John Hancock Life Insurance review 2020
Lenient health guidelines, high approval rates and an incentivized healthy living program make this a popular insurer.
finder.com's rating: 3 / 5
- 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|
|Policies||Term, Permanent, Final Expense with Guaranteed Acceptance|
|Term lengths||10, 15, or 20 years|
|Riders||Accelerated death benefit rider, Conversion rider, Disability income benefit rider, Long-term-care rider|
|Medical exam required||Depends on policy|
|Available states||All 50 states|
|Issue age||18 - 65 years old|
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics 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 who want support and rewards for pursuing a healthy lifestyle. It offers incentives for customers with healthy habits, including lower rates and a rewards program that gives you discounts on Amazon and grocery purchases and premium reductions.
However, John Hancock doesn’t offer whole life insurance, and its selection of riders is limited. You won’t get instant or quick online approval unless you apply for a term life policy with less than $250,000 coverage. And while customer reviews are mostly positive, policyholders do note some issues with the Vitality rewards program and billing problems.
What's in this guide?
- How much does John Hancock life insurance cost?
- How do I sign up?
- What types of life insurance does John Hancock offer?
- What riders can I add to my life insurance policy?
- Pros and cons of John Hancock life insurance
- Compare companies like John Hancock
- John Hancock life insurance reviews and complaints
- Frequently asked questions about John Hancock Life Insurance
How much does John Hancock life insurance cost?
We pulled sample rates using John Hancock’s online quote tool for a 20-year term, $500,000 policy for a healthy man and woman. Rates are fairly standard compared to other companies.
What factors affect my rate with John Hancock?
John Hancock has lenient underwriting standards compared to other major carriers. Along with your age and gender, this company factor your health status and habits into your rates. 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.
How do I sign up?
You can apply for term life insurance online. For all other policies, call 800-721-3774 and a representative will walk you through the next steps.
- On the John Hancock homepage, click Insure > Term Life Insurance > Get your 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, apply for a policy.
- If you’re applying for a policy worth $250,000 or less, you can expect an instant decision. Otherwise, the insurer typically takes three to five days to approve policies.
What types of life insurance does John Hancock offer?
John Hancock’s lineup includes a mix of term and permanent policies:
- Term life insurance. This 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 $3 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 is 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 55 to 80 years old, 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 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.
- Waiver-of-premium 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 rider. Available on 15- and 20-year term policies, this rider extends the normal conversion period to the full level term period.
What’s John Hancock’s Vitality program?
When you purchase a policy, you’ll automatically be enrolled into the insurer’s basic Vitality Go program. John Hancock tracks policyholders’ health and fitness data through wearable devices, like FitBits and the new Amazon Halo. 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 score an Apple Watch for $25 plus tax.
This is known as “interactive life insurance,” and it’s meant to incentivize people to adopt healthy habits. Check for exclusions before applying.
Pros and cons of John Hancock life insurance
- High policy limits. 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 under $3 million, you can apply online and your policy may be issued instantly.
- Financial strength. John Hancock has an A+ (Superior) rating with AM Best, which means it has the cash reserves to pay out claims.
- No whole life insurance. The insurer sells universal life insurance, but doesn’t offer a whole life option where many of its competitors do.
- 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 companies like John Hancock
Though John Hancock is a good option for healthy individuals, you may find cheaper rates and more rider options from other insurers.
John Hancock life insurance reviews and complaints
John Hancock isn’t accredited with the Better Business Bureau (BBB), but it holds an A+ rating, with 1 out of 5 stars out of 19 reviews and 54 complaints as of October 2020. However, only one complaint concerns a life insurance policy.
On TrustPilot, the insurer has 4 out of 5 stars based on 64 reviews as of October 2020. Most complaints are with travel insurance policies, and most life insurance review are positive. Many customers praised the easy application process and the incentives offered by the Vitality program, though some mentioned problems with billing. However, Trustpilot notes that John Hancock hasn’t responded to negative reviews for the past 12 months.
Frequently asked questions about John Hancock Life Insurance
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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