About John Hancock Life Insurance
John Hancock Mutual Life Insurance Co. was chartered on April 21, 1862. At the end of its first business year, it reported assets of $115,258 with insurance in force of $332,100.
As of January 27, 2000, John Hancock demutualized and is now a public company traded on the New York Stock Exchange. Consolidated John Hancock Life Insurance companies make up an international company with subsidiaries, affiliates, and offices around the globe. At year-end 2001, John Hancock reported statutory assets of $74.4 billion, liabilities of $70.8 billion and net life insurance in force of $198.2 billion. Assets under management for John Hancock and its subsidiaries totaled $124.2 billion.
John Hancock Life Insurance Review 2019
If you are currently in the market for life insurance, you are likely exhausted and confused at which company to go with. This is entirely normal, and we see and hear it all the time with Spectrum Insurance Group.
It’s a big sea of life insurance companies, and all of them have unique advantages and disadvantages. John Hancock Life Insurance Company falls into this mix as well. John Hancock is 100% one of the companies in the US with a rich history and a long-standing reputation.
Although John Hancock is a trusted and extremely reputable life insurance company, that doesn’t necessarily mean that they are the best company you can choose. That’s what this brief overview is designed to help you with.
We always want you finding nothing but the best life insurance company for your current needs. With that being said, although John Hancock is a powerhouse, they don’t crack our list or make our cut as a top 10 life insurance company.
Let’s take a minute or two out of your day and cover the history of John Hancock as well as their products offered and financial strength ratings and allow you to be the judge and jury. Ultimately, it’s your monthly premiums being spent so being informed is the only way to go.
Let’s dive into those details now.
A Brief History of John Hancock Life Insurance Company
John Hancock is one of those life insurance companies that shockingly hasn’t been through dozens of name changes or different marketing tactics. John Hancock started in 1862 its name “John Hancock” that it still holds to this day.
If you analyze the track record of hundreds of life insurance companies, you will come to find out that being founded in 1862 makes John Hancock one of the oldest and longest-standing life insurance companies that you could potentially choose to purchase life insurance with. Clearly, this is a good thing.
Not to mention that the name John Hancock already builds trust and markets itself as a company that consumers want to work with strictly because most individuals are aware that John Hancock was one of the signatures present on the original Declaration of Independence. Well done John Hancock.
However, a name and a logo are nothing more than a name and a logo. Let’s dive into some of the financial strength ratings and financial history with John Hancock to see if their name and logo can back up their products offered and their overall history in the life insurance market.
John Hancock Life Insurance Company Financial Ratings
Overall, John Hancock Life Insurance Company has done nothing but positive things in the life insurance industry. It’s built a reputation and has given us a run for our money, finding much of anything negative to point out about them.
The only significant transition that John Hancock has dealt with that gained some media attention was the fact that they went from a Mutual Company into a publicly traded company not too long ago.
While some policyholders that may have been enjoying dividend checks may have been concerned, it’s not all that uncommon for this to take place and represents nothing to be worried about.
That’s life, however, and I’m sure you can understand that it caused quite the fear and concern among policyholders and investors. However, that cloud quickly passed, and now John Hancock is back to its stable state offering well-built life insurance policies to the consumers.
As of 2019, John Hancock is currently supporting the following financial strength numbers that are given out by the 4 major credit rating agencies that you will see listed below.
- A.M Best: A+
- Fitch: AA-
- Moody’s: A1
- Standard and Poor’s: AA-
- Comdex Score: 93
- J.D. Power and Associates: 763
While some companies are at the same level as John Hancock such as Mass Mutual (Better Ratings Than John Hancock) they are still supporting solid financial strength numbers. 100% better financial strength ratings than most other life insurance companies.
John Hancock is also supporting an A+ rating from the BBB, which is clearly nothing to frown about and the highest grade you can be awarded by the BBB.
Complaints are far and few between considering the vast number of policyholders they support, and that John Hancock strives to resolve issues quickly for the individuals who do deal with a negative experience.
Life Insurance Products Offered by John Hancock
Currently, John Hancock has a product lineup that you will see offered by most life insurance companies. This isn’t a bad thing. It merely means that the products you can get with most life insurance companies, you can also opt to purchase with John Hancock.
Here is a look at the life insurance products currently offered by John Hancock.
- Term Life Insurance
- Permanent Life Insurance (Whole Life)
- Indexed Universal Life Insurance
- Variable Life Insurance
John Hancock Is A Solid Choice but You May Have Better Options
At the end of the day, John Hancock is undoubtedly a great company to work with and will ensure your family is protected if something god forbid does happen to you. However, as always, we certainly recommend working with an independent life insurance agent.
This ensures that you are viewing and learning about all the options before ultimately making a final decision about which policy is best for you.
News flash, this also is the #1 way to ensure you are being offered coverage at the lowest possible price. We have no doubt that John Hancock will remain a powerhouse in the life insurance industry, but we do recommend you look into other options for the best outcome.
As principal licensed life insurance agent Bennett Bier has helped 1000’s of people purchase life insurance online & over the phone. During his career he has become the go to expert for securing hard to place term and permanent life insurance policies for clients across the nation. With his wealth of knowledge of each life insurance carrier’s products and underwriting he provides honest answers and advice to every client. Bennett Bier and his team will work tirelessly to successfully secure the coverage your family deserves.
All content on this site has been written by life insurance experts & licensed life insurance agents.