Our experts answer readers' insurance questions and write unbiased product reviews (here's how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.
John Hancock is a great life insurance choice for people who have found it difficult or expensive to get insurance, including folks with diabetes or those over 50 through its Aspire program. The company emphasizes "interactive life insurance" policies that encourage people to tally their exercise, log their doctor's visits and wear a fitness monitor.
In exchange, you'll be rewarded with premium discounts and incentives. Still, some people aren't comfortable with this level of oversight from their insurer. In addition, John Hancock's policies are generally more expensive for the under-40 crowd.
John Hancock has a proven track record and a solid reputation. The company has sold life insurance for 160 years. Its A+ (superior) rating from AM Best indicates it will be around for many years. In addition, it offers generous policy limits of up to $65 million. However, its policy restrictions may detract from its appeal.
Life Insurance Plans from John Hancock
John Hancock offers term life insurance and three options for permanent life insurance. These policies are available with or without participation in the Vitality program. In addition, Vitality provides discounts of up to 25% for meeting healthy-living benchmarks, including staying active and visiting your healthcare provider regularly. The Aspire with Vitality program also offers specific support for people with type 1 or type 2 diabetes, including health coaching through an app called Onduo.
Keep reading to break down John Hancock's life insurance options and see what might be right for you.
Term Life Insurance Policies from John Hancock
John Hancock offers term life insurance with 10, 15, 20, or 30-year terms. These policies have coverage amounts between $250,000 to $65 million and are available to applicants ages 18-80. Applicants should discuss conversion options with an agent ahead of time.
The critical thing to remember is all term policies eventually expire. So the only question is if you'll outlive your policy.
Permanent life insurance policies from John Hancock
John Hancock also offers three permanent life insurance policies for people ages 3 months to 90 years. Coverage amounts range from $50,000 to $65 million, and policyholders can accrue cash value. The permanent life insurance options from John Hancock are:
- Universal life insurance: This policy offers adjustable premiums over a lifetime. Its value grows over time (generally), and you can borrow against it. Most importantly, the longer you make payments, the more your policy value will increase.
- Indexed universal life insurance: This is similar to universal life insurance, but the policy funds are not invested. Its returns are based on an index fund like the S&P.
- Variable universal life insurance: With this policy, you'll have more investment options, which come with more potential for growth, but also more risk.
Side-by-Side Comparison of John Hancock Life Insurance
Term life insurance | Permanent life insurance | |
Available to | Ages 18-80 | Ages 3 mos-90 yrs |
Coverage amounts | $250K-$65M | $50K-$65M |
Coverage lasts | 10, 20, 25, or 30 yrs | A lifetime |
Accrue cash value | No | Yes |
Additional Coverage Options from John Hancock
John Hancock offers two programs that may reduce premiums by up to 25%. Although participation is optional, the company encourages policyholders to take advantage of all available benefits. The two programs include:
- Vitality: Gives health incentives to policyholders who track their fitness, doctor visits, and other metrics. The idea is to reward policyholders and encourage them to make healthy choices.
- Aspire with Vitality: Offers health coaching, glucose testing supplies, and other benefits to people with type 1 or type 2 diabetes.
To enroll in either of these programs, you'll need to decide what type of life insurance you're looking for. Then contact the company for more information on Vitality and Aspire.
John Hancock Insurance Riders
In addition, John Hancock offers riders to provide additional coverage and protections. As a result, buyers may be subject to a slight increase in premiums. However, our in-house insurance agent at Insider finds the benefits far outweigh the additional costs. Here's an overview of the insurance riders:
- Disability benefit: Disability benefits kick in and cancel payments if you become disabled before 65 for at least six months. All policies offer this rider to protect your policy from being revoked when you can't make payments due to a disability.
- Accelerated death benefit: Sometimes called "living benefits," it's available on all policies. Policyholders can access up to $1 million of built-up coverage if diagnosed with a terminal illness and have less than a year to live.
Particularly for term policies, this could be the difference between protecting your family and collecting no benefit at all. Unfortunately, only about 1% of term policies payout, and life insurance agents see the daily impact in the life insurance industry. - Unemployment Waiver of Protection Rider: This waives premiums if you become unemployed and meet specific qualifications. It's only available on term policies.
- Critical Illness Benefit Rider: This offers a one-time payout of up to $250,000 if diagnosed with seven qualifying conditions, including cancer, heart attack, or stroke. It's only available on permanent policies.
- Long-term Care Rider: This rider helps cover the cost of long-term care, like nursing homes.
How Much Does Life Insurance from John Hancock Cost?
John Hancock's policy rates are above average for people under 50. That means other insurers may offer lower premiums. However, John Hancock's premiums are lower than average for people 50 or older, making it a good life insurance choice for seniors. Insider recommends comparing quotes with all preferred riders, as the base prices may change dramatically.
The Vitality program is an excellent cost-saving option if you're comfortable participating. Some policyholders can reduce their premiums by up to 25%.
As you'll find with many biggest life insurance companies, you cannot get a John Hancock quote online. Instead, the company asks buyers to fill out an application, after which a licensed insurance agent will reach out. Having an agent on your side is essential for difficult-to-insure (or previously impossible-to-insure) populations.
Life insurance is often poorly understood. So it's easy to be fooled by online rhetoric claiming riders are unnecessary, term policies are a bargain, etc. However, a qualified life insurance agent can take you by the hand and guide you where you want to go with life insurance. Ultimately, agents might even save you money.
How Do I File A Claim with John Hancock?
John Hancock's team has simplified the claims filing process. Its site covers filing a claim, including reporting a death, accessing the accelerated death benefit, and activating riders like the long-term care rider or disability rider.
To make a claim, you can file paperwork online or call a company representative at 888-887-2739. These processes work for ordinary death benefits and express claims, which are available for claims under $50,000.
Who Are The Ideal Customers for John Hancock?
John Hancock offers specialized coverage for seniors and diabetics with lower than competitors. That's if competitors offer alternative coverage at all. However, it balances this coverage with higher premiums for other buyers. Remember, policy limits may also be more limited for seniors and buyers with conditions like diabetes.
-
Lemonade Life Insurance
-
Nationwide Life Insurance
-
Guardian Life Insurance
Compare John Hancock vs. USAA
According to AM Best, John Hancock and USAA are both reputable life insurance companies with solid financial states. In addition, both companies offer relatively limited policies and a handful of riders you can opt into to enhance your policy.
John Hancock is considered a good fit for seniors but may have higher premiums for healthy people under 50. On the other hand, USAA is regarded as a good option for military members and their families. However, its life insurance is offered to civilian applicants too.
USAA provides products like the Essential Term Policy specifically designed for young people. In addition, USAA delivers coverage for active duty military members who might not have other individual life insurance options.
John Hancock has higher available policy limits, but USAA consistently offers lower prices. Both companies provide coverage to difficult-to-insure groups, but different ones.
Compare John Hancock vs. New York Life
John Hancock and New York Life offer robust life insurance policy options for people who want to use life insurance as a tool for retirement planning. Both companies offer multiple policies that allow you to accrue cash value and invest your contributions. The two have been named some of the best insurance policies for seniors.
Like John Hancock, New York Life has a proven track record, and its future seems bright. AM Best gives New York Life an A++ rating, even better than John Hancock's. The primary differentiator between the two companies is agents.
New York Life is known for its extensively trained and knowledgeable life insurance agents. Its policies are designed for retirement planning and wealth building with life insurance, consistently outperforming competitors. However, it may not offer some of the more modest plans with lower premiums you might expect from John Hancock. John Hancock's health programs that reward policyholders for healthy behaviors are also unique.
Compare John Hancock vs. Colonial Penn
John Hancock and Colonial Penn offer vastly different life insurance policies. A significant difference is that John Hancock has term life insurance options, but Colonial Penn does not. The two companies differ when it comes to permanent life insurance too.
Colonial Penn's policies are Permanent Whole Life and Guaranteed Coverage Whole Life. Policy benefits are capped at $50,000, with no medical exam required. As such, its whole life insurance policies are often used to cover end-of-life and funeral expenses.
John Hancock offers much larger universal life insurance (also called permanent) policies. It provides up to $65 million in coverage for qualifying buyers with an array of options for retirement planning and tax benefits.
So, if you're looking for basic death benefit options, Colonial Penn is a good choice, but for more complex retirement, estate, and tax planning, you should consider John Hancock.
Methodology
We researched the company based on its website and third-party reviews. In addition, we compared John Hancock with other popular life insurance companies, including those listed in the comparison section. Types of life insurance available, pricing, and claims processing are just a few factors we consider.
Each company reviewed goes through a scoring based on our full insurance rating methodology. Life insurance is not a one size fits all product. We aim to make our reviews reflect that by detailing which customers are best suited for each company.
FAQs
Yes, John Hancock has a longstanding reputation. AM Best gives it a rating of A+ (superior). So it's a good choice for people who want to know their insurance company will be on healthy financial footing well into the future. For consumers, this comes down to assurance their claims will be paid in the future.
Vitality is an optional program that offers discounts of up to 25% on John Hancock life insurance policies. The program encourages people to track health data, including exercise and doctor's visits, to access discounts.
John Hancock offers comprehensive health insurance policies, or up to $65 million. However, smaller policies starting at $50,000 are also available.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.