John Hancock – Mortgage Protection Insurance Review (2024)

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John Hancock

The John Hancock Mutual Life Insurance Company. was established in 1862 in Boston, MA. Named after a great American patriot, John Hancock offers a range of financial services, from investing and retirement planning to many different life insurance solutions. In 2004, this American company became a wholly-owned but independently operating subsidiary of the Canadian company Manulife Financial. Despite the merger, the American company continues to operate under the same name from its headquarters in Boston.

Does John Hancock Offer Mortgage Protection Insurance?

Although John Hancock offers several life insurance products, mortgage protection insurance is not among them. The company sticks to more traditional offerings such as term and permanent life insurance policies. Unfortunately, these policies tend to be more expensive than mortgage protection insurance, especially for older homeowners who may struggle to meet the criteria, at all.

Mortgage protection insurance is a more specialized product, which helps to explain why it’s also more affordable. With this kind of plan, the policyholder makes lower monthly payments, and if they pass away or, in some cases, face disability or unemployment, the insurance company will make the monthly mortgage payments so that the family doesn’t have to risk losing the home. In this case, the benefits get paid out directly to the mortgage lender, which helps to further reduce the burdens placed on surviving family members.

John Hancock Mortgage Protection Insurance Cost

John Hancock’s prices for life insurance policies are near the high end of the national average, with 20-year term insurance costing hundreds of dollars for some. Factors such as age, health status, and gender play a large role in determining how much policyholders will need to pay.

There is no estimate for how much John Hancock’s mortgage protection insurance costs because the company does not sell these products. As a general rule, though, mortgage protection insurance premiums tend to be lower than those associated with traditional life insurance. Plans start at just $5 per month, and even at the upper limit, premiums rarely range past $500 per month.

Riders for John Hancock Mortgage Life Insurance

While John Hancock does offer riders, including those for disability, unemployment waivers of protection, accelerated benefits, critical illness, and others. These apply selectively only to its two types of traditional life insurance policies. Acting as policy add-ons, they let policyholders customize their products so that they are a better fit while the person is still living.

Mortgage protection insurance riders are similar. They function as add-ons to insurance policies that offer extra protections. In this case, the most common of them are disability and uninsurance riders. The first of these is designed to kick in and start paying the monthly mortgage bills if the policyholder becomes disabled and is no longer able to do so. People typically take out this rider if they work in risky fields.

Unemployment riders are a little different. They allow policyholders to get some protection for their policies should they lose their jobs involuntarily and due to a covered reason. Unemployment riders come with a waiting period, but once it’s over, the rider will cover up to six months of payments while the policyholder is unemployed.

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