John Hancock Life Insurance Company Review
As one of the highest rated insurance companies, within the top 10 in A.M. Best, Standard & Poor, Moody’s, and Fitch Ratings rankings, John Hancock brings a level of professional expertise to their work.
Earning the trust of individuals and institutions for almost 150 years, John Hancock takes pride in demonstrating how to increase profits and protect families.
Adhering to fair and proper practices, you can trust them to not only know what they’re doing, but how to do it, and do it without cutting corners.
A life insurance policy is a key part of any financial plan, and with dependable products and plan available John Hancock has something that’s suited for everybody. The average cost of life insurance just depends on the company, the age at which you are applying and your current health situation. Make sure to quote out several companies, such as Americo Life Insurance, Banner Life Insurance or Fidelity Life Association Insurance Company, before making your final decision. There are also companies out there that offer no medical exam life insurance if that is what is best for your needs.
History and Financial Stability of John Hancock
John Hancock Insurance Company is one of the oldest insurance companies in the United States, beginning its operations back in 1892. This insurer, which began as just a four-person operation in Massachusetts, today serves many millions of customers in both the United States and around the world.
This insurer knows that owning life insurance coverage is an important component of any good, solid financial plan. Therefore, the firm offers numerous life insurance products for its customers to choose from.
From a financial strength and stability standpoint, John Hancock is extremely stable – which makes it one of the very best life insurance carriers in the marketplace today. The firm has attained very high ratings from the insurance company rating agencies, which is inclusive of an A+ from A.M. Best, an AA- from Standard & Poor’s, an AA- from Fitch Ratings, and an A1 from Moody’s.
Life Insurance Coverage Products Offered by John Hancock
John Hancock Life Insurance Company offers a wide variety of different life insurance products to choose from. These include the following:
- Term – Term life insurance from John Hancock provides death benefit protection for a set period. Typically, these types of life insurance policies can be very cost effective, especially if the applicant / insured is younger and in relatively good health at the time of application. Term life plans can provide the opportunity for an individual to purchase a large amount of death benefit for the minimal premium cost. In some instances, John Hancock term life insurance policyholders may be able to convert their policy over to a permanent policy – which can provide the insured with lifelong life insurance protection, as well as the ability to build up a tax-deferred cash value component within the policy.
- Universal Life – Universal life insurance is a form of permanent life insurance protection. This type of policy offers both death benefit coverage, along with cash value build up. The cash-value component of the policy is tax-deferred, meaning that no taxes are due on the cash until the time it is withdrawn – which can allow the cash to build and compound exponentially. Universal life, or UL, policies provide their holders with a great deal of flexibility in that they may be able to customize both the amount and the timing of the premium payments in order to best meet their needs, now and in the future. For example, the amount and the frequency of premium payments can be adjusted – within certain limits. Also, cash can be accessed via policy loans and / or withdrawals. (It is important to note, however, that an unpaid cash loan or withdrawal balance at the time of the insured’s death will reduce the amount of the death benefit that is paid out to the policy’s beneficiary).
- Indexed Universal Life – An indexed universal life insurance policy is a type of permanent life insurance plan that provides the same features as a traditional universal life insurance policy. However, these policies offer the additional benefit of being able to grow the policy’s cash value component based upon an underlying market index. This means that the cash value can essentially grow larger than that of other basic universal life insurance products. It is important to note that these policies do not participate directly in the market itself, and that the value of the underlying accounts will vary, dependent upon the performance of the indexed account options that have been selected by the policyholder. As with other universal life insurance products, these policy holders will also have a great deal of flexibility in terms of being able to switch between the different premium allocation options as their needs change over time.
- Variable Universal Life – With a variable universal life insurance policy, an individual will own a permanent form of life insurance protection. These policies offer flexible premium payment options, along with the opportunity to also build up a great deal of cash value within this component of the insurance policy. This is because the cash value portion of a variable universal life insurance policy is linked to various underlying investment options. Money in the cash value component can also be transferred among the different investment options in order to allow the policyholder the ability to develop different investment strategies – especially as his or her financial needs change over time. And, just as with other types of permanent life insurance policies, cash in the cash value portion of the policy can be taken out as either a loan or a withdrawal – however, any unpaid amount at the death of the insured will be counted against the amount of the death benefit that is paid out to the policy’s beneficiary. It is important to understand, however, that because of the investment related features of a variable universal life insurance policy, there is also the possibility of loss due to market-related volatility. Therefore, prior to purchasing a variable universal life insurance policy, an individual should consider the fact that the policy’s account value can vary depending on the performance of the underlying investment options that have been selected – as these are not guaranteed by the insurance company.
Each of the product categories that is offered by the company also offers a corresponding survivorship life insurance product that will cover the insured individual, as well as one other person. This can make the policy very cost-effective, and it can often even be a better alternative than buying two separate life insurance policies.
Overall, John Hancock Life Insurance is considered to be a very strong and stable financial entity. Due to its longevity in the insurance industry – as well as its high ratings due to financial strength and claims-paying ability – the company is recommended as an insurer or choice for those who are considering the purchase of a life insurance policy. The next step is to ensure that the type of policy that is best for your specific needs is offered by this particular insurer and that you can qualify for a plan.
If you are ready to move forward, we can help. We work with many of the top life insurance carriers in the marketplace today, and we can assist you in obtaining all of the pertinent information that you need in order to make a much more informed life insurance purchasing decision. We can do this for you in an extremely quick, convenient, and easy manner – all from your computer, and without the need to meet in person with an insurance agent. When you are ready to proceed, fill out the contact form on this page.
Should you discover that you have any additional questions regarding John Hancock Life Insurance – or about any other life insurance companies or polices – our experts are here to help. We will be happy to walk you through any of the concerns that you may have such as the type of coverage that is right for you, the amount of benefit that you may need for your particular situation, and even whether or not the carrier that you are considering is the ideal one for your needs. We can be reached directly via phone, toll-free, by calling 888-836-7071.
We understand that the purchase of life insurance can sometimes be confusing. There are numerous variables to consider – and you want to ensure that you are making the right choices along the way. Our experts will work with you to make certain that you are comfortable with the policy and benefits that you have chosen and that your survivors have the peace of mind in knowing that they are covered just in case of the unexpected. So, contact us today – we’re here to help.