Insurance products are issued by: John Hancock Life Insurance Company ( U.S.A.), Boston, MA 02210 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595. MLINY012918158About John Hancock and Manulife John Hancock is a division of Manulife Financial Corporation, a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. We operate primarily as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were over $1.04 trillion ( US$829.4 billion) as of December 31, 2017. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com. One of the largest life insurers in the United States, John Hancock supports approximately 10.7 million Americans with a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, and college savings plans. We also offer advice through Signator, a network of independent financial advisors. Additional information about John Hancock may be found at johnhancock.com. 1 John Hancock anticipates that the Critical Illness Benefit paid under this rider will generally be excludable from income under Internal Revenue Code Section 104(a)(3). However, the benefit may not qualify for this exclusion with certain third-party ownership arrangements. 2 National Cancer Institute. Cancer Statistics. March 22, 2017. https://www.cancer.gov/about-cancer/understanding/statistics PR-2018-10
BOSTON, Feb. 12, 2018 /PRNewswire/ -- John Hancock Insurance entered the critical illness market with an innovative benefit that provides consumers with additional financial protection when faced with a serious medical diagnosis, such as a heart attack, cancer or stroke. The Critical Illness Benefit rider is an optional feature that consumers can add to a permanent life insurance policy. Statistics point to a growing need for such a benefit. While nearly 40 percent of people will be diagnosed with cancer sometime in their lifetime, the number of people living beyond a cancer diagnosis reached nearly 14.5 million in 2014 and is expected to rise to almost 19 million by 2024. 2 What sets this rider apart from traditional offerings is the lump-sum, income tax-free 1 payment that is separate from -- and in addition to -- the life insurance benefit. Policyholders can use this payment for any purpose they choose, including supplementing lost earnings, helping to pay for health care costs not covered by insurance, and providing continued savings or retirement contributions. "The good news is that with improvements in medicine, the survival rate for many once-fatal conditions has improved dramatically," said Brooks Tingle, President and CEO of John Hancock Insurance. "At the same time, those who survive face a myriad of expenses that could significantly impact their long-term financial plans. The new Critical Illness Benefit is designed to help provide consumers in this situation with financial security and peace of mind so the primary focus can be on their recovery." The Critical Illness Benefit provides a lump-sum of up to $250,000 for policyholders ages 18-65 when they are diagnosed with one of seven conditions: heart attack, stroke, cancer, coronary artery bypass grafting, major organ failure, kidney failure or paralysis. Initially available on John Hancock's Protection IUL and Accumulation IUL products, the rider will be available on additional single-life permanent products in the future. This new offering is one of several innovative living benefit riders available on John Hancock's life insurance policies. Other optional living benefits include a rider which allows policyholders to accelerate their death benefit to help pay for long-term care expenses, and the John Hancock Vitality program, which offers significant savings and rewards for taking steps to live a healthy life. The Critical Illness Benefit Rider provides a one-time lump sum benefit if the insured experiences a covered critical illness and meets the benefit eligibility requirements. There is a 30-day waiting period that begins on the rider effective date. The benefit will not be paid for critical illnesses initially diagnosed before the rider effective date or during the waiting period. The policyholder may elect 10% or 25% of the total face amount as the critical illness benefit amount with a maximum benefit amount of $250,000. The rider will terminate at attained age 65 or 5 years after the issue date, whichever is later. There is an additional cost for this rider. The rider is not available in all states and state variations may apply. This material does not constitute tax or legal advice and neither John Hancock nor any of its agents, employees, or registered representatives are in the business of offering such advice. You should consult with your own tax advisor. Insurance policies and/or associated riders and features may not be available in all states.