John Hancock Guaranteed Universal Life Insurance Policy Review
See where John Hancock ranks in for 2019 in our guide: Best Guaranteed Universal Life Insurance (GUL) Companies
Quick Summary: John Hancock offers a solid yet unspectacular guaranteed universal life product when compared to other carriers we work with. Premium pricing is middle of the road but underwriting can be strict on certain things, bumping people down in health rating.
About the Company - John Hancock
John Hancock has been selling life insurance since 1862. Close to 3 million people trust their policies to Hancock and they honor that promise by paying out almost $6 billion in claims each year
All the major rating agencies consider JH to be financially strong and stable. They receive A grades across the board including A+ from A.M. Best.
Despite being an old dog, John Hancock has some new tricks including their Vitality program. This takes advantage of today's technology to make better underwriting decisions and rewards their clients for maintaining good health.
What is Guaranteed Universal Life Insurance? (expand to learn more)
About the John Hancock Guaranteed Universal Life Insurance Policy
Product Name
UL-G 13
Death Benefit
$100,000 to No Maximum
ISSUE AGE
0 to 90
Coverage Length
To age 90, 95, 100, 105, 110, or 121
John Hancock Underwriting Secrets
We consider John Hancock to be fair overall in their underwriting, leaning slightly towards "strict". This just means that depending on your health profile, you may be rated lower at Hancock than other carriers we work with. They do however have their "niches" where they'll show leniency.
John Hancock's Vitality program is an innovative idea that rewards policyholders with savings on premiums for taking part in a healthy lifestyle. In addition to lower rates for life insurance, you can earn savings and rebates from health-conscious partner companies and even a free Apple Watch
The secret to finding the cheapest life insurance rates is applying at the company that will view you most favorably. Just going with the one that shows the lowest rates can be a BAD idea and end up costing you more money.
John Hancock underwriting has been shown to give favorable ratings to applicants with:
Cost - Sample Rates
John Hancock guaranteed universal life insurance quotes:
49-year-old male at Preferred health class - pricing listed is per month
Death Benefit | to Age 90 | to Age 100 | to Age 121 |
|---|---|---|---|
$250,000 | $256 | $265 | $273 |
$500,000 | $500 | $518 | $533 |
$1,000,000 | $988 | $1024 | $1055 |
44-year-old female at Preferred health class - pricing listed is per month
Death Benefit | to Age 90 | to Age 100 | to Age 121 |
|---|---|---|---|
$250,000 | $176 | $182 | $188 |
$500,000 | $340 | $353 | $365 |
$1,000,000 | $668 | $694 | $718 |
Our custom quote tool on this page displays only guaranteed universal quotes so you can cut through the clutter. Please note that some carriers do not allow us to display their rates online. We will discuss if there are other options that might be a better fit.
Pros
Excellent financial stability ratings as a company
Vitality program may lead to lower premiums for healthy clients
Cons
No return of premium option and not many rider choices
Will completely decline some health conditions that other insurers will approve
Extras, Options, and Flexibility
John's Hancocks no-lapse universal life product was designed to provide flexibility without being too complicated.
Compared to other GUL products, the riders are limited and not much is included in the base policy. You must pay for extras.
Automatically Included at No Extra Cost
Premium Payment Choices - Option to structure the payment premiums in one of several ways:
- One lump sum payment
- Equal payments in each year
- Pay for a set number of years, for example, pay 15 years but then be covered for life
There is a minimum that must be met in order to make sure the no-lapse protection stays in place.
Accelerated Benefit - If the insured is considered to be terminally ill with a life expectancy of less than 1 year to live, a portion of the death benefit may be accessed early.
Policy owner can receive up to 50% of the face amount of policy as living benefits with a maximum amount of $1,000,000.
Additional Options - At a Cost
Customize your GUL policy these choices:
Total Disability Waiver - Premium payments will be waived in the case of the insured becoming totally disabled for 6 consecutive months. Only applies for a disability that occurs up to 65th birthday and the maximum monthly benefit is $5,000.
Unemployment Protection - This rider will pay the premiums in the event of the insured becoming unemployed. Can be used for up to 12 months to waive all premium payments. Must be able to prove receipt of state or federal unemployment benefits.
How To Make Sure You Choose the Right Universal Life Insurance Policy
The best advice I can give is to always work with an independent agent. If you call a company direct, they'll only push their products on you, and you save nothing. Rates are fixed by your state laws.
Life insurance is the ONLY thing we do. We know the ins and out of 60+ companies and can find you the lowest rates. Every. Single. Time.
To get started, fill out a quote request and we'll be in touch soon to help.
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