BOSTON, Feb. 11, 2015 /PRNewswire/ -- John Hancock Insurance today announced it has re-engineered its term life insurance, providing more consumers with an affordable solution to help with their big financial decisions. With significantly lower premiums in core market segments and face amounts beginning at $250,000, John Hancock Term is a cost-effective insurance solution to help consumers plan for the unexpected and protect their loved ones.
John Hancock Term continues to offer guaranteed protection for 10-, 15- or 20-year durations and includes a flexible conversion option allowing clients to convert to one of the company's permanent life policies should their needs change1.
"According to a recent industry survey2, eighty-six percent of consumers who believe they need life insurance haven't purchased it because they think it's too expensive," said Michael Doughty, President, John Hancock Insurance. "We've redesigned our term insurance to help change these perceptions and make it financially easier for more consumers to take that important step toward protecting their future."
Coinciding with this product launch, John Hancock has added "UCheck" to its illustration system. UCheck is a new interactive tool to help producers quickly and easily estimate the risk class of their term life customers3.
In addition to term life insurance, John Hancock offers a broad suite of diverse permanent insurance products including universal life insurance, indexed universal life insurance and variable universal life. "We are continually enhancing our portfolio to provide the financial protection and retirement solutions American families depend on," added Mr. Doughty.
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife and its subsidiaries were C$663 billion (US$591 billion) as at September 30 2014. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.
- Term is convertible to any fully underwritten single life permanent policy in the John Hancock portfolio for the lesser of the first six policy years or to age 70. In policy year seven through 10, the policy owner can convert to a product designated for conversion.
- LIMRA Facts About Life 2013
- UCheck is available exclusively for John Hancock Term, ages 18-17, Standard or better risk classes.
Insurance policies and/or associated riders and features may not be available in all states.
Guaranteed product features are dependent upon minimum premium requirements and the claims-paying ability of the issuer.
Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02117 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.
Policy Form Series: 2015Term
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SOURCE John Hancock Financial