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John Hancock Life Insurance Review

John Hancock Life Insurance ReviewThe name John Hancock is synonymous with the pride and passion required of our forefathers in building United States of America. His signature, the largest and most visible on the Declaration of Independence, is one of the most recognized among all the prominent figures of our nation’s history.

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That same signature is used to represent the John Hancock Life Insurance Company, one of America’s oldest and largest insurance companies. Although now owned by a Canadian financial group, John Hancock still proudly serves the United States market today.

John Hancock Life Insurance Review: History

John Hancock Life Insurance started in 1862, making it one of the oldest insurance companies in the United States. Building its business through more than 150 years of service, the company gradually grew into a national outfit with many subsidiaries. Those subsidiaries merged in 2009 and became ManuLife Financial Corp. of Toronto, Canada.

ManuLife is Canada’s largest insurance company and John Hancock is their American arm. With 24,000 employees worldwide, ManuLife employs 4,000 at John Hancock headquarters in Boston, Massachusetts.

John Hancock Life Insurance Review: Marketing Claims

The John Hancock website markets a list of core values based on the acronym PRIDE. Those values are:

  • Professionalism – A promise by John Hancock to always treat customers in a reliable and professional manner.
  • Real Value to Customers – John Hancock strives to provide the best insurance products at the most affordable prices.
  • Integrity – A commitment to always being forthright and honest in all its business dealings.
  • Demonstrated Financial Strength – A proven track record of paying claims and earning the best returns for investors.
  • Employer Choice – John Hancock’s commitment to seeking out and hiring the best possible employees to insure the future health of the company.

The company makes use of the John Hancock signature and reputation to present itself as one that stands for integrity and commitment. The company claims the same vision and fortitude of their namesake in offering insurance and other financial products to its customers.

John Hancock Life Insurance Review: Products

In the arena of life insurance, John Hancock provides term life insurance policies, universal life insurance policies, and variable life insurance policies. Their term life insurance policies are guaranteed to keep a level premium for 10, 15, or 20 years, depending on the policy chosen. They also guarantee a level death benefit for the entire life of the term.

Their universal life insurance policy offers low cost premiums and strong potential for cash value growth, while their variable life option invests customer premiums to increase policy value. Earnings on universal and variable policies are tax-deferred and can make a great tool for financial planning.

In addition to life insurance products, John Hancock also offers:

  • 401K retirement plans
  • Several different kinds of annuities
  • College savings and investment plans
  • Long-term care insurance
  • Other fixed investment vehicles

What Consumers are Saying About John Hancock Life Insurance

Based on average customer reviews, John Hancock Life Insurance receives an average score of 3 ½ out of 5. Some of the pros customers listed for the company are competitive rates, the option of long-term care insurance, and fast and efficient claims service. Among the complaints listed for John Hancock are poor customer service, frequent rate increases, and unexpected bills.

In the case of the latter, some customer reviewers seem to have misunderstood the principle behind funding universal life insurance. That misunderstanding appears to have led to the cash value of some policies not being met. In such a case, policy holders are responsible to make up the difference and thus, the unexpected bills in the mail.

In terms of financial stability, John Hancock Life Insurance receives high marks among some of America’s most trusted rating agencies. Despite this fact, both John Hancock and its parent company posted significant financial losses in the past fiscal year. They are ranked sixth among all the world’s insurance companies in terms of financial stability and the continued ability to pay claims.

John Hancock Life Insurance might be one company to put on your list for life insurance comparisons. You may find out more information about them by visiting their website or calling their offices. As always, take the time to read and understand all material you might receive from John Hancock before agreeing to purchase any financial products from them.

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