John Hancock Life Insurance
- A.M. Best: A+
- Fitch: AA-
- Moodys: A1
- S&P Global: AA-
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.
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.
Table of Contents:
- Pros & Cons
- Term Life Insurance Options
- Permanent Life Insurance Options
- Life Insurance with Health Conditions
- Is John Hancock for You?
Pros and Cons of John Hancock
- electronic application
- competitive underwriting
- selection of riders
- slow application approval
- policy delivery by mail
- long application form
John Hancock Term Life Insurance Options
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 a 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.
Permanent Life Insurance Options
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.
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.
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 a 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.
Universal Life Insurance Options
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.
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.
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.
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.
Is John Hancock The Right Company For You?
As you can see this company is 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.