John Hancock Insurance Company Review

John Hancock Insurance Company at a Glance

John Hancock Pros: Very well-established carrier with more than a century and a half of experience within the insurance industry. Offers several types of life insurance. Offers guaranteed-issue coverage. Offers coverage for people with diabetes. High rating through A.M. Best. Strong financial stability.

John Hancock Cons: Not a BBB accredited business. Several complaints filed against the carrier in recent years. No 24/7 claims reporting via phone. Some mixed customer feedback.

What Type of Insurance Does John Hancock Offer?

John Hancock is a specialized insurance company, with a focus on life insurance. Their products include:

If you’re in the market for life insurance, John Hancock may just be the right insurance company to meet your coverage needs.

What to Know about John Hancock

John Hancock was founded in 1862, giving the carrier well over 150 years of experience in the insurance industry. The Boston-based insurance company was created with the mission to make life easier and better for its customers. John Hancock currently only offers life insurance products, but one of its plans comes with guaranteed acceptance, which is a huge draw for many prospective customers.

Today, John Hancock offers coverage nationwide. The carrier’s LinkedIn profile states that they currently have more than 10,000 employees, with 5,400 found on the social media platform. The insurance company is recognized for its unique pairing of term or permanent life insurance policies with health coaching and a special app for people with diabetes. The carrier is also rated as having high financial strength, with A.M. Best ranking them in the $2 billion or greater financial size category.

Thanks to its extremely long-standing history, guaranteed-issue coverage, wide reach, and financial strength, John Hancock has earned itself a reputation as a financially stable insurance company with a strong outlook for the future. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives John Hancock an “A+” rating, indicating the carrier is a superior choice for insurance customers. High ratings from A.M. Best assure customers that John Hancock is capable of offering guaranteed, secure coverage from a trustworthy and reputable carrier.

Established in 1899, A.M. Best is one of the oldest rating companies in the world. Reviews from A.M. Best indicate an insurance company’s financial strength and creditworthiness, and are based on comprehensive evaluations of the company’s operating performance, business profile, and balance sheet. For customers who aren’t as familiar with insurance companies’ reputations, A.M. Best’s rating system allows them to make an informed decision about who they can trust to meet their needs in the short term, and also to remain a strong, financially sound company in the long term.

What Discounts Does John Hancock Offer?

John Hancock does not offer much information about its specific discounts other than its Vitality rewards program, which gives customers up to 15% savings in annual premiums, along with other benefits. However, many other modern insurance companies offer common competitive discounts on life insurance, including:

Your independent insurance agent can help you find more information on exact discounts offered by John Hancock and other ways to save money through the insurance company, helping you to find the coverage you need at the rate you deserve.

John Hancock Customer Service

John Hancock allows customers to report claims online or via phone. The carrier also provides the following customer service options:

The best way to ensure a smooth customer service experience is to work with an independent insurance agent. These agents can help handle claims and other concerns for you, so you can relax and enjoy your coverage.

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John Hancock FAQ

What is John Hancock's average claims response timeframe?

John Hancock does not state how quickly it will respond to a customer’s original claims report, but does promise to get a final decision to the customer within six to ten business days of receiving a completed form.

What is John Hancock's customer service availability?

John Hancock allows customers to file claims at any time over the phone, online, fax, or through the regular mail. Their contact options for customer service inquiries have restricted hours, Monday-Friday. Customers can pay their bills through the official website as well. The carrier also has a social media presence on Facebook, Twitter, and LinkedIn, which makes them even more accessible to customers.

What is John Hancock's claims process?

John Hancock allows its customers to file claims over the phone or the website, or through the regular mail or fax. Their official website outlines the claims process as follows:

“Step 1. Notification

What steps do you need to take?

To initiate a Long-Term Care rider claim on your life insurance policy, please contact John Hancock at 1-888-887-2739 as soon as you require long-term care assistance.

What will John Hancock do?

John Hancock will mail you a claim initiation kit and HIPPA form.

Step 2: Submission

What steps do you need to take?

Please complete paperwork and return via mail or fax.

Or you can create an online account and complete documents online.

NOTE:  You will not be able to create an online account until you receive the claim initiation kit.

What will John Hancock do?

Upon receipt of the claim initiation paperwork, John Hancock will review the service providers for eligibility and schedule an onsite assessment, or collect medical documentation to determine benefit eligibility.

Step 3: Determine Eligibility

What steps do you need to take?

Work with our vendor to schedule an onside assessment. Upon completion, the vendor will submit findings to John Hancock Long-Term Care unit for review.

What will John Hancock do?

The assessment will be reviewed to determine if you are eligible for benefits. This review usually takes about 10 business days once John Hancock Long-Term Care unit receives the assessment from our vendor.

Step 4: Satisfy Elimination Period and Benefit Reimbursement

What steps do you need to take?

Once you receive approval for benefit eligibility, in order to receive credit for your Elimination Period, you must submit all your bills for long-term care services received to date to John Hancock. This typically refers to a bill from your provider that outlines dates, types and cost of services received.

Once your Elimination Period has been satisfied, these bills will generate your reimbursement payments. You may assign benefits to your care provider, allowing John Hancock to receive and pay bills directly.

What will John Hancock do?

Upon receipt, your invoices will be reviewed. Only services provided by an approved provider on a date that the insured is deemed benefit eligible will be processed. Initial dates of service will be credited against the Elimination Period until this requirement is satisfied, then future bills will generate your claim payment.

Step 5: Ongoing Management

What steps do you need to take?

Notify John Hancock if there are any changes in your circumstance, whether recovery or change in care provider.

What will John Hancock do?

John Hancock will continue to manage your claim, review new providers and perform routine benefit eligibility assessments throughout the life of your claim.”

Does John Hancock create a user-friendly experience for customers?

John Hancock’s official website is fairly intuitive and easy to navigate. Customers can easily find pertinent information they’re seeking, and pages are filled out in enough detail to be satisfactory. The insurance company also offers many modern customer service options through their website, such as bill pay, claims reporting, and quote request forms. However, John Hancock does not provide 24/7 claims reporting via phone. Overall, John Hancock does provide a user-friendly experience for its customers.

Does John Hancock have good life insurance?

John Hancock focuses its efforts on offering quality life insurance coverage. Their life insurance options include:

• Term life insurance: In increments of 10, 15, or 20 years. The carrier’s website offers quotes for policies with limits between $25,000 and $5 million.
• Permanent life insurance: Universal, indexed, and variable universal life policies are available.
• Guaranteed-acceptance whole life insurance: Designed for people aged 55-80. Coverage limits range from $2,000-$20,000. No medical exam or survey is required for applicants. Up to $20,000 for funeral and other final expenses is offered.
• Coverage for people with diabetes: Customers with Type 1 or Type 2 diabetes can receive a term or permanent life policy with added health coaching and a diabetes management app.

Your independent insurance agent can help you find out more information about John Hancock’s life insurance products.

Is John Hancock a good insurance company?

John Hancock has been around for more than a century and a half and has high ratings through both A.M. Best and the BBB. However, the carrier is not accredited through the latter organization, and has had 23 complaints filed against it in the past three years. Customer feedback also seems to be mixed. The insurance company does offer several life insurance options, which makes them more accessible to those in need of coverage. Based on its experience, financial strength, and products offered, John Hancock can be classified as a good insurance company.

TrustedChoice.com's Final Review

We award John Hancock a final rating of 3.5 out of 5 stars. The insurance company has more than a century and a half of experience in the industry today, which is both noteworthy and impressive. The carrier is highly rated through A.M. Best, but its “B” rating through the BBB isn’t as high as many modern insurance companies’. John Hancock has also had 23 complaints filed against them through the BBB in the past three years and is not accredited through the organization. That being said, John Hancock does provide many forms of life insurance for customers in need. Their guaranteed-issue coverage is a huge pro, as it allows virtually anyone to get the important coverage they’re looking for. The insurance company also offers modern customer service options such as online bill pay and online claims reporting. Customer feedback is mixed, but there are plenty of glowing reviews to be found.

Bottom line: John Hancock is a financially stable carrier with a ton of history. They provide several great coverage options for life insurance customers. However, their ratings aren’t as high as some comparable carriers today, and they don’t offer 24/7 claims reporting over the phone. So, when you’re browsing life insurance company options with your independent insurance agent, we say go ahead and look into John Hancock, but perhaps see what else is out there, too, there before making your final decision.