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Simple Term with Vitality specifications
Simple Term with Vitality Highlights
Product design
Level premium for 10-, 15-, 20-, 25- and 30-year term durations
Ownership
Individual (non-entity) with insurable interest. At policy issue, the owner of the policy must also be the insured. No trust or corporation ownership allowed
The Return of Premium rider
Issue ages
10-year 20 – 60 30-year 20 – 45 Renewability through age 94; must be a resident of the United States 15-year 20 – 60 20-year 20 – 55 25-year 20 – 50
Risk classes
Preferred Non-Tobacco, Standard Non-Tobacco, Standard Tobacco, Select Non-Tobacco, Select Tobacco
John Hancock Vitality PLUS
Minimum face amount
$25,000
Maximum face amount
$500,000 (per life)
Payment frequency
Issued with monthly premium payments only*
Get rewarded with Vitality
Monthly policy fee
$6
Face amount increases
Face amount increases not permitted
Face amount decreases
Years 1–3: No face amount reductions allowed during the first three policy years
Years 4+: Any reduction allowed, starting in year 4, as long as the remaining face amount is at least the contracted minimum face amount of $25,000
Case study with Vitality PLUS
Note: Decreases are processed only at the policy owner’s request
Return of Premium (ROP) rider
Provides a supplemental cash back benefit and provides a return of up to 100% of premiums paid during the level-term period • Available at the time of policy issue and cannot be added post issue • Preferred Non-Tobacco and Standard Non-Tobacco risk classes • Available for 25- and 30-year term durations • Rider premiums and benefits will cease after the level-term period • Premiums must be paid through the year in which the percent of the ROP grading scale is greater than zero • The return-of-premium benefit will be offered in a grading scale, which scales to a maximum of 100% at the end of the level-term period • Rider rates will be based on the insured’s issue age, length of the level-term period, risk class, gender and band
Specifications
Frequently Asked Questions
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*Insureds can switch to annualized payments post issue
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