John Hancock Life Insurance: A Comprehensive Guide

Life insurance is an essential part of planning for the future, and as a physician, your need for it may be even greater. In an unpredictable world, having the right life insurance policy can provide peace of mind, knowing that your loved ones will be cared for in case the unexpected happens. That’s where John Hancock Life Insurance comes in.

As one of the leading life insurance providers in the United States, John Hancock offers a range of policies designed to meet the unique needs of physicians like you. With a reputation for financial strength and stability, John Hancock is committed to helping you protect what matters most. This comprehensive guide will explore everything you need about John Hancock Life Insurance and how their policies can provide the protection you need for yourself and your loved ones.

Table of Contents

Who is John Hancock?

John Hancock Life Insurance is one of the oldest and most respected life insurance companies in the United States. The company was founded in 1862, during a time of great uncertainty and upheaval in America, by a group of businessmen led by John A. Dix, who would later become the governor of New York. Over the years, John Hancock has established a reputation for offering high-quality life insurance products and services to its customers, including physicians, who often have unique insurance needs due to their high-risk professions.

As a subsidiary of Manulife Financial Corporation, one of the world’s largest financial services companies, John Hancock has a global reach and a solid financial foundation. The company has been in business for more than 150 years, earning a reputation for innovation, financial strength, and commitment to customer service. With headquarters in Boston, Massachusetts, John Hancock has a strong presence in the United States and offers customers a range of insurance products and services across the country.

Target Audience and Underwriting Partners of John Hancock Life Insurance

John Hancock Life Insurance primarily provides life insurance products to individuals, families, and businesses. Within these groups, John Hancock focuses on serving the unique needs of physicians, as they often have high incomes and need a more customized approach to financial planning.

In complement to life insurance, John Hancock offers a variety of financial products, such as retirement planning, wealth management, and college savings plans. The company is also known for its Vitality program, which allows policyholders to earn rewards and discounts on premiums by engaging in healthy behaviors.

Rating

John Hancock Life Insurance has received strong ratings from major rating agencies. Moody’s Investor Service, A.M. Best, Standard & Poor’s, and Fitch Ratings have all given John Hancock Life Insurance high ratings for financial strength and stability, indicating that the company is well-positioned to meet its obligations to policyholders.

The company has an A+ (Superior) rating from A.M. Best, an AA- (Very Strong) rating from Fitch Ratings, an A1 (Good) rating from Moody’s, and an A+ (Strong) rating from Standard & Poor’s.

To learn more about John Hancock Life Insurance and its products, visit them here. You can explore their offerings and contact a representative at Physicians Thrive to discuss your life insurance needs.

What Kind of Life Insurance does John Hancock offer?

John Hancock offers several types of life insurance policies to suit the varying needs of their customers. Here are some of the types of life insurance they offer:

Term Life Insurance: This policy covers a specific period, typically 10, 15, 20, or 30 years. John Hancock’s term life insurance policies are convertible, meaning you can convert them into permanent policies without undergoing additional medical underwriting.
Universal Life Insurance: This policy provides lifetime coverage and builds cash value over time. John Hancock offers both indexed and variable universal life insurance policies. Indexed policies allow you to earn interest based on the performance of a stock market index. In contrast, inconsistent policies will enable you to invest your cash value in various investment options.
Variable Life Insurance: This policy provides lifetime coverage and allows you to invest your cash value in various investment options. John Hancock’s variable life insurance policies offer a range of investment options.
Survivorship Life Insurance: This policy covers two people and pays out the death benefit after both individuals have passed away. John Hancock offers both indexed and variable survivorship life insurance policies.

John Hancock is well-known for its Vitality program, which offers policyholders rewards and discounts for healthy lifestyles. Policyholders can earn points for healthy activities like exercising, eating well, and getting regular checkups and redeem those points for rewards like premium discounts, travel, and shopping discounts.

Special Offerings for Physicians

As a physician, you have unique needs regarding life insurance. John Hancock Life Insurance offers special programs that reward you for healthy living. You can earn discounts on physician policy premiums and other similar rewards through these programs.

Best Type of Policy For Me

The best type of life insurance policy for you as a physician depends on your needs and goals. However, many physicians opt for a term life insurance policy, which provides coverage for a set period, typically 10, 20, or 30 years. This can be a good option if you have young children or other dependents who your death would financially impact, but you only need coverage for a certain period.

Built-in Riders

John Hancock Life Insurance offers several built-in riders that can be added to your policy at no extra cost. These riders include an accelerated death benefit, which allows you to receive a portion of your death benefit if you become terminally ill, and guaranteed insurability, which will enable you to purchase additional coverage without going through a medical exam or providing evidence insurability.

The company also offers an optional rider called the Long-Term Care Rider, which can cover long-term care expenses if you cannot care for yourself due to illness or injury. This rider can be a valuable addition for physicians, who may face a higher risk of disability or disease due to their profession.

Related: Your Guide to Life Insurance

Monthly Premiums and Factors Affecting Them

A few factors are considered when determining the monthly premiums for life insurance policies. These include:

Type of Policy

John Hancock offers both term and permanent life insurance policies. Term life insurance policies generally have lower premiums since they only provide coverage for a specific time. In comparison, permanent life insurance policies have higher premiums since they offer lifetime coverage and build cash value.

Coverage Amount

The higher the coverage amount you choose, the higher your monthly premiums will be. This is because the insurance company is taking on a more significant risk by providing you with more coverage.

Term Limit

The term you choose for term life insurance policies will also affect your monthly premiums. Generally, the longer the time, the higher the premiums will be.

Age and Health Conditions

Your age and health conditions will also be considered when determining your monthly premiums. Naturally, the older you are and the more health issues you have, the higher your premiums will be since you are considered a higher risk to the insurance company.

Optional Riders

John Hancock offers several optional riders that can be added to your policy for an additional cost. These riders can include features such as accelerated death benefits, long-term care coverage, and disability coverage. Adding these riders to your policy will increase your monthly premiums but will better reflect your needs.

Comparison to Other Companies

John Hancock’s monthly premiums are on par with other reputable life insurance companies. However, the actual amount you will pay will depend on the factors listed above. Comparing quotes from multiple companies is essential to ensure you get the best possible rate.

For example, a 30-year-old non-smoker in good health can expect to pay around $22 per month for a 20-year life insurance policy with a $500,000 coverage amount from John Hancock. This is similar to what you might expect to pay from other major insurance providers.

Optional Riders at John Hancock Life Insurance

John Hancock Life Insurance offers a variety of optional riders that you can add to a policy for an additional cost. These riders can help customize a policy to meet the policyholder’s needs. Here are some of the riders available:

Long-term care rider: This rider feeds funds to help cover long-term care expenses if the policyholder cannot perform two out of six activities of daily living, such as bathing, dressing, or eating. The rider provides a monthly benefit that can be used to pay for care in a nursing home, assisted living facility, or in-home care.
Critical illness rider: This rider delivers a lump sum payment if the policyholder is diagnosed with a covered critical illness, such as cancer, heart attack, or stroke. The funds can cover medical bills, lost income, or any other expenses related to the disease.
Disability income rider: This rider generates a monthly income stream if the policyholder becomes totally and permanently disabled and unable to work. The benefit amount is based on the policy’s face value and can be used to help cover ongoing living expenses.
Accidental death rider: This rider supplies an additional death benefit if the policyholder dies due to an accident. The policy pays the benefit amount in addition to the policy’s base death benefit.
Waiver of premium rider: This rider waives the policyholder’s premium payments if they become totally and permanently disabled and unable to work. The rider ensures the policy remains in force even if the policyholder cannot continue making premium payments.

Keep Reading: 9 Common Life Insurance Riders that Physicians Should Know

What do Beneficiaries Need to do To Collect Benefits?

When the policyholder passes away, the beneficiary needs to file a death claim with John Hancock. Beneficiaries can start the claims process by contacting John Hancock’s claims department or financial representative.

The claims process typically involves submitting a copy of the policyholder’s death certificate and completing some paperwork. John Hancock may also require additional documentation, depending on the circumstances of the death. Once you submit all necessary paperwork and John Hancok approves is, they will typically pay the death benefit to the beneficiary in a lump sum.

Beneficiaries should file the claim immediately after the policyholder’s death, as there may be time limits for filing a claim. It’s a good idea for policyholders to keep their beneficiaries informed of their life insurance policy and how to file a claim to make the process as smooth as possible in case of the policyholder’s death.

Read this: Life Insurance Claim Denied? Here’s What to Do

Pros and Cons of John Hancock Life Insurance

Like any insurance provider, John Hancock Life Insurance has advantages and disadvantages. Here are some of the advantages and disadvantages of choosing John Hancock as your life insurance provider:

Pros

John Hancock Life Insurance has a solid financial rating. This indicates that the company is financially stable and has the resources to pay claims. The company has an A+ rating from the Better Business Bureau and an A rating from A.M. Best.
John Hancock Life Insurance offers a variety of policy options to fit different needs and budgets, including term life insurance, universal life insurance, and indexed universal life insurance.
The company provides a range of optional riders that can help tailor your policy to your specific needs, such as the Vitality program, which incentivizes healthy living, and the Long-Term Care Rider, which can help cover the costs of long-term care if you become ill or injured.
John Hancock Life Insurance has a strong reputation for customer service and offers online resources and tools to help policyholders manage their policies and plan for their future.

Cons

John Hancock Life Insurance premiums can be higher than other insurance providers, especially for those with pre-existing health conditions.
The John Hancock Life Insurance application process can be lengthy and require a medical exam. This can be inconvenient for some individuals.
The company’s policy offerings may not be as customizable as other providers.

Is John Hancock Life Insurance a Good Option for Physicians?

John Hancock Life Insurance can be a good option for physicians looking for comprehensive coverage and the ability to customize their policies to fit their needs. The company offers policies with high coverage amounts and the option to add riders such as the Long-Term Care Rider or the Critical Illness Rider. This can be particularly valuable for physicians concerned about planning for potential long-term health issues.

Group Policies and Wealth Building

John Hancock Life Insurance offers group policies that business owners can offer their employees. These policies can provide employees with affordable coverage and can be a valuable employee benefit.

As for building wealth with a life insurance policy, permanent life insurance policies such as universal life insurance or indexed universal life insurance can be a way to accumulate wealth over time. These policies typically have a cash value component that grows over time, and policyholders can borrow against this cash value or even surrender the policy for cash value. However, it’s noteworthy that there may be fees and taxes associated with accessing the cash value of a policy, and policyholders should speak with their financial advisor before making any decisions about accessing their policy’s cash value.

Your Partner in Securing Your Financial Future

At Physicians Thrive, we understand that navigating the world of insurance can be overwhelming, so we offer holistic financial planning services tailored specifically to physicians. Our team of experts can help you evaluate your options, not just those provided by John Hancock, to ensure you find the best policy for your unique needs. Don’t hesitate to contact us for more information about how we can help you protect your financial future.

As a medical professional, protecting your income is crucial. Disability insurance can provide peace of mind and financial security if the unexpected happens. Physicians Thrive is a comprehensive approach to financial planning for medical professionals, including disability insurance options from various reputable insurance companies. We can help you navigate the complex insurance world and make informed decisions about the best options for you and your family. Read our full coverage on disability insurance here.