John Hancock Life Insurance Review
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UPDATED: Jul 2, 2011
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John Hancock and its subsidiary Manulife Financial bring value to every product and service they offer clients, from professional consultations and strategic planning to day-to-day account management. The company, headquartered in Boston, Massachusetts, uses as its inspiration John Hancock, the first man to sign the United State’s Declaration of Independence.
This revolutionary wartime leader with his larger-than-life signature fueled a dream for four people who got together and started the business in one small room, back in 1862. Back then as it still does today, John Hancock’s name and reputation stood for commitment and integrity.
History of John Hancock Life Insurance
The company’s founders worked hard to provide insurance to new customers, and after two years of doing business, in 1864, had over a half-million dollars in assets. By 1884, total assets had grown to almost $20 million. During the war, John Hancock recruited women as agents to sell insurance, and also approached women directly as customer prospects, which was a new move for the company. Fast-forward to 1999, when the company went public trading under JHF on the New York Stock Exchange. Today, due to the hard work of John Hancock’s team and its quality products, the company’s brand has recognition among about 98% of affluent investor markets, and 94% brand recognition among all consumer groups.
John Hancock Financial Strength
John Hancock is one of the highest-rated life insurance companies amongst its peers according to the major rating agencies. Why are strong financial ratings important? Because a life insurance company should be able to guarantee payout on all of its policies, and with John Hancock’s level of financial strength, the company’s guarantee is rock-solid. The company and its subsidiary, Manulife Financial, maintain ratings that range from “Excellent” to “Superior” with each of the four major rating agencies: A.M. Best, Fitch, Moody’s Investor Service and Standard & Poor’s.
Life Insurance Products offered by John Hancock
John Hancock Insurance offers a variety of products to help its customers through every stage of life. Just a few of the wide range of life insurance products offered by the John Hancock Company include:
- Term life
- Variable life
- Universal life
- Long-term care insurance
Additionally, the company also provides its customers with options for the following additional products:
- Mutual Funds
- College savings plans
- 401(k) plans
- Fixed income products
John Hancock’s Trademarks
The company uses a trademarked logo fashioned after the signature of John Hancock, as he signed it on the Declaration of Independence. The company’s logo reminds customers of the integrity and commitment that John Hancock stood for so many years ago, and that the company that bears his name stands for today.
Another trademark of the company is the 62-story glass John Hancock Tower, a real estate trophy property located on Boston’s Back Bay, which was constructed in 1971. The building, officially named Hancock Place, has 60 stories and rises 790 feet into the Boston sky. The tower is the tallest building in Boston, with glass windows covering all four sides and a thin, wide-shaped building and glass façade. After using the building for its headquarters for more than 30 years, John Hancock sold the property in 2003 along with three other related properties.
John Hancock takes community and corporate responsibility seriously, and in 2009 invested over $10.6 million in support of various nonprofit organizations. The company focuses its financial support on organizations that provide positive, enriching experiences for youth in the Boston area. The company sponsors such outreach programs as the MLK Summer Scholars, in which Boston youth are provided with summer jobs as part of a 7-week program that includes the Boston Globe, the City of Boston, Partners HealthCare and Boston University as partners.
Customer Service Review
John Hancock is always there to serve customers, with toll-free numbers to call for each product group. Additionally, John Hancock has agents who are available to assist customers with any and all of their financial needs. The company serves customers by offering ways to maximize financial assets, plan finances for new family additions and education savings, along with assistance to manage their financial estate, prepare for any illnesses or injury and leave a legacy for their families.
Finding the Best Life Insurance
Life insurance should be part of every family’s financial portfolio. However, purchases of life insurance have been declining in recent years, according to LIMRA, an insurance research firm. After 9/11, sales of life insurance policies only increased by 3 percent. Although fewer policies are being sold, the average policy face value is increasing and was approximately $255,861 in 2006.
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In the U.S. about 10 percent of families with dependent children have no form of life insurance. Experts recommend that, at a minimum, families carry term insurance to replace their income for 7 to 10 years, although the average term insurance only covers expenses for about 4 years. Additionally, about 56 percent of married couples with children believe their current life insurance would provide inadequate protection. Term insurance is surprisingly affordable and prices continue to decrease. Life insurance plays an important part in your family’s financial stability and future.
Life insurance comes in relatively few general types, but within each type of insurance, term, universal and variable, there exists many variations that allow flexibility to fit individual needs. When beginning to look for life insurance, it is important to do a little bit of research to understand the different insurance types. Fortunately, this is fairly easy since most of the larger life insurance companies, including John Hancock, provide learning centers on their websites that go over many of the important details. This also makes the process easier when dealing with insurance sales agents, in case they put in an over-zealous sales effort. One of the best ways to start shopping around for life insurance is to search online. As you go through the process of using online life insurance calculators and requesting quotes you will learn more about what coverage options make sense for your situation and how much life insurance fits in your budget.
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