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The Accelerated Benefit Rider provides the security you need if you become seriously ill.
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The true worth of a product or service is often only realized in times of duress. Certainly there are few greater stresses placed on any individual than those caused by ill health. That is why John Hancock has introduced the Accelerated Benefit Rider1. It gives you the security that, should you become ill, you have additional financial resources to tap into if you need them.
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How It Works
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In the event of terminal illness, this rider allows an insured to “accelerate” receipt of a policy’s death benefit. You are eligible to receive up to 50% of your qualifying death benefit, to a lifetime maximum of $1,000,000.00 per life insured on provision of a written statement from your doctor that your life expectancy is one year or less (two years in Washington and Massachusetts). There is no restriction on the use of these funds. It is totally at your discretion.
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This rider is provided on all single life permanent and term contracts are included in the premium. (NOTE: It is not available in New Jersey, New York or on term products in Oregon.)
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The Accelerated Benefit Rider is NOT long term care nor nursing home insurance. Receipt of the Accelerated Benefit could have taxable implications and may affect Medicaid and Supplemental Security Income eligibility. |
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Effect on Policy Values
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Although your death benefit is reduced by any accelerated benefit paid, the balance is maintained as valuable life insurance coverage for your beneficiary. Your policy’s death benefit will be reduced by the amount of the accelerated death benefit payable, plus one year’s interest. The interest rate is your policy’s loan interest rate. If your policy does not include a loan provision, the interest rate is 8%. Your policy’s cash value will be reduced by the amount of the accelerated death benefit payable.
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Submitting a Claim
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1. Call 1-800-387-2747 (John Hancock U.S.A.) to report a request for consideration of The Acceleration Benefit Rider.
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2. The Claims Department will send a state-specific form to the policyowner to be completed by
the insured and his/her attending physician (including disclosure statement as to effect on the
policy). |
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3. The information is reviewed for qualification and a decision is provided to the policyowner within
five working days of receipt of the completed form. |
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