How to name beneficiaries and fund a trust at John Hancock

Complex or conditional beneficiary designations are not accepted on the annuity form. Signing it authorizes John Hancock to interpret the designation to resolve ambiguities, inconsistencies, or omissions.¹

Owner changes cannot be made with the online change of beneficiary form. An owner change, including a change to trust ownership, requires the Change of owner and/or beneficiary form.²

Beneficiary changes are requested in the online account (Policy values, then Policy overview) or through the life forms hub.³

A trust can be named as primary or contingent beneficiary.⁴

A trust named as annuity beneficiary is paid the death benefit itself. John Hancock does not pay the individuals named inside the trust.¹

Minor children cannot receive payouts directly; a trust or a custodian is designated.⁴

Primary and contingent percentages must each total one hundred percent. Dollar amounts, fractions and percentages with more than two decimal places are not accepted. If percentages are not provided, beneficiaries in the same category share equally.⁴

All current contract owners and trustees must sign the form.⁴

A paper beneficiary form is still required for spousal consent, even where the plan offers online beneficiary designation.⁴

For annuitys. Available to download.¹

Return to

For annuitys. Completed online.²

For life insurance policys. Completed online.³

Completed by group annuity, pension and structured settlement payees. Available to download.⁵

No annuity beneficiary change is effective unless the annuity service office receives and acknowledges it in writing. If acknowledgment does not arrive within 15 calendar days of submission, the owner calls the annuity service office to confirm it was received.²

On an annuity, an owner change revokes the interest of any revocable beneficiary. If the new owner does not complete the beneficiary section, the beneficiary defaults to the new owner if living, or to the new owner's estate, and to the entity itself where the new owner is a trust.¹

For a charity or other entity, its share is reapportioned among the surviving beneficiaries if John Hancock is given satisfactory proof after the death that the entity is not then in existence.⁴

Without an adult UTMA custodian or a trust, the payout to a minor is held up by a guardianship requirement.⁴

John Hancock permits ILIT ownership of its life policies.⁴

Trust ownership is permitted on nonqualified annuity contracts.⁴

On Venture and Wealthmark variable annuities, when an entity owns the contract and it is annuitized, the annuitant becomes the owner and all distributions become payable to the annuitant, not to the trust.⁴

An annuity owner change is an absolute assignment, and it may cause the loss of guarantees and rider benefits.¹

For annuitys. Available to download.¹

Return to

For annuitys. Available to download.⁶

The ILIT trustee becomes the policy owner and beneficiary, and pays premiums from trust assets.⁴

Accelerated benefits, including LifeCare long-term care benefits, are paid to the policy owner, so an ILIT-owned policy pays them to the trustee. The rider allows up to 50% or 100% of the death benefit, capped at $1 million, and reduces the death benefit by the amount plus one year's interest at the policy loan rate.⁴

Most policies require the signature of all named trustees. A single-trustee signature is accepted only where one trustee has signing authority for all.⁴

Certain entities and special situations need John Hancock's advance approval for trust ownership and are handled case by case.⁴