Frequently Asked Questions

• Please explain life insurance to me.
  Life insurance was originally designed to protect people from financial loss when the main breadwinner passed away. Sound like something you would like to do for your loved ones? Today, you can choose types of life insurance that offer death benefit protection as well as additional features, including policies that give you access to cash value that you can use for things like extra retirement income or helping to fund your children's college education.
• Do I actually need life insurance?
  Most people do. You don’t have to be a millionaire. You just have to want to financially protect your loved ones in case anything ever happens to you. Are you single? Being single can be fun, but it doesn’t always mean completely carefree. A life insurance policy can continue to provide help to any loved ones you may be supporting or settle any of your outstanding obligations, in case you’re no longer around. Are you married or engaged? How wonderful! The person you’ve chosen to spend your life with deserves life insurance protection so that he or she can continue to pay bills and other expenses, after you’re gone. Do you have children? Kids are awesome! But, raising them from the crib to college takes money. A life insurance policy can help them live the lives you dreamed of when they were born, even if you’re not there to see it. Do you own a house? Having a place to call your own is great, but until the mortgage is paid off, it isn’t truly yours. That’s where life insurance comes in, to pay down or pay off your mortgage if something happens to you, so your family can continue to call your house home. Do you own your own business? That’s a big responsibility. It means your loved ones and your employees rely on you and you don’t want to let them down. Life insurance can help your business continue to thrive after you’re gone until a succession plan is in place. Have you changed jobs or received a promotion? Way to go! Whenever you receive a significant bump in salary, you should consider bumping up your life insurance coverage, so it can replace your larger income if something happens to you. Are you planning for retirement? Congratulations! You have a brand new life ahead of you. Life insurance is a great way to protect your spouse so that the golden years remain golden for the people you love, even if you’re not there to enjoy them.
• How much life insurance do I need?
  A general rule-of-thumb is eight to 10 times your salary, in order to give your family the funds they need to adjust to a new reality without you. Ideally, it should be enough to meet their immediate needs, like funeral costs and everyday bills, as well as future needs, like college tuition. I have life insurance through my employer. Isn’t that enough? It might be. But keep in mind that if you leave your job, your life insurance doesn’t travel with you, potentially leaving your loved ones unprotected if something were to happen to you. So even if you have group coverage, you may wish to consider purchasing additional coverage, just to ensure that you have protection in place. I already have life insurance. Why buy more? That’s easy. Life changes and your insurance protection should reflect those changes. Maybe you got married or had a baby. Maybe you bought a new house or are helping to support elderly relatives. You may need to periodically increase the amount of life insurance you carry so that your loved ones have the right amount of protection.
• What does life insurance cost?
  Probably not as much as you think. The amount you pay is based on your age, health, the kind of policy you choose and the amount you apply for. Term insurance is priced to be less expensive than permanent insurance and the higher a policy’s coverage amount, the more it will cost.
• Is applying for life insurance a hassle?
  Don't worry, we know another hassle is the last thing you need. Over the years, the application process has changed for the better, but varies according to the type and amount of coverage you want to buy. If you’re interested in permanent insurance for a large amount of coverage, you may need to undergo a process which includes doctors’ records and lab tests. Still, not that bad. John Hancock offers term insurance that has experienced a revolutionary change, with a simplified application, and an eligibility decision within three to five days. No medical exam.* No hassle. Just the insurance you want at a reasonable price.
• So, why do I need life insurance?
  Simply put, life insurance is a good thing to have if you have a family to protect or a business to maintain. Because life insurance isn’t just about your death – it’s about your life too – you and the people you care about. Because you’re worth it and so are they.