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John Hancock Mutual Life
Company Review
John Hancock Life Insurance began in 1862 and is owned and operated by Manulife Financial Corp. in Canada. From its long history to its high ratings and excellent customer service, few companies can compete with John Hancock when it comes to quality life insurance options. While it began as a mutual company, being owned by its policyholders, it transitioned into a demutualized company at the end of the 20th century, trading its stock to shareholders.
John Hancock Mutual Life
- 601 Congress St.
Boston, MA 02210
Advantages of John Hancock Life Insurance
John Hancock’s strong financial ratings, excellent customer service, and wide range of insurance products for a diverse population make it stand out among its competitors. It excels at underwriting policies for individuals with pre-existing conditions, offering greater coverage at lower rates than many of its competitors. It even has special rates for certain individuals with HIV. Its history and financial backing also generate a large amount of trust among its customers, allowing it to maintain a client-first approach to business.
Disadvantages of John Hancock Life Insurance
As with many of the older life insurance providers, John Hancock’s largest downside is the lack of online capabilities. In fact, there is very little you can do online with John Hancock. Changing payment information, beneficiaries, addresses, and even cancelling your policy must all be done by mail. The application process is also done through the mail, making it slower and less convenient than most other competitors.
Additionally, the term periods are shorter than other companies. While you will likely find policies for as long as 30 years in most other places, John Hancock only has term policies up to 20 years. Also, some companies allow you to choose any period of time between 5 and 30 years (e.g., 18 years), while John Hancock only offers 10, 15, and 20-year term policies. Therefore, if you are looking for short- or long-term coverage, this company might not have the product you need.
Available Products
Term Policies
Term life insurance provides coverage for a limited period of time. At John Hancock, you can purchase a term policy for 10, 15, or 20 years with the option to convert it into a permanent policy. The premiums for term policies are typically level, meaning they do not change while the policy is in force.
Permanent Policies
Permanent policies are coverage plans that remain in effect until the policyholder dies as long as the premiums are paid. These types of plans usually accrue “cash value,” which is a form of savings that allows a portion of the premiums paid to grow with interest and are accessible during the policyholder’s lifetime.
Universal: This type of permanent policy has flexible premiums, allowing you to change your payment schedule, alter your coverage, and even use your cash value to pay premiums.
Variable: This type of permanent policy allows you to invest your cash value into a varied mix of investment vehicles, much like a mutual fund.
Indexed: This type of permanent policy allows you to invest that same cash value into an index fund instead.
Guaranteed-Acceptance: This whole life policy has no medical exam and, as the name implies, guarantees acceptance. However, the coverage is limited to a maximum of $20,000.
John Hancock Life Insurance Ratings
It is extremely important to take stock of a life insurance company’s ratings before considering purchasing from them. These ratings demonstrate a company’s financial strength, according to the leading agencies. Because purchasing a policy from a company that may go bankrupt before being able to pay out your benefits can be disastrous, we recommend studying the ratings for each company.
Conclusion
At the end of the day, John Hancock Life Insurance is a great pick for a life insurance policy. If you are willing to go through the inconvenience of having everything done by mail (except for the application), then you’ll find a strong ally in John Hancock. There is something for everyone within its range of products and the rates remain competitive even with pre-existing conditions or advanced age.
There are many different life insurance companies to choose from, each with its own strengths and weaknesses. Some are a better match for your financial and health situation than others, and determining which is which can be difficult for those new to the life insurance industry.
That’s why we’re here to help. At LifeQuote, our team of dedicated expert agents will assess your case and match you with the company and the policy that best meets your needs and the needs of your loved ones. Contact us today for a free quote and to get started toward a better financial future for you and your family.
