John Hancock Insurance Company Review
Although John Hancock is best known as an insurance company, it also provides a limited range of financial services. These include mutual funds, college savings plans, 401(k) plans, annuities, and what it calls "fixed products." The fixed products are actually specialized annuities such as structured settlements and single group premium plans.
John Hancock is a historic company based in Boston that is one of the best known insurers in the United States. It was named one of the most powerful brands of the 20th Century by The New York Times. The company was formed in 1862, during the Civil War, and named for Founding Father, John Hancock, who was the first man to sign the Declaration of Independence. The company merged with Manulife Financial to become a major provider of Financial Services in 2004.
John Hancock 401(k) Plans
John Hancock currently bills itself as the nation's number one provider of 401(k) products. These plans do seem to come with some impressive features. It offers separate web portals for plan participants, financial consultants, third party administrators, and plan sponsors.
The best feature of these plans is a guaranteed income for life benefit. This seems to be an annuity that can be purchased through for a 401(k) and is designed for persons that outlive their other savings. Investment-only products are also available. Unfortunately these plans don't seem to be available to the general public but provide a good deal for businesses.
John Hancock Mutual Funds
John Hancock offers the opportunity to invest in 50 different mutual funds. Both bond and stock funds are offered and all of the offerings can be viewed at JHfunds. Quite a few funds from well known fund firms such as T. Rowe Price and Franklin Templeton are available.
Despite the esteemed name attached to the mutual fund site, its offerings appear to be generic, matching similar ones available elsewhere. Retirement planning and college savings tools are available.
An interesting feature available at this site is the set of tools for the use of mutual funds for college savings. The tools include an overview of a tax deferred 529 plan that investors can use for college savings.
John Hancock 529 College Savings Plans
Like a number of companies, Hancock has moved into the college savings plan arena. It is currently offering what it calls the Freedom 529 which gives parents access to 22 tax-deferred investment options. Some of these options are from T. Rowe Price as well as Hancock.
The amount of support Hancock offers for its college savings plans is impressive, including a dedicated website and forms available online as PDFs. Parents looking into these vehicles would be well advised to check out John Hancock.
John Hancock Annuities
John Hancock's focus in the consumer market appears to be variable annuities used for retirement savings. Access to some plans is also available through 401(k)s and quite a few specialized annuities are offered for legal and business purposes.
Hancock offers variable products through its Venture, Venture 4, and Venture Overview series. All of these are a split or deferred products with a $10,000 minimum initial payment. There is a low annual fee of 1.65% and a $30 annual administration fee. There is also a minimum subsequent payment of $30. Around 10% of the funds in the plan can be withdrawn without charge.
John Hancock offers two fixed annuities: a basic product called the Signature Fixed Annuity and the JH Essential Income a SIPA. The Signature requires a $25,000 minimum investment while the Essential requires a $10,000 minimum investment. These products provide payments for life and benefits for either one or two people for up to 60 years.
John Hancock does not offer indexed annuity products. Instead it concentrates on the variable plans. As with the college savings plans, John Hancock has good customer service and makes all of their forms available online as downloadable PDF documents. Financial ratings are displayed with all the annuity documentation and prospectuses are available online. Full details about annuity performance are also available.
Other Financial Planning Tools at John Hancock
Hancock has a few other financial planning tools available online, including an IRA center which provides information about retirement rollovers. The company also provides basic background information about IRAs and issues such as taxation. A calculator for Roth IRA conversions is also available, making it easy to convert an IRA into an annuity.
Other products available include life and long-term care insurance. A choice of fairly basic term, variable, and universal policies is available but details are lacking online. All of the forms for insurance claims and other actions are also available online.
John Hancock seems to provide a lot of information and support for consumers. Those looking for a company likely to be around for many years and willing to service its products would be well served by going through Hancock. Its annuities and insurance would certainly be a good deal for those seeking long-term security. Persons seeking a wider choice of investments might be better served by going elsewhere.