The new John Hancock Term product is the most competitive we have seen from them in years. Discounts versus old pricing are as deep as 24%! Stack that on top of availability across a broader range of face amounts, and its clear that John Hancock is going to be a term insurance player in 2015. 


The New John Hancock Term is More Competitive than Ever

In fact, it is the most competitively priced term product from John Hancock – ever! Where’s the “sweet spot”?

  • Issue Ages 45 – 65
  • The top three underwriting classes: Super Preferred, Preferred and Standard Plus

New Conversion Rules

  • Convertible to any fully underwritten singe life product in the John Hancock Portfolio for the lesser of the first six policy years or to age age 70.
  • In policy years 7 – 10, the policy owner can convert to a product designated for conversion.

Transition Rules

  • The current John Hancock Term (’11) product will no longer be offered in states that have approved the new Term (’15) product. However, in order to provide a transition period in approved states, John Hancock Term (’11) applications will be accepted through February 13, 2015.
  • All John Hancock Term (’11) pending applications must complete the formal underwriting process and all administrative requirements to issue the policy must be received by John Hancock by March 13, 2015.
  • Should you already have an application in New Business and wish to have a Term (‘15) policy underwritten, please contact your Case Manager.
  • Coinciding with the launch of the Term product, new submissions received at John Hancock’s service office prior to February 13th that do not specify the Term product version applied for (Term ‘11 or Term ‘15) will be set up under the Term (’15) product.

Reissues

Reissues of John Hancock Term (‘11) policies to Term (’15) will be considered only on John Hancock Term (’11) policies that are within the Free Look period. Subject to normal underwriting practices, policies may require additional evidence to ensure health status has not changed.

Inforce Cases

Term-to-Term replacements are not allowed within the first policy year. Any replacement of an inforce policy (after the first policy year) would require replacement forms and be subject to full underwriting. Please note that the six month product exchange feature is not available on Term products.

For more details including New York specific transition guidelines, please see the formal announcement from John Hancock.