BOSTON, March 8, 2017 /PRNewswire/ -- Today John Hancock introduced a new initiative designed to help advisors better address the financial needs of women. The launch of the "Insurance Planning for Women" program coincides with International Women's Day, which celebrates the social, economic, cultural and political achievements of women, and the powerful and influential role they play in today's society.
Currently 51 percent of U.S private wealth is controlled by women, and in the next five years, it's expected to grow from $14 trillion to $22 trillion, and women will control an estimated two-thirds of that money.1 However, even with their significant purchasing power, 32 percent of women say they don't have enough life insurance.2
The "Insurance Planning for Women" program provides advisors with materials and tools that highlight the unique financial risks and challenges facing women, including a longer potential lifespan and less money saved for retirement.
"Women today represent a diverse and multifaceted segment of the financial planning marketplace that remains largely uninsured or underinsured," said Michael Doughty, President, John Hancock Insurance. "Female buying power, coupled with the influence they have over their family's financial decisions and their strong desire for financial health and wellness, present a significant opportunity for advisors who can help ensure women get the important coverage they need."
Doughty said that John Hancock's suite of life insurance products and services are designed to meet the financial needs of a broad customer base, including women. In addition, policyholders can also take advantage of the John Hancock Vitality program that offers rewards and premium savings for taking steps to live a healthier life.
2. LIMRA, 2014 Insurance Barometer Study
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Assets under management and administration by Manulife and its subsidiaries were $977 billion (US $728 billion) as at December 31, 2016. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife can be found on the Internet at manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.
Vitality is the provider of the John Hancock Vitality Program in connection with policies issued by John Hancock.
Insurance products are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA 02210 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595. MLINY030317014
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SOURCE John Hancock Insurance