John Hancock Life Insurance Review
- Examine the different John Hancock life insurance policies and incentive programs, and find out which one suits your lifestyle and investment preferences.
When you're selecting a life insurance plan, picking a provider is one of the biggest decisions you'll need to make. A trustworthy and creditworthy company brings peace of mind; you can rest assured that your dependents will be cared for after you pass. That's where John Hancock comes in — this company has been providing life insurance for more than 160 years, so it has a long track record of success in the industry.
About John Hancock
John Hancock has been in the insurance business since 1862. Based in Boston, Massachusetts, it's one of the 10 biggest life insurance companies in the United States. The company diversified in 2000, adding financial services to its offerings. Manulife Financial, a Canadian insurance and investment company, acquired John Hancock in 2004.
What Life Insurance Products Does John Hancock Offer?
John Hancock offers both term life insurance and universal life insurance. The company has three universal policy types, providing options that suit different investment strategies and priorities. In addition to insurance, John Hancock offers investing and retirement planning services.
Term Life Insurance
With John Hancock's term life insurance, you have control over coverage terms. You can select the duration of the policy, as well as the dollar amount. Options include:
- Coverage from $750,000 to $65 million
- Terms including 10, 15, 20 or 30 years
- Option to add Vitality program
Once your selected term expires, you may have the option to extend the coverage or convert it to a permanent life insurance policy.
Permanent Life Insurance
Permanent life insurance from John Hancock stays active throughout your life. If you have dependents, this type of coverage provides peace of mind; if you pass away unexpectedly, your family will receive a financial death benefit. A permanent policy accrues a cash value over time, so you can use it as collateral in the future.
John Hancock offers three types of permanent life insurance policies:
- Universal life insurance. This type of policy offers plenty of flexibility. Once the cash value reaches a set limit, you can use it to reduce your premium payments. You can also borrow and pay back cash as needed.
- Indexed universal life insurance. These policies are linked to an indexed account; as it grows, your policy value grows. As with universal insurance, you can borrow money from the account. If you want to boost the value further, you can adjust the premium allocation — in other words, you can choose how much of your payment goes to John Hancock's investments.
- Variable universal life insurance. When value is your priority, a variable universal policy could be the right choice. You have the freedom to pick the investment; the value of your policy depends on how those funds perform. This type of policy also lets you borrow from the cash value.
Vitality is an incentive program that rewards you for healthy behaviors. You can add Vitality to any John Hancock life insurance policy. Choose from two options:
- Requires a small monthly fee
- Discounted life insurance premiums
- Discounts on fitness trackers, grocery bills, travel, outdoor gear, meditation apps
- Health and wellness tips
- Free to participate
- Discounts on fitness trackers and certain foods
- Health and wellness tips
John Hancock Aspire is a hybrid program for people who have Type 1 or Type 2 diabetes. You can add it to any John Hancock life insurance policy — it comes with a discount on premiums and the benefits of the Vitality PLUS program.
If you have Type 2 diabetes, Aspire comes with the opportunity to apply for the Onduo online diabetes clinic. The Onduo app includes perks such as health coaching, virtual medical consultations and testing kits.
The Pros and Cons of John Hancock
Pros of John Hancock Life Insurance
- Discounts for healthy activities through Vitality program
- Possibility to get life insurance if you have diabetes
- Multiple options for investment-focused insurance
Cons of John Hancock Life Insurance
- Certain people may require a medical exam for approval
- Premiums can be expensive, depending on the options you choose
- Coverage minimums are high for term life insurance policies
John Hancock Reviews: What People Are Saying
The average John Hancock life insurance review tends to be positive — in particular, customers appear to appreciate the variety of policy options, particularly for permanent life insurance. Many reviewers praise the high coverage limits, which top out at $65 million. People who lead healthy lifestyles also like the option to reduce their premiums through the Vitality program. Keep in mind that some reviewers mentioned having difficulty getting through to the customer service team with questions; however, other customers mention a seamless service experience.
Is a John Hancock Life Insurance Policy Right for You?
Choosing a life insurance policy is a personal and highly subjective decision. John Hancock life insurance may be the right fit for you if you're interested in flexible investing options. The company's universal life insurance offerings include policies that cater to people with high or low risk tolerance.
John Hancock insurance could also be an option if you're living with diabetes. If you've struggled to find coverage from other companies, the Aspire program might be the right fit.