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For more than 150 years, John Hancock has offered life insurance plans to help protect Americans. John Hancock life insurance options include term life, permanent life and final expense policies to help individuals and families secure their financial future in the event of unexpected life circumstances.
John Hancock plans aren’t the best fit for everyone — while the company comes out ahead with discounts on premiums for healthy living choices and the ability to borrow against your policy’s potential cash value, the company has only an average customer service reputation. Even minor policy changes require a unique form, making paperwork a potential problem.
- Up to 15% discounts on premiums through the John Hancock Vitality Program.
- Borrow against your policy’s potential cash value for immediate financial needs.
- Get an instant quote and apply online for term life coverage under $5,000,000.
- Average customer service ratings.
- No temporary life insurance coverage to bridge the gap between application and approval.
- All changes require a separate form.
The Life Insurance Factors We Analyzed
While John Hancock makes it easy for customers to connect online — clients can get instant quotes, apply for policies and manage their account through the company’s website — John Hancock life insurance reviews and customer complaints place it near the middle of the market when it comes to overall customer satisfaction.
According to the Better Business Bureau (BBB), John Hancock life insurance earns an A+ rating, and the National Association of Insurance Commissioners (NAIC) reports a complaint index of 0.35, significantly below the national average of 1.00. However, the J.D. Power 2019 U.S. Life Insurance Study tells a different story. John Hancock scores just 2/5 in overall customer satisfaction, putting it in the bottom third of J.D. Power’s list.
Coverage and Rider Information
John Hancock life insurance policies come in three broad types: term life insurance, permanent life insurance and final expense with guaranteed acceptance.
The company’s term life policies are available as 10-, 15- or 20-year terms, and clients can apply for coverage between $25,000 and $65,000,000. Customers can also get an instant quote and apply online for term life policies under $5,000,000.
When it comes to permanent life insurance, John Hancock offers three policy types: Universal, Indexed and Variable. All three types allow clients to withdraw and borrow cash from existing policies. The Indexed option lets clients change investment allocations, while the Variable policy allows customers to transfer funds across different investment options. John Hancock’s final expense policies are available for customers ages 55–80 with coverage from $2,000 to $20,000. No medical tests are required, and acceptance is guaranteed.
The company also offers three rider options: an accelerated benefit claim, disability benefit rider and long-term care rider claim, along with up to 15% premium discounts for opt-in participation in the John Hancock Vitality Program, which rewards clients for healthy choices such as taking walks or buying nutritious food. Just keep in mind that every change to your policy will require a separate form.
Life insurance coverage features
|Insurance types offered||Term life insurance, permanent life insurance and final expense with guaranteed acceptance.|
|Term lengths offered||10, 15 and 20 years.|
|Standout coverage features||Instant quote and online application for term life policies under $5,000,000. Up to 15% discounts for healthy living choices with the John Hancock Vitality Program.|
John Hancock Overview: Financial Strength, Availability and History
John Hancock life insurance has been covering Americans for more than 150 years. According to data from YouGov, it’s the 17th most popular life insurance brand, and 75% of people asked have heard of the company. John Hancock policies are available nationwide, both directly from the company itself and through authorized insurance brokers in each state.
- In business since: 1862
- S&P Global financial strength rating: A+
- Moody’s financial strength rating: A1
- AM Best financial strength rating: A+
- States served: Nationwide
|AM Best Financial Strength Rating||J.D. Power 2019 U.S. Life Insurance Study Score||NAIC Customer Complaints|
|John Hancock||A+||2/5||Fewer complaints than average.|
|Northwestern Mutual||A++||5/5||Fewer complaints than average|
|State Farm||A++||5/5||Fewer complaints than average|
|Nationwide||A+||4/5||Fewer complaints than average|
|New York Life||A++||4/5||Fewer complaints than average|
|Mutual of Omaha||A+||4/5||Fewer complaints than average|
|Principal||A+||4/5||Fewer complaints than average|
All information accurate as of 06/16/2020
The Bottom Line
John Hancock life insurance offers multiple insurance types and riders to help protect clients and ensure they’re prepared to handle unexpected life events. Reliable, financially stable and well-known, John Hancock makes it easy for clients to connect online and apply for term life policies under $5,000,000. When it comes to customer service, however, John Hancock is firmly average with solid BBB and NAIC scores but just 2/5 from J.D. Power.
If you’re looking for easy term life insurance options with instant quotes and online approvals, John Hancock is a good fit.
We selected the best life insurance companies by first looking at each provider by market share to determine availability. The top providers were then evaluated based on factors including the provider’s financial strength as indicated by organizations such as A.M Best and Standard & Poors, customer service ratings and support, as well as average premiums.
John Hancock FAQ
Is John Hancock a good life insurance company?
John Hancock life insurance stands out from the crowd with an easy online application and instant quotes for term policies less than $5,000,000. It also offers premium discounts up to 15% with the John Hancock Vitality Program. The company’s financial strength ratings and long history indicate claims reliability, but they score in the middle of the market when it comes to customer service.
What types of life insurance does John Hancock offer?
John Hancock offers three types of life insurance: term life insurance, permanent life insurance and final expense with guaranteed acceptance.
How can you cancel John Hancock life insurance?
To cancel your John Hancock life insurance policy, you must complete a Policy Surrender Form and mail the form directly to John Hancock. The typical cancellation time is 7–10 business days for traditional policies and seven calendar days for variable policies.