John Hancock is an established company that offers life insurance as one of its many financial services. It has a long record of financial stability, as evidenced by its A+ rating from A.M. Best. This means you can feel confident that it will be able to pay any claims your beneficiaries make on a policy you take out.
To compare life insurers, we got quotes for term policies and permanent policies. A term policy lasts a set number of years and pays out a specific amount of money if you die during that time. Permanent life insurance is more complicate. It has a death benefit like a term policy but also includes a savings component that adds value throughout the years. Most permanent policies also issue dividends annually.
Life insurance premium rates are based on many factors, including your age, health, income, debts and plans for your beneficiaries. We got quotes for a 45-year-old man who smokes and is in decent health and a 33-year-old female who is in excellent health.
In general, the quotes we received from John Hancock hovered around average. Health influences costs quite a bit, and our 45-year-old male’s term quote was about $40 more per month than average. His permanent policy quote was nearly $100 more per month than the average. The healthy, 33-year-old woman would pay about $18 a month for a term policy at John Hancock and $165 per month for a permanent policy, both of which are cheaper than average.
John Hancock only offers universal permanent policies – you can’t get a whole permanent policy through the company. However, it has multiple options for its universal policies, including one that lets you earn interest based on the performance of an indexed account like the S&P 500. Universal life policies are more flexible than whole policies. For example, you can adjust the premium and benefit if you find yourself in a cash crunch. Whole life policies have steadier returns than universal life policies, but in general, universal life policies are a better because they are more adjustable.