John Hancock Life Insurance review 2020
Lenient health guidelines, high approval rates and an incentivized healthy living program make this a popular provider.
finder.com’s rating: 3.0 / 5.0
Get a quote if…
- You want to be rewarded with lower rates for healthy living.
Pick something else if..
- You want a whole life insurance policy.
20 to 60
$25,000 to $1,000,000
Depends on policy
Medical Exam Required
|Free quote||Online, Phone|
|Policy options||Term, Permanent|
|Term lengths||10, 15, or 20 years|
|Monthly cost||As low as $16 per month|
|Ratings||AM Best: - A BBB: A+|
|Customer support||1-800-732-5543 and contact form|
|Riders||Long-term care, total disability waiver, accelerated death benefit and conversion extension.|
Katia Iervasi is a writer from sunny Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls chaotic, creative New York home. With a journalistic eye for detail, she navigates insurance, mortgages and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
John Hancock is a solid choice for people pursuing a healthy lifestyle. It offers incentives for customers with healthy habits, including lower rates and a rewards program. However, it doesn’t offer whole life insurance, and its selection of riders is limited.
What types of life insurance coverage does John Hancock offer?
John Hancock’s lineup includes a mix of term and permanent policies:
- Term life insurance. The insurer offers term life coverage in 10-, 15- and 20-year terms, with a face value between $25,000 and $65 million. For policies under $5 million, you can apply online — anything more and you’ll need to speak to a rep.
- Universal life insurance. Along with providing lifelong coverage, this policy has a cash value that earns interest over time. It also allows you to adjust your premiums and death benefits as needed.
- Indexed universal life insurance. The cash value of this permanent policy that’s tied to an index, like the S&P 500. Like all other universal policies, it offers flexible premiums and death benefits.
- Variable universal life insurance. With this policy, a portion of your premium is invested in various stocks, bonds and mutual funds. It has the largest cash value growth potential, and the highest risk.
- Final expense insurance. Open to those aged 55 to 80, this policy offers coverage between $2,000 and $20,000. It’s designed to cover funeral and end-of-life expenses, and no medical exam is required.
What riders can I add to my life insurance policy?
The insurer allows policyholders to customize their coverage with the following riders:
- Long-term care (LTC) rider. Pays out a portion of your policy to cover long-term care expenses, such as a nursing home. To qualify, you’ll need to not be able to perform two of the six activities of daily living (ADLs), which include eating, dressing and using the bathroom.
- Total disability waiver rider. Pauses your premiums if you become totally disabled and can’t work for at least six consecutive months.
- Accelerated death benefit rider. Pays out up to 50% of your death benefit if you’re diagnosed with a terminal illness with less than 12 months to live.
- Conversion extension rider. Available on 15- and 20-year term policies, this rider extends the normal conversion period to the full level term period.
How much does John Hancock cost?
John Hancock doesn’t reveal its rates online. To get an idea of how much you might pay for coverage, check out these sample rates for a 20-year term policy for an individual in perfect health.
*Sample rates provided by Quotacy
How do I get a low rate?
John Hancock has lenient underwriting standards compared to other major carriers. To access the best rates, you’ll need to meet these requirements:
- Tobacco, alcohol and substance use. The best rates go to applicants who don’t smoke and have no history of alcohol or substance abuse in the past 10 years.
- Health. The insurer looks at your cholesterol and blood pressure levels, among other factors. If you have a HDL of 3.5 or lower, you’ll likely score a better rate. In terms of blood pressure, you’ll need a reading of 140/85 between the ages of 18 and 50 and 145/90 for ages 51 to 70 to get the preferred rate.
- Lifestyle. To reach the highest rate class, you’ll need to prove you live a healthy lifestyle, which includes maintaining a healthy weight and getting regular exercise. John Hancock also offers discounts and incentives through its Vitality program.
- Driving record. If you haven’t had any major traffic violations and DUIs in the past three years, you’ll be able to access a better rate than someone who does.
What’s the Vitality program?
John Hancock tracks policyholders’ health and fitness data through wearable devices, like FitBits. This is known as “interactive life insurance,” and it’s meant to incentivize people to adopt healthy habits.
When you purchase a policy, you’ll automatically be enrolled into the insurer’s basic Vitality Go program. As you hit health goals — like walking a certain number of steps per day or reducing your blood pressure — the insurer will reward you with discounts on sites like Amazon.
You can also sign up to Vitality Plus for a small fee — around $2 a month. You’ll score the same perks, plus grocery store gift cards and further discounts. Depending on your progress, you could also save up to 15% on your annual premium, and be able to buy an Apple Watch for $25 (plus tax).
Exclusions apply, so double-check your eligibility with the insurer.
Pros and cons of John Hancock
- Generous policies. The insurer issues policies with face amounts between $25,000 to $65 million to cater to a wide range of applicants.
- Lenient health standards. John Hancock doesn’t penalize those with diabetes, hypertension, HIV and other major conditions to the same extent as its competitors.
- Healthy living discounts and rewards. John Hancock is one of the few providers that offer discounts and incentives for applicants who lead healthy lifestyles.
- Simple application. For term life policies valued at under $5 million, you can apply online and your policy may be issued instantly.
- Financial strength. John Hancock has an A+ (Superior) rating with A.M. Best, which means it has the cash reserves to pay out claims.
- No whole insurance. The insurer sells universal life insurance, but doesn’t have a whole life option for people interested in permanent policies.
- Limited rider options. If you want to enhance your coverage with a longer list of riders, you might want to look elsewhere.
- No online policy management. To change your address, payment info or beneficiaries, you’ll need to call the insurer or mail in a form.
Compare other life insurance companies
John Hancock reviews and complaints
John Hancock isn’t accredited with the Better Business Bureau (BBB), but it holds an A+ rating for its customer interaction. Customers have given the insurer 1 out of 5 stars, but the BBB hasn’t recorded any complaints to date.
On TrustPilot, the insurer has 4.5 out of 5 stars based on 45 reviews. Many customers praised the easy application process and the incentives offered by the Vitality program, though some mentioned problems with billing.
How do I sign up?
You can apply for term life insurance online. These are the steps:
- On the John Hancock homepage, click Insure > Term Life Insurance > Get a Quote.
- Enter your name, date of birth, state, smoking status and how much coverage you need. Type in your email address and phone number, then click See my Quote.
- The system will generate a quote. You can adjust your term length and coverage amount as needed, and once you’re happy, you can go ahead and apply for a policy.
For all other policies, call 1-800-721-3774 and a representative will walk you through the next steps.
I’ve signed up. What happens next?
If you’re applying for a policy worth $250,000 or less, you can expect an instant decision. Otherwise, the insurer typically take three to five days to approve policies.
More about John Hancock
Established in 1862, John Hancock Financial offers a range of financial products in addition to life insurance. These include:
- Long-term care insurance
- Retirement plans
- Asset management
- College savings plans
- Key person insurance
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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