Shock Review: John Hancock Final Expense Insurance

John Hancock Final Expense Insurance

Final Expense Insurance Acceptance

Senior consumers are very sensible when they purchase final expense insurance or burial insurance. They are thinking of family and do not want their loved ones to be burdened by large funeral burial expenses. Burial and final expense insurance is not something purchased on a whim. In this article, we will review John Hancock Final Expense Insurance.

Frankly, final expense insurance is an integral part of financial planning. It is as critical as having a simple will or a living will. Funerals and all the costs incurred can take thousands of dollars from an estate. Beneficiaries of final expense insurance may need the money for college tuition or other expenses. The insurance policy safeguards what a person leaves behind.

We believe a senior citizen should be a smart shopper. Insurance companies that sell burial insurance products heavily rely on advertising. An older adult can be easily swayed by a celebrity spokesperson or a hard-sell marketing campaign. It is essential to ignore the glitter and look behind the curtain. You might be paying more for a burial policy that another company will offer for a much lower premium.

Who/What is John Hancock?

Financial planners suggest that people consider both reputation and the financial integrity of the insurance company for purchasing a policy. We fully agree with this conventional wisdom. The United States has hundreds of insurance companies, and not all of them stand on firm financial ground. You should weigh the ability of an insurer to pay for a claim you or your beneficiaries might submit.

John Hancock, without question, is one of the leaders in the final expense insurance industry. It has an A.M. Best rating of A+, a Moody’s Investors Service rating of A1, and an AA S&P Global Rating. John Hancock is financially sound and can pay any claim an insured will submit. It is well-known for integrity and does not need to rely on a hard-sell marketing campaign to promote its product. John Hancock is a good burial insurance company.

One More Thing You Should Consider When Shopping for an Insurance Product

You should get what you are paying for with the policy. John Hancock’s financial ratings permit it to charge a higher premium due to its solvency. You will be spending a little bit more for John Hancock’s final expense insurance policy. Understanding that the benefit should justify the cost, we ask that you take a close look at the John Hancock Guaranteed Acceptance Final Expense Insurance Product. It is the policy a person will purchase if they are shopping for burial insurance.

Be Ready to Wait with John Hancock Burial Insurance

A guaranteed acceptance final expense policy is a product that many insurance companies offer. Essentially, you’re not required to answer any health condition questions, and John Hancock will not pry into your lifestyle. This is something that anyone in their golden years would appreciate. Medical conditions that could disqualify them for a policy simply are not there. Your lifestyle is your own business, and John Hancock has no desire to know about it.

This All Sounds Great, But is There a Catch? Yes, There Is…

A guaranteed acceptance final expense insurance policy comes with a standard 24 month waiting period. What it means to you as a consumer is that once you start paying premiums, 24 months must pass before a claim can be submitted for payment. If you died before that waiting period expires, John Hancock would return the paid premium with a 10% interest on those premiums paid.

There is nothing devious about this, and it is accepted practice in the insurance industry. The last thing any company wants is to have a deathbed purchase, requiring the company to pay out thousands of dollars with only a couple of months of premium having been paid. When you are looking at waiting periods in general, any insurance company that is asking for three years or more waiting period is taking your cash, pure and simple. What we are saying is that the John Hancock 24 month waiting period has a risk inherent in it: your beneficiaries might that get anything more than return to premiums and the 10% interest on them.

We know that there are people who are shy about any policy that requires providing information on medical conditions. Someone who is in poor health does not want to share that data, knowing that it might lead to being disqualified or a higher premium. However, somebody who is in good health does not need to worry about those health questions.

Anyone who does not have heart conditions, cancer, or other medical condition specified in the John Hancock questionnaire can look at the waiting period as an inconvenience but nothing more than that. Nevertheless, that same person is paying for someone who is not healthy. A guaranteed acceptance final expense policy charges the high premium to mitigate risk. A healthy person is not much of a risk and will probably live well beyond the waiting period. Then, why bother with the waiting period and take a policy that costs more?

What is a Whole Life Insurance Policy?

The policy that John Hancock is also a whole life insurance policy. There are some features to the whole life insurance policy that make this product attractive.

  • The coverage will not decrease. You’re not buying a $20,000 policy to see it drop to $15,000 as you get older.
  • Premiums are set. The amount of premium you pay at the beginning remains the same until the end. There is no increase in premium costs.
  • A policy will not expire. There are term insurance policies that will expire when the insured reaches a certain age. That ordinarily is around 90 years old, but there are insurance companies that require a term policy to end at age 80.

This information can help you shop a little bit better. Term policies charge less in premiums, but there is no chance of reimbursement of premiums when you die. A term policy is set for a given period, and the premiums might increase depending on the insurance company. It might be to your advantage to have a burial insurance policy that is a whole life insurance policy, despite costing you a little bit more.

John Hancock does have some restrictions. Their whole life policy is not available in Florida, Pennsylvania, or New York. The face amount ranges up to $20,000, and you can purchase the guaranteed acceptance final expense policy if you happen to be between 60 and 80 years old. This whole life final expense insurance policy is not available for you to purchase you are 81 or older.

You May Want Think Twice About the Final Expense Policy

Please do not misinterpret what we are trying to say. We are not casting shade on John Hancock. This is a reputable company with solid financial stability. We suggest that there are reasons that you should think carefully before signing on the dotted line and pay the premium. The John Hancock guaranteed acceptance final expense insurance product might not be worthwhile for two essential reasons.

  1. You Might Not Need the John Hancock Policy: There are not just a few insurance companies in America; there are hundreds! The insurance industry is a highly competitive arena, and insurance companies want your business. John Hancock is not the only company that offers a guaranteed acceptance final expense insurance product. Other companies offer the same type of benefits, but offer them at a lower price than John Hancock. If you can find an insurer who provides the same product but at a lower price, why not go with that company? It only makes sense to buy a better bargain.
  2. Why Even Have a Guaranteed Acceptance Policy? This insurance product has a 24-month waiting period, a requirement to provide information on your medical condition, and you are asked to pay a high premium. Pardon us for asking, why do you need this type of insurance?

Someone Who is in Poor Health May Find the Underwriting Process Attractive.

Nevertheless, somebody who is in good health and doesn’t have one of the proscribed medical conditions shouldn’t bother with the guaranteed acceptance policy. To be quite honest, guaranteed acceptance is in the court of the last resort.

Anyone in good or excellent health could look for a final expense insurance policy that does not have guaranteed acceptance. If you want to have an idea about your chances of qualifying for another product, all you have to do is look at the other insurance companies’ health questionnaires. If you do not have any of the conditions noted, you have an excellent chance of qualifying, your coverage begins immediately, and you will be paying a lower premium. A simple benefits analysis can tell any healthy shopper that guaranteed acceptance is not the best option.

Allow us to be a little bit more direct. Any person who is healthy and buys the John Hancock product is paying those who are not as healthy. A healthy individual is covering the risk of somebody else, and we do not think that that is the best way to go.

Shopping for the Policy

Looking for the right policy within the insurance market is a smart way to buy that final expense insurance. When you’re doing this, we want you to understand something about selling insurance. A consumer will deal with an insurance agent.

There are Two Types of Insurance Agents: Captive and Independent.

The distinction is essential. A captive agent works only for one company. For example, an agent who sells State Farm or Nationwide insurance products is a captive agent. They will only sell the product of the insurance company who is their employer. An independent agent can represent several companies, ordinarily ten or more carriers.

You have greater selection with an independent agent. A captive agent is bound by the underwriting rules of one company alone. An independent agent, on the other hand, and look at the underwriting rules of other companies. That agent can source a better policy based on your health conditions. It is more than likely that an insurer whose underwriting requirements benefit your needs than John Hancock can be found.

We are an independent insurance agency that represents companies whose financial integrity is stable and have underwriting policies that are not as tough as the ones that John Hancock. We believe that we can find a final expense insurance policy that is better suited for you. Get your Instant Approval Quote now!

Insurance for Final Expense has a Primary Goal of Servicing the Customer

The person who is buying that insurance policy. We are willing to do the comparison shopping that is so important to find the best deal. This doesn’t mean that we are going to push you in one direction or another. We will source several possibilities and allow you to choose which one you would like.

The cost savings can be substantial. The difference in premium charged by John Hancock and those of another company can be as much as 35%, and that is a hefty figure for every month. Many people who are looking for final expense insurance are on a limited income. It is always better to pay less for identical coverage. We can help.

That Insurance Coverage Can Help Your Beneficiaries Deal With Sizable Costs.

Funeral expenses can include legal fees in addition to the casket and the burial plot. The final expense insurance you purchase can protect your estate for the sake of your loved ones.

You should to be able to afford that policy and have coverage that is not for only a few years. You should think twice before looking at term insurance because even though it is at a lower premium cost, your beneficiaries may discover that the policy term expired before you passed away.

We can help you better understand what needs to be covered under final expense insurance and all the other features of this unique type of coverage. It doesn’t cost anything to have a meeting with us. We would like to represent you, but we are willing to share some information that will make you a better buyer than you were before.

You certainly have nothing to lose by contacting Insurance for Final Expense.

We can arrange for a face-to-face meeting with you and answer any questions you have. We can give you an idea of the ins and outs of final expense insurance so that you are not taken by surprise when you review the policy. If you have any questions or concerns about those companies we represent, we will answer your questions without hesitation. We are here to serve you, and we are delighted when a person finds just the right final expense insurance policy to cover burial needs.

If you’re interested in what we can do, please feel free to contact us at your earliest convenience and find out what we can do. We want to have the opportunity to show how our service is going to meet your needs.

Gary P. Cubeta
(Serving Americans In All 50 States)