If you or a loved one receives periodic payments from a personal injury settlement backed by John Hancock, you’re dealing with what’s known as a structured settlement annuity. These types of arrangements provide tax-free, court-approved financial stability over time—but what if your needs change? Whether you’re managing your current payments, updating personal details, or exploring options to sell part of your settlement, understanding your rights and resources is essential.
This guide walks you through how John Hancock structured settlements work, how to make changes, and what to consider if you’re looking to convert part of your future payments into a lump sum today.
What Is a John Hancock Structured Settlement?
A John Hancock structured settlement is a long-term financial agreement where an injured party receives regular payments through an annuity funded by John Hancock Life Insurance Company. These are commonly the result of personal injury or wrongful death lawsuits and are designed to ensure a reliable stream of income over time.
Because they are established through court orders, the payments are generally income tax-free under IRS rules. John Hancock, known for its financial stability and customer service, is one of the top providers in the U.S. for these kinds of annuities.
How to Manage Your Settlement Payments
If you’re a payee, you may need to update your address, set up direct deposit (EFT), or change beneficiaries. These administrative updates are handled directly through John Hancock’s structured settlements service center.
To change your mailing address, fill out the official change of address form from their customer support page. For EFT setup, complete and submit an authorization form with your banking details. Beneficiary updates typically require notarized documentation and may depend on the terms of your original settlement.
You can reach the John Hancock Annuity Service Center by phone or access most forms online via their customer portal. Always allow 7–10 business days for processing and confirmation.
Pros and Cons
| ✅ Pros | ⚠️ Cons |
|---|---|
| Backed by a stable, A-rated insurer | Not designed for short-term liquidity |
| Payments are fixed and tax-free | No self-service platform or mobile access |
| Good customer service and support documents | Commutation (selling payments) is not straightforward |
How to Sell or Commute John Hancock Structured Settlements
If you’re considering selling part of your structured settlement, the process—called commutation—allows you to receive a lump sum in exchange for future payments. While John Hancock does not directly buy back or advance your annuity, you can work with a third-party structured settlement buyer to facilitate this.
Most buyers offer between 60% and 90% of your annuity’s present value, depending on factors like the payment amount, term length, and market conditions. You will need court approval for any sale under the Structured Settlement Protection Act (SSPA), which ensures that the transaction is in your best interest.
The process typically takes 30 to 60 days and includes obtaining multiple quotes, hiring legal counsel, and petitioning a judge to approve the transaction.
John Hancock vs. Other Providers
| Provider | Credit Rating | Custom Options | Sale Flexibility | Customer Support |
|---|---|---|---|---|
| John Hancock | A– (NY DFS) | Yes | Yes (via third parties) | Strong |
| MetLife | A+/AA+ | Yes | Yes | Excellent |
| Pacific Life | AA– | Yes | Yes | Offers inflation-adjusted options |
| AIG (AmGen) | A/A+ | Yes | Yes | Transparent terms |
Real-World Experiences
Many structured settlement holders have shared that John Hancock’s support team is responsive, but navigating commutation or changes can take time.
“I was able to set up EFT deposits after mailing in the form, but it took two weeks to confirm,” one payee noted. Others highlight the importance of reading every document before considering selling: “A buyer offered me $40K on $75K in payments. I got a second quote and saved $6,000.”
Forums like Reddit, Trustpilot, and settlement-focused groups reveal that while John Hancock is respected, selling a portion of payments requires careful planning and trustworthy partners.
- Step-by-Step Guide to Changes and Commutations
- Gather your original settlement documents, including annuity schedules
- Contact John Hancock for administrative changes like address or bank info
- If selling: request quotes from at least 3 settlement buyers
- Consult a financial advisor or legal professional to evaluate offers
- File a court petition and attend your hearing (required in all states)
- Once approved, funds are typically transferred within 30–45 days
FAQs
Is my settlement income taxable?
Generally not, if it originated from a personal injury or wrongful death case.
Can I change the frequency of my payments?
No, structured payments are fixed as per the original court order and cannot be rescheduled.
What happens if I pass away?
Payments may continue to your designated beneficiary, depending on the settlement terms.
How long does it take to sell a structured settlement?
The process usually takes 30–60 days after court approval.
Conclusion
John Hancock structured settlements offer long-term financial security, backed by a financially strong and customer-focused institution. While these agreements are designed for stability, life changes can create a need for flexibility—whether it’s updating information or accessing funds sooner.
If you’re exploring your options, take the time to gather quotes, speak to advisors, and understand the legal requirements. For administrative changes, contact John Hancock’s service team directly. For more complex actions like commutation, work with reputable partners and never rush into a decision.
With the right support, your structured settlement can continue working in your best interest—now and into the future.