Nationwide vs. John Hancock Life Insurance

Choosing the right financial company for your life insurance coverage can be challenging, but understanding your choices is the first step in making a smart decision. Nationwide and John Hancock are two of the industry’s largest providers, and both have a stable financial outlook that makes them a safe bet for almost any investor. However, if you're shopping for life insurance coverage, your family has unique needs that you may want to consider before choosing an investment company to work with. Before deciding what company and coverage is right for you and your family, you may find it helpful to compare providers side by side. With that in mind, here’s a closer look at these two leading insurance companies.

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Nationwide Life Insurance Summary

Nationwide has been in business for more than nine decades, becoming one of the world’s leading providers of financial services and insurance products. This Fortune 100 company offers various term and permanent life insurance policies, including universal, variable and whole-life plans, with coverage starting at a modest $10,000. The company's term coverage is renewable up to age 95, and most plans offer policyholders the option of converting to permanent coverage at the end of their term. Nationwide also lets policyholders customize coverage through a broad selection of riders, including no-cost add-ons for critical and terminal illness and optional children's term riders for an extra cost.  

Within Nationwide's main life insurance categories, it features innovative products designed to suit individual investors' financial needs, preferences and risk tolerances. For example, the company’s proprietary CareMatters plan combines a guaranteed death benefit with long-term care coverage, so investors can ensure their own care needs will be met while leaving a legacy for their heirs.

John Hancock Life Insurance Summary

John Hancock has been providing financial solutions to consumers for more than 160 years. Although the company is headquartered in Canada, it offers a broad selection of products and services to U.S. consumers. Available coverage options include term, whole and universal life insurance plans, with amounts ranging from $50,000 to upwards of $65 million. The company issues policies to investors of all ages, with coverage available for individuals as young as 3 months and as old as 90.

John Hancock customers may benefit from its unique rewards programs, which are dedicated to supporting healthy choices. The John Hancock Vitality program rewards customers for health-positive actions, such as going to the gym or watching a webinar about nutrition. Customers also receive discounts at select grocery stores or on wearable fitness trackers and may be rewarded with savings on insurance premiums. John Hancock also offers a product designed specifically for individuals living with diabetes. Known as the John Hancock Aspire program, the program helps individuals manage their health and rewards healthy behaviors. It includes personal health coaching sessions and virtual consultations with experts in diabetes.

Nationwide vs. John Hancock Life Insurance Comparison of Accessibility

Although shoppers may request quotes and apply for Nationwide’s term insurance plans directly through its website, consumers interested in other types of policies must contact a local insurance agent or schedule a call with one of the company's financial specialists. Nationwide does offer some digital tools, including calculators, that help potential policyholders make investment decisions. Policy documents are also delivered electronically, and claims may be filed online.

Similarly, John Hancock also offers many of its term policies for sale online, but most of its other life insurance products can only be purchased through a licensed insurance agent or by contacting the company directly. However, the company's website does offer digital tools for current policyholders, letting them access plan information, make premium payments or file claims online. Shoppers can also access helpful calculators for determining the ideal amount of coverage they’ll need before making a purchase.

Nationwide vs. John Hancock Life Insurance Comparison of Company Ratings

Nationwide has a reputation for being a strong, financially stable company. In 2021, Money.com named the company to its list of the best life insurance companies, and in 2022, Nationwide landed on Forbes’ list of America’s best insurance companies and U.S. News and World Report’s list of the best life insurance companies. John Hancock also made it onto several best-of-the-industry lists, including U.S. News and World Report’s list of the best life insurance companies and Forbes’ list of the best American insurance companies. 

Both companies also earn consistently high marks for creditworthiness from major industry credit ratings agencies, such as Moody’s and A.M. Best. John Hancock’s recent ratings include an A1 from Moody’s, A+ from A.M. Best and AA- from S&P Global. Nationwide received similarly high marks for its financial stability with an A+ rating from both A.M. Best and Standard & Poor’s and an A1 from Moody’s, all of which indicate a stable outlook for the company.

Nationwide vs. John Hancock Life Insurance Comparison of Costs

Premiums for Nationwide and John Hancock insurance policies are typically affected by age, gender, coverage amount, overall health and numerous other factors. However, the following premium comparison chart, which anticipates what a nonsmoking man in good health would pay for a $1 million, 20-year term policy may offer some insight into how these two companies compare when it comes to cost:

Although the premium may vary depending on other factors, including family history and location of residence, it's worth noting that costs for both companies increase sharply between the ages of 45 and 55. By comparison, 35-year-old male smokers with an otherwise identical risk profile would potentially pay $193.81 at Nationwide and $181.46 at John Hancock.

Choosing the Right Insurance Company for You

Choosing a life insurance company that’s financially stable and easy to work with may be one of the most important parts of purchasing a policy. However, sometimes a decision comes down to smaller factors, such as online tools or the need for a medical exam, when applying for coverage. Going into the process armed with knowledge can be a good start, and it’s crucial to ask any questions that come up before you sign a contract. Ultimately, it’s important to be comfortable with the provider you choose for coverage, so you’ll have the peace of mind that comes with knowing your family’s financial future is secure.