John Hancock has long maintained separate products and processes for the New York market where they operate as the John Hancock Life Insurance Company of New York and serve approximately 180,000 customers. This approach generally serves all stakeholders well, but the separate products and processes create a level of complexity and inefficiency. After a thorough review of their new business activities, they've made the difficult choice to reduce their product portfolio in New York and will no longer offer the following products for sale:
- Accumulation VUL
- Survivorship VUL
- Protection UL
- Protection Survivorship UL
- Protection Indexed UL
- Protection Survivorship Indexed UL
The last day to submit a case for one of the above products in New York is April 15, 2021 and policies must be issued no later than June 15, 2021. John Hancock will continue to offer their Accumulation IUL, Protection Term and Vitality Term products for sale in New York.
John Hancock is proud of their long-standing success in New York and aims to maintain a strong presence in the state for decades to come. John Hancock will assess their position in the market periodically and keep us apprised of any updates or new opportunities.
If you have any questions about these changes, please reach out to your BSMG Sales Team.