For the past several years, John Hancock Life insurance company has just not had competitive life insurance rates, but they had a re-price on their rates and are now much more competitive!
We like John Hancock, they’ve been around for 150 years, have always had great financial ratings and they can be very aggressive in underwriting for some issues.
They were one of the first insurance companies to offer diabetic life insurance to one of our late age onset type 2 diabetic clients a “Preferred” rate.
They also offer a new program called Vitality for which you could earn points that could get your life insurance premium reduced every year and you can use points to get discounts on food purchases, entertainment, shopping and travel rewards.
John Hancock offers “Platinum”, “Gold”, “Silver” and “Bronze” Vitality status.
Example of John Hancock Vitality Rates
The absolute lowest “Preferred Plus” $250,000- 20 year term rate for a 60 year old male in my database of rates from over 121 companies (at the time I’m writing this) has annual cost of $1,275 and is from Principal Life.
John Hancock’s best Vitality rate for $250,000- 20 year term rate for a 60 year old male has annual cost of $1,321, which is a little higher in cost than the lowest rate.
Below are the John Hancock premiums each year if you earn the highest points and get “Platinum” status to the lowest amount of vitality points and you get “Bronze” status every year:
Platinum Gold Silver Bronze
Year 1: $1,321 $1,321 $1,321 $1,321
Year 2: $1,317 $1,321 $1,336 $1,343
Year 3: $1,313 $1,321 $1,352 $1,366
Year 4: $1,309 $1,321 $1,367 $1,389
Year 5: $1,305 $1,321 $1,383 $1,413
Year 6: $1,301 $1,321 $1,399 $1,437
Year 7: $1,296 $1,321 $1,415 $1,461
Year 8: $1,292 $1,321 $1,431 $1,486
Year 9: $1,289 $1,321 $1,448 $1,511
Year 10: $1,285 $1,321 $1,464 $1,536
Year 11: $1,281 $1,321 $1,481 $1,562
Year 12: $1,277 $1,321 $1,498 $1,589
Year 13: $1,273 $1,321 $1,515 $1,615
Year 14: $1,269 $1,321 $1,533 $1,643
Year 15: $1,265 $1,321 $1,550 $1,671
Year 16: $1,261 $1,321 $1,568 $1,699
Year 17: $1,257 $1,321 $1,586 $1,727
Year 18: $1,253 $1,321 $1,604 $1,757
Year 19: $1,249 $1,321 $1,623 $1,786
Year 20: $1,245 $1,321 $1,641 $1,817
So as you can see from above, if you do all of the things you should do to remain healthy and you get “Platinum” status and the highest # of vitality points each year, the rate you pay goes down a little bit each year.
If you get the second highest points and you achieve “Gold” status, your rate stays the same.
If you get the “Silver” or “Bronze” status, your rates go up a little each year.
Where John Hancock Vitality Rates Are Most Competitive
John Hancock Vitality rates are most competitive from ages 35 to 55 at amounts of $500,000 up to $3,000,000 for Preferred Plus, Preferred and Regular Plus risks.
For the above demographic, John Hancock Vitality can have the lowest 20 year term rates and you should definitely consider applying if you fit the above criteria.
Here is a comparison at ages 35, 40, 45, 50 and 55 of absolute lowest $1,000,000- 20 year term rates in my database of rates from over 121 insurance companies and the John Hancock Vitality rates. These are all annual rates:
Male Age 35 Next Best Rate John Hancock
Preferred Plus Non Smoker $433 $419
Preferred Non Smoker $599 $561
Male Age 40 Next Best Rate John Hancock
Preferred Plus Non Smoker $605 $589
Preferred Non Smoker $805 $766
Male Age 45 Next Best Rate John Hancock
Preferred Plus Non Smoker $1,098 $1.021
Preferred Non Smoker $1,312 $1,224
Male Age 50 Next Best Rate John Hancock
Preferred Plus Non Smoker $1,688 $1,549
Preferred Non Smoker $2,025 $1,860
Male Age 55 Next Best Rate John Hancock
Preferred Plus Non Smoker $2,733 $2,551
Preferred Non Smoker $3,275 $3,016
The John Hancock Vitality rates above are great rates and cannot be beat right now!
Knowing the John Hancock Vitality rates above could also be lower in future years may add to the appeal of this product.
Just remember that the John Hancock Vitality rates above could also be higher in later years depending on your future health and how well you do in maintaining your good health.
John Hancock also offers a new Smart Protect term platform with Vitality that offers a streamlined underwriting process with the possibility of approval in 2 days for ages 20 to 60 at amounts from $100,000 to $1,000,000.
How Is John Hancock Vitality for People With Health Issues?
I also looked at standard rates, standard smoker rates and table 4 rates for other ages also.
Here is a comparison at ages 40, 50 and 60 of absolute best $250,000- 20 year term rates available and the John Hancock Vitality rates. These are all annual rates:
Male Age 40 Best Rate John Hancock
Standard Non Smoker $383 $502
Standard Smoker $955 $1,467
Table 4 Non Smoker $614 $934
Male Age 50 Best Rate John Hancock
Standard Non Smoker $488 $561
Standard Smoker $2,330 $3,531
Table 4 Non Smoker $1,475 $2,176
Male Age 60 Best Rate John Hancock
Standard Non Smoker $2,313 $3,036
Standard Smoker $4,968 $8,397
Table 4 Non Smoker $3,869 $6,001
Even with “Platinum” status at these higher rate classifications above, you may be able to save up to about $10 per year in the future on these John Hancock Vitality rates.
The flip side to the above cost savings is that at “Bronze” status, you could be paying $50 more every year for your insurance with John Hancock if you are only offered a Standard or higher rating depending on your age. The older you are, the greater the increases are from year to year if you only qualify for “Bronze” status.
John Hancock has been very aggressive for some older age very well controlled type 2 diabetics, some people with sleep apnea, recent low stage cancer cases and now John Hancock will even insure some HIV positive people.
So it may make sense to at least see what John Hancock may offer you if you are in less than perfect health.
So is the John Hancock Vitality Program A Good Deal?
If you are most interested in having a life insurance policy with the absolute lowest cost, than the John Hancock Vitality program may only be best for you if you are in fairly good health, are age 35 to 55 and you’re looking for life insurance in amounts of $500,000 up to $3,000,000 based on the current rates that are being offered.
There may be exceptions to the above age ranges if you happen to fall into one of John Hancock’s underwriting niche’s, plus rates are always changing as many companies are constantly competing to have the best life insurance rates.
Rates a week from now may be different than the rates shown above.
If you’re a Standard or Regular risk or if you have health issues, then John Hancock may not be the best company for you.
Bottom line is that if you need life insurance and are under age 55 and healthy and/or if you are looking for a way to improve your health with incentives for you to do so, than Vitality could be a great way for you to do this and at a great rate!
To get an accurate quote today for John Hancock Life and to see the absolute best rates available to you from other companies that may offer you better rates, please call us at 1-800-380-3533, click here to email us or simply click on link below and input your information: