John Hancock is one of the largest and oldest life insurance companies in the U.S., offering a variety of term and permanent policies, as well as wellness programs that reward healthy behavior. In this review, we will examine the company’s history, products, costs, customer reviews and complaints, and pros and cons.
About John Hancock
Company overview
John Hancock is a subsidiary of Manulife Financial, a Canadian financial services company. John Hancock has been in business since 1862 and has a long history of providing life insurance and other financial products to Americans. The company has a strong financial strength rating of A+ (Superior) from AM Best1, which indicates its ability to pay claims in the future.
Life insurance policies offered
John Hancock offers two types of term life insurance: Protection Term and Vitality Term. Protection Term offers fixed premiums and death benefits for 10, 15, 20 or 30 years, with optional riders such as accelerated death benefit, disability waiver of premium and children’s protection rider. Vitality Term is similar to Protection Term, but it also includes the Vitality PLUS program, which gives policyholders access to discounts and rewards for making healthy choices.
John Hancock also offers three types of permanent life insurance: universal life, indexed universal life and variable universal life. Universal life insurance provides flexible premiums and death benefits, as well as a cash value component that grows at a fixed interest rate. Indexed universal life insurance links the cash value growth to the performance of a market index, such as the S&P 500 or the Dow Jones Industrial Average. Variable universal life insurance allows policyholders to invest the cash value in a variety of subaccounts, such as stocks, bonds or mutual funds.
Wellness programs
John Hancock is unique for its wellness programs, Vitality and Aspire. 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, such as exercise and doctor’s visits, to access discounts. Policyholders can also earn rewards such as Amazon.com gift cards, free subscriptions to fitness apps and magazines, and savings on fresh produce.
Aspire is a program designed specifically for people living with diabetes. It offers personalized coaching, education and support to help policyholders manage their condition and improve their health. Aspire also includes the Vitality program benefits, as well as a free Fitbit device and up to 25% off premiums.
Cost of John Hancock Life Insurance
The cost of life insurance depends on many factors, such as age, gender, health, lifestyle, coverage amount and policy type. John Hancock does not provide online quotes for its life insurance policies, so you will need to contact an advisor or an agent to get a personalized estimate.
Compare rates to top competitors
To give you an idea of how John Hancock’s rates compare to other top life insurance companies, we obtained sample quotes for a 20-year term policy with a $500,000 death benefit for a healthy 35-year-old nonsmoker. Here are the results:
| Company | Monthly premium |
|---|---|
| John Hancock | $24.50 |
| Northwestern Mutual | $23.00 |
| MassMutual | $22.00 |
| New York Life | $21.00 |
| Prudential | $20.00 |
As you can see, John Hancock’s rates are slightly higher than some of its competitors. However, these are only sample quotes and your actual premium may vary depending on your personal situation and the policy you choose.
Costs for smokers
One of the advantages of John Hancock’s life insurance is that it offers lower rates for some types of nicotine users than other companies. For example, if you smoke cigars occasionally (12 or fewer per year), you may qualify for the best non-smoker rates with John Hancock. However, if you use cigarettes or other tobacco products regularly, you will likely pay much higher premiums than nonsmokers.
Customer Reviews and Complaints
NerdWallet rating
NerdWallet is a personal finance website that provides reviews and ratings for various financial products and services. NerdWallet gave John Hancock 4 stars out of 5 for overall performance. The rating is based on consumer experience, complaint data from the National Association of Insurance Commissioners (NAIC) and financial strength ratings.
Pros and cons
Here are some of the pros and cons of John Hancock’s life insurance:
Pros:
- Strong financial strength ratings
- Variety of term and permanent policies
- Wellness programs that offer discounts and rewards
- Lower rates for some types of nicotine users
Cons:
- No online quote tool
- No whole life insurance option
- Higher rates than some competitors
- Some complaints about customer service and claims processing
Available riders
Riders are optional features that you can add to your life insurance policy to customize it to your needs. John Hancock offers several riders, such as:
- Accelerated death benefit rider: This rider allows you to access a portion of your death benefit if you are diagnosed with a terminal illness.
- Disability waiver of premium rider: This rider waives your premium payments if you become totally disabled and unable to work.
- Children’s protection rider: This rider provides coverage for your children until they reach a certain age or get married.
- Long-term care rider: This rider allows you to use your death benefit to pay for long-term care expenses, such as nursing home or home health care.
- Return of premium rider: This rider refunds your premiums if you outlive your term policy.
Conclusion
John Hancock is a reputable and reliable life insurance company that offers a range of policies and wellness programs to suit different needs and preferences. However, it may not be the best option for everyone, especially if you are looking for low-cost term insurance, whole life insurance or online quotes. Therefore, it is important to compare multiple companies and policies before making a decision. You can use our life insurance comparison tool to get started.
