John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners.
Assets under management and administration by Manulife and its subsidiaries were $977 billion (US $728 billion) as at December 31, 2016. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com.
Included Term Life Features
- Accelerated Benefit: Included at no extra cost. Provides a “living benefit” if the insured is certified to be terminally ill with a life expectancy of one year or less. This provision allows the policy owner to receive 50% of the eligible death benefit to a maximum of $1 million.
- Convertibility: Included at no extra cost. John Hancock Term is convertible to fully-underwritten John Hancock permanent life insurance products currently offered to individual policy owners, including universal life, indexed universal life, and variable universal life insurance. The available conversion period is the lesser of the end of the level term period or attainment of age 70. The policy is convertible in the first four policy years to any single life permanent product offered for sale by John Hancock at the time of conversion. In policy years five through the end of the level term period, the policy owner can convert to a product designated for conversions.
- Conversion to a Survivorship Policy: Included at no extra cost. During the lesser of the first four policy years or attainment of age 70, you have the option to convert a single-life Term policy to a survivorship policy (a policy that insures two people and pays a bene t on the death of the second insured).
Optional Term Life Features
- Additional Term Insurance Rider: Available with extra premium. Additional Term Insurance Riders (AIR) can provide additional temporary life insurance coverage for 10, 15 or 20 years, after which coverage ceases.
- Unemployment Protection: Available with extra premium. This rider provides for a waiver of required premiums should the insured become unemployed.
- The benefit waives 12 months of the base plan and all riders premiums. This benefit can be used twice during the level term period.
- There is a 12 month waiting period to submit a claim for this benefit. The waiting period starts from the effective date of this rider and after the end of the each premium waiver period.
- The insured will need to prove they are receiving federal or state unemployment benefit for four continuous weeks.
- Maximum Face Amount is $5,000,000 and maximum annual premium is $10,000.
- Total Disability Waiver: Available with extra premium. This rider provides for a waiver of required premiums should the insured become totally disabled while the bene t is in force and before the policy anniversary nearest to the insured’s 65th birthday, and the total disability lasts at least six months, without interruption, during the insured’s lifetime. The maximum benefit is $5,000 per month.
A two-year contestable and suicide provision applies.
Insurance products are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA 02210 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595. www.johnhancockinsurance.com
Policy Form Series: ICC16 2017 TERM, 2017 Term Rider Form Series: 17UPR, S128-6, S134-1
Guaranteed Level Term 10: Term life insurance with level premiums during the initial 10-year period. Premiums increase annually in years 11 and later.
Guaranteed Level Term 15: Term life insurance with level premiums during the initial 15-year period. Premiums increase annually in years 16 and later.
Guaranteed Level Term 20: Term life insurance with level premiums during the initial 20-year period. Premiums increase annually in years 21 and later.