John Hancock Life Insurance Review 2023 | Costs & Riders

In this John Hancock Life Insurance Review, they offer a superior option for many types of nicotine users. With John Hancock life insurance, if you’re a steady cigar smoker you could qualify for the best non-smoker rates if you smoke at least 12 cigars a year.

Many life insurance companies offer only smoker’s rates for regular users of Tobacco products. Premiums and internal policy costs for smokers like this are specifically twice as much as the costs for non-tobacco users.

On the other hand, some insurers will check on infrequent or occasional celebratory cigar users for their best rates under conditioned circumstances. If you use nicotine in any way you can really pay off to shop around for life insurance.


  • Strong financial strength ratings can offer you confidence that John Hancock is able to pay claims many decades from now.
  • Policy illustrations for cash value life insurance can also be trusted to be accurate.


  • Higher rates for term life insurance compared to competitors
  • Some of its permanent life policies may not build cash value instantly in the early years. If the cash value is important to you, make sure to check the policy illustration before you purchase life insurance.
  • Internal policy charges are often higher than competitors, which can mean slower cash value growth and/or higher premiums.

Types of John Hancock Life Insurance

John Hancock offers the following:

John Hancock Life Insurance Review: Term Life Insurance

The term life insurance is the predetermined period for which fixed premiums are payable. It is often the least expensive method of buying life insurance and a recommended choice for people looking for coverage for a particular period of time.

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

The Vitality PLUS rider is an optional rider for Protection Term, but it is a built-in feature for Vitality Term. This is the basic difference between the two terms. However, there are also further differences.

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

John Hancock Protection Term John Hancock Vitality Term
Best for Those who want high coverage options and fixed premiums throughout the term Those who need $30 million in coverage or less and want benefits for Vitality health program participation
Death benefit $250,000 to $65 million $250,000 to $30 million
Term options 10, 15, 20 or 30 years 10, 15, 20 or 30 years
How to apply With an agent by phone With an agent by phone
Available for applicants 18 to 80 years old 20 to 80 years old
Option to convert to a permanent policy Yes Yes
Rider options Accelerated Benefit rider, Estate Preservation rider, Total Disability Waiver rider, Vitality PLUS rider Accelerated Benefit rider, Total Disability Waiver rider


John Hancock’s Universal Life Insurance

Universal Life Insurance is permanent life insurance protection. Universal Life Insurance contains 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 it’s currently available for buyers from the age of 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 are 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

Those with a high-risk tolerance who are interested in the possibility of growing cash value and making profits that are tax-free throughout retirement may find index universal life (IUL) insurance to be attractive.

Within a specific range, these policies also allow for premium variation. IUL policies frequently have participation rates, limitations, and fees, so be sure you understand how the insurance will operate.

John Hancock Life Insurance Review offers three IUL products:

  • Accumulation IUL
  • Protection IUL
  • Protection (SIUL)

John Hancock’s Variable Universal Life Insurance

Protection VUL seems to be John Hancock’s variable life insurance product and it seems to be available for people ages three months to 90 years.

It comes with more than 55 sub-account options, and it gives you the ability to customize investments to fit your goals. The minimum coverage amount for protection VUL is $50,000.

You decide which sub-accounts a variable universal life (VUL) insurance policy will use for cash value investments. Furthermore, you have the option to alter premium payments and death benefit amounts.

This kind of policy can provide a significant opportunity for growth with accurate investments.

The complexity of VULs means that the policyholder often needs to actively manage the investment accounts. Also, VULs may have higher-than-normal fees.

How Much Does John Hancock Life Insurance Review Cost?

John Hancock’s Protection Term costs an average of $328 a year, according to an advisor. This is actually higher than most competitors.

Company Cost per year for 20-year, $500,000 term life (40-year-old female buyer)
Banner $283
Protective $283
Pacific Life $284
Symetra $284
American General $285
Corebridge Financial $285
Penn Mutual (non-convertible policy) $285
Lincoln Financial $305
John Hancock $328


John Hancock’s Life Insurance Riders

A life insurance rider allows you to buy extra coverage or features to customize your policy. John Hancock’s riders are as follows:

  • Disability Rider
  • Early/Enhanced Cash Value Rider
  • Estate Protection Rider
  • Lapse Protection Rider
  • Long-Term Care Rider
  • Option to Split/Change/Convert Rider
  • Overload Protection Rider
  • Return of Premium Rider
  • Terminal Illness Accelerated Death Benefit Rider
  • Vitality Rider
  • Waiver of Premium Rider

Note: Availability of riders could only depend on the type of policy.

John Hancock life insurance is mainly sold through independent brokers. In terms of filing a claim, how do you do it, see the following paragraph.

To file a claim on John Hancock life insurance, you need to do that by filling out a form on their website or calling (888) 887-2739. You can also request a claim from regular mail. Or call customer services at (800) 732-5543.

John Hancock Company Background

The company was incorporated in 1862 and started offering life insurance in Massachusetts under the names John Hancock Life Insurance Co. and John Hancock Mutual Life Insurance Co.

Boston is where the company is situated. John Hancock, an American founding father and Patriot in the American Revolution, prompted the company’s name. Despite being purchased by Manulife Financial in 2004, it has kept its original name.

Currently, John Hancock Financial provides a range of long-term care, retirement, and insurance products.

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