I entered into a whole life policy with John Hancock many years ago while on active duty in Virginia. I held the policy and maintained premium payments throughout my service. Around 1988/90, I borrowed the available cash from the policy during my transition from military service to civilian status. I indicated to John Hancock that I wanted to cancel the policy and have any monies owed, forwarded to me. I continued to be billed and have dutifully called John Hancock's offices upon receipt to indicate that this policy should be cancelled. Every time I call, I am promised that one thing or other was mishandled the last time but this time the policy will be cancelled and any monies due me will be forwarded. Needless to say the amount of the loan they have now amassed with interest nears $20K. This has been going on now for 19 years.
I am not an insurance expert but I can only surmise that they are burning up whatever cash value I still had in the policy rather than follow my instructions. I feel this must be an unwritten policy of John Hancock or at least one of the many people I have spoken to would have accomplished the closing of this life insurance policy.
Beware of John Hancock practices!
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