Trying to find the most affordable or best burial insurance probably isn’t at the top of the list for you when it comes to an enjoyable task.
Today, we want to make the process as easy as possible.
We intend to provide an in-depth review of John Hancock’s burial insurance.
We are going to take a dive into the products offered by John Hancock, how to apply with the company, and if John Hancock is one of the best options you can choose for coverage.
To save you some time, we have also provided a quick 2 paragraph analysis of the company directly below.
Here is what you need to know.
John Hancock Burial Insurance is overpriced guaranteed issue life insurance.
This simply means that you can be accepted with health conditions, but you will have a two-year waiting period to complete before your beneficiaries would be paid the full death benefits.
Sure, John Hancock is a reliable, stable, and longstanding company in the life insurance industry, but burial insurance is not their bread and butter.
They have other products they offer that are much more robust such as term and universal life insurance products.
If you need final expense coverage and are relatively healthy, you need to be looking at other companies and options such as Mutual of Omaha.
If you do require a guaranteed issue life insurance policy, you are in much better shape to work with a company such as American General Life Insurance Company or Gerber Life.
As always, we recommend comparing rates with multiple companies before ultimately deciding who the best life insurance provider for you may be.
This ensures the best chances of approvals at the best rates.
That’s the fast and simple way to breakdown what you need to know about John Hancock’s burial insurance coverage.
Now, if you have time to stick around and desire to learn more about the company, we intend to take a deeper dive into the specifics.
From start to finish, our full review of the company is approximately a 4-minute read.
We have also provided easy to navigate links directly below that will allow you to skip to any specific section of this post that you desire to learn more about.
Here is what we intend on covering today:
- Our John Hancock Burial Insurance Review
- Financial Strength Ratings
- Consumer Complaints and BBB Ratings
- Burial Insurance Products Offered by John Hancock
- How Guaranteed Issue Works with John Hancock
- How to Apply with John Hancock
- Alternatives to Choosing John Hancock Burial Coverage
- Who Should Consider John Hancock Burial Insurance?
- Final Thoughts
As mentioned previously, the links above will take you to any specific section of the post.
However, if you are not in a hurry and need the inside scoop on the company, we recommend reading our full review directly below.
Here are the details.
Our John Hancock Burial Insurance Review
John Hancock Life Insurance Company is currently based out of Boston and is one of the longest standing and well-known life insurance providers in the country.
Initially founded in 1862 and named after a famous patriot, John Hancock has established a stronghold and solid reputation in the life insurance marketplace.
John Hancock was acquired in 2004 by Manulife Financial, who is based out of Canada, but nearly all assets and products continue to operate under the John Hancock name.
John Hancock continues to offer several different variations of life insurance as well as other financial products to consumers that can help individuals with asset management or retirement planning.
Financial Strength Ratings
Financial strength ratings are always an essential item to check off your list when looking into who may be the best burial insurance provider for you and your family’s needs.
It helps you to understand how reliable, stable, and likely an insurance company is to honor claims and pay quickly when tragedy does, in fact, strike.
Currently, John Hancock does a stand-up job in this department.
As of 2019, John Hancock currently is being provided an A+ rating from A.M. Best, which is considered the second-highest rating you can be provided.
Additionally, John Hancock has more than 5.7 billion in insurance currently in force of more than 2.6 million total policyholders.
Overall, these are powerhouse numbers and nothing to be concerned with.
Consumer Complaints and BBB Ratings
Consumer complaints are always important to consider.
They can give you an idea of the common problems consumers face when choosing specific life insurance carriers.
Currently, John Hancock is not accredited with the BBB and only has 30 complaints on file closed in the last 3 years.
This is a low overall number.
The Better Business Bureau has John Hancock rated as a B and currently 1/5 stars based on only 3 consumer reviews.
Burial Insurance Products Offered by John Hancock
John Hancock’s final expense products are extremely limited.
In fact, they only offer one option to consumers.
It’s a guaranteed issue life insurance policy that requires no medical exam, but it does require a 2-year waiting period to pass before full death benefits would be paid to your beneficiaries.
In most situations, you want to avoid this kind of policy at all costs if you can be approved by another company for level benefits, immediate coverage, or even a graded policy.
How Guaranteed Issue Life Insurance Works with John Hancock
Guaranteed issue life insurance is relatively straightforward.
You can be approved for coverage without your medical background coming into question.
However, if you pass away in those first two years of the policy, your beneficiaries would only receive your premiums returned plus 10% interest earned.
An example would be passing away in month 6 of the policy, assuming you were paying 50.00 per month for your policy.
In this situation, you would receive 660.00 paid your beneficiaries.
This is the sum of all your premiums returned plus 10% interest earned.
If, however, you live past the 24 months mark, your family would receive the full death benefit in the event you pass, which could be anywhere from 2-25,000 in coverage.
How to Apply with John Hancock
To apply for this policy, you simply just need to work with an agent who represents John Hancock.
Guaranteed Issue policies require a small amount of demographic information to be collected.
Outside of that, they are extremely easy to apply for.
However, before doing so, we do want to make you aware that other great options are available that are superior to this product offered by John Hancock for a lower price.
Here’s a look at those options.
Alternatives to Choosing John Hancock Burial Insurance
When it comes to guaranteed issue life insurance, we believe strongly in two companies.
American General Life and Gerber Life Insurance.
They both have superior guaranteed issue life insurance policies that are offered at lower rates.
Nothing with the policy is different.
You simply pay less for the same amount of coverage.
Not to mention, both companies offer a wider range of ages from 50-85 that the product can be offered to.
Overall, we would highly recommend working with an independent agent who can present all these options to you in an easy to understand fashion.
You can read more about AIG policies here.
Who Should Consider John Hancock Burial Insurance?
In all honesty, nobody should consider John Hancock Burial Insurance.
It’s a coverage option you want to avoid at all costs if you can avoid it and if your medical conditions force you to take this form of coverage, you are much better off working with a company such as American General Life or Gerber Life as referenced previously.
At the end of the day, the burial insurance company you decide to do business with is entirely your choice.
However, as much as all of you like to hate the pesky agent calling you about life insurance, you would be surprised at the knowledge and expertise they can lend.
Choosing John Hancock is a waste of money, and better options are 100% available to you.
Be sure to run rates with multiple companies or work with an independent agent to find the coverage that’s best for you and your family.
We wish you luck with your search.