John Hancock Insurance Review: High Policy Limits and Wellness Benefits as a Bonus

This life insurer is a good fit for: Individuals looking to buy a substantial life insurance policy and who don't mind working with an insurance agent to get it.

• Average costs: Premiums higher than many competitors; must contact agent for price quotes
• Term life policy limits: $250,000 to $65 million
• Permanent life policy limits: $50,000 to $65 million
• Riders/Add-ons: Disability, unemployment waiver, accelerated benefit, critical illness, cash value accumulation potential, Vitality and Aspire wellness programs
• Eligibility: Ages 18 to 80 for term life and 3 months to 90 years for permanent life
• Discounts available: Discounts can be earned through participation in the John Hancock Vitality Program
• Other insurances offered: Travel insurance

Top perks

High coverage limits

Policyholders who need a substantial amount of coverage can find it through a John Hancock life insurance policy. Both permanent and term life insurance policies are available with death benefits as high as $65 million. By contrast, some competitors have much lower coverage limits -- sometimes as low as $1.5 million.

Wellness programs

John Hancock offers two unique programs for policyholders:

• Vitality is a rewards program that consumers can add to their policy. It offers up to a 25% reduction in premiums as well as other rewards and discounts from partners including Expedia, Amazon, and Fitbit. Discounts are available for customers who engage in healthy activities such as walking, healthy eating, and getting regular checkups.
• Aspire, which is designed for diabetics who can earn premium discounts and other rewards for effectively managing their HbA1c levels or engaging in other habits such as healthy eating.

These programs both provide money-saving opportunities and encourage positive behaviors that could have far-reaching health impacts.

What could be improved

More online options

Consumers shopping for life insurance cannot get quotes from John Hancock or purchase a policy without speaking to an insurance agent. This makes it difficult to compare John Hancock with competitors. The insurer could offer, at a minimum, online quotes -- or ideally, the option to apply for coverage online.

More insurance products

John Hancock only offers life insurance and travel insurance. And, the insurer's only permanent life policies are universal life policies. The insurer could offer more options to those who would prefer to get several policies from the same carrier.

John Hancock does not provide online pricing for its insurance products. Quotes can be obtained only by speaking with an agent. While premiums vary based on many factors, including age and health status, John Hancock's prices tend to be higher than competitors' for comparable coverage.

If you want a life insurer that offers online options: Bestow Life Insurance not only provides quick, simple life insurance quotes online but allows consumers to complete the entire process of purchasing coverage over the Internet. Keep in mind, though, that Bestow's maximum death benefit is $1.5 million, which is far below John Hancock's $65 million.

If you want a life insurer who offers more coverage options: State Farm offers many more options for insurance coverage, including whole life policies; homeowners insurance; car insurance; small business coverage; and more. Keep in mind, though, that State Farm doesn't offer the wellness programs John Hancock provides.

Term life

John Hancock offers a term life policy to individuals ages 18 to 80. The policy can span 10 to 30 years and the death benefit could be between $250,000 and $65 million.

Permanent life

Consumers interested in permanent life insurance can choose from one of three products from John Hancock: Universal Life Insurance; Indexed Universal Life Insurance; and Variable Universal Life Insurance.

All three options are available to individuals between the ages of three months and 90 years and each offers consumers the chance to purchase between $50,000 and $65 million in life insurance coverage.

Disability and terminal illness riders

John Hancock's disability rider is available on both term and permanent life insurance policies. It allows policyholders to get covered for lost income in the event they develop a disabling condition. John Hancock also offers accelerated benefits, also known as a terminal illness rider, which provides access to some of the death benefits after a terminal diagnosis.

Vitality rider

John Hancock's vitality rider is unique among insurers. It provides the chance not just to save on premiums when added to a policy, but to become eligible for discounts through partners as well.

Unemployment waiver of protection rider

This add-on is available on term life policies only. It allows policyholders to keep their policy in effect for a period of time even if they pause on making payments while experiencing unemployment.

John Hancock's application process cannot be completed online. In fact, consumers shopping for insurance cannot obtain online quotes at all. To find out about getting covered or to apply for benefits, it will be necessary to speak with a John Hancock insurance agent.

Term life insurance policies are available to individuals between the ages of 18 to 80, while permanent life insurance policies are available to individuals ages 3 months to 90 years.

John Hancock received above average ratings for overall customer satisfaction on the J.D. Power U.S. Individual Life Insurance Study. While the industry average score was 776, John Hancock received a score of 781. Although this was a solid rating, it was far below State Farm's 822, which was the highest rating given to any life insurer.

John Hancock received only a B rating from the Better Business Bureau, though, and the life insurer received an average of 1.25 out of 5 stars in consumer ratings on the BBB website.

John Hancock is best suited for people who:

• Are OK with working with an insurance agent
• Want to purchase a substantial amount of life insurance coverage
• Don't mind paying higher premiums or can qualify to lower them by participating in a wellness program

But you may want to consider State Farm to benefit from more coverage options or top-notch customer service or Bestow for an all-digital application process.