At sometime in 1996, John Hancock Insurance was purchased or purchased another company. They called me and indicated because of the purchase transaction I was entitled to a cash payout (THIS PAYMENT WAS 193.00) This is a small amount of money. At no time did they tell me that in taking this money it would change my policy.
The only reason given, in these conversations, was that this was excess money that I was entitled to from the purchase of this other company.
Since i have reached retirement age 65, i have been reviewing my policies. The original policy was to be paid up at age 60. But i have still been paying for this policy each month since age 60.
So what these folks AT JOHN HANCOCK sneakily did was MAKE MY POLICY A WHOLE LIFE POLICY THAT I WILL PAY UNTIL I DIE OR LOSE THE POLICY. I did not nor would I ever buy a whole life policy. This means THEY GIVE ME $193.00 and now I WILL HAVE TO PAY $25. OO PER MONTH $300.00 PER YEAR for the rest of my life. This is for a policy that I purchased when I was 25 years of age and have paid in $300.00 every year for 40 years.
I have already paid in $12,000 on a $10,000 policy. According to JOHN HANCOCK INSURANCE the policy has a current value of $8,000.
THIS IS ABSOLUTELY THE BIGGEST "RIP OFF" I HAVE EVER ENCOUNTERED! Jesse was a sweetheart as compared to John Hancock Insurance!
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