When it comes to protecting your family and your assets, life insurance is a vital part of protecting those things.
Therefor, you want to make sure that you’re getting a comprehensive policy that offers the kind of protection and stability you and your loved ones are looking for.
Today, we’re going to review one of the oldest and most respected life insurance agencies in the industry – John Hancock.
Now, we will take an in-depth look at what you can expect when you sign up with this company, and how it compares to other options that are available to consumers.
John Hancock Company Info
John Hancock Life Insurance
197 Clarendon St # C6 Boston, MA
Phone: (800) 732-5543
Fax: (617) 572-1571
Although the company was originally founded in 1862, it was bought out by Manulife Financial in 2004. This Canadian-based business has expanded into twenty two different countries and territories.
John Hancock is one of the largest insurance companies in the United States.
John Hancock Financial Ratings
Because you are trusting your life and the well-being of your beneficiaries to this business, it is imperative that you can depend and reply on whatever company you choose.
Thankfully, John Hancock is well rated by all of the major financial institutions. This means that you shouldn’t have any reservations about trusting them to pay out your insurance policy.
In 2015, John Hancock earned approximately $255 million, and it has assets that total over $388 billion. Also, the brand has built a remarkable reputation in the industry for paying out policyholders promptly and fully.
These rankings justify this positive review, and they indicate a strong presence in the finance and insurance sectors.
However, it is important to remember that there is more to a business than just it’s credit rating. Be sure to pay attention to other items that are going to relate to you personally, like customer service and policy restrictions.
AM Best Rating: A+
Superior ability to meet ongoing financial obligations (2nd place)
Moody’s Rating: A1
Good financial security (5th place)
Fitch Rating: AA-
Very strong capacity to meet policyholder and contract obligations (4th place)
Standard & Poor Rating: AA-
Very strong financial security characteristics (4th place)
John Hancock Company History
Even though the business was long ago founded during the Civil War (1862), it has since become a national institution that relies on strength and resilience to ensure that it remains stable to this day.
The name John Hancock was chosen because of its ties to the American Revolution when the real Hancock helped forge a new nation. The founders of the company wanted to reflect that promising vision to their clients, and they have succeeded over the past 150 years.
John Hancock is one of the oldest American companies still operating today, which is a source of pride and honor. Although they were bought out by Canadian-based Manulife in 2004, John Hancock continues to stand proudly for American ideals and beliefs.
John Hancock John Hancock Life Insurance Products Offered
When it comes to life insurance, you can find a variety of policies that can fit both your budget and lifestyle. Below, a breakdown of the kinds of options you can get from John Hancock is shown.
Term Life Insurance
If you’re on a budget and want death protection, then this is the best choice for you. Term life insurance covers you for a predetermined amount of time after death. This policy is best for those who are seeking an affordable plan to ensure financial security if an income-earner were to die unexpectedly.
Although there is no cash valuation for this kind of insurance, it can still be an excellent asset for most families. This type of policy can enable them to pay bills and cover other expenses for as long as the policy is in effect.
John Hancock also allows term life insurance holders to change their policy to permanent life insurance, which can be beneficial for several reasons.
If you think that you will want to make this change in the future, then you want to discuss your options with an insurance representative.
Permanent Life Insurance
Unlike term policies, this type of policy is valid for life, which can offer peace of mind for loved ones. The policy never runs out, and you can receive a lot more money. However, these plans are also more expensive as a result.
To simplify the process for those investigating insurance options, John Hancock offers a few different variations on permanent life insurance. Therefor, depending on your needs, you can pick the right variation for you and your family.
Universal Life Insurance
This option is useful for people who want flexibility with their policy. As your financial needs and budgets change, you can update your insurance to reflect new circumstances and changes. For example, if you start earning more money in the future, you can adjust your policy to pay out more upon your death.
As with all forms of permanent life insurance, these policies come with a cash valuation. A plus side of this particular plan is that you can withdraw and access funds as you need them.
However, if the money is not paid back before the policy activates, it will devalue the overall amount.
John Hancock Indexed Universal Life Insurance
If you want to add more money to your life insurance policy, you can index it so that it’s connected to a specific stock. Thankfully, your plan is protected from dips in the market, but you can still increase your policy’s payout value as long as your indexed account is performing well.
The most promising option with this variation is to tie your policy to something that has a strong track record, like the S&P 500.
Otherwise, this policy works the same as a standard Universal option, the only difference being that you have more potential to increase the value of your payout during the life of the policy.
John Hancock Variable Universal Life Insurance
With an indexed plan, you are protected from market fluctuations. This can help if you worry about dips in the market, but it can also limit how much you increase your policy value.
So, if you are comfortable with the variations that can likely occur with investing, you can choose a variable life insurance policy.
This plan works the same as the others, except you have the opportunity to index it to an account without market protections. Therefor, your cash value will increase and decrease with the stock market, resulting in the maximum potential to increase your policy value.
Remember, you are putting your money at risk this way. Thankfully, you can diversify your investments to create a stronger, more resilient portfolio.
The best thing about choosing life insurance with John Hancock is that you can also apply for survivorship plans that will cover a spouse or family member. This means that you don’t have to get two policies. This approach is cost-effective for most people.
John Hancock Life Insurance Claims
When picking out the right plan for you, one crucial element to consider is your health.
With John Hancock, the company is quite progressive when compared to other insurance providers. This is ideal for those with preexisting medical conditions. Here are a few of the medical conditions that John Hancock covers reasonably that other providers may charge more for (or deny you altogether).
- Heart Attack
- Recent Weight Loss
- Family History
- Former Tobacco Use
- High Blood Pressure
- High Cholesterol
Overall, the company offers comprehensive plans that will not be adversely affected by these risk factors. One will find that John Hancock life insurance ratings that are typically better than other insurance providers.
John Hancock also covers sleep apnea and diabetes; although they can impact your policy more than the risk factors listed above, you can still find coverage.
HIV and Life Insurance with John Hancock
Until recently, getting life insurance with HIV seemingly impossible. Fortunately, John Hancock began allowing HIV positive people to sign up for plans. As of April of 2016, those who qualify can choose from a variety of policies.
HIV Plan Requirements
- You have to be between 30 and 65
- You cannot have any “comorbid conditions” (separate illnesses that are commonly associated with HIV)
- You are taking (and responding well to) antiretroviral therapy
- You do not show signs of a weakening immune system
When you consider all of the potential risk factors that could impact your ability to get life insurance, you will see that John Hancock offers an assortment of unique policies to fit anyone’s needs.
John Hancock Customer Service Review
Although it’s great to know what to expect when you sign up for insurance through John Hancock, you also want to make sure that you are going to be treated with the care and respect you deserve.
No matter how comprehensive or valuable the policies are, their value depreciates greatly if you are unable to receive good customer service.
BBB Rating: A+
Despite their high rating with the Better Business Bureau, there are numerous complaints on their page in addition to many customer reviews last list their experiences as “negative”.
Most of the reviews talk about indexed or variable life insurance policies that didn’t seem to grow as much as they should have. Based on what former customers have reported, it appears that John Hancock was not accurately matching the growth of valuation based on stock performance.
Here is an excerpt from one review
This investment firm is garbage. For four years I was invested in an aggressive growth 401k. More than 10% of my earnings went into the account. After four years I watched it, and it never was more than $12 above what I and my employer invested. They trimmed all the profits.
Not only that, but J.D. Power ratings also show that John Hancock reviews are largely negative. According to data, this company ranks among the lowest for customer satisfaction.
Each area is either rated “the rest” or “about average” when compared to other providers.
Overall, John Hancock has many flaws within the company that prevent them from being a top choice for those seeking life insurance policies. Those who have taken the time to post reviews online, were primarily unhappy with their experiences with John Hancock.
Is Is John Hancock the right choice for you?
Although John Hancock is a well-known life insurance company, they are lacking a comprehensive customer service strategy. However, when compared to other insurance providers, they still offer better policies for risk factors.
Depending on your needs and circumstances, these policies may be more beneficial to you and your family.