John Hancock vs. State Farm: Top Life Insurance in 2024

John Hancock and State Farm provide permanent and term life insurance quotes to customers. John Hancock has lower rates, but State Farm has more policy options. Comparing John Hancock vs. State Farm will help you find the best company for your needs.

Before starting this John Hancock vs. State Farm comparison, enter your ZIP code for free life insurance quotes in your area.

John Hancock vs. State Farm: What are their monthly rates?

Comparing affordable John Hancock vs. State Farm life insurance rates will help you find the cheapest option. The following charts show the monthly John Hancock and State Farm rates for a 10-year term at $250,000 based on gender and age.

John Hancock vs. State Farm: 10-Year Term $250,000 Policy Monthly Rates by Age for Males

The following chart shows the same information for females.

John Hancock vs. State Farm: 10-Year Term $250,000 Policy Monthly Rates by Age for Females

As you can see, the average State Farm insurance quote is higher than John Hancock, and rates are lower for females than males.

John Hancock vs. State Farm: What policies are available?

John Hancock and State Farm offer term life and permanent life insurance policies. While both companies offer term life and universal life policies, only State Farm has whole life options.

John Hancock offers term life insurance in 10-, 15-, 20-, and 30-year terms. The value of this type of coverage ranges from $25,000 to $3 million.

In addition to term life coverage, John Hancock offers three types of universal life insurance. These permanent life insurance options include traditional universal life, indexed universal life, and variable universal life.

While traditional universal life has flexible rates, indexed and variable universal life policies feature a cash value. The rates of indexed universal life policies are influenced by popular stock indexes and a variable universal life policy can be invested in separate accounts, like mutual funds.

John Hancock offers final expense insurance to customers between the ages of 55 and 80. Designed to cover final expenses, such as funerals and burials, coverage values range from $2,000 to $20,000.

State Farm offers three term life policies. The Select Term Life plan is available in 10-, 20-, and 30-year terms. The 10-year term is available for those between 18 and 75, the 20-year term between 18 and 65, and the 30-year term between 18 and 45 years.

The Return of Premium Term Life plan is available in 20 and 30-year terms. While the 20-year term is obtainable for those between the ages of 10 and 60, the 30-term is more restrictive, only accessible for those between 18 and 45 years of age.

The Instant Answer Term Life policy is a short-term plan, only available in 10-year terms. Eligible customers must be between 16 and 45 years of age to purchase the policy.

While the Instant Answer Term plan features a minimum value of $50,000, the minimum value for the Select Term and Return of Premium Term plans are $100,000.

State Farm features three whole life policies, available up to 85 years of age. Customers interested in the Limited Pay Life plan can purchase a $50,000 policy with a 20-year payment term, a $100,000 policy with a 15-year payment term, or a $250,000 policy with a 10-year payment term.

The Single Premium Life plan can be purchased in a single payment. These policies start at $15,000 in value and are available to customers up to 80 years of age. The Whole Life plan starts at $50,000 and is for customers up to 85 years in age.

Similar to John Hancock, State Farm offers three different universal life plans. The traditional plan is for customers up to 85, with the minimum amount depending on their age. The minimum value for customers up to 17 is $25,000, from 18 to 54 is $50,000, and from 55 to 85 is $25,000.

The Survivorship and Joint Universal Life plans are designed for couples. Both people are covered by the plan and the payout is provided to the last surviving person.

The Survivorship policy is available to customers between the ages of 18 and 90 for a value starting at $250,000. The Joint Universal Plan starts at $100,000 and is available for customers between 18 and 85.

State Farm also offers final expense insurance. Designed for funerals and other final expenses, this coverage has a flat value of $10,000. Customers are eligible between the ages of 50 and 80, except in New York where the ages are 50 to 75.

John Hancock vs. State Farm: What riders are available?

Life insurance companies offer options that can be added to a policy. These options are known as riders and allow customers to customize their coverage. Customers looking to buy John Hancock or State Farm life insurance can choose various riders.

Optional riders offered by John Hancock Life Insurance include:

• Critical illness benefit
• Disability payment of a specified premium
• Long-term care
• Vitality PLUS program
• Return of a premium

Optional riders offered by State Farm include:

• Children’s Term
• Flexible Care Benefit
• Guaranteed insurability option
• Level term/additional insured
• Waiver of a monthly deduction for disability

Adding any of these optional riders will increase your John Hancock or State Farm life insurance quotes.

John Hancock vs. State Farm: What are their financial ratings?

Credit rating agencies examine and rate life insurance companies based on financial strength. These ratings determine the company’s ability to provide a payout when you file a claim. John Hancock and State Farm have been rated by trusted rating agencies.

John Hancock Insurance has been rated an A+ by A.M. Best, an A2 by Moody’s, and an AA by S&P. The ratings provided by A.M. Best and S&P are considered high, while Moody’s rating is upper-medium.

State Farm has been rated an A+ by A.M. Best, an Aa1 by Moody’s, and an AA by S&P. These are all excellent ratings, ranking among the best in the industry.

While John Hancock and State Farm have been rated the same by A.M. Best and S&P, Moody’s rated State Farm the highest of the two.

John Hancock vs. State Farm: Do they have any complaints?

The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints made about life insurance companies. Looking at John Hancock or State Farm life insurance company complaints will help you determine their quality of service.

At the time of this comparison, the BBB has received 64 complaints about the John Hancock Insurance Agency over the past three years. The NAIC has given John Hancock a complaint index ratio of 1.54, indicating more complaints than the average similarly-sized company.

The BBB has received 1,282 complaints about State Farm during the past three years. According to the NAIC, State Farm has a complaint index ratio of 4.80, indicating significantly more complaints than competitors of a similar size.

John Hancock vs. State Farm: The Bottom Line

John Hancock and State Farm offer term life and permanent life insurance to customers of all ages. John Hancock has lower rates, but State Farm has more coverage options. Comparing John Hancock vs. State Farm will help you make the right choice.

Now that you’ve compared John Hancock vs. State Farm, enter your ZIP code to get free life insurance rates in your area.