To help you meet the life insurance needs of even more term clients, John Hancock has reduced the minimum face amount for Vitality Term and Protection Term. See the details below, along with additional features that can help you place more term business:

  • Expanded face amounts — now available as low as $250,000 (previously $750,000).
  • Any applications received with face amount ranging from $250,000 – $749,999 must be submitted via the John Hancock flex complete process on iPipeline iGo or through our JH eApp (ticket submission not eligible).
  • Competitively priced protection  clients can select guaranteed-level premiums for 10, 15, 20 or 30 years
  • Potential to lower premiums through everyday healthy activities  clients can earn valuable rewards and discounts with John Hancock Vitality

Why are digital submissions required below $750,000?
Today’s customers are demanding an easier life insurance purchase process. Submissions via the JH eApp or through our flex complete process on iPipeline iGO do not require a telephone interview, offer the
potential for instant underwriting** decisions, and provide a quicker and more convenient application process for producers and their clients. In fact, policies are generally issued up to 20 faster days when compared to traditional submission methods!

Does the digital Part II need to be completed?
Yes, for Term submissions under $750,000, the digital Part II (i.e., lifestyle and medical questions) must be completed as part of the application submission. You can choose to complete these questions, or you can
electronically share them with your client, giving them the option to complete on their own schedule.

What term products do we offer?
We offer two term products, each providing unique ways in which your clients can reduce their premiums and earn rewards for living healthy with the John Hancock Vitality Program — one offers the benefit as an optional rider, and the other has the Vitality PLUS rider built into policy.

What are Protection Term’s key features?
Term with optional Vitality PLUS rider
Competitive premiums that will only decrease when your clients include and engage in Vitality PLUS.

  • Vitality PLUS is an optional rider
  • Premiums are level at Bronze status and can only stay the same or decrease based on the level of Vitality participation
  • 3% charge added to base premium when the Vitality PLUS rider is elected

What are Vitality Term’s key features?
Term with built-in Vitality PLUS
Lowest initial premium with opportunity for additional savings when your clients engage in Vitality.

  • John Hancock Vitality PLUS is built into the product
  • Premiums are level at Gold status and can increase or decrease based on the level of Vitality participation
  • Initial premium is 4-20% lower than base premium for Protection Term

What market niche does each product fit?
Offer the term product that best meets your clients’ needs:

  • Protection Term with Vitality PLUS is a good option for clients who want the ability to reduce their premium over time
  • Vitality Term with built-in Vitality PLUS is a good option for clients who want upfront premiums savings and the ability to maintain and even further reduce their discounts

Both products also offer additional features and riders.

What are our term products’ other key features?
Both Protection Term and Vitality Term offer a unique combination of additional features and benefits that can help your clients tailor their policies to meet their specific needs, including:

  • Choice of term duration and coverage: Select from a 10-, 15-, 20-, or 30-year1 term duration, and $250,0002 or more death benefit
  • Guaranteed option to convert to permanent coverage: Your clients can exchange their term policy to one of our permanent policies during the lesser of the end of the level-term period or attainment of age 70
  • Unemployment Protection rider: Unique benefit that waives premiums should the insured become unemployed
  • Total Disability Waiver rider: Waives premiums should the insured become totally disabled
  • Accelerated Benefit rider: Provides partial access to the death benefit in the event that the insured is diagnosed with a terminal illness with a life expectancy of 12 months or less

Read the Announcement

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