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. But every person is different and Hancock may not work well for every.
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 a 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 high ratings from the 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 has several different insurance options for you to pick from:
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 good health. 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.
Universal life insurance is a form of permanent life insurance protection. This type of policy offers both death benefit coverage, along with cash value. The cash-value 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.
Indexed Universal Life
An indexed universal life insurance policy is 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. 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 policyholders 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. 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 deducted from the payout. 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 are 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 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.
One cool feature about John Hancock is their Vitality Program. There are a lot of rewards for joining the Vitality program. To sum it up, the insurance carrier rewards you for being healthy. If you join the program, you can get a new Apple Watch 3 with “an initial payment of $25.” Why would they want to give you an Apple Watch? Because it can track how active you are.
The goal of the program is to encourage you to eat healthily, be active, and reduce your health-related risks. The better your health, the longer you’ll live. The longer you live, the more premiums you are going to pay on your life insurance. This means a better return on the investment for the carrier. It’s kind of morbid, but the healthier you are, the more money the life insurance companies make.
Other Products Sold By John Hancock Life Insurance
Like most other insurance carriers, life insurance is not the only product they sell. In addition to their insurance coverage, they also offer investment options. If you’re looking for an insurance company where you can also investment money, John Hancock is an excellent place to look.
They sell everything from a college savings account to closed-end funds. John Hancock has professionally managed plans or you can manage your own retirement portfolio.
With John Hancock, there are two kinds of variable annuities for you to browse through, qualified and nonqualified. What’s the difference? Taxes.
A nonqualified annuity allows you to skip paying taxes until you start getting payments. Because this article is geared towards life insurance, we aren’t going to detail all of their investments, but you should be aware of all their options.
When you want to protect your family, life insurance is hands-down the best way. But buying life insurance isn’t as easy as going to the store and picking a random one of the shelf. You have to do some homework. You need a carrier who has great customer service and quality policies.
There are thousands of carriers out there. Picking between them can be an endless search. If you want help wading through the sea of options, your next step should be to call us.
We have not contracted agents with John Hancock, or any other carrier. We are captivated agents, which gives us the freedom to compare a variety of plans and carriers all at once.
If you still have questions about John Hancock Life Insurance – or about any other life insurance companies or policies – our experts are here to help. We can dispel those 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. Call us at 888-836-7071.
Even if you decide not to go with John Hancock, or you simply need some advice about your life insurance, we would love to talk to you. We want to do ANYTHING we can to help you protect your family.
Through the years, we’ve heard hundreds of stories about applicants who have lost loved ones. Not only was it emotionally hard, but it became financially difficult as well.
It’s our mission to ensure this doesn’t happen to you or your family.