John Hancock life insurance
- Some policies offer life insurance discounts and rewards for healthy habits.
- Offers coverage for people living with HIV who meet certain criteria.
- Full range of term and permanent life insurance products.
John Hancock Life Insurance Co. is part of Boston-based John Hancock Financial Services Inc., which in 2004 was acquired by Manulife Financial, a publicly traded Canadian financial services company.
NerdWallet rank: 11th
John Hancock ranked No. 11 out of 18 large companies scored by NerdWallet. NerdWallet’s life insurance company rankings combine its A.M. Best rating, consumer complaints and J.D. Power’s customer satisfaction score.
A.M. Best financial strength rating: A+ (superior)
John Hancock’s financial strength is “superior,” according to ratings agency A.M. Best.
Financial strength is important because it indicates how well an insurer can pay claims. It’s especially important when choosing a life insurance company because claims might not be made until many decades after a policy is purchased.
Consumer complaints: Better than the median
John Hancock drew fewer than the median number of complaints to state regulators in 2015 for a company of its size, according to the latest data from the National Association of Insurance Commissioners.
The association assigns a complaint ratio score to insurance companies, based on the number of complaints to state insurance commissioners, adjusted for market share. The median score is 1. A score less than 1 means fewer complaints. John Hancock’s score for individual life insurance in 2015 was .16.
J.D. Power ratings: GENERALLY below average
John Hancock scored among “the rest” (the lowest possible rating) for most measurements and ranked “about average” for interaction in a 2016 J.D. Power customer service survey. The insurer ranked No. 17 overall out of 21 companies included in the survey.
|John Hancock customer satisfaction scores|
|Overall satisfaction||The rest|
|Billing and payment||The rest|
|Policy offerings||The rest|
|Source: J.D. Power 2016 U.S. Life Insurance Study|
|John Hancock products sold|
Coverage for people with HIV
John Hancock announced in April 2016 that it was offering life insurance coverage for people with HIV who meet certain criteria. It’s the second major company to do so; Prudential was the first in 2015. Before then, people with HIV had difficulty qualifying for life insurance.
To qualify with John Hancock, applicants with HIV must:
- Be age 30 to 65.
- Adhere to and respond to antiretroviral therapy.
- Show no signs of a weakening immune system,
- Show no signs of “comorbid conditions,” which are illnesses that are usually independent of another disease but occur with it.