ProdMod: Now Available – John Hancock’s New Protection SUL

FROM JOHN HANCOCK…

The best that life has to offer for two

Repriced to start the new year, Protection SUL continues to be an industry leader in providing affordable survivorship UL coverage. What’s more, that competitive pricing includes strong guarantees and John Hancock Vitality PLUS — adding up to standout value for your clients.

Our newly repriced Protection SUL offers:

  • Industry-leading premiums for level-pay, short-pay and single-pay scenarios
  • Strong no lapse guarantees with attractive cash value potential — especially compared to guaranteed SUL products
  • Significant savings and rewards for healthy living through Vitality PLUS
  • Enhanced target premiums, offering an additional 30% target on single-pay and other early funding scenarios

Transition Rules

  • Protection SUL ’19 Reprice is available for sale as of January 1, 2022.
  • Prior versions sunset in 2021, eliminating any additional transition period

Find out more about these changes from John Hancock…

ProdMod: John Hancock Announces Protection SUL Reprice

FROM JOHN HANCOCK…

John Hancock offers several survivorship life insurance products and — as a pioneer and leader in this market — we remain committed to ensuring our customers have a variety of survivorship solutions to help meet their protection and estate-planning needs. To that end, we are making some changes to our Protection SUL offering:

  • In early 2022 (pending state approvals), we will be introducing a repriced Protection SUL product (PSUL’19R).
  • Protection SUL ’19 will no longer be available for sale effective January 1, 2022. As a result, all Protection SUL ‘19 policies must be issued and in force by December 31, 2021. Therefore, please note that we must receive any Protection SUL ’19 submissions by the dates noted below to ensure the policy can be placed in force (with initial premium paid) by December 31, 2021.

Important Deadlines

  • December 10, 2021: Submission of all outstanding underwriting and administrative requirements on your pending cases to Life New Business.
  • December 21, 2021: All checks to put policies in force received in Life New Business.

Find out more about these changes from John Hancock…

ProdMod: John Hancock Launches Enhancements on Accumulation IUL

FROM JOHN HANCOCK…

New Accumulation IUL

Our repriced Accumulation IUL is a must-see product that delivers strong customer value compared to other life insurance products. That’s because it now offers even better cash value accumulation and retirement-income potential — leading the way in the highly competitive supplemental-income space. Beyond standing out in short-pay scenarios, the new Accumulation IUL also provides:
Improved income potential for clients ages 50+
New Barclays Global Multi Asset Indexed Accounts, providing diversification across asset classes and geographic regions and allocating among the components with managed volatility and daily risk control
New Cash Value Enhancement rider that allows higher early cash value potential — up to 90% of first year cash value

Transition Rules

October 29, 2021

  • If seeking an informal offer — the John Hancock home office must receive an Accumulation IUL ’21 illustration signed by the insured and owner, and a tentative underwriting decision must be obtained by this date.
  • If seeking a formal offer — the John Hancock home office must receive an Accumulation IUL ’21 application signed by the insured and owner by this date. An illustration on the case is also required.
  • For a term conversion — the John Hancock home office must receive a term conversion application signed by the insured and owner by this date.
  • Note: the John Hancock home office must receive an Accumulation IUL ’21 application signed by the insured and owner in addition to a fully executed New York Definition of Replacement (NB4082NY), Notification and Authorization form (NB4084NY) and Important Notice Regarding Replacement (NB4081NY) by this date.

January 7, 2022

  • By this date, John Hancock must have provided a final underwriting offer, received all administrative requirements to issue the policy, including at least the minimum initial premium, and received confirmation to proceed with the 1035 Exchange (if applicable).

Find out more about these changes from John Hancock…

ProdMod: John Hancock to Suspend LTC Rider Sales in Washington State

FROM JOHN HANCOCK…

Over the past several weeks, we have adjusted our requirements to balance the increase in demand with our commitment to serving all our partners and their clients seeking lasting insurance coverage. However, volume has reached a point where we need to implement the following temporary changes:

  • Beginning August 6, we will temporarily suspend all applications with the LTC rider in Washington. To meet the deadline, applications must be received in good order by the close of business on August 5. We expect to resume accepting applications for the LTC rider in Washington after November 1, 2021.
  • In the meantime, from July 30 – August 5, for new application submissions, only illustrations with annual premium mode will be accepted when the LTC rider is elected in Washington. Our illustration system has been updated accordingly. Please contact National Sales Support to obtain a revised illustration for any mode other than annual on applications submitted prior to Friday, July 30.

As previously announced, the minimum face amount for all applications that include the LTC rider in Washington is currently $250,000.

AdminUpdate: John Hancock Launches New eApplication and Digital Part II

FROM JOHN HANCOCK…

Shave up to 20 days from submission to policy issue – with the potential for an instant underwriting decision!

John Hancock’s new, enhanced eApplication process through iGo, available for both term and permanent products, offers a number of advantages for BGA’s, advisors and clients:

  • The fastest path to policy issue: Your applications will be considered for one of three underwriting scenarios, each offering a faster path to policy issue than other submission methods:
    • Instant Underwriting Decision: Applications are typically issued within 7 days
    • Brief Underwriting without labs: Applications are typically issued within 14 days
    • Traditional Underwriting: Applications are typically issued within 30 days
  • Eliminates unnecessary delays:
    • Digital Part II, with no telephone interview required
    • Product-specific rules and required forms automatically built in, ensuring an in-good-order submission
    • All signatures collected electronically

How to get started using John Hancock’s eApplication

The new John Hancock product selections are available NOW in iPipeline and ready to be turned on. It is an overnight cycle to turn on the new products, so please be sure to turn on the Term e-Application and Permanent e-Application in iService.

Additional Resources

  • Promotional flyer: One-page PDF that nicely summarizes key advantages
  • Promotional video: Highlights the value proposition of the new iGO eApp and provides helpful tips on getting started
  • Client snapshot: Outlines what the proposed insured can expect throughout the process, and details to have on hand to complete the application (client approved)
  • Client collaboration how-to video: Provides a detailed walkthrough on how client collaboration works
  • FAQ: Detailed reference flyer to help address common troubleshooting questions you may receive

Find out more about these changes from John Hancock…

ProdMod: John Hancock Changes Minimum Face Requirements for WA LTC Rider Cases

FROM JOHN HANCOCK…

With new long-term care (LTC) legislation in Washington state, we are seeing an increase in demand for permanent insurance with an LTC rider, particularly at very low face amounts. To best meet this demand and to help ensure these policies are being purchased for the purpose of lasting life insurance and LTC protection, we are implementing the following changes:

Increased minimum face amount: Effective immediately, the minimum face amount for all John Hancock applications that include the LTC rider in Washington will increase to $250,000. Any Washington state application with an LTC rider and a face amount below $250,000 will no longer be accepted. When the LTC rider is not included on a policy, the minimum face amount will remain at $50,000 across our single-life, permanent products.

Illustration updates: Also effective immediately, the LTC rider will not be available on JH Illustrator at any face amount in Washington until July 19, 2021. At that time JH Illustrator will be updated so that the rider is available for face amounts of $250,000 or more. Until July 19, if you wish to run an illustration with the LTC rider for a Washington policy with a minimum face amount of $250,000 or more, please contact us.

Please note: these changes only apply in Washington state with the LTC rider. There are no changes to minimum face amount requirements in other states.

ProdMod: John Hancock Introduces New, Conversion Only UL Product

FROM JOHN HANCOCK…

New Conversion UL Now Available

John Hancock now offers a Conversion UL product for clients who decide to convert their policy to a permanent life insurance policy during the term conversion period without evidence of insurability. Depending on the details outlined in the contract’s Term Conversion Provision, your term clients have access to either:

  • Any John Hancock permanent product available for new business sales OR
  • A permanent product designated for conversion

Available Products for Term Conversion

  • Term products before 2015
    • Initial conversion period (typically first 4 or 6 years): Any permanent product available for new business sales
    • Remaining conversion period: Any permanent product available for new business sales
  • Term products 2015 and later
    • Initial conversion period (typically first 4 or 6 years): Any permanent product available for new business sales
    • Remaining conversion period: A designated conversion product

On term conversion sales going forward, Conversion UL ‘20 will be the permanent product designated for conversion. Any term conversion sales, where conversion is to a designated conversion product, after the dates below will use Conversion UL ‘20. For sales in progress, please note the transition rules below if seeking to use Accumulation IUL ‘21 as the designated conversion product.

Transition Details

  • June 18, 2021
    • The John Hancock home office must receive a term-conversion application for Accumulation IUL ’21 signed by the insured and owner by this date.
    • Note: the John Hancock home office must receive an Accumulation IUL ‘21 application signed by the insured and owner in addition to a fully executed New York Definition of Replacement (NB4082NY) (if applicable), Notification and Authorization form (NB4084NY) and Important Notice Regarding Replacement (NB4081NY) by this date.
  • July 9, 2021
    • By this date, John Hancock must have provided a final underwriting offer, received all administrative requirements to issue the policy, including at least the minimum initial premium, and received confirmation to proceed with the 1035 Exchange (if applicable).
    • For any new term conversion sales after this date where conversion is to a designated product, Conversion UL ‘20 will be the permanent product offered.

Find out more about these changes from John Hancock…

ProdMod: John Hancock’s Refreshed, 7702 Compliant Accumulation IUL Now Available

FROM JOHN HANCOCK…

New Accumulation IUL

Recent tax legislation means we can now offer even better cash value growth potential with Accumulation IUL ’21 — ensuring it continues to lead the way in the highly competitive space of supplemental retirement income. In addition to standing out in short-pay scenarios, the newly enhanced Accumulation IUL offers:

  • More funding flexibility — clients can maximally fund a policy to grow cash value as quickly as possible
  • New Base Capped Two Year Indexed Account — offering clients with a longer time horizon the additional upside potential of a 21% cap rate with the downside security of a 0% floor
  • Enhanced targets — giving you added compensation for maximally funded designs

Transition Rules

June 4, 2021:

  • If seeking an informal offer — the John Hancock home office must receive an Accumulation IUL ’20 illustration signed by the insured and owner, and a tentative underwriting decision must be obtained by this date.
  • If seeking a formal offer — the John Hancock home office must receive an Accumulation IUL ’20 application signed by the insured and owner by this date. An illustration on the case is also required. For a term conversion — the John Hancock home office must receive a term conversion application signed by the insured and owner by this date.
  • Note: the John Hancock home office must receive an Accumulation IUL ’20 application signed by the insured and owner in addition to a fully executed New York Definition of Replacement (NB4082NY), Notification and Authorization form (NB4084NY) and Important Notice Regarding Replacement (NB4081NY) by this date.

July 9, 2021:

  • By this date, John Hancock must have provided a final underwriting offer , received all administrative requirements to issue the policy, including at least the minimum initial premium, and received confirmation to proceed with the 1035 Exchange (if applicable).

Find out more about these changes from John Hancock…

AdminUpdate: John Hancock Introduces High Net Worth Underwriting Platform

FROM JOHN HANCOCK…

We are pleased to announce the expansion of our concierge underwriting process. Building on our success in developing innovative solutions and partnering with our trusted distributors and reinsurers, this development is a major milestone in John Hancock’s mission to make life insurance easy to buy.

John Hancock Concierge Underwriting

The concierge underwriting process eliminates the need for a traditional insurance medical exam as part of the application process, when possible, by leveraging the health data available in traditional attending physician’s statements, electronic health records and patient portal information. This approach reflects our strategy at John Hancock to continue to bring transformative underwriting solutions to the market that make it easier and less invasive to secure life insurance coverage for your clients.

Applicants ages 35-70 applying for John Hancock policies up to $65MM* are eligible to take advantage of this expedited process. Together, along with our proven expertise in delivering competitive underwriting decisions, and our industry-leading capacity and retention, these offerings will continue to differentiate John Hancock in the large-case market.

How can you take advantage of this streamlined process?

  • See this flyer for complete eligibility parameters.
  • Package your informal submission to include comprehensive medical records accompanied by a John Hancock HIPAA form and our concierge underwriting transmittal form.
  • John Hancock completes the initial underwriting review followed by a tentative offer subject to a formal application, health questionnaire and applicable non-medical and financial information.

Find out more about these changes from John Hancock…

ProdMod: John Hancock Streamlines New York Product Offering

FROM JOHN HANCOCK…

As you know, we’ve long maintained separate products and processes for the New York market where we operate as the John Hancock Life Insurance Company of New York and serve approximately 180,000 customers. This approach generally serves all stakeholders well, but the separate products and processes create a level of complexity and inefficiency. After a thorough review of our new business activities, we’ve made the difficult choice to reduce our product portfolio in New York and will no longer offer the following products for sale:

  • Accumulation VUL
  • Survivorship VUL
  • Protection UL
  • Protection Survivorship UL
  • Protection Indexed UL
  • Protection Survivorship Indexed UL
  • The last day to submit a case for one of the above products in New York is April 15, 2021 and policies must be issued no later than June 15, 2021. We will continue to offer our Accumulation IUL and Protection Term products for sale in New York.

We are proud of our long-standing success in New York and we aim to maintain a strong presence in the state for decades to come. We will assess our position in the market periodically and keep you apprised of any updates or new opportunities.

Important: The initial communication on this subject indicated that Vitality Term is also available in New York. That is not the case, as Vitality Term is not approved for sale in New York. John Hancock Accumulation IUL and Protection Term remain the available products on a forward-looking basis.

If you have any questions about these changes, please reach out to your John Hancock representative.