John Hancock has, for years now, had a minimum term policy of $750,000. Today they announced they are lowering their minimum to $500,000. On the surface this might not seem like that big a deal, but it opens up the option for more people using watchful waiting or active surveillance rather than radically treatment for low grade, low stage prostate cancer.
It would be nice if more companies jumped on the bandwagon for this niche since all the medical studies show the two paths have almost equal results from a mortality risk standpoint. While I’ve beat this subject to death over the years, at this juncture John Hancock has been the only company that will approve watchful waiting life insurance.
The tremendous upside to this JH downsize of their maximum term is that those who are best served by their niches with Hancock are generally people needing life insurance who are over 50 or over 60. While we would have loved to see them go to $250,000 for us older folks, every little bit helps.
If you have any questions about John Hancock’s stance on prostate cancer or their new lower face amount term products, call or email. We can help.
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