Final expense insurance is designed to protect your family from any untoward expenses that might be encountered in the final stages of life. It does also cover funeral expenses. There is a large market for insuring final expenses, as they can make a harder impact on finances than people assume.
One industry player is John Hancock. The John Hancock Final Expense Insurance is tailor-made for just such situations. It is mainly meant for senior citizens to get the type of coverage that will ease their minds when it comes to their final journey. It can help them rest without a heavy heart and a heavy burden on their surviving family.
Knowing the Helper
John Hancock final expense insurance is one of many such offers on the market. It has its benefits and risks. Being aware of those and your present or possible future situation will help you make an informed decision while purchasing. Some basic questions about the policy can answer any doubts that might be present about it.
What Is John Hancock Exactly?
Trust requires knowing the background of a person or company. To trust your money with John Hancock, it would be good to know about the company itself in the first place.
John Hancock certainly has a reputation in the market as one of the leaders in final expense insurance policies. It has an A+ rating from A.M., A1 Investor Service ratings from Moody’s, and an S&P rating from the AA.
Other ratings it has are:
- A+ from M Best Company
- AA from DBRS
- AA- by Fitch ratings Inc.
It has stable financials and is known to have settled all approved claims thus far. It has maintained its reputation and built on it.
What Sort of Policy Does It Offer?
The John Hancock Final Expense Insurance is of the Guaranteed Acceptance Life Insurance type. It essentially means that your application will not require a mandatory medical exam to be accepted by the company. It also means that the coverage will be for a lifetime.
The policy has the caveat of the 24 months waiting period. That waiting period is a regular fix across all Guaranteed Acceptance plans and is used to cover the high risk the company takes for the guaranteed acceptance.
This can help senior citizens who might be ailing or about to have medical conditions that might make it challenging to procure other insurance types. Once approved, there won’t be a need to submit any medical record of yours whatsoever for the remainder of your life.
What Are Its Most Salient Features?
The breakdown of the policy features is as below:
- Coverage from $2000 to $20,000, without depreciation, once approved.
- Premiums starting from $11 and remaining unchanged till the final one is paid.
- Unlike a term policy, it doesn’t expire once the insured reaches a certain age.
- It allows full payment after the 2-year waiting period. In case of death within that period, the total amount paid as premiums to date will be reimbursed with 10% interest.
- Only a questionnaire with relevant medical status queries will need to be updated to avail of the insurance during the application phase. Premiums and coverage might be subject to those answers.
- It comes with a Vitality GO rewards program that gives bonuses and rewards for a healthy lifestyle.
- Lower premiums for women compared to men for the same coverage.
Where and When Can One Buy It?
The policy has a lower age limit of 55 and an upper age limit of 80. So those above or below that age cannot apply for this insurance.
John Hancock covers the whole of the United States except for Florida, New York, and Pennsylvania.
Is It Worth It?
With a lot of options around, it might be worth having a look at them all. It is also prudent to assess if you require a guaranteed acceptance type of policy. With no cancer, heart, or similar problems, the waiting period might not even be worth it.
The decision to buy final expense insurance is a deeply personal one. Knowing John Hancock insurance can allow you to decide if you want to side with you in your sunset years.