John Hancock: Temporary Term Minimum Face Amount
John Hancock acknowledges that they currently fall short of expectations in the New Business and Underwriting operations areas. Volumes are up sharply and, when paired with the iterative interruptions and delays caused by their recent conversion to a new application processing platform, many have experienced processing times that are not on par with their normal service levels. John Hancock apologizes for any inconvenience this has caused you or your clients and are working every day to improve.
In order to accelerate a return to service levels that are consistent with their commitment to you, effective January 28, 2021, John Hancock is temporarily raising their minimum face amount for term insurance to $750,000.
- Applications under $750k in face amount must be signed and received by the John Hancock Home Office on or before Wednesday, January 27, 2021 in order to be issued.
- Any application received on or after Thursday, January 28 with a face amount of $749,999 or lower will be returned.
At the close of last year, John Hancock successfully completed the conversion to the new processing system and have other initiatives planned for 2021 that they believe will alleviate delays and frustrations. As those digital integrations progress, and John Hancock is able to support business with the high level of service you have come to expect, they will reevaluate and adjust term limits accordingly.