John Hancock life insurance has been around since 1862 and offers a variety of policies, including term and universal life insurance plans, depending on the policyholder’s needs. The company is among the nation’s top 10 largest insurers, covering millions for their retirement, life insurance, and financial needs.
While John Hancock Life Insurance may be one of the biggest insurers, is the quality up to par? Final Expense Benefits does not work with John Hancock Life Insurance as we only partner with top-rated carriers that can provide the best coverage for you and your family.
Continue reading to learn more about John Hancock Life Insurance, or call Final Expense Benefits at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET, to speak with an agent to find a plan that works for you. Our free quoting tool is available for you to receive a free estimate at any time.
If you’re interested in these or any of our other life insurance options, call us at (866) 786-0725 to learn more. Be sure to check our free online quoting tool for personalized pricing estimates.
Who is John Hancock?
The Boston-based life insurance company was named in honor of John Hancock, an American Founding Father and a prominent figure of the American Revolution. He is remembered for his bold signature on the United States Declaration of Independence and it became so iconic that his name is now a colloquialism for a person’s signature.
Today, the company has 8.9 million global participants and $349.1B in global assets under management and administration. They offer term and universal life insurance plans alongside their Vitality and Aspire programs. None of John Hancock’s policies are guaranteed-issue, meaning that your eligibility will be determined upon your answers to the application questions. Additionally, John Hancock does not offer a whole life insurance policy.
Plans with higher death benefits will typically cost more per month and the monthly payment is called the premium.
Life insurance comes in three major forms: final expense insurance (also known as burial insurance), term life insurance, and whole life insurance. Each type’s purpose and intended market are different.
John Hancock Life Insurance Term Life
Term life insurance is a type of life insurance that does not last a lifetime. Instead, it has a set time limit, and the policy will expire once it reaches the end of its lifetime. It will be expensive to purchase a new policy once your term life policy expires. Similarly to other insurance companies, John Hancock term life insurance policy has no value outside of the death benefit and has no saving component like a whole life insurance policy would.
John Hancock’s term insurance is available in four policy lengths: 10, 15, 20, or 30 years, and the death benefit ranges from $250,000 to $65 million. If you add the Vitality Plus wellness program, you could qualify for savings and rewards for demonstrating healthy living.
John Hancock Life Insurance Vitality Plus Wellness Program
The Vitality wellness program is a unique offering from John Hancock that rewards you for completing tasks such as taking a walk, going to the doctor’s office, and buying healthy food at the grocery store. As you gain points and complete tasks, you can earn savings, exclusive rewards, and save up to 25% on your premiums with Vitality Plus.
The program is a science and technology-based wellness program that supports and rewards healthy living. It specifically looks at nutrition, physical fitness, and mental health. According to the Centers for Disease Control and Prevention (CDC), our behavior impacts our overall health and longevity. The CDC states that behavioral risk factors contribute to the leading causes of death in the United States, and this includes smoking, unhealthy eating, and lack of physical activity. The Vitality Plus Wellness program encourages users to get active, eat healthy, and visit their doctor regularly. This helps to subside some policyholders from engaging in activities that would be detrimental to their health.
This program is mutually beneficial because it benefits your overall health and makes you less of a risk for your insurance provider.
John Hancock Life Insurance Universal Life
Universal life insurance is a type of permanent life insurance where a portion of your premium covers the insurance cost and the other portion accumulates interest. It allows you flexible payment options. Unlike term life insurance, universal life insurance accumulates a cash value over time.
John Hancock universal life insurance also allows you to borrow against your cash value on the policy, but it is important to note that you will need to pay that amount back. This policy from John Hancock Life Insurance also has a “no-lapse guarantee,” meaning that you will not lose coverage even if the policy no longer has a cash value.
John Hancock Life Insurance Variable Universal Life
Variable universal life Insurance is similar to standard universal life insurance, however, the main difference is that it allows you to invest the cash component in the stock market.
John Hancock’s variable universal life insurance works similarly to a piece of stock within the stock market. This type of insurance policy tends to be inherently riskier as the cash value of the policy fluctuates based on the performance of the stock market. This policy has the largest potential for cash growth and you can transfer the money into other investment opportunities as you continue to earn more. This policy also has a “no-lapse guarantee” that prevents your policy from ending as long as you pay your monthly premiums.
Here are the expected monthly premiums for Final Expense Insurance for a healthy, non-smoking individual from our top providers:
Sample Rates From John Hancock Life Insurance
| Company |
Male 40y/o |
Female 40y/o |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
|---|---|---|---|---|---|---|
|
$53 |
$45 |
$141 |
$115 |
$405 |
$307 |
*Rates from John Hancock Life Insurance Website, may be subject to change
Best $10,000 Burial Insurance Companies
If you’re looking for a policy with $10,000 in coverage that remains at a level price throughout your life, we would like to recommend a few names that may be of interest to you. In comparison to John Hancock Life Insurance, our top carriers are much less expensive and provide you and your loved ones with coverage.
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$50 |
$40 |
$70 |
$56 |
|
|
$31 |
$26 |
$43 |
$35 |
$71 |
$53 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$34 |
$29 |
$45 |
$35 |
$79 |
$59 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
If you’re interested in these or any of our other life insurance options, call us at (866) 786-0725 to learn more. Be sure to check our free online quoting tool for personalized pricing estimates.
Ratings For Credit and Customer Service Satisfaction
A.M. Best Rating
A.M. Best utilizes a rating similar to a letter grade you would receive in school, and this rating is meant to help you understand the overall quality of a company as they assign credit ratings based on the financial strength of a company.
In 2024, A.M. Best gave John Hancock Life Insurance a rating of “A.” This means that the financial health of the company is strong.
Moody’s
Moody’s rating scale aims to determine the likelihood that an organization will be able to meet their financial obligations. This score can help investors decide on their portfolio and whether or not they would like to invest.
The company uses a 21-notch rating scale from Aaa to C to assess the borrower’s creditworthiness, and in 2024, Moody’s gave John Hancock Life Insurance an “A2” rating.
An A2 rating indicates an upper-medium grade and low risk of default, but it is the sixth highest rating in Moody’s rating chart.
Fitch Ratings
Fitch Ratings ranks companies based on the company’s ability to meet financial commitments. The ratings also indicate the future of a company’s ability to make payments towards any obligations they have entered.
In 2024, Fitch gave John Hancock Life Insurance a rating of AA-, meaning the company is stable. This score indicates they have a strong financial backing and a low risk level.
Better Business Bureau
The Better Business Bureau gives companies ratings based on how likely a business is to operate in good faith and address customer complaints. The BBB rates businesses on a scale of A+ to F.
John Hancock Life Insurance has received an A+ from the Better Business Bureau.
John Hancock Life Insurance For Smokers
John Hancock Life Insurance is a solid and affordable option for many different types of nicotine users. With John Hancock life insurance, if you occasionally smoke, you could qualify for the best non-smoker rates if you smoke 12 or fewer cigarettes a year.
Many life insurance companies only offer smoker’s rates for regular users of tobacco products, but John Hancock provides a unique incentive that encourages individuals to quit smoking. The “Quit Smoking Incentive” allows certain insured smokers to receive non-smoker rates. To maintain the non-smoker policy rate beyond year three, those insured must provide evidence that they have quit smoking for at least a year and there will be an analysis to ensure the individual is free of nicotine or metabolites.
Pros and Cons of John Hancock Life Insurance
Pros
- Strong financial strength ratings
- Offers a variety of policy options to fit different needs and budgets
- Unique program that rewards you for demonstrating healthy living
Cons
- Very high rates for term life insurance compared to competitors
- Some of the permanent life policies may not build cash value very quickly
- Internal policy charges are often higher than competitors, which can mean slower cash value growth
- Poor customer reviews
- More expensive than other providers
John Hancock Life Insurance Reviews
Michael C.
USA
3/5
“Well it took 2 years and 25 phone calls and a trip to an attorney to get this life paid but they did pay it. My father had a life policy and what should have been a clear payment was held up due to paperwork issues. I blame some of the fault on the estate attorney and some on COVID, However, John Hancock is incredibly average in their pursuit as life benefits provider. There are better choices. The premise is that their call center reps are largely untrained and really don’t know how to process their own products.”
Lawrence H.
USA
1/5
Kelly D.
USA
2/5
“John Hancock is a scam. I have been trying to withdrawal my 401k after leaving employer for some time now and they continue to find reasons they cant and my withdrawal requests keep disappearing from their website after my prev. employer approves them. Now, the website is showing a loan on my account that I never requested and I still have not received my funds, Waiting until they open to call them again today to find out what got messed up this time that they cannot distribute MY money to me.”
Conclusion
Customer reviews for John Hancock Life Insurance are poor. The company has a 1.8/5 star rating on TrustPilot with many customer reviews detailing the difficulties of getting a payout from their policy.
On the other hand, if you are a smoker, the policy you qualify for will be more affordable than a policy from another provider. Additionally, the Vitality program is a unique offering that rewards members for making healthy choices. It can also help you save money by getting up to 25% off your life insurance premiums by participating and earning points.
We’d argue that you have plenty of other options that have better customer reviews and pricing.
If you are not a smoker, there are plenty of other options that will be less expensive. Final Expense Benefits only works with the best carriers to provide you and your loved ones with the coverage you need.
We partner with over 20 carriers, including:
Call our expert agents Monday through Friday, 9 A.M. – 5 P.M. ET at (866) 786-0725 or check out our free online quoting tool to receive an estimate.
Frequently Asked Questions
Is John Hancock Life Insurance Good?
John Hancock Life Insurance can be beneficial if you are a smoker, as the rates will be cheaper than you would find with another provider. However, if you are looking for standard coverage, you will be paying extremely high premiums.
Who Was John Hancock?
John Hancock was a Founding Father and a prominent figure of the American Revolution. The John Hancock Life Insurance Company was named in his honor.
How Are John Hancock Life Insurance Reviews?
John Hancock Life Insurance may have a policy that fits your needs, specifically if you are a smoker. The company has strong financial backing, however, customer reviews are poor.
