John Hancock Life Insurance Reviews – Rates and More!

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This article will contain everything that you need to know from a John Hancock life insurance review.  We will cover all the need-to-know details about the John Hancock Life Insurance Company.  We will discuss the John Hancock Life insurance rating, their history, and how competitive John Hancock’s rates are.

There are hundreds of life insurance companies operating in the United States, and we review them all. That being said, is John Hancock Life Insurance Company the right company to protect your family?

That depends on what you are looking for. If you are considering purchasing life insurance with John Hancock Life Insurance Company, do not move forward without reading this review.

Shall we begin?

John Hancock Life Insurance History

The John Hancock Life Insurance Company was founded in 1862 in Massachusetts and is headquartered in Boston, MA.  John Hancock has a proud history of over 150 years of making good on its promises to its policyholders.

John Hancock’s founders chose to name the company after the famous founding father of the United States, John Hancock, whole famously signed the Declaration of Independence. This decision was made to showcase the company’s integrity and commitment to its policyholders.

Throughout the years, John Hancock grew and began to offer more services to its clients outside of life insurance, such as investments and retirement planning.  In 2004, John Hancock merged with Manulife Financial Corporation, a Canadian financial services company.

Today, John Hancock operates as a subsidiary of Manulife.  John Hancock manages a whopping $483 billion in assets under management.

John Hancock Financial Strength Ratings

In the life insurance industry, brand recognition is critical.  People need to feel confident that their life insurance company will pay when the time comes. John Hancock has been in business since the 1860’s and has an iron-clad financial strength.  John Hancock has been awarded some of the highest marks from rating agencies like A.M. Best, S&P, Moody’s and Fitch.

A.M. Best S&P Moody's Fitch BBB
A+ (Superior)
AA- (Very Strong)
A1 (Low Credit Risk)
AA- (Very Strong)
A+

A.M. Best: A+ (Superior)
S&P: AA- (Very Strong)
Moody’s:  “A1” (Low Credit Risk)

Fitch: AA- (Very Strong)

These rating agencies provide their opinions on an insurer’s ability to meet its obligations to its policyholders.  All of John Hancock’s financial strength ratings are considered investment grade, which is an important consideration when choosing a life insurance company.

John Hancock is also an A+ accredited business with the Better Business Bureau since 1996, which is the BBB’s highest rating.  While no company can get it right 100% of the time, John Hancock has demonstrated that negative customer experiences are the exception rather than the rule.

How Does John Hancock Works With its Customers?

John Hancock has evolved since its founding into more than just life insurance.  Often John Hancock’s life insurance products are usually sold by financial professionals or independent life insurance brokers. Financial professionals typically can sell securities, like mutual funds and variable annuities, in addition to traditional life insurance.

This approach to doing business may suit people looking for a more comprehensive service that includes investments and financial planning.  However, it does have some drawbacks.  A financial professional who is more of a generalist may not have the broader industry expertise that a broker who solely focuses on life insurance may have.

If you are strictly looking for life insurance, we would suggest working with an independent broker who specializes in life and health products.  Independent brokers don’t work for any insurance company.  They work with insurance companies to find you the best deal period!  Additionally, since their focus is strictly life insurance, independent brokers can compare the marketplace to ensure you are matched with the best company.

John Hancock Life Insurance Options

John Hancock offers various life insurance, annuities, and investment options.  For the scope of this review, we are going to solely focus on John Hancock’s term life insurance and permanent life insurance options.

John Hancock offers some unique underwriting. For starters, John Hancock has their own proprietary underwriting manual just on coronary artery disease, which is traditionally more aggressive than the industry average.

John Hancock also is friendly to tobacco users.  John Hancock may consider moderate cigar and chewing tobacco usage for non-tobacco rates. John Hancock also has a “quit smoking incentive” that offers cigarette users non-tobacco rates during the first 3 years of their policy.

In order to maintain non-tobacco rates beyond year 3, you must complete and sign a tobacco usage supplement stating that you have quit smoking for a minimum duration of 12 months with a clear urinalysis certifying that you are smoke-free.

While John Hancock has accelerated underwriting for qualified applicants, this is not true no-exam life insurance underwriting.

Term Life Insurance Coverage

Term life insurance is temporary.  Term life insurance was created as a way to affordably secure high death benefit amounts for temporary needs, such as income replacement and mortgage protection.

Term life is the most straightforward type of life insurance you can buy.  There is usually no cash surrender value.  Simply put, you pay the premium, and if you pass away while the contract is active, the life insurance company pays the death benefit.

John Hancock offers their Term Series as a solution for temporary life insurance needs.  John Hancock’s term can be purchased in 10-year, 15-year, or 20-year guaranteed level-premium periods.  After the stated term, your premiums will increase year-to-year as illustrated in the contract.

John Hancock’s term policies are convertible to one of their permanent policies available during the time of conversion.  This is a valuable feature that offers excellent flexibility in the future.  This guarantees that you will have a coverage option available if your health excludes you from life insurance coverage otherwise.

John Hancock also includes the terminal illness rider at no additional premium within their policy.  This rider allows the owner to accelerate a portion of the death benefits if they are terminally ill.

While a nice feature to have, there are better living benefit options available which include critical and chronic illness with competitors.  If you want to include more robust protections within your life insurance contract, check out our Ameritas Life Insurance and Living Benefits review. 

One exciting term life insurance option that John Hancock offers is their vitality program.  The vitality program is an incentive program that encourages policyholders to live a healthy lifestyle in exchange for discounted policy premiums. The healthier you are, the more you save.

The John Hancock Vitality program offers a number of perks outside of reliable death benefit protection such as:

  • The opportunity to significantly lower your premiums
  • Personalized health goals and an Apple Watch
  • Entertainment, shopping, and travel reward discounts

John Hancock Universal Life

John Hancock offers a flexible alternative to whole life called universal life that provides lifetime protection and cash value accumulation potential.  With a universal life insurance policy, you can customize the timing and amount of your premium payments, unlike whole life insurance that has set mandatory premiums.

These types of policies have decreased in popularity in recent years due to a low-interest-rate environment.  Universal life insurance usually has a fixed minimum interest rate, but the credited rate, which is not guaranteed, can fluctuate higher.

These types of policies should be monitored on a regular basis to ensure that they are being funded adequately.  If the indexed investment strategy doesn’t perform as expected, the policy could potentially lapse.

Key benefits of universal life insurance

  • Flexible premium payments
  • Lifelong death benefits
  • Cash value accumulation
  • Money is accessible through tax-advantaged withdrawals and loans

John Hancock Indexed Universal Life

John Hancock’s indexed universal life is similar to traditional universal life.  Indexed universal life still offers flexible premium payments, potentially cash value accumulation, and lifelong death benefits.

However, unlike traditional universal life insurance that only has a fixed interest rate set periodically by the insurance company, indexed universal life credits interest based on the performance of a specific indexed account, such as the Standard and Poor’s 500.

The indexed strategy can potentially outperform a fixed interest strategy; although, most indexed universal life policies give you a fixed rate option as well. While the indexed account usually tracks a stock market index, your cash value is not directly invested in the equity market.

These type of strategies allow the insurance company to protect your principal from investment loss due to a decrease in the indexed.  In exchange for the downside protection, your credited interest is usually capped in some form.

These types of policies should be monitored on a regular basis to ensure that they are being funded adequately.  If the indexed investment strategy doesn’t perform as expected, the policy could potentially lapse.

Key benefits of universal life insurance

  • Flexible premium payments
  • Lifelong death benefits
  • Cash value accumulation potential
  • No risk of investment loss
  • Money is accessible through tax-advantaged withdrawals and loans

Survivorship Life Insurance

Survivorship life insurance, also known as joint-life policies, is a niche product that is usually used in estate planning strategies. These second-to-die policies cover two lives at one time.  After the death of the second insured, the life insurance policy pays the death benefit to your heirs!

Second-to-die policies come in handy for families that need to leave a liquid estate; for example, to care for a special-needs child.  Survivorship policies are also great for people who have illiquid estates with a majority of the family wealth in hard assets like rental properties, farmland, or family businesses who want liquidity to pay estate and inheritance taxes.

The John Hancock survivorship life insurance policy allows the potential for cash accumulation with either indexed strategies or a fixed interest account.  Index strategies are an alternative for people who want to limit their equity exposure due to its downside protection of principal.

The cash value allows additional flexibilities.  If plans change later in life, you can access the cash value within the policies through withdrawals and tax-advantaged loans.  This gives the policy the flexibility to be used as a source of income.

Variable Universal Life

Variable universal life insurance provides death benefit protection with the potential to build cash value within the policy.  Like most universal life insurance policies, variable universal life insurance allows flexible premium payments.  The main feature of variable universal life insurance is that a portion of your premiums is invested in mutual-fund-like subaccounts.

These sub-accounts generally offer a range of investment options with different levels of risk.  Usually, you have a choice of equity, fixed income, and sometimes alternative investment strategies.

Since variable universal life insurance is a security, they are issued with a prospectus and contain varying levels of investment risk to your cash value.  Unlike indexed universal life insurance, your principal can be lost due to poor investment performance.

Variable life insurance can be complicated and should be thoroughly reviewed before purchasing.  Some policies are designed primarily for the death benefit, and other policies can be designed to maximize cash value growth.  Before you move forward with a variable life insurance purchase, consult with a trustworthy and knowledgeable agent to be sure that the policy you are considering is suitable for your situation.

Key benefits of universal life insurance

  • Flexible premium payments
  • Lifelong death benefits
  • Cash value accumulation potential
  • Cash value is invested directly in the equity and bond markets
  • Money is accessible through tax-advantaged withdrawals and loans

Sample John Hancock Life Insurance Quote

We have included some sample John Hancock term life insurance quotes.  Please note that you need to qualify for these rates based on your health, lifestyle, and other factors.

Sample John Hancock Life Insurance Quote: Term (Age 30)

DEATH BENEFIT MALE 10-YEAR MALE 20-YEAR FEMALE 10-YEAR FEMALE 20-YEAR
$ 250,000
$ 14.67
$ 18.51
$ 12.80
$ 16.04
$ 500,000
$ 22.56
$ 28.75
$ 19.45
$ 24.99
$ 1,000,000
$ 37.70
$ 51.09
$ 32.16
$ 42.99

The Final Word

Please note that these John Hancock Life Insurance quotes are for the preferred best non-tobacco health class. 

Thank you for reading our John Hancock life insurance review. We hoped our John Hancock life insurance review helped you decide what the best life insurance company is to protect your loved ones with.

John Hancock offers some unique life insurance options through their financial advisors.  If you are looking for general financial services that include insurance, investments and financial advice, then John Hancock may be a good fit for you. You can learn more about John Hancock’s product and services at the John Hancock’s phone number 1-800-732-5543 or the John Hancock website.

However, if you are looking for specialized life insurance knowledge then working with an independent life insurance broker may be a better option.  Independent life insurance agents can broker multiple companies to find you the best deal on your coverage.

Each life insurance company has different opinions on rates and underwriting. A knowledgeable independent life insurance agent will know what companies will offer you the best value to protect your family.

If you are looking for life insurance, don’t hesitate.   Request a free no-obligation quote, or call on of our veteran life insurance agents for a consultation today.

Joseph Cirillo of Good Life Protection

Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs.  Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.