What if a beneficiary's name has changed?
Documentation to substantiate the change must be submitted; for example, a copy of a divorce decree or marriage certificate.
What if the beneficiary is a minor?
If the proceeds are less than $10,000, John Hancock will generally allow parents of a minor beneficiary to claim the proceeds upon presentation of the minor’s birth certificate. Generally for proceeds of $10,000 or more, a court-appointed guardian or conservator of the minor’s property must submit the claim. For your state requirements, please contact an Annuity Claim Representative.
When do I need to complete IRS Form W-9 versus IRS Form W-8?
Each beneficiary who is a U.S. person must certify their taxpayer identification number and tax status on the claim form or submit a properly completed IRS Form W-9. If a beneficiary is not a U.S. citizen, U.S. resident alien or other U.S. person, that beneficiary must submit a separate properly completed IRS Form W-8 instead. There are different Forms W-8 depending on the beneficiary’s status. Please refer to the instructions on Forms W-9 and W-8 on how to complete each form. You can obtain copies of the forms and their instructions on the IRS website.
What are Letters Testamentary or a Letter of Administration?
Letters Testamentary or a Letter of Administration are a state’s court appointment of a person to act as executor or administrator of an estate. If the beneficiary is an estate, the Annuity Claim Form must be signed by the court-appointed representative.
This information is not intended to serve as, and does not constitute, tax advice. Please contact your own tax professional with any questions about your personal tax situation.
Guarantees are subject to the claims-paying ability of the issuing insurance company.
John Hancock Annuities are issued by John Hancock Life Insurance Company (U.S.A.), Lansing, MI 48906, which is not licensed in New York. In New York, John Hancock Annuities are issued by John Hancock Life Insurance Company of New York, Valhalla, NY 10595. John Hancock Variable Annuities are distributed by John Hancock Distributors LLC.