In the event of a terminal illness, this rider allows an insured to "accelerate" receipt of a policy's death benefit. You may request to receive up to 50% or 100% of your qualifying death benefit (depending on the terms of the rider), up to a maximum of $1,000,000 per life insured, with a written statement from your doctor that your life expectancy is one year or less.*
This rider is available on all single-life, permanent and term policies, depending on the issue state. The rider is not available on survivorship products.
Please note: the Accelerated Benefit Rider is NOT insurance for long-term care or nursing home expenses. Receipt of the accelerated death benefit could have tax implications and may affect eligibility for public assistance programs such as Medicaid, aid to families with dependent children, supplemental security income and other public assistance programs.
1 Notify us
2 Complete the claim form
The Claims Department will send a state-specific form to the policy owner to be completed by all required parties - owner, insured, irrevocable beneficiary, collateral assignee and attending physician (including disclosure statement as to effect on the policy).
3 Submit requirements
Life Post Issue - Claims
John Hancock PO Box 55979
Boston, MA 02205
Life Post Issue - Claims
John Hancock 410 University Avenue, Suite 55979
Westwood, MA 02090
4 Receive a decision
Although your death benefit is reduced by any accelerated benefit paid, the balance is maintained as valuable life insurance coverage for your beneficiary as you continue to pay your scheduled premium. 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 charged is the variable loan interest rate for the month. Your policy’s cash value will be reduced by the amount of the accelerated death benefit payable.
Need to get in touch? We’re here for you.
*Life expectancy of two years or less in Kansas, Kentucky, Mississippi, Texas and Washington.
Benefits may be taxable under current tax law and receipt of benefits may affect eligibility for public assistance programs. Benefit is payable to the policy owner. Please consult your tax adviser regarding the tax implications of benefits received under the Accelerated Benefit. This provision allows the insured to receive up to 50% of the death benefit of the contract, to a maximum of $1 million. Policy death benefit will be reduced by the amount of the accelerated benefit payable, plus one year’s interest. The interest rate charged is the policy loan interest rate. If the policy does not include a loan provision, the interest rate charged is determined monthly and is the variable loan interest rate on currently issued policies.
Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.