John Hancock life insurance review 2024
-
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict ,this post may contain references to products from our partners. Here's an explanation for .This content is powered by HomeInsurance.com (NPN: 8781838). For more information, please see our .
At a glance
Bankrate's take
John Hancock Life Insurance Company offers a range of life insurance policies, and customers may have access to additional perks like discounts on fitness devices. However, there’s no online quoting tool and whole life coverage isn’t available.
- Offers a unique Vitality rewards program that encourages healthy living with discounts on premiums, fitness tracking rewards and even access to early cancer screening.
- The Aspire program offers tailored life insurance for individuals living with diabetes, providing premium discounts and health management support.
- John Hancock ratings are consistently strong from AM Best, indicating a solid ability to meet financial obligations and pay out claims.
- John Hancock receives varying reviews for its innovative Vitality program and customers express dissatisfaction with customer service, citing challenging processes and difficulties resolving issues.
New
In September 2022, John Hancock began offering GRAIL's Galleri multi-cancer early detection test to eligible customers in the Vitality program. As the first life insurance company to offer such a test, John Hancock is helping its customers take control of their health. The test has been shown, in a clinical trial, to detect signs of over 50 types of cancer, 45 of which have no recommended screening tests.
In August 2024, John Hancock announced its partnership with Ethos to launch John Hancock Simple Term with Vitality. This new term life insurance product offers customers a 100 percent instant underwriting decision, generous return of premium (ROP) benefits and access to John Hancock's Vitality PLUS Program. Through this program, policyholders can earn rewards for healthy behaviors, including discounts and cashback offers. The partnership aims to expand John Hancock's reach, offering a unique combination of ROP coverage and Vitality rewards to a broader customer base.
John Hancock life insurance review
John Hancock life insurance offers a variety of flexible policies designed to meet different needs, particularly for individuals seeking customizable coverage with added perks and rewards for healthy living. Established in 1862, John Hancock offers term and universal life insurance plans alongside its unique Vitality and Aspire programs.
- Term: John Hancock’s term insurance comes in four policy lengths — 10, 15, 20 or 30 years — and offers death benefit amounts ranging from $250,000 to $65 million. Term life is often a popular choice among families who want coverage for a shorter period of time, such as when debt is being paid down or until children are independent.
- Permanent: Permanent policies are designed to last your entire life, as long as you pay the premiums, and feature a cash value in addition to the death benefit. John Hancock offers three types of universal life insurance, but doesn’t sell whole life coverage.
- Universal: Universal life insurance is a flexible option that allows you to adjust your death benefit and premium to meet the changing needs in your life.
- Indexed universal: This type of universal life insurance invests its cash value portion in an index, such as the S&P 500 or the Dow Jones Industrial Average.
- Variable universal: Variable universal life allows you to place your cash value in a broader set of investments. To learn more about variable universal life, contact a licensed financial professional.
- John Hancock Vitality: A standout feature of John Hancock is its Vitality program, a life insurance solution that rewards policyholders for healthy behaviors. Customers can save up to 25 percent on premiums by participating in the program, earning rewards like fitness trackers, discounts from partners like Apple and Amazon and access to early cancer screenings through the Galleri multi-cancer detection test. This science-backed incentive program is the only one of its kind offered by a U.S. life insurance provider.
- John Hancock Aspire: The company also tailors solutions for those living with diabetes through the Aspire program. With Aspire, individuals with type 1 or type 2 diabetes can save up to 25 percent on life insurance premiums while gaining access to benefits like discounts on healthy foods, fitness devices and personalized diabetes care. Aspire also includes virtual consultations with diabetes experts via Onduo, which provides free blood glucose testing supplies and personal health coaching to help manage the condition.
None of John Hancock’s policies are guaranteed-issue, which means that your eligibility will depend upon your answers to the application’s questions and potentially on the results of a medical exam. As you shop for life insurance, it may be helpful to use a life insurance calculator or work with a licensed agent to determine how much coverage you need and which policy type is best for your situation.
Pros and cons of John Hancock life insurance
Pros
- Offers a wide range of life insurance products
- Offers additional riders and endorsements
- Offers perks and discounts on other services to qualifying customers
Cons
- Does not sell whole life policies
- Does not have a purely online quote tool
- Does not offer guaranteed issue life insurance
John Hancock life insurance riders
John Hancock offers a variety of riders that can add extra coverage to your life insurance policy. People looking for the cheapest life insurance may not want to add riders, as they will very likely increase the cost of a life insurance policy. However, the added coverage of riders might be worth it, depending on your situation. John Hancock offers several riders, some of which include:
- Accelerated benefit rider: This rider allows policyholders to access a portion of the death benefit if they are diagnosed with a terminal illness. Depending on the terms of the rider, you may be able to accelerate a portion or the full amount of the death benefit, up to $1 million. The rider is available on most single-life, permanent and term policies.
- Long-term care rider: This rider allows policyholders looking for additional protection against long-term care costs to use their life insurance benefit to cover expenses associated with long-term care, which can help offset the costs of nursing homes or home healthcare services.
- Critical illness rider: This rider provides a lump-sum payout if the policyholder is diagnosed with a qualifying critical illness, such as cancer, heart attack or stroke. The payout can be used to cover medical expenses or any other financial needs during the time of illness.
- Chronic illness rider: Similar to the critical illness rider, this option provides a payout if the policyholder is diagnosed with a chronic illness, which could be beneficial for covering ongoing medical and care expenses.
- Disability waiver of premium rider: If the policyholder becomes disabled, this rider waives the premiums on their life insurance policy, ensuring that the policy remains in force even if they are unable to work.
John Hancock's range of rider options can be a valuable way to customize your life insurance policy to better suit your needs. While most riders are available on permanent life products, some options like the accelerated benefit and disability waiver are also available on term policies. Consulting with a broker or John Hancock agent can help you determine which riders are the best fit for your situation.
John Hancock customer satisfaction
Third-party for John Hancock ratings are mixed. The company has an A+ (Superior) financial strength rating with AM Best, which measures an insurer's historical financial stability. This metric may give you peace of mind that John Hancock has historically been a financially stable company and able to pay claims.
However, in the 2023 J.D. Power Individual U.S. Life Insurance Study, the company scored 782 out of 1,000 points, ranking it below the industry average of 790. If you are considering a policy, it might be helpful to talk to current policyholders about their service experience first.
John Hancock insurance customer complaints
The National Association of Insurance Commissioners (NAIC) collects customer complaints about insurance companies and scores them based on the number of complaints received, balanced by the company's size. These scores are referred to as the Complaint Index. It scores product groups within companies individually, so for instance, complaints for group life policies by John Hancock are separate from complaints for individual life insurance policies.
The NAIC uses 1.0 as a baseline for average or expected complaint levels, with indexes over 1.0 indicating more than the average amount of complaints and an index under 1.0 meaning fewer complaints. In the last three years, John Hancock has received fewer complaints than expected for a company of its size.
Compare life insurance providers quickly and easily
Answer a few questions to check availability with John Hancock
Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare John Hancock with other insurers
When looking for the best life insurance for you and your loved ones, you may want to compare different companies to find what best fits your needs. If you aren’t sure if John Hancock is for you, you may want to consider getting quotes from these carriers.
John Hancock vs. State Farm
State Farm earned the top spot in the 2023 J.D. Power Life Insurance Study, indicating that the company’s policyholders are typically highly satisfied with its service. It also earned the Bankrate Award for Best Term Life Insurer for the third year in a row. State Farm offers more insurance products than John Hancock, including whole life, auto insurance and home insurance — none of which are offered by John Hancock — so it could be a good choice if you prefer keeping your products in one place.
Learn more: State Farm Insurance review
John Hancock vs. Mutual of Omaha
Mutual of Omaha ranks highly (4th place) in customer satisfaction according to J.D. Power and offers a guaranteed-issue whole life insurance option, which might be appealing if you have health issues but still need coverage. Mutual of Omaha also offers several types of health insurance, including long-term care insurance, disability income insurance and cancer insurance.
Learn more: Mutual of Omaha Life Insurance review
John Hancock vs. Northwestern Mutual
Northwestern Mutual won our 2023 Bankrate Award for Best Universal Life Insurer due to its high customer satisfaction ratings, strong financial strength and accessibility. On top of its life insurance offerings, Northwestern Mutual also offers financial planning, investment products and some health insurance products.
Learn more: Northwestern Mutual Life Insurance review
Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth John Hancock insurance review.
46
years of industry expertise
122
carriers reviewed
20.7K
ZIP codes examined
1.2M
quotes analyzed
Is John Hancock a good insurance company?
Our John Hancock life insurance review analyzed several aspects of the company, including its policy types, available riders and customer satisfaction. Our editorial team is familiar with the aspects of a life insurance company that matter most to consumers. John Hancock might be a good life insurance company if you are looking for additional perks, as the Vitality and Aspire with Vitality programs offer benefits not usually provided by life insurers. However, its customer satisfaction ratings vary, so talking with current customers before committing to a policy could be a good idea.
What are real-life customers saying about John Hancock?
To better understand the experiences of John Hancock policyholders, we explored customer reviews from platforms like Trustpilot and Reddit. Feedback reveals a mixed bag, some customers praise the Vitality program for its wellness perks, while others highlight frustrations with policy management and customer support. Whether it’s the program’s unique rewards or dissatisfaction with service, these real-life accounts offer valuable insights into what it’s like to work with John Hancock.
These Trustpilot reviews clearly show that while some customers find great value in the Vitality program, others have had difficulty accessing the rewards.
*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
John Hancock company details
- Customer service (all states except NY): 1-800-387-2747
- Customer service (New York only): 1-888-267-7781
- Claims: 1-888-887-2739
- Website: https://www.johnhancock.com
- Mailing address: Life Post Issue Services, John Hancock Insurance, PO Box 55979, Boston, MA 02205
State availability
John Hancock is available in all 50 states and the District of Columbia. However, some products, perks and add-ons may vary by state.
John Hancock tools and benefits
Some interesting tools and benefits for the company's life insurance policies include the Vitality and Aspire programs. In addition to life insurance, John Hancock offers a variety of other financial products that you might find appealing:
- Financial advice: Finances can be complex and nuanced. John Hancock offers advisors who can help you develop a plan for each aspect of your financial health.
- Investments: John Hancock’s financial advisors may be able to help you choose from a variety of investment products, including mutual funds and EFTs, to bolster your financial plan.
- Market Dynamics resources: These are prepackaged presentations and webinars that can be used by individuals or groups to gain a better understanding of investment strategies and market stressors.
- Retirement planning: A John Hancock representative could help you review your retirement plan and make adjustments if needed.
Frequently asked questions about John Hancock
