John Hancock Life Insurance Company
Annuities are complicated investment products that often carry high penalties, withdrawal or surrender charges to compensate for the large commissions paid to the insurance agents who sell the products. California annuity fraud lawyers recommend having an independent agent, tax advisor or lawyer review the policies to make sure they are suitable for you.
John Hancock is a well-known name in the insurance company business, and every year, thousands of consumers turn to their agents to set up life insurance policies and purchase annuities with the goal of actively planning for their financial future. The majority of these consumers are not insurance experts; in fact, many of them rely on their insurance agency to provide the most profitable and secure options for their future, based on their income and the needs they have.
But in some cases, these agencies are not necessarily providing policies and services that benefit their clients, but instead benefit their company. In these cases where fraudulent insurance and annuity policies practices are going on, California insurance fraud attorneys say that insurance companies that sell unsuitable or fraudulent annuity or life insurance policies can be held responsible and brought to court.
About John Hancock
John Hancock Life Insurance Company is the seventh largest life insurance provider in the company. The company website details their “core retail products”—mutual funds, 401(k) plans, annuities, life insurance, and long-term care insurance—which “focus on providing financial solutions at every stage of our clients’ lives.” These products are designed to offer protection and security, but if this service is less than satisfactory, the client may need help from insurance fraud attorneys in California.
Recently, plaintiffs from several states joined together to file a class action lawsuit against John Hancock in federal court for alleged instances of bad sales and marketing practices, and breach of fiduciary duty committed by the company.
A large portion of the case of Richard Duhaime, et al., v. John Hancock Mutual Life Insurance Company focused on the company’s use of the Social Security Administration’s database of living and deceased U.S. citizens. According to the plaintiffs, John Hancock used the database to monitor instances where clients with annuities had died, so that the company could stop making payments immediately.
This information also alerted the company to the death of any life insurance policyholder, at which point the company could begin making payments to designated beneficiaries. However, the lawsuit alleged that the company did not use this feature to pay beneficiaries, which instead delayed insurance payouts and processing.
In November, John Hancock made a $13.3 million settlement deal with several of the states involved, including California, and promised to use the Social Security databases more thoroughly to monitor client deaths across the spectrum going forward.
At the Evans Law Firm, Inc., our attorneys have helped many policyholders fight back against fraudulent companies who have denied them life insurance benefits or sold them unsuitable deferred annuity policies. If you suspect that you have been victimized by life insurance or annuity fraud, contact our insurance fraud lawyers in San Francisco, or California today at 415-441-8669 or toll free at 888-503-8267 or email email@example.com. Evans Law Firm, Inc. has office locations also in Southern California, Los Angeles and Sonoma County.