Speak with an experienced advisor! Who Is John Hancock
John Hancock Life Insurance Company was named after the patriot and businessman John Hancock and was created in Boston on April 21st, 1862.
This company is well over 150 years old and in 2004 was purchased by Manulife Financial.
John Hancock holds “A” ratings or better from A.M. Best, Standard’s & Poor’s, Moody’s and Fitch Ratings in regards to Financial Strength.
They hold $483 Billion in assets under management & administration and are a solid insurance company to put your insurance policy with.
They are also one of the leaders in new types of underwriting requirements.
What Is Term Life Conversion
Converting your term life policy in its purest form is just taking your policy and converting it into either a universal life product or a whole life product.
When you buy a term life insurance policy, you are mostly looking at the affordable monthly premium and the optional term lengths.
These terms will usually go from 5 years up to 30 years depending on the company.
However, these policies will eventually end, and you will have to either renew them, let them lapse, or convert them.
Conversion comes in handy if you are ever in a situation where you can no longer medically be approved for life insurance.
You can do this conversion without having to take any exams or prove insurability as long as you convert the policy before the conversion expiration period.
John Hancock Products & Conversion Options
John Hancock Term
The John Hancock Term product provides you with the option to convert to a permanent life insurance product during your entire policy term.
You still get all of the great term benefits without having to wonder if you need to convert your policy 4 years before the term is up.
When it comes to conversions, this product doesn’t offer any term conversion credits; however, this policy is convertible to a survivorship product.
Conversion Period
With the John Hancock Term product, you can convert your policy all the way up to the end of your level term period.
Or:
The policy anniversary nearest the life insured attains the age 70.
For Example:
If you have a 15 year term life policy and you are currently 55, you can convert the policy all the way up to the end of the term.
If you have a 15 year term life policy and you are currently 65, you will have to convert the policy by the age of 69 so that you don’t miss the 70th birthday cutoff.
John Hancock Term Conversion Options
In policy years 1 – 4 you can convert your term policy to any permanent life product available for sale at that time.
From years 5 to the end of the level term duration, you can only convert to a product that is designated for conversion.
Survivorship Conversion Options
A survivorship policy is usually called a “second to die” life insurance policy and mainly focuses on paying out funds to cover things like estate taxes.
You can convert your John Hancock Term policy into a survivorship term policy; however:
- The face amount of the new Survivorship Life policy can only be up to the face amount of the term contract subject to available retention limits.
- Underwriting will be required on the life of the person being added to the Survivorship policy.
Waiver Of Premium Conversion Options
At an extra cost, John Hancock has a rider available that provides you with a waiver of your required premiums if you become totally disabled.
The disability must happen before your 65th birthday while the policy is in force and the disability has to last at least 6 months uninterrupted.
If your policy is currently being paid by the waiver of premium rider, you can still convert your policy to a permanent plan.
However, you can’t purchase the Total Disability Waiver rider on the permanent policy.
Additional Conversion Features
You have no limit on the number of conversions you can do, and you are also able to do partial conversions.
Partial conversions are fine as long as you don’t fall below the product minimum for either of the term life and permanent product.
John Hancock Term With Vitality
The John Hancock Vitality program was created with the idea of helping you live a longer and happier life.
If you participate in this program, you will get significant savings and rewards for living healthy and doing things like walking or exercising.
When it comes to conversions, The John Hancock Term With Vitality product works almost the same way as the John Hancock Term product above does.
The only difference is how the conversion options will work.
Conversion Period
With the John Hancock Term product, you can convert your policy all the way up to the end of your level term period.
Or:
The policy anniversary nearest the life insured attaining age 70.
John Hancock Term With Vitality Conversion Options
In policy years 1 – 4 you can convert your policy to any permanent life product available for sale at that time.
From years 5 to the end of the level term duration, you can only convert to a product that is designated for conversion.
Vitality Difference
If you have Gold or Platinum status in each of the three annual processing dates before the date of the conversion, then you can convert your policy to any John Hancock product.
Or:
If you have Silver or Bronze status on any of the three annual processing dates before the date of the conversion, then you can only convert your policy to a product that John Hancock makes available for conversions.
How To Get Started
We convert policies through John Hancock all the time, and since there’s no charge for our service it doesn’t cost you anything to work with us.
We have a Simple & Easy 3 Step Process:
- We get to know your current situation, and budget then send you rates
- If the rates make sense for you, we’ll collect all the documents needed.
- Finally, we will process the paperwork for you and become the agent of record on your new policy.
Don’t wait to convert your policy; just fill out the form on this page to get started or give us a call.
