Temporary Increase in Minimum Face Amount for Term Insurance Effective 01/28/21

As we start 2021, we acknowledge that we continue to 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 our recent conversion to a new application processing platform, many have experienced processing times that are not on par with our normal service levels. We apologize 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 our commitment to you, effective January 28, 2021, we are temporarily raising our 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 applications 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, we successfully completed the conversion to the new processing system and have other initiatives planned for 2021 that we believe will alleviate delays and frustrations. 

As those digital integrations progress, and we are able to support business with the high level of service you have come to expect from us, we will reevaluate and adjust term limits accordingly.

If you have any questions about this temporary change, please reach out to your John Hancock representative. We appreciate your understanding.

Thank you for the trust you continue to place in John Hancock. We look forward to working with you this year.