How to Cancel John Hancock Life Insurance in 3 Easy Steps
If you need to know how to cancel John Hancock life insurance, know that John Hancock has a 10-day free look period. During this time, the insured can cancel their policy without an issue. However, if you cancel your policy after a month, you may be subject to penalties. If you have a whole life policy, you could face a further charge for canceling early.
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Eric Stauffer
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Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
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UPDATED: Jul 18, 2023
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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Jul 18, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- John Hancock has a 10-day free look period in which a policy can be cancelled with a full refund
- After the first 10 days, the insured will have to fill out a surrender request form
- The insured may be subject to a surrender charge
If you have a policy with John Hancock and need to make a change, don’t worry. We’re going to tell you how to cancel John Hancock life insurance in three easy steps.
We’ll tell you all about the company’s cancellation policy, some replacement options, and contact methods.
Before you learn how to cancel John Hancock life insurance company coverage, type your ZIP code into our free and helpful tool above to find affordable life insurance quotes in your area.
What is John Hancock’s cancellation policy?
Like most life insurance companies, John Hancock has a 10-day free look period. This means that you have those first few days to cancel your policy and get a full refund of the premiums you have paid.
What happens if you cancel after the free look period? You will need to submit a surrender request form. This can be found on the company’s website, but you’ll need to fill in your John Hancock Insurance login information.
Once the form is submitted, John Hancock will pay out the policy value with the exception of any outstanding policy debt. Furthermore, there may be a surrender charge.
According to the Insurance Information Institute, this is a fee for withdrawing from the policy earlier than the timeframe established.
The amount of the surrender charge varies by state. Further information on the exact amount can be found in your policy contract.
The fees are especially applicable to whole life insurance policies, which accrue cash value over time. This type of policy may be cancelled, but there will be a surrender fee.
Let’s move on to the second step: comparison shopping.
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How to Cancel John Hancock Life Insurance: Finding a Replacement
Now that we’ve covered the first step — knowing what you’re in for in terms of possible fees — let’s go over step two: finding a replacement.
Below you’ll find a table that compares the average annual life insurance rates for non-smokers from 10 of the biggest life insurance companies on the market.
| Marital Status, Age & Gender | New York Life | Prudential | Lincoln National | Massachusetts Mutual | Aegon/ Transamerica | John Hancock | State Farm | Average |
|---|---|---|---|---|---|---|---|---|
| Single 25-Year-Old Female | $158.00 | $195.00 | $187.00 | $132.00 | $164.00 | $172.50 | $143.00 | $164.50 |
| Single 25-Year-Old Male | $152.00 | $237.00 | $231.00 | $147.00 | $176.00 | $178.30 | $164.00 | $183.61 |
| Married 35-Year-Old Female | $164.00 | $196.00 | $191.00 | $137.00 | $161.00 | $178.30 | $166.00 | $170.47 |
| Married 35-Year-Old Male | $160.00 | $248.00 | $238.00 | $151.00 | $171.00 | $189.80 | $175.00 | $190.40 |
| Married 45-Year-Old Female | $262.00 | $314.00 | $239.00 | $209.00 | $229.00 | $241.50 | $238.00 | $247.50 |
| Married 45-Year-Old Male | $245.00 | $378.00 | $283.00 | $230.00 | $255.00 | $292.10 | $239.00 | $274.59 |
| Married 55-Year-Old Female | $414.00 | $496.00 | $435.00 | $373.00 | $453.00 | $407.10 | $341.00 | $417.01 |
| Married 55-Year-Old Male | $696.00 | $584.00 | $615.00 | $451.00 | $527.00 | $533.60 | $396.00 | $543.23 |
| Single 65-Year-Old Female | $924.00 | $941.00 | $903.00 | $763.00 | $1,139.00 | $937.30 | $684.00 | $898.76 |
| Single 65-Year-Old Male | $1,416.00 | $1,412.00 | $1,577.00 | $1,049.00 | $1,367.00 | $1,380.00 | $955.00 | $1,308.00 |
As you can see, John Hancock is very close when it comes to most of its competitors. State Farm and MassMutual, however, are consistently cheaper. In short, there are options that may better suit your needs and budget.
Contact Options to Cancel John Hancock Life Insurance
Now, how do you cancel John Hancock life insurance?
The John Hancock Insurance phone number is (800) 732-5543. This line is available Monday through Friday, 8 A.M. to 6 P.M. ET.
A live chat service is also available when logging into the John Hancock digital storefront or calling in via SMS text.
Now that you know how to cancel John Hancock life insurance, type your ZIP code into our free and helpful tool below to find affordable life insurance companies near you.
Simplifying Policy Cancellation: Case Studies for Canceling John Hancock Life Insurance
Case Study 1: Utilizing the Free Look Period for Easy Cancellation
Amy recently purchased a life insurance policy from John Hancock but later realized it wasn’t the right fit for her. Luckily, she remembered that John Hancock offers a 10-day free look period. Within this period, Amy decided to cancel her policy without any penalties. She contacted John Hancock’s customer service and informed them of her decision to cancel.
The representative guided her through the cancellation process and assured her that she would receive a full refund of the premiums she had paid. Thanks to the free look period, Amy was able to easily cancel her John Hancock life insurance policy and explore other options.
Case Study 2: Cancelling a Whole Life Policy and Considering Alternatives
Michael had a whole life insurance policy with John Hancock, but he wanted to explore other insurance providers to find a more affordable option. He knew that canceling a whole life policy could result in surrender charges due to the accumulated cash value. Michael contacted John Hancock’s customer service to inquire about the surrender process and associated fees.
The representative provided him with a surrender request form and explained the surrender charges based on his policy contract and state regulations.
Michael carefully considered the potential fees and used an online comparison tool to gather quotes from different insurance companies. He found a policy with lower premiums and decided to cancel his John Hancock policy and switch to the new provider.
Case Study 3: Seeking Assistance Through Customer Service Channels
Emily had a John Hancock life insurance policy but encountered financial difficulties and needed to cancel her coverage. She reached out to John Hancock’s customer service through their phone line and explained her situation. The customer service representative empathized with Emily and provided her with information about alternative options to canceling, such as policy amendments or coverage adjustments.
They also discussed available riders or benefits that could help alleviate her financial burden without canceling the policy entirely. Emily appreciated the personalized support she received and decided to explore the suggested alternatives, ultimately finding a solution that met her needs while still maintaining coverage.
Frequently Asked Questions
Are there alternatives to canceling my John Hancock life insurance?
Yes, contact John Hancock to explore options like policy amendments, coverage adjustments, or utilizing available riders or benefits.
Can I cancel a whole life insurance policy with John Hancock?
Yes, but canceling a whole life policy may incur a surrender charge due to its cash value accumulation.
What is a surrender charge?
A surrender charge is a fee imposed by the insurance company for canceling the policy early. The amount varies by state and can be found in your policy contract.
Will I receive a refund if I cancel my John Hancock life insurance?
Within the 10-day free look period, you should get a full refund. Afterward, the refund depends on the surrender value, minus any outstanding policy debt and surrender charges.
Can I cancel my John Hancock life insurance policy online?
Yes, you can submit a surrender request form online, but you need to log in with your John Hancock Insurance account.
Is there a deadline for canceling John Hancock life insurance?
Yes, typically within the 10-day free look period. Check your policy terms for the exact deadline.
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Eric Stauffer
Licensed Insurance Agent
Eric Stauffer is an insurance agent and banker-turned-consumer advocate. His priority is educating individuals and families about the different types of insurance coverage. He is passionate about helping consumers find the best coverage for their budgets and personal needs. Eric is the CEO of C Street Media, a full-service marketing firm and the co-founder of ProperCents.com, a financial educat...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.