We want to begin by thanking you for your continued partnership in 2020. Despite challenges at every turn, together we were able to keep business moving forward. We hope you were able to take time over the holidays to rest and gear up for what is sure to be a busy and successful year.
As we start 2021, we acknowledge that we continue to fall short of expectations in the New Business and Underwriting operations areas. Volumes are up sharply and, when paired with the iterative interruptions and delays caused by our recent conversion to a new application processing platform, many have experienced processing times that are not on par with our normal service levels. We apologize for any inconvenience this has caused you or your clients and are working every day to improve.
In order to accelerate a return to service levels that are consistent with our commitment to you, effective January 28, 2021, we are temporarily raising our minimum face amount for term insurance to $750,000.
Temporary term change minimum changes
- Applications under $750K in face amount must be signed and received by the John Hancock home office on or before Wednesday, January 27, 2021, in order to be issued.
- Any application received on or after Thursday, January 28, 2021, with a face amount of $749,999 or lower will be returned.
At the close of last year, we successfully completed the conversion to the new processing system and have other initiatives planned for 2021 that we believe will alleviate delays and frustrations.
As those digital integrations progress, and we are able to support business with the high level of service you have come to expect from us, we will reevaluate and adjust term limits accordingly.