Introducing Lower Rates on Term!
What’s new?
- Lower rates: Average 4% rate decrease – regaining competitive position in our core market. Run a quote today—you’ll see that many cells have an even bigger reduction!
- New name: Look for Protection Term when quoting your next case—a new name based on your feedback and helps differentiate between our term products.
See how we compete against a carrier with a #1 premium ranking!
Male Age 40, Preferred Non-Smoker, Term 20, $500K Face Amount
| COMPANY | PREMIUM | DIFFERENCE | |
| American General | $426 | — | |
| NEW John Hancock Protection Term | $432 | $6 | 7% improvement |
| John Hancock Term (old) | $462 | $36 |
Male, Age 45, Preferred Non-Smoker, Term 20, $1M Face Amount
| COMPANY | PREMIUM | DIFFERENCE | |
| Protective | $1,256 | — | |
| NEW John Hancock Protection Term | $1,266 | $10 | 6% improvement |
| John Hancock Term (old) | $1,341 | $85 |
The data shown is taken from various company quotes. Competitor information is current and accurate to the best of our knowledge as of April 2019. These comparisons cannot be used with the public. Personalized policy quotes should be presented and discussed with your clients prior to the purchase of any policy.
New business and underwriting information
| DEADLINE | REQUIREMENTS |
| May 10, 2019 | New applications for Term policies with old rates must be received by John Hancock’s home office by May 10, 2019. Applications received after May 10, 2019, will be issued with the new rates. |
| June 7, 2019 | To issue policies with old rates, all pending applications must complete the formal underwriting process and all administrative requirements must be received by John Hancock by June 7, 2019. |
Please contact your Case Manager should you already have a pending application in New Business and wish to have the new rates. Coinciding with the launch of the new rates, new applications received at our service office prior to May 10th that do not specify the version of rates applied for will be set up with new rates. On pending cases submitted during the transition period, please contact your Case Manager to make any changes to the product selected.
Reissues
Recently issued policies can be considered for reissue, with the new rates, provided the “free look” period has not expired. Make sure to indicate that you want the policy reissued with the new rates. 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, be subject to full underwriting, and possibly result in reduced compensation. Please note that the six-month product exchange feature is not available on our Term products.