Pas Trusted News – John Hancock Life Insurance Review 2023 – Forbes Advisor

John Hancock sells:

  • Term life
  • Universal life
  • Indexed universal life
  • Variable universal life

John Hancock’s Term Life Insurance

Term life insurance has a specific time period for fixed premiums, known as the term. It is often the cheapest way to purchase life insurance and is a preferred option for those seeking coverage for a specific period.

John Hancock offers term lengths of 10, 15, 20 or 30 years and a choice of two term policies: Protection Term and Vitality Term.

The main difference between Protection Term and Vitality Term is that Protection Term offers the Vitality PLUS rider as an optional rider, while Vitality Term comes with the rider built in. But there are some other differences.

The Vitality PLUS program rewards you with discounts on some goods and services for making healthy lifestyle choices. You could also save up to 25% on your life insurance premiums, according to John Hancock.

Protection Term is a good option for shoppers who want stable premiums. Coverage amounts are offered from $250,000 to $65 million for buyers ages 18 to 80.

Vitality Term is a good option for buyers who want benefits and premium reductions based on their participation in the Vitality health program. But be aware that Vitality Term premiums can increase, too, based on Vitality program participation. Coverage amounts are offered from $250,000 to $30 million for shoppers ages 20 to 80.

Both John Hancock term policies are renewable up to age 94.

John Hancock’s Universal Life Insurance

Universal life insurance is permanent life insurance protection. Universal life insurance includes a cash value component that you can tap into and gives you the flexibility to adjust premiums.

John Hancock’s Protection UL is its lowest-cost permanent life policy and is available for buyers ages 20 to 90. The minimum coverage amount is $50,000 and buyers can choose between two death benefit options:

  • Face amount only (with a Return of Premium rider)
  • Face amount plus cash value.

Other rider options include the Long-Term Care rider, Accelerated Benefit rider, Critical Illness Benefit rider and Disability Payment of Specified Premium rider.

John Hancock’s Indexed Universal Life Insurance

Indexed universal life (IUL) insurance can be attractive to those with a high tolerance for risk who are interested in the potential to grow cash value and tax-free gains during retirement. These policies also have the flexibility to vary premiums, within a certain limit. Participation rates, caps and fees are commonly associated with IUL policies, so make sure you understand how the policy will work.

John Hancock offers three IUL products:

  • Accumulation IUL offers cash value accumulation potential for people three months to 90 years. The cash value component is linked to the S&P 500. The minimum face amount is $50,000.
  • Protection IUL offers cash value accumulation potential with a guaranteed 0% floor. Cash value is linked to a fixed account, and then index accounts within the S&P 500 and the Barclays Index. People ages three months to 90 years can apply for coverage, with the minimum face amount of $50,000.
  • Protection (SIUL) offers survivorship coverage with cash value accumulation potential, a 0% floor and a 2% guaranteed cumulative interest rate.

John Hancock’s Variable Universal Life Insurance

With a variable universal life (VUL) insurance policy, you select the sub-accounts for cash value investments. You can also choose to vary premium payments and death benefit amounts. With the right investments, this type of policy can offer a large potential for growth.

Due to the complexities of VULs, they often require the policyholder to actively manage the investment accounts. VULs can also come with higher-than-usual fees.

Protection VUL is John Hancock’s variable life insurance product and is available for people ages three months to 90 years. It comes with more than 55 sub-account options and gives you the ability to customize investments to fit your goals. The minimum coverage amount for Protection VUL is $50,000.

Latest Post