John Hancock Life Insurance Review
John Hancock is a major financial services company that offers both term and permanent insurance coverage with instant term quotes and underwriting decision online. Coverage amounts are based on need and financial circumstances, and premiums can be discounted through its Vitality program.
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| Type of Insurance | Term, Whole |
| A.M. Best Rating | A+ |
| Customer Service | 1-800-824-0335 |
| Issue Age | Not provided |
John Hancock is a large financial services provider operating within the United States, headquartered in Boston. The financial services company has been in business since 1962, and it currently offers several options for life insurance coverage.
John Hancock life insurance offers individuals access to term life insurance and permanent insurance through the company, with customizable coverage options to meet their needs. John Hancock also offers several solutions for investment management, retirement planning, and annuities outside of their life insurance products.
John Hancock serves consumers throughout all 50 states, and it currently manages more than $480 billion in assets. Nearly 10.4 million customers utilize John Hancock for its financial products and services.
The Cost of a John Hancock Life Insurance Policy
John Hancock offers free term life insurance quotes through its website. However, pricing information for permanent life insurance solutions including whole life and universal life are only available through licensed financial advisors or insurance agents.
Both term insurance and permanent insurance options from the company vary in pricing based on the individual’s age, gender, smoker status, health, and medical history, as well as the amount and type of coverage. Term insurance is the most affordable out of the coverage options available.
>> Read More: Is term life insurance worth it
For example, a 35-year-old non-smoking woman might get a $250,000 10-year term insurance policy for $40.28 per month. Whereas a 15-year term insurance policy for the same individual for the same amount costs $41.08 per month, and a 20-year policy, $46.30 per month. For a male applicant, premiums might be $50.48 for a 10-year policy, $52.10 for a 15-year policy, and $57.90 for a 20-year policy.
These estimates are all based on having excellent health. The premiums for John Hancock term policies are higher than comparable life insurance companies for the same coverage for both 10- and 15-year policies. However, the cost for a 20-year policy is slightly lower than other insurers.
John Hancock also offers a Vitality program that may lower the cost of premiums for individuals who track their health and wellness activities.
The Most Popular Policy
The most popular policy type available from John Hancock is its term insurance coverage. The term insurance options from the company include policies of 10-, 15-, or 20-year policy, with approval in as little as one day. The company also offers three- to four-day turnaround on approval for certain term policies.
Universal and whole life policies from John Hancock have the same minimum and maximum coverage amounts. All policies may include a waiver of premium rider, which pays the premium on the policy if the insured is disabled for an extended period. This rider is available with additional underwriting and at an added cost to the base premium.
Requirements to Get Insured
All individuals applying for a term policy or a permanent policy with John Hancock must go through a full application and underwriting process. This means that an application, including information about age, gender, smoker status, health history, income, assets, and reason for getting the insurance, must be submitted through a licensed insurance agent.
Additionally, a medical exam and an in-depth medical history are required for each applicant.
Availability
John Hancock offers term and permanent insurance coverage to eligible applicants in all 50 states and in Washington, D.C. There are no other availability restrictions, with the exception of medical underwriting requirements.
Customer Service
John Hancock has an A+ rating with the Better Business Bureau, and it has been accredited with the organization since 1996. The customer complaints against the company are minimal, and financial strength ratings from A.M. Best, Standard & Poor’s, and Fitch are all in the excellent to superior categories.
Customer service operations for John Hancock are available online and via e-mail, as well as through several customer service phone centers. Individuals may get in touch with the company by phone Monday through Friday from 8 am to 6 pm. The company does not offer weekend hours, which is limited compared to other insurance companies.
Conclusion
John Hancock is one of the largest financial services companies operating within the United States today, and it provides access to a variety of life insurance solutions to individuals. The company does require full medical underwriting on each of its life insurance products, which can make the coverage more difficult to secure for those who have an adverse medical history. However, the cost for longer term insurance policies may be slightly lower than comparable insurance providers for those who qualify.