Last Updated: June 2020
Trying to find the most affordable or best final expense life insurance doesn’t have to be difficult. Researching and securing the right policy for you and your family’s needs is important. We often recommend John Hancock final expense life insurance and have helped 100’s of people purchase a policy through them.
In this review, we will cover products offered by John Hancock, how to apply with the company, and find out if John Hancock is one of the best options you can choose for coverage.
- About the John Hancock Final Expense Life Insurance Policy
- About John Hancock
- John Hancock Insurance Ratings
- How to Apply with John Hancock
- Compare John Hancock Final Expense Life Insurance to Other Companies
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
John Hancock Final Expense Life Insurance a guaranteed acceptance policy. You can qualify with health conditions but will have a 2-year waiting period the full death benefit can be paid. Other companies have lower-cost guaranteed acceptance policies.
About the John Hancock Final Expense Life Insurance Policy
John Hancock’s final expense products are extremely limited. In fact, they only offer one option to consumers.
It is a guaranteed acceptance life insurance policy with no medical exam. However, it does require a 2-year waiting period to pass before full death benefits would be paid to your beneficiaries.
In most situations, you want to avoid this kind of policy if you can be approved by another company for a different type of life insurance.
Features of John Hancocks Final Expense Policy
- The policy is a guaranteed level policy. This means premiums will not change during the lifetime of the policy.
- It is a permanent policy, meaning it does not expire as long as you continue to make payments.
- There is a 2-year waiting period. If you pass away in the first 2 years, your beneficiaries will receive the premiums paid to that point plus 10%. You will not get an additional 10% for an accident.
- Available for ages 55 to 80.
- $2,000 to $20,000 in coverage.
John Hancock’s Final Expense Product is More Expensive
When you compare the final expense policy from John Hancock to other guaranteed acceptance policies, the features of the policy are about the same.
However, John Hancock’s policy is usually more expensive. In other words, you can usually get the same amount of coverage from other top life insurance companies for a better rate.
We have also reviewed over 50 life insurance carriers and agencies to help you compare rates and find the right company for your specific needs.
John Hancock Only Offers $20,000 in Coverage & Up to 80 Years Old
With John Hancock final expense life insurance, you can only get up to $20,000 in coverage. Most guaranteed issue companies offer up to $25,000 in coverage or more.
Additionally, John Hancock does not offer this policy for people over 80. AIG offers a similar policy with better rates, for people up to age 85.
How Guaranteed Issue Life Insurance Works
Guaranteed issue life insurance is relatively straightforward. You can be approved for coverage without your medical background coming into question.
However, if you pass away in those first two years of the policy, your beneficiaries would only receive your premiums returned plus 10% interest earned.
An example would be passing away in month 6 of the policy, assuming you were paying $50.00 per month for your policy. In this situation, you would receive $660.00 paid your beneficiaries. This is the sum of all your premiums returned plus 10% interest earned.
If, however, you live past the 24 months mark, your family would receive the full death benefit in the event you pass, which could be anywhere from $2,000-25,000 in coverage.
About John Hancock
John Hancock Life Insurance Company is currently based out of Boston and is one of the longest standing and well-known life insurance providers in the country. Initially founded in 1862 and named after a famous patriot, John Hancock has established a stronghold and solid reputation in the life insurance marketplace.
John Hancock was acquired in 2004 by Manulife Financial, who is based out of Canada, but nearly all assets and products continue to operate under the John Hancock name.
John Hancock continues to offer several different variations of life insurance as well as other financial products to consumers that can help individuals with asset management or retirement planning.
John Hancock Insurance Ratings
Financial strength ratings are always an essential item to check off your list when looking into who may be the best burial insurance provider for you and your family’s needs. It helps you to understand how reliable, stable, and likely an insurance company is to honor claims and pay quickly when tragedy does, in fact, strike.
Here are the ratings for John Hancock Burial Life Insurance:
- A.M. Best: “A+” (superior) rating
- Affordability Index: 5.2
- Ease of Applying: 8.8
- Customer Service: 6.2
- COMDEX Ranking: 93
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of John Hancock compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Learn more about our process for reviewing life insurance companies here.
Additionally, John Hancock has more than 5.7 billion in insurance currently in force of more than 2.6 million total policyholders.
Consumer Complaints and BBB Ratings
Currently, John Hancock is not accredited with the BBB and only has 30 complaints on file closed in the last 3 years. This is a low overall number. The Better Business Bureau has John Hancock rated as a B and currently 1/5 stars based on only 3 consumer reviews.
How to Apply with John Hancock
To apply for this policy, you simply just need to work with an agent who represents John Hancock. Guaranteed Issue policies require a small amount of demographic information to be collected. Outside of that, they are extremely easy to apply for.
However, before doing so, we do want to make you aware that other great options are available that are superior to this product offered by John Hancock for a lower price.
Better Alternatives to John Hancock Final Expense Life Insurance
When it comes to guaranteed issue life insurance, we believe strongly in two companies. American General Life (AIG) and Gerber Life Insurance.
They both have superior guaranteed issue life insurance policies that are offered at lower rates. Nothing with the policy is different. You simply pay less for the same amount of coverage.
Not to mention, both companies offer a wider range of ages from 50-85 that the product can be offered to. Overall, we would highly recommend working with an independent agent who can present all these options to you in an easy to understand fashion.
Who Should Consider John Hancock Final Expense Insurance?
In all honesty, nobody should consider John Hancock’s Final Expense Life Insurance product.
It’s a coverage option you want to avoid at all costs if you can avoid it, and if your medical conditions force you to take this form of coverage, you are much better off working with a company such as American General Life or Gerber Life as referenced previously.
Compare John Hancock Final Expense Life Insurance to Other Companies
At the end of the day, the final expense company you decide to do business with is entirely your choice. Choosing John Hancock will always be more expensive, and better options are available to you.
Be sure to run rates with multiple companies or work with an independent agent to find the coverage that’s best for you and your family.
Here are a few other guaranteed acceptance life insurance companies to consider.
- Gerber Guaranteed Life Insurance
- AAA Life Insurance
- MassMutual Guaranteed Acceptance Life Insurance
