Lincoln Financial vs. John Hancock Life Insurance

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  • Picking a company to work with is an important part of buying life insurance. Explore two of the industry’s top providers: Lincoln Financial and John Hancock.

Today’s life insurance shoppers have a multitude of coverage options to choose from, and picking a financial provider to work with is often the first step in selecting a policy. However, with more than 800 life insurance and annuities companies throughout the United States, choosing the right provider can be confusing. To make the decision easier, it's often helpful to understand what solutions and services each company offers and how to determine if an insurer is financially stable. This article explores two of the industry’s top providers: Lincoln Financial and John Hancock.

Lincoln Financial Life Insurance Summary

Since opening its doors for business in 1905, Lincoln Financial Group has offered dependable life insurance solutions to U.S. consumers. Today, the company, which was named after Abraham Lincoln, has more than 17 million customers and maintains a strong financial foundation so consumers can feel secure investing in its products. Lincoln Financial's insurance offerings include various term and permanent policies, including plans suitable for business owners who want to protect their assets.

The company’s term policies may be ideal for individuals with short-term financial obligations or families with minor children. Consumers can purchase coverage for 10, 15, 20 or 30 years, and policies of $1 million or more may be available to meet the needs of higher net worth individuals. Lifetime protection is also available through Lincoln Financial’s universal, indexed universal or variable universal plans, which offer flexible, customizable coverage. These plans include a guaranteed death benefit and an investment subaccount that lets individuals accrue cash value that can be borrowed against as it builds.

John Hancock Life Insurance Summary

John Hancock has been selling term and permanent life insurance policies to U.S. consumers for more than 160 years. The company offers a wide range of coverage options, including plans suitable for children as young as 3 months and seniors up to 90 years old. It's also known for having extremely high coverage limits, with some policies offering up to $65 million in benefits for high net worth individuals.

John Hancock’s term policies come in 10-, 15-, 20- or 30-year increments, with benefits starting at $750,000. For permanent coverage, the company offers several universal policies, including indexed universal and variable universal plans, both of which feature flexible premium options and an accessible cash value component. To supplement these plans, policyholders may take advantage of John Hancock's selection of wellness rewards and riders, including several types of accelerated benefits.

Lincoln Financial vs. John Hancock Life Insurance Comparison of Accessibility

Although neither Lincoln Financial nor John Hancock offers guaranteed-issue plans, both companies have coverage options that make policies accessible for individuals in certain categories. At Lincoln Financial, qualified individuals can take advantage of a streamlined application process that doesn’t require applicants to submit blood work or undergo a medical exam. The company also offers a simple tele-app option, which lets interested parties apply for coverage online or over the phone through an automated process.

John Hancock’s selection of policies includes plans designed for individuals as young as 3 months and as old as 90, including those who fall into various risk categories. For example, the company’s Aspire plan is designed specifically to provide coverage to individuals living with Type 1 or Type 2 diabetes. The company also offers plans with a multimillion-dollar face value that are suitable for individuals with a high net worth. Additionally, some applicants may be approved for coverage without having to undergo a medical exam.

Lincoln Financial vs. John Hancock Life Insurance Comparison of Costs

Your life insurance premium can vary widely depending on the company you choose, the amount of coverage you need and what type of plan you buy. For example, term insurance is typically more affordable than whole or universal coverage. Costs may also be affected by your age, gender and overall risk profile, and prices can even go up if you regularly engage in risky hobbies such as extreme sports.

To see how Lincoln Financial and John Hancock compare in the area of cost, let’s look at what a nonsmoker of average health might expect to pay each month in premiums for a 20-year term policy that has a death benefit of $1 million.


Lincoln Financial

John Hancock
































While the companies' rates remain fairly comparable through age 45 in this example, premium prices at Lincoln Financial rise more steeply for men and women aged 55 and up. And, although the anticipated monthly premium price is higher for smokers at both companies, policyholders at John Hancock may expect to pay almost twice the price as nonsmokers.

Lincoln Financial vs. John Hancock Life Insurance Comparison of Company Ratings

Ratings from industry organizations can help shoppers determine whether an insurer is financially stable, which is especially important if you’re purchasing lifetime coverage. Insurance ratings agencies regularly give high marks to both Lincoln Financial and John Hancock, so investors can feel comfortable trusting these companies with their money. These companies both received AM Best’s highest rating of A+ (superior) and a rating of A1 from Moody’s, which indicates the insurers pose a low credit risk.

Interestingly, John Hancock and Lincoln Financial also tied for No. 5 on U.S. News and World Report’s Best Life Insurance Companies of 2022 list. Both companies also appear within the five top ranked companies on U.S. News and World Report’s lists of the best term and universal life insurance providers of 2022.

Choosing the Right Insurance Company for You

For many individuals, life insurance is a way to safeguard their loved ones' financial future after they're gone. With stakes that high, trying to choose the right insurance company can feel daunting. However, if you’re armed with knowledge, you'll be able to make more informed decisions. Maintaining strong financial ratings and featuring a wide selection of plan types, John Hancock and Lincoln Financial both have policies worth considering. However, it’s also important to understand your family’s unique financial needs before signing with a provider to make sure you get the coverage that's right for you.

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