Introducing new rates and 30-year term duration!
Vitality Term and Protection Term now offer:
- 30-year term duration – better serving the mortgage-protection market
- New rates reflecting the new mortality tables for all term durations
Please note: This reprice includes both rate increases and decreases.
With the introduction of a 30-year term duration, your clients who engage in the Vitality Program with Protection Term can now save close to 40% on their premium.
Check out the premium savings below!
State approvals and illustration system
The new rates for John Hancock Protection Term are approved in all states except DC. New rates for Vitality Term are approved in all states except DC and New York. JHlllustrator and third-party quoting tools have been updated with the new rates.
New business and underwriting information
| Deadline | Requirements |
| December 6, 2019 | Submission of all outstanding underwriting and administrative requirements on your pending cases to Life New Business. |
| December 20, 2019 | All checks to put policies in force received in Life New Business. |
| December 31, 2019 | All Protection Term ’19 and Vitality Term ’19 policies must be paid, in force and delivered by this date to receive the old rates. |
Please note that due to state regulations, there can be no exceptions to the December 31, 2019 deadline. After December 31, all term policies will be issued with the new rates. 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 December 6th 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.
lnforce 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.