Best Wellness Programs
John Hancock is our pick for the best life insurance for seniors who are looking for wellness programs and rewards to go along with their policy. John Hancock offers a wide variety of wellness programs and incentives that allow its policyholders to make the most of their life insurance. The Vitality Program lets policyholders earn rewards and discounts on premiums in exchange for making healthy choices and staying active, and the Aspire program provides insurance and resources for type 1 and type 2 diabetics.
These programs set John Hancock apart in the world of life insurance and make them one of the best options for active seniors shopping for competitively priced coverage.
Pros and Cons of John Hancock’s Life Insurance
Pros:
- It provides low-cost coverage.
- It has a wide range of financial options.
- It offers a senior-friendly guaranteed issue policy.
- Seniors can earn lower rates by signing up for the Vitality healthy lifestyle program.
- Complex policies have coverage options for seniors up to age 90.
- The highest maximum death benefit is $65 million.
Cons:
- Seniors can only qualify for seven policies.
- Policies don’t pay dividends.
- Customers have to enter contact information before getting a quote.
- The maximum age for term whole life policies is 80.
Overview of John Hancock’s Life Insurance
John Hancock was founded over 160 years ago in Boston, Massachusetts, and is one of the 10 largest life insurance companies in the United States. It offers term and universal life insurance policies and earned an A+ rating from AM Best. This indicates that John Hancock is strong financially and has the ability to pay claims and meet policyholder obligations.
| Company |
Overall Score (1-5 Scale) |
Senior Friendliness |
Ratings and Reviews |
Financial Options |
Riders and Customizations |
Online Services |
| John Hancock |
3.8 |
4.2 |
2.9 |
10 |
8 |
1.67 |
How Much Does John Hancock’s Life Insurance Cost?
For John Hancock’s life insurance, on average, a 65-year-old healthy nonsmoking male would pay $1,184.66 per month for $1,00,000 worth of coverage over a 20-year term. A woman with the same age, health and risk profile would pay $838.26 per month.
Life insurance rates depend on factors such as age, gender, medical history, tobacco usage, desired coverage amount and whether the insurer considers the applicant’s lifestyle low risk or high risk. For example, a 65-year-old smoker and motorcycle enthusiast will likely pay higher rates than a 40-year-old nonsmoker who works a desk job.
The best way to find out exactly how much John Hancock’s life insurance would cost is to contact an agent and get a quote.
Eligibility, Plan Details and Other Information
Eligibility
John Hancock provides term coverage up to age 80, making it an excellent option for seniors. Its term life policies can also be converted into universal life policies until age 70 with no extra fee or medical exam. Final expense life insurance is available for policyholders aged 55-80.
Plan Details
John Hancock offers five types of life insurance plans:
- Term life insurance
- Universal life insurance
- Indexed universal life insurance
- Variable universal life insurance
- Final expense life insurance
Term Life Insurance
John Hancock’s term life insurance is available for applicants aged 18-80 and comes in term lengths of 10, 15, 20 or 30 years. Coverage amounts range from $750,000-$3 million. Premiums are fixed throughout the length of the policy and won’t increase.
Universal Life Insurance
John Hancock’s permanent life insurance plan options include universal life, indexed universal life and variable universal life. All three build cash value as the years go on. Spouses or other long-term partners can also sign up for a Survivorship Universal Life policy, which allows the surviving partner to receive a death benefit when the other passes away.
Final Expense Life Insurance
The final expense life insurance policy is a great option for seniors who may not qualify for traditional life insurance but still want to help their family pay for their end-of-life costs. It’s guaranteed for everyone between 55-80 and doesn’t require a medical exam. Coverage amounts range from $2,000–$20,000.
Vitality Program
Vitality is John Hancock’s wellness program. Members can earn Vitality Points for healthy activities like going to the gym, going for a run or participating in wellness webinars. Vitality Points can be exchanged for discounts, savings and even reduced premiums. The Vitality Program is divided into two tiers, Vitality GO and Vitality Plus.
Vitality GO
Vitality GO is included on all plans at no additional cost. Policyholders can either stay with Vitality GO or upgrade to Vitality Plus within the first 25 months of their policy. The benefits of Vitality GO include:
- Discounts on fitness devices and wearables
- Discounts on eligible healthy foods
- Discounts from popular retailers and activewear brands
- Personalized health and wellness tips from experts
Vitality Plus
Vitality Plus provides all the benefits of Vitality GO along with additional incentives and rewards. Vitality PLUS starts at as little as $2 per month. The benefits of Vitality Plus include:
- Complimentary Amazon Halo
- Apple Watch for $25 plus tax
- Travel discounts
- Earn up to 25% off premiums
- Free subscription to Headspace meditation app
Vitality Plus members can also earn a free one-year Amazon Prime membership if they reach platinum status in three consecutive years.
Aspire Program for Diabetics
Compared to other insurers, John Hancock is more flexible with insuring people with pre-existing conditions like diabetes. Its Aspire program makes it easier for people with type 1 and type 2 diabetes to get life insurance coverage and potentially save 25% off their monthly premiums in the process.
Aspire also offers discounts on healthy foods, fitness devices and popular online retailers. Type 2 diabetics in the Aspire program may also be eligible for a virtual diabetes clinic that provides personal health coaching, consultations with experts and free testing supplies.
Available Riders for Seniors
Long-Term Care Rider
The long-term care rider allows policyholders with chronic or terminal illnesses to use money from their death benefit to pay for long-term care. The long-term care rider can be used to pay for things like a nursing home, assisted living, hospice care or in-home medical care.
Disability Benefit Rider
John Hancock’s disability benefits rider allows policyholders to use some of their death benefit money to pay for the services they may need to complete activities of daily living. These can include in-home assistance with bathing, dressing and eating.
Accelerated Death Benefit Rider
John Hancock includes an accelerated death benefit rider for free with every policy. It allows policyholders to access up to 50% of their death benefit while they’re still alive if they’ve been diagnosed with a terminal illness and have a life expectancy of 2 years or less.
Who Should Consider John Hancock’s Life Insurance?
Active Seniors Who Want to Earn Rewards
Seniors who live an active lifestyle and want to be rewarded for it will be well served by John Hancock’s Vitality Program. The program allows seniors to earn points for everyday activities like going for a walk or exercising, and they can cash in points for various discounts and rewards. As a bonus, Vitality also gives seniors the opportunity to save on their monthly premiums as a reflection of their healthy habits.
Seniors With Pre-existing Conditions
John Hancock’s flexible underwriting process allows it to provide life insurance for people with pre-existing conditions like diabetes. The company considers an applicant’s entire life and health status rather than denying them based solely on their condition. Additionally, older adults approaching retirement can receive up to $3 million in coverage without a medical exam before age 65.
What Are People Saying About John Hancock’s Life Insurance?
Reviewers praised John Hancock’s comprehensive Vitality wellness program and incentives, noting that it’s one of few insurers that provide such extensive wellness benefits. They also appreciate the company’s competitive low rates and high coverage limits. People with pre-existing conditions like diabetes also praised John Hancock for their flexible underwriting process, allowing them to purchase life insurance when other companies denied it.
Despite the many positive reviews, John Hancock has its fair share of negatives as well. Reviewers reported issues with customer service and responsiveness, and delays in receiving death benefit money. According to the National Association of Insurance Commissioners, John Hancock drew more complaints than the average for a company of its size. However, John Hancock still ranked 8th out of 21 companies in J.D. Power’s 2021 U.S. Individual Life insurance Study.
Frequently Asked Questions
What Are Life Insurance Living Benefits?
Living benefits allow policyholders to access their life insurance death benefits while they’re still alive. Living benefits can be used to pay for things like chronic illness care.
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What Is Term Life Insurance?
Term life insurance pays a guaranteed death benefit if the insured person dies during a specified term, usually 10, 20, or 30 years.
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What Is Whole Life Insurance?
Whole life insurance pays a guaranteed death benefit whenever the insured person dies and is not limited to a given term. Whole life policies also accumulate cash value over time.
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What Are the Pros and Cons of Selling Your Life Insurance Policy?
Selling a life insurance policy can save policyholders money by eliminating costly premiums. However, beneficiaries will receive a reduced or eliminated payout if the policyholder sells the policy.
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Can You Have Multiple Life Insurance Policies?
It’s possible to have multiple life insurance policies. However, insurers may limit how much coverage you can have across multiple policies.
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