John Hancock Life Insurance Company offers straightforward and easy to understand term life products. Term life insurance plans provide guaranteed protection for a particular period such as 10, 15 and 20 years. Hancock life insurance term products can help provide for the family’s loss of wages, pay off mortgage and car loans, fund college tuition or even cover short-term loans.
John Hancock requires that all applicants must take a medical exam. Rates are somewhat competitive compared to other life company’s based on the same applicant information. However there are companies offering cheaper life insurance options with no medical exam. After reading the article please click on our View Your Quotes button to find lower rates from top life insurance companies.
Term Life Insurance Product Features:
Level premium – meaning the price of the policy (the premium you pay) is fixed for the entire term of the policy. It will not increase during the term of the policy.
Good value – term life policies are much less expensive for the same amount of death benefit coverage than permanent life policies.
Regulated – the policy will be priced based on the underwriting table the insurer files with the state insurance regulator, so the cost of this term life policy, for a given coverage amount and term, will be the same for you regardless of whom you purchased it.
The no-risk obligation for you
You, as the policyholder, can cancel your policy at any time if you determine you do not want it anymore. The insurer, however, cannot cancel your policy as long as you pay the premiums on time.
No exclusions – besides suicide during the first two years of the policy (which is standard by law across life insurance policies).
Terminal illness benefit – you have access to a portion of the policy’s death benefit while you are still alive if diagnosed with a terminal illness. You might see this referred to as an “accelerated death benefit.”
Convertible – meaning if you so choose, you can convert the term life policy to a permanent life policy. The conversion will cost you more and is subject to certain conditions.
Permanent Life Insurance Products
John Hancock Life Insurance Company offers permanent life insurance solutions in addition to their term life products. Pay your premiums regularly and permanent life insurance never terminates before your death. It also includes a “cash value” element that grows or in some case may shrink over the life of the policy.
These products include:
Universal Life Insurance provides protection and cash value accumulation. John Hancock’s Universal Life product is flexible in that it allows you to customize the timing and premium payments for your current needs as well as in the future.
Indexed Universal life is a permanent life insurance product that extends the same features as conventional universal life however it includes an opportunity to earn interest linked to the achievement of an indexed account, while guarding the policy’s cash value against market risk.
Variable universal life insurance gives permanent lifetime insurance protection, variable premium payments and the capability to build cash value. You have the opportunity to gain cash value by choosing from a variety of investment options across risk categories. Variable universal life policies have the possibility for greater cash value growth than other types of life insurance; however, they can also lose value.
Some features of John Hancock’s Permanent Life Insurance include:
Death Benefit Protection
Cash Value Accumulation
Long-term Care Coverage
Flexibility Based on Changing Needs
Lifetime Death Benefit Protection
So, should you choose a permanent or term life insurance product?
Both life products are going to provide benefits in the event of your timely or untimely demise. Both require an application and medical exam. However they are vastly different products; therefore any decision should be based a financial needs analysis. A licensed professional will help you review your current and future financial goals in order to select the right plan. Term life policies are simple to understand and the most affordable life insurance you can buy, while permanent life products can expand your current financial portfolio and offer long-term care coverage as well. Discussing all of these options with your financial professional is important.
Is John Hancock Life Insurance Company the Right Choice?
To find out about other lower priced options available to you, please click on our “View Your Quotes” button in addition you can speak with a licensed agent by calling 866-936-3831. Gary W Blackmon is helping customers from California to New York find cheap life insurance.