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John Hancock Life Insurance Company (U.S.A.)

Universal life insurance designed for flexibility

If you’re looking for lifetime protection and a way to potentially grow cash value, a universal life insurance policy can help.

Speak to a USAA representative to get started.

Schedule a call with a USAA Life Insurance specialist

Call 800-531-LIFE (5433)

For TTY devices, dial 711

Hours of operation for USAA licensed life insurance agents

Monday to Friday
7:30 a.m. to 8 p.m. CT
Saturday and Sunday
Closed
All major holidays
Closed

Note: Days and times may vary

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John Hancock Logo

We’ve teamed up with John Hancock® to provide more options through their universal life policy.‍ ‍ See note 1

What’s universal life insurance?

It’s a type of permanent coverage that lets you customize how long it lasts and the amount your family gets paid out.

Lets you plan for tomorrow

Save for larger expenses down the road with the potential to build tax-deferred cash value.‍ ‍ See note 2

Helps meet your needs

Access the potential policy value for health care or retirement expenses.‍ ‍ See note 3

Helps protect your family

Choose from a list of options to help you secure your family’s financial future after you’re gone.

Explore our policy options.

Both of these can be customized in a number of ways, like adding a critical illness benefit or return of premiums.‍ ‍ See note 4

Universal life

This option helps you build cash value slowly in a more stable environment. It’s best for those who want:

  • Cash value building based on a current credited interest rate.
  • To make sure their cash value is credited by at least 1% each year, no matter how the market performs.

Indexed universal life

This option offers the potential to help grow cash value faster in an environment tied to market performance. It’s best for those who want:

  • Cash value building based on a market index, with a maximum capped rate on results.
  • To protect their cash value if the market index doesn’t perform well, with a guaranteed floor on annual index crediting of 0%.

Benefits of universal life insurance through USAA

John Hancock Vitality Program‍ ‍ See note 5 rewards

Choose between 2 options. Vitality Go is free and gives discounts on healthy groceries and fitness wearables. Vitality Plus starts at $2 per month and offers access to rewards like travel savings, multi-cancer screenings, gift cards and free subscriptions.‍ ‍ See note 6

Flexible payment options

Decide how much you want to pay and when within certain limits.‍ ‍ See note 7

Adjustable coverage

Decrease it if your needs change, which could lower your premium.‍ ‍ See note 8 Your policy can last a lifetime depending on how much you set your premium at.

How to make your policy last

In addition to offering the opportunity to grow cash value, here are a few ways to help make your policy last a lifetime.

Steps to complete How to make your policy last

  1. Set your premium payments accordingly.

    Make sure you have enough funds to cover the cost of your insurance over time.

  2. Choose the right amount of coverage.

    Keeping a lower coverage amount may extend the life of your policy.

  3. Review your policy every year.

    Regular reviews can help you make sure your policy stays on track and continues to meet your needs.

Some changes you can make to a universal life policy

As your needs change, you can make adjustments like:

  • Adjusting your premium amount.
  • Taking withdrawals or loans.
  • Switching from the level death benefit (option A) to the increasing death benefit (option B).

Still not sure if universal life is right for you?

Depending on your needs and goals, you may want to explore some other types of policies.

USAA logo

Simplified whole life

This policy includes:

  • Fixed payments.
  • Adjustable coverage based on major life events.‍ ‍ See note 9
Learn more about Simplified Whole Life

Mutual of Omaha Logo

Guaranteed issue whole life

With this policy:

  • You can’t be turned down for coverage if you’re 45 to 85 years old, or 50 to 75 in New York.
  • Your payments will never increase and your coverage will never decrease.
Learn more about Guaranteed Issue Whole Life

Other life insurance resources

What is cash value life insurance?

Article: 7 minutes

Read article: What is cash value life insurance?

Understanding permanent life insurance

Article: 8 minutes

Read article: Understanding permanent life insurance

Types of permanent life insurance: Which is best for you?

Article: 6 minutes

Read article: Types of permanent life insurance: Which is best for you?

Help protect your family and potentially build cash value with flexible options.

Schedule a call with a USAA Life Insurance specialist

Call 800-531-LIFE (5433)

For TTY devices, dial 711

Hours of operation for USAA licensed life insurance agents

Monday to Friday
7:30 a.m. to 8 p.m. CT
Saturday and Sunday
Closed
All major holidays
Closed

Note: Days and times may vary

Related footnotes:

  1. Universal Life is known as Flexible Premium Adjustable Life in several states.

  2. The interest rate for your cash value is either set periodically by the insurance company or based on the performance of the underlying index.

  3. Loans and withdrawals will reduce the death benefit and the cash surrender value, and may cause the policy to lapse. Lapse or surrender of a policy with a loan may cause the recognition of taxable income. Withdrawals in excess of the cost basis (premiums paid) will be subject to tax and certain withdrawals within the first 15 years may be subject to recapture tax. Additionally, policies classified as modified endowment contracts may be subject to tax when a loan or withdrawal is made. A federal tax penalty of 10% may also apply if the loan or withdrawal is taken prior to age 59 1/2. Cash value available for loans and withdrawals may be more or less than originally invested. Withdrawals are available after the first policy year.

  4. Some riders may have additional fees and expenses associated with them.

  5. Vitality is the provider of the John Hancock Vitality Program in connection with policies issued by John Hancock. John Hancock form number ICC19 20HER. John Hancock Vitality Program rewards and discounts are available only to the person insured under the eligible life insurance policy, may vary based on the type of insurance policy purchased and the state where the policy was issued, are subject to change and are not guaranteed to remain the same for the life of the policy. To be eligible to earn rewards and discounts by participating in the Vitality program, the insured must register for Vitality and in most instances also complete the Vitality Health Review (VHR).

  6. Premium savings are in comparison to the same John Hancock life insurance policy without Vitality PLUS. The level of premium savings are cumulative over the life of the policy and will vary based upon underwriting status, issue age, policy type, the terms of the policy and the Vitality Status achieved. Premium savings are only available with Vitality PLUS.

  7. Changes to Universal Life Insurance premiums may cause the policy to become underfunded and potentially lapse. Make sure you consult with an insurance professional prior to making changes in your policy's premiums.

  8. Universal life insurance coverage is designed to last as long as sufficient premiums are paid or enough cash value is maintained to cover the policy's monthly deductions.

  9. The Life Event Option (LEO) rider is available at no additional cost with the Simplified Whole Life (SWL) insurance policy. It allows you to request additional whole life insurance up to six times after specified events. Additional insurance limited to amount of base SWL coverage, with total coverage after increases limited to $1 million. Increases provided by additional whole life policies and require payment of additional premiums. Rider expires at age 45. The rider is subject to issue age limitations and other terms, limitations, and conditions. Availability and benefits may vary by state. SWL policy form: ICC2099630 03-20 (may vary by state); SWL LEO form: LBR60519ST 06-06 (may vary by state); In New York, SWL policy form: NWL99614NY 11-20; SWL LEO form: NBR61208NY 08-06.

Related footnotes:

  1. Guaranteed product features are dependent upon minimum premium requirements and the claims-paying ability of the issuer.

  2. Universal life 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. Protection Universal Life LCC21 22PROUL, Protection Indexed Universal Life ICC24 24PIUL, Accumulation Indexed Universal Life ICC24 24AIUL. Form numbers may vary by state.

     

  3. The life insurance policy describes coverage under the policy, exclusions and limitations, what you must do to keep your policy inforce, and what would cause your policy to be discontinued. Please contact a licensed USAA agent or John Hancock for more information, costs, and complete details on coverage to help you determine if this policy is suitable for your needs. Availability of policies, features, and benefits may vary by state.

  4. Guaranteed Issue Whole Life Insurance is not available in Montana. Benefits may vary by state. These policies contain benefits, reductions, limitations and exclusions.

  5. Guaranteed Issue Whole Life Insurance is underwritten by United of Omaha Life Insurance Company, 3300 Mutual of Omaha Plaza, Omaha, NE 68175, which is licensed nationwide except for NY and does not solicit business in New York. In New York, Companion Life Insurance Company, Melville, NY 11747 underwrites life insurance and annuities. Each underwriting company is responsible for its own financial and contractual obligations along with any and all administrative and claims paying decisions.

    Guaranteed Issue Whole Life Insurance includes a graded death benefit. During the first two years, if you die from natural causes (any cause other than accidental), your beneficiaries will receive all premiums paid, plus 10%. The policy pays a specific death benefit amount to your beneficiary, the beneficiary may or may not use it to help pay final expenses.

    Guaranteed Issue Whole Life Insurance policy Form ICC18L198P (D787LFL19P in FL;1002Y-0119 in NY) or state equivalent. Motor Vehicle Accidental Death Rider Form C783LNA09R (C787LFL09R in FL; C791LLA09R in LA; C794LNC09R in NC; C799LOK09R in OK; C800LOR09R in OR; C818LPA09R in PA; C801LTX09R in TX; C817LWA09R in WA) or state equivalent.

  6. USAA Life General Agency, Inc. (LGA) (known in CA and NY as USAA Health and Life Insurance Agency) acts as an agent for select insurance companies to provide additional products to USAA members. LGA representatives are salaried and receive no commissions. However, LGA receives commissions from those companies which can include compensation based on the total quantity and quality of insurance coverage purchased through LGA. Plans not available in all states.

  7. USAA Life Insurance Company and USAA Life Insurance Company of New York are not affiliated with John Hancock Life Insurance Company (U.S.A.) or its affiliates or United of Omaha Life Insurance Company, Companion Life Insurance Company, Mutual of Omaha Affiliates nor do we guarantee the quality of their products or services. Although we may promote and/or recommend the products offered by this company, consumers should review the product carefully prior to making a purchasing decision.

  8. Learn about USAA's use of Artificial Intelligence.

    Life insurance and annuities provided by USAA Life Insurance Company, San Antonio, TX and in New York by USAA Life Insurance Company of New York, Highland Falls, NY. All insurance products are subject to state availability, issue limitations and contractual terms and conditions. Each company has sole financial responsibility for its own products.

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