John Hancock Life Insurance Company

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John Hancock is a popular brand offering fairly priced term and permanent coverage, with especially advantageous policies for diabetics.

A.M. Best

A+

BBB

A+

J.D. Power

737

The Good

  • Financial security
  • Online application
  • Specialized underwriting for diabetics
  • Investing and retirement products
  • Discounts for healthy applicants

The Bad

  • Limited customization
  • Below average customer ratings
  • No true whole life insurance

Product Availability

Policy Types
  • Term
  • Universal
  • Indexed
  • Variable
  • Final expense

Riders
  • Accelerated death benefit
  • Accidental death
  • Children’s benefit
  • Disability waiver of premium
  • Long term care
  • Spousal protection

Review Breakdown

Overall

4.00

Price/Value

3.0

Financial Strength

3.6

User Experience

2.6

Product Availability

3.4

Brand/Size

4.4

Price/Value

When you’re shopping for life insurance, like any other product, cost is key.

As long as a company is solvent and carries the policy you need, the cost of coverage can drive your decision.

John Hancock’s policies are fairly well-priced, benefitting some applicants more than others.

Their coverage is particularly advantageous for healthy people, who can actually get discounts based on their smart lifestyle choices.

You get rewarded for tracking your health, going to the doctor regularly, and exercising.

While John Hancock’s policies aren’t always the most competitive for the average applicant, they are reasonably priced and lower than the industry average in some cases.

When it comes to high-risk underwriting, John Hancock is very fair.

They’re particularly great for applicants with diabetes, who can save on premiums and get health coaching with John Hancock’s Aspire program.

Financial Strength

While the cost of coverage might ultimately determine your choice of life insurance, it’s also vital that you work with a financially strong provider.

Fortunately, John Hancock has a solid financial track record and credit ratings that suggest a strong outlook.

In 2020, Hancock’s records indicate the company has $444.5 billion in assets under management.

With “A” or better rankings from A.M. Best, Fitch, Moody’s, and Standard & Poor’s, and a Comdex score of 93, it remains among the best rated life insurance companies based on financial strength.

Here’s the breakdown:

A.M. BestA+
FitchAA-
Moody’sA1
Standard & Poor’sAA-

While these ratings are not a guarantee any company will make good on their promises, it’s a strong indication.

User Experience

While it sometimes gets overlooked, user experience is an extremely important consideration when evaluating a life insurance company.

You should be able to explore companies, compare quotes, and apply for coverage easily, aided by online resources and agent communication.

To assess John Hancock’s user experience, we surveyed its customer-focused ratings, website, and application process.

Ratings

Two of the best rating sources for life insurance companies are the Better Business Bureau and the J.D. Power U.S. Individual Life Insurance Study.

John Hancock has been accredited by the BBB since 1996, and it currently possesses an “A+” rating based on its response to complaints and overall interaction with clients.

Each year, J.D. Power thoroughly evaluates the nation’s top life insurance companies based on their user experience, looking at factors such as:

  • Policies
  • Price
  • Application process
  • Communication

John Hancock received a below-average rating this year, with an overall score of 2 out of 5.

Website

John Hancock’s website is easy to navigate and lays out information about the company and its policies in a straightforward way.

You can learn all about John Hancock’s history and its financial performance.

However, it provides only basic overviews of each life insurance product rather than sharing specific policy details.

The website does help you through the life insurance buying process, though, with an interactive calculator tool and online quotes.

You can also apply for up to $3 million of term life insurance online.

Though most policy changes must be made by mailing in forms, policyholders can automate payments on the website.

Claims can also be filed by submitting an online claims form.

Application

John Hancock’s application process is simple and can be completed quickly.

If you’re looking for $3 million or less of term life insurance, you can apply for a policy with accelerated underwriting on John Hancock’s website, speeding up the process.

Fore a policy larger than $3 million, you’ll need to connect with an agent to discuss next steps and complete the application.

John Hancock’s life insurance application is par for the course, as is their underwriting process, with an average turnaround time of about 7 to 10 days.

If you buy a policy online, you could purchase coverage in a matter of minutes, bypassing the medical exam.

Product Availability

While the factors above are important measures of a life insurance company, they’re meaningless if a provider doesn’t have the policy you need.

Fortunately, John Hancock offers an impressive lineup of term and permanent products, namely:

  • Term
  • Universal
  • Indexed universal
  • Variable universal
  • Final expense

John Hancock is also one of the top contenders for Long Term Care Insurance (LTCi), a growing necessity for the elderly.

We’ll drill down on their life insurance products below.

Term

Term life insurance is just the right fit for most families, providing temporary protection at affordable rates.

This coverage simply involves making premium payments in exchange for a death benefit.

John Hancock’s policies come with face amounts ranging from $25,000 to $65 million.

You can choose term lengths such as 10, 15, and 20 years.

Once again, you may be able to secure a term policy of up to $3 million online without a medical exam.

Universal

If you need a more permanent solution, universal coverage is the most affordable and flexible option.

In addition to the death benefit, it includes an interest-bearing cash value account you can access. With a basic universal policy, your cash value grows at a set rate.

Unlike with term or whole life insurance, your premiums and coverage amounts are flexible.

Indexed

If you’re drawn to the idea of the universal policy but want a little more room for growth, then an indexed universal policy is worth considering.

You get the same flexible policy and payment structure, but your cash value account grows differently.

Your account’s earnings are tied to a stock market index like the S&P.

This option is less risky than alternatives that are actively involved in the stock market, coming with some level of guaranteed interest.

Variable

For more risk (and hopefully more reward), you may want to look into a variable life product from John Hancock.

These policies must be purchased through a registered representative because of their complicated nature and risks.

Variable universal policies are ideal for those who are looking to earn cash value more aggressively inside of their life insurance for later access or policy growth.

They use mutual funds, stocks, and bonds to achieve their goal.

Final Expense

While John Hancock doesn’t sell traditional whole life policies, it does offer small guaranteed whole life coverage in the form of a final expense policy.

If you’re simply looking for a policy large enough to cover your funeral and other end-of-life costs, a final expense policy from John Hancock could do the trick.

These policies offer a small death benefit, between $2,000 and $20,000, to applicants aged 55-80.

Final expense policies like John Hancock’s come with level premiums and guaranteed coverage regardless of the applicant’s health condition.

It also comes with Vitality GO, John Hancock’s healthy living rewards program.

Health Programs

As mentioned earlier, John Hancocks rewards policyholders who are dedicated to a healthy lifestyle.

You may be able to enroll in one of the three programs below to help you stay on top of your health:

  • Vitality GO: Unlocks savings on healthy food, discounts on Fitbit, Garmin, and other health gear from Amazon, and free health magazines.
  • Vitality Plus: Provides all the rewards of Vitality GO, plus a $25 Apple Watch with routine exercise, Prime membership, and Amazon and Hotels.com discounts.
  • Aspire: Offers resources to help you manage your diabetes with Onduo membership.

In addition to the health benefits, discounts, and educational tools, you can also lower your premiums by enrolling in the programs above.

Brand/Size

If there is one company that embodies a long-standing American history with a bold, noble name, it’s John Hancock Financial, and its subsidiary, John Hancock Life.

Incorporating the famous signature of John Hancock in its logo, the company continues to represent trust and a legacy of doing what is right for its customers.

The original name, John Hancock Mutual Life Insurance Company, has been in the insurance industry since 1862, making it one of the longest-standing life insurance companies still in business today.

At the turn of the millennium, the mutual company became a demutualized one, offering shares in the company on the open market.

While it would trade for a few short years on the NYSE under the ticker symbol of JHF, the company was acquired by Manulife Financial just 3 years later and now trades under the Manulife ticker of MFC:CN.

While John Hancock was technically disassembled, Manulife continues to use the name for marketing and brand recognition.

John Hancock is licensed to do business in all 50 states, operating under John Hancock Life Insurance Company of New York in the state of New York.

Their products are offered through independent agents and in-house employees alike.

John Hancock has greater than 2.6 billion policyholders, paying out as much as $5.7 billion of insurance claims every year.

Philanthropy

John Hancock has exhibited a sustained commitment to serving communities in need for over a century.

Most of their efforts are focused in their home city of Boston, geared towards making it healthy and equitable for all.

However, they give and volunteer in communities across the country, with more than 100 annual projects.

The company primarily gives back through:

  • Corporate giving
  • Community investment
  • Event sponsorship
  • MLK Scholars Program

Brand Recognition

John Hancock is a popular household name, partly due to its longevity as the company has been in business for over 150 years.

Its name and logo also help with its brand recognition, an iconic piece of American history.

You can also see the John Hancock name emblazoned above the Boston Red Sox scoreboard at Fenway.

The company additionally serves as the chief sponsor of the Boston Marathon as it has for more than 35 years.

John Hancock also has a solid following on social media, namely Facebook, Instagram, Twitter, and Youtube.

The company uses these platforms to educate followers on money management and interact with them.

Consensus

A life insurance company should be highly regarded by financial professionals and consumers alike.

John Hancock is hailed by all for its financial strength, reputation, and coverage. However, it doesn’t rank on everyone’s list of the top life insurance companies.

This is likely due to its mediocre customer experience ratings and prices.

Because John Hancock is more focused on their retirement and investment products, their life insurance policies are not always the most competitively priced.

That being said, you can rely on John Hancock’s coverage and may find it to be the right fit, especially if you’re a diabetic or someone committed to a healthy lifestyle.

John Hancock Life Insurance Company

Phone
(800) 387-2747
Address
200 Berkely St
Boston, MA 02116

Company Name (and subsidiaries)

  • John Hancock Life Insurance Company of New York

Author:

Avatar

Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.