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John Hancock Life Insurance Review 2021

Jan. 4, 2021
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John Hancock Life Insurance

  • Rated 4 stars out of 5 by NerdWallet.
  • Discounts and rewards offered for healthy habits.
  • Offers coverage for people with diabetes who meet certain criteria.

One of the 10 largest life insurance companies, Boston-based John Hancock offers a variety of term, permanent and guaranteed issue policies. One thing that sets John Hancock life insurance apart is its Vitality program, which encourages healthy behavior through incentives like Amazon.com discounts, free subscriptions and savings on fresh produce.

John Hancock is the U.S. division of Manulife Financial Corp., a global publicly traded financial services company based in Canada.

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John Hancock life insurance

4.0 NerdWallet rating

John Hancock earned 4 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings.

Based on these ratings, John Hancock is among NerdWallet’s Best Life Insurance Companies for 2021.

John Hancock life insurance policies

John Hancock’s Vitality program is available on all life insurance policies. It gives access to fitness and nutrition information through an app and website, and rewards healthy activities with discounts.

Life insurance options include:

Term life. Terms of 10, 15, 20 and 30 years are available, and many term life insurance policies can be converted to permanent coverage. You can get an estimated quote on the website for policies of $25,000 to $3 million; for higher amounts of coverage (up to $65 million), you must contact John Hancock directly.

Permanent life. The company offers universal, indexed universal and variable universal life insurance. Online quotes aren’t available for these policies.

Coverage for people with diabetes. John Hancock’s Aspire program pairs a term or permanent life insurance policy with a diabetes management app and health coaching. John Hancock says coverage was approved for two-thirds of applicants with Type 1 or Type 2 diabetes in addition to other related conditions in 2018.

Guaranteed-issue whole life. This coverage, offered to people ages 55 to 80, is designed for paying end-of-life expenses. Coverage amounts range from $2,000 to $20,000, and acceptance is guaranteed with no medical questions or exam. The full benefit isn’t paid out if the insured person dies within the first two years, unless the death results from an accident.

John Hancock complaints and customer satisfaction

John Hancock drew fewer than the expected number of complaints to state regulators for a company of its size, according to three years’ worth of data from the National Association of Insurance Commissioners.

John Hancock ranked 17th out of 23 companies for overall customer satisfaction in J.D. Power’s 2020 U.S. Life Insurance Study.

More about John Hancock

In addition to life insurance, John Hancock offers other financial products and services including:

John Hancock life insurance pros and cons

ProsCons
Rewards healthy habits with discounts.Ranks below average for customer satisfaction.
Offers coverage and support program for policyholders with diabetes.
Receives fewer consumer complaints than expected to state regulators.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, and complaint index scores from the National Association of Insurance Commissioners for individual life insurance. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

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