36
15 Year Term – Preferred $66.76
20 Year Term – Preferred $87.41
10 Year Term – Standard Health $168.86

John Hancock Permanent Life Insurance Review 

The permanent life insurance offered by John Hancock guarantees your death benefit protection but also has a cash value component.

For both the term and permanent policies you get a corresponding survivorship product if you want to cover yourself and your spouse or yourself and a business partner.

This is much more cost-effective than purchasing two separate policies. You can also enjoy long-term care riders associated with the permanent life insurance product on the off chance that you have a financial need for long-term care in the future.

John hancock Indexed universal life insurance

Indexed universal life insurance offered by John Hancock is a permanent life insurance that has a cash value tied to the performance of the S&P 500 Index account.

You are investing in the performance but you get protection from Market risk. These policies tend to accumulate more cash value potential than other Universal Life Products. The policy gives you cash value that you can borrow against or take out and used to pay for your premiums.

John hancock Variable universal life insurance

Variable universal life insurance is a permanent protection with flexible premium payments which allows you to build cash value. You are able to build cash value by choosing from a handful of investment options.

These have the potential for greater cash value compared to other life insurance policies but they also stand to lose more comparative leads and other life insurance policies.

Obviously, this is best for someone who is comfortable with the high level of risk and who wants to use the life insurance policy as an investment tool. you are able to transfer funds from different investment options so that you develop a better investment strategy as your financial needs change.

John hancock Universal life insurance

John Hancock offers universal life insurance as a permanent plan that allows for cash value growth. It is flexible so you can customize the timing and the amount you pay for your premiums based on your needs.

You can adjust these within certain parameters. Your policy account value will grow based on a credited interest rate. You can access that cash value from your policy through cash withdrawals or loans.

How John Hancock Life Insurance Compares to the Competition

Company A.M. Best Rating Life Insurance Options
John Hancock Financial A+ Superior
  • Term life
  • Universal life
  • Indexed universal life
  • Variable universal life
  • Discounts for gym members who undergo regular health screenings via the “Vitality Program”
Banner Life A+ Superior
  • Term Life Insurance
  • Universal Life Insurance
Prudential Financial A+ Superior
  • Term life
  • Whole life
  • Survivorship life
  • Universal life
  • Indexed universal life
  • Variable universal life
State Farm Life A++ Superior
  • Term life
  • Whole life
  • Universal life
Nationwide A+ Superior
  • Term life
  • Whole life
  • Universal life
  • Variable universal life

Obviously, these life insurance companies each offer similar programs, but you can see that John Hancock is the only one which has the vitality option. Whether this is beneficial for you or not is a personal matter.

However, they also have indexed and variable universal plans that other companies lack. The prices they have to offer for these may not be favorable given your age or health, so it is important to weigh the premiums against the other benefits, like whether the premiums are level or whether there are riders included for free.

Things like accelerated death benefits riders are often free with most universal policies, so check on things like this.

John Hancock Life Insurance for People With Health Conditions

John Hancock provides different prices for a variety of health conditions which are competitively better than other life insurance companies.

For example, they are well above average when it comes to providing excellent coverage for clients who have high cholesterol, high blood pressure, or former tobacco use.

John Hancock is also excellent for customers who have had a heart attack, have a family history of serious medical problems, or recently lost weight.

john Hancock Life Insurance Coverage with HIV

John Hancock has started to offer life insurance coverage for people who have HIV. They are the second life insurance company to do so. People with HIV and now qualify if they are between the ages of 30 and 65.

In order to qualify for coverage, you must have no signs of a weakening immune system and have no comorbid conditions.  You must also adhere to and be responsive to antiretroviral therapy.

Vitality Program

If you keep up healthy habits like going to the doctor, eating rice, and walking your dog, you earned what are called Vitality points. The more points you have the lower your coverage will cost you. You get to choose a device that you want to use to track your Fitness progress.

If you choose a Fitbit you get it for free. You can also get a discount on other fitness trackers from names like Garmin or polar. You can also purchase the Apple watch for as little as $25 so that you can track your progress.

With this device, you simply track your progress every day and you can save up to $600 annually on your healthy foods, you get discounts on healthy gear, and you earn rewards.

You track the things that you are already doing and as you accumulate points you increase your status. As you increase your status you get more rewards and more savings on your coverage. Things like 15000 steps will earn you 30 points.

Consider that if you were going to pay $13 per month for part of your policy, and you earned 240 points, you would only have to pay $11. If you earned 350 points you would only have to pay $6. If you earn 500 points you won’t have to pay anything.

John Hancock Life Insurance Company Review

As you can see this company as one of many that offer similar life insurance policies. Those who are fit or are looking to get fit will probably benefit the most financially from the Vitality program that this company has to offer.

In some situations, it might be a better option for you financially to consider a Term Policy with the Vitality program until you have reached a point where your health is improved substantially enough that your permanent policy premiums are better and have landed you in a higher class.

Life insurance companies use your life expectancy as the foundation for figuring out how much you are going to pay in your premiums. This means that your age is the main factor. There are other things that could give you a higher price and these fall under the umbrella of anything which might decrease your life expectancy. Your health, your gender, even your family history can all contribute to a decrease in your life expectancy.

Finding the Best Life Insurance Coverage for You

Even if you have a medical condition, of course, you can still get life insurance. Health conditions do not stop you from getting quotes. There are plenty of life insurance companies and each serves a particular niche.

The policies for different medical conditions vary from one company to the next in terms of how favorable they are. Rest assured that roughly 80% of people overestimate the cost of their life insurance policy.

When you are applying you will be asked questions about your current health and any previous health conditions you’ve had. Getting quotes to compare one company to another company will not be as invasive as filling out a more comprehensive application.

We always recommend speaking with an experienced professional when looking for life insurance rates and policies.

Our independent agents represent some of the best life insurance companies on the market and are able to help clients compare rates and policies from dozens of life insurance companies at once in order to find the best coverage for their families.

Give our agents a call today, or use our online quoting engine to get instant life insurance quotes!

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