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 Cheapest Life Insurance USA

John Hancock - Life Insurance

John Hancock - Mission, Values, & Ethics

Mission Statement
The mission of John Hancock is to be the highest quality financial services Company. John Hancock offer a broad range of insurance and financial products and services nationally and internationally to meet the needs of their customers and provide John Hancock customers with the highest quality service. John Hancock maintain superior financial strength, offering those products and services that provide attractive rates of return, competitive product value and expectations for growth. John Hancock offer challenging career opportunities and personal development for all associates, enable all associates to contribute to their fullest potential and promote open cooperative relationships among all associates, customers and the public. In all that John Hancock do, they exemplify the highest standards of business ethics and personal integrity, and recognize their corporate obligation to the social and economic well-being of our community.

Core Values
Customers are the reason John Hancock are in business. In order to establish lasting relationships, John Hancock provide the best customer service in the financial industry. John Hancock care about the dignity of each person in this organization. In order to be successful, they treat others with the same respect we seek for ourselves.

Corporate Ethics
In order to exemplify the highest standards of business ethics, John Hancock conduct the Company's affairs in strict compliance with both the letter and the spirit of the law, and will at all times treat policyholders, customers, suppliers, and all others with whom the Company does business fairly and honorably. Recognizing that their reputation of unquestioned integrity and honesty is John Hancock's most valued asset, under no circumstances will what they achieve be allowed to take precedence over how John Hancock achieve it.


John Hancock Life Insurance - LEARNING THE BASICS

The best way to make an informed decision about buying life insurance is to become familiar with the basics.

Why do I need life insurance?
Life insurance is an essential part of financial planning. One reason most people buy life insurance is to replace income that would be lost with the death of a wage earner. The cash provided by life insurance also can help ensure that your dependents are not burdened with significant debt when you die. Life insurance proceeds could mean your dependents won't have to sell assets to pay outstanding bills or taxes. An important feature of life insurance is that there is no federal income tax on proceeds paid to beneficiaries.

How much life insurance do I need?
Before buying life insurance, you should assemble personal financial information and review your family's needs. There are a number of factors to consider when determining how much protection you should have. These include:

  • any immediate needs at the time of death, such as final illness expenses, burial costs and estate taxes;
  • funds for a re-adjustment period, to finance a move or to provide time for family members to find a job; and
  • ongoing financial needs, such as monthly bills and expenses, daycare costs, college tuition or retirement.

Although there is no substitute for a careful evaluation of the amount of coverage needed to meet your needs, one rule of thumb is to buy life insurance that is equal to five to seven times your annual gross income.

What is term insurance?
Term insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. Some term insurance policies can be renewed when you reach the end of a specific period which can be from one to 20 years. The premium rates increase at each renewal date. Many policies require that evidence of insurability be furnished at renewal for you to qualify for the lowest available rates.

What is permanent insurance?
Permanent insurance provides lifelong protection and is known by a variety of names, described later. As long as you pay the necessary premiums, the death benefit will always be there. These policies are designed and priced for you to keep over a long period of time. If you don't intend to keep the policy for the long term, it could be the wrong type of insurance for you.

Most permanent policies -- including whole, ordinary, universal, adjustable and variable life -- have a feature known as "cash value" or "cash surrender value." This feature, which is not found in most term insurance policies, provides you with some options:

  • You can cancel or "surrender" the policy -- in total or in part -- and receive the cash value as a lump sum of money. If you surrender your policy in the early years, there may be little or no cash value.
  • If you need to stop paying premiums, you can use the cash value to continue your current insurance protection for a specific period of time or to provide a lesser amount of protection to cover you for as long as you live.
  • Usually, you may borrow from the insurance company, using the cash value in your life insurance as collateral. Unlike loans from most financial institutions, the loan is not dependent on credit checks or other restrictions. You ultimately must repay any loan with interest or your beneficiaries will receive a reduced death benefit.

The cash values of many life insurance policies may be affected by your company's future experience, including mortality rates, expenses and investment earnings.

Keep in mind that with all types of permanent policies, the cash value of a policy is different from the policy face amount. Cash value is the amount available when you surrender a policy before its maturity or your death. The face amount is the money that will be paid at death or at policy maturity.

What are the types of permanent insurance?

There are many different types of permanent insurance. The major ones are described below:

Whole Life or Ordinary Life
This is the most common type of permanent insurance. The premiums for a whole life policy must be paid periodically in the amount indicated in the policy. These premium amounts generally remain constant over the life of the policy.

Universal Life or Adjustable Life
This variety of permanent insurance allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. You also can reduce the amount of the death benefit more easily than under a traditional whole life policy. (To increase your death benefit, you usually will be required to furnish the insurance company with satisfactory evidence of your continued good health.)

Variable Life
This type of permanent policy provides death benefits and cash values that vary with the performance of an underlying portfolio of investments. You can choose to allocate your premiums among a variety of investments which offer varying degrees of risk and reward -- stocks, bonds, combinations of both, or accounts that provide for guarantees of interest and principal. You will receive a prospectus in conjunction with the sale of a variable product.

The cash value of a variable life policy is not guaranteed, and the policyholder bears that risk. However, by choosing among the available fund options, the policyholder can create an asset allocation that meets his or her objectives and risk tolerance. Good investment performance will lead to higher cash values and death benefits.

Some policies guarantee that death benefits cannot fall below a minimum level. There are both universal life and whole life versions of variable life.

What are the advantages and disadvantages of term and permanent insurance?

Term Insurance

Advantages

  • Initially, premiums are generally lower than those for permanent insurance, allowing you to buy higher levels of coverage at a younger age when the need for protection often is greatest.
  • It's good for covering specific needs that will disappear in time, such as mortgages or car loans.

Disadvantages

  • Premiums increase as you grow older.
  • Coverage may terminate at the end of the term or may become too expensive to continue.
  • Generally, the policy doesn't offer cash value or paid-up insurance.

Permanent Insurance

Advantages

  • As long as the necessary premiums are paid, protection is guaranteed for your entire life.
  • Premium costs can be fixed or flexible to meet personal financial needs.
  • Policy accumulates a cash value that you can borrow against. (Loans must be paid back with interest or your beneficiaries will receive a reduced death benefit.) You can borrow against the policy's cash value to provide paid-up insurance.
  • The policy's cash value can be surrendered -- in total or in part -- for cash or converted into an annuity. (An annuity is an insurance product that provides an income for a person's lifetime or for a specific period of time.)
  • A provision or "rider" can be added to a policy that gives you the option to purchase additional insurance without taking a medical exam or having to furnish evidence of insurability.

Disadvantages

  • Required premium levels may make it hard to buy enough protection.
  • It may be more costly than term insurance if you don't keep it long enough.

 

 

 

200 Clarendon Street,
Boston,
Massachusetts 02117

http://www.jhancock.com

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