Recoveries that are not taxable that come as periodic payments on specific due dates are known as structured settlements. For workers’ compensation claims as defined under IRC Section 104(a)(1) and (2) and those involved in personal physical injury disputes, settlements are available for the benefit of individuals and families.
To maintain the tax exempt treatment of the payments and to make sure the disbursements are met, clients typically use a fixed annuity. Structured settlements are an attractive alternative to investments that tax one’s income. In this review, we look at John Hancock Life (USA) to see if they are a good company for handling structured settlements. As always, it is important that you research any company before trusting them with large sums of money. You do not want to get involved with a scam.
Providing Insurance Since 1862
As the United States entered its second year of Civil War, John Hancock Life (USA) opened its doors in Massachusetts. Since then, it has gone through many changes while still providing insurance services. As of 2004, it is a wholly owned subsidiary of Manulife Financial, a Canadian insurance company. A prominent patriot, John Hancock is the namesake for the company.
Manulife has been in operation since 1887 and is headquartered in Toronto. John Hancock handles the vast majority of their United States business. By market capitalization, Manulife is one of the largest life insurance companies globally. They employee around 28,000 people. Manulife continues to grow every year, recently opening up operations in Cambodia.
An important factor to consider when choosing a company to handle your structured settlement is if they have staying power. Combined, John Hancock and its parent company Manulife have over 275 years in the financial business. Manulife has a yearly revenue of around $30 billion. They are as stable as it comes. You can rest assured they will be able to continue paying on structured settlements for 30, 40, or more years down the road.
The John Hancock Advantages
With a vision of becoming a prominent player in a dynamic marketplace, in 1999, John Hancock Structured Settlement Annuities began. This division of John Hancock has established a powerful market share since then. Several factors have led to their success, such as:
- A profound understanding of clients and markets
- Innovative and creative products structures
- A rigorous analytical process
A key factor in providing cutting edge solutions for clients has been the rigorous analytical approach. Their ability to provide a variety of guarantees is strengthened by this approach that combines the use of immunization strategies for liability and asset management with risk management skills. There are currently 125 liability and asset management professionals working for the structured settlement division.
John Hancock prides itself on having tenured professionals who have a comprehensive understanding of client needs and sophisticated knowledge of the marketplace. To fit customer objectives, they are able to tailor structures in a variety of ways for this reason. Fundamental to the level of personalization they can offer customers is the accuracy and quality of their modeling tools based in state of the art technology combined with the expertise of their staff.
John Hancock is one of the most stable companies in the structured settlement industry with a nearly perfect BBB rating. There is no sign of them or Manulife slowing down. They also offer a wide variety of options to choose from. For these reasons, we can recommend John Hancock for your structured settlement needs.
The toll free number for John Hancock Life (USA)’s structured settlement business is 1-866-275-5477 opt. 1. The address for their office is 164 Corporate Drive, Portsmouth, NH 03801. And, their website is http://www.jhancockstructures.com/.
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