John Hancock to refund $550,000 for “unsuitable” sales
October 7, 2014 by Steven A. Meyerowitz
John Hancock Life Insurance Company (U.S.A.), along with its subsidiary broker-dealer, has agreed to refund senior citizens in Massachusetts more than $550,000 to settle allegations that it failed to supervise one if its representatives, permitting him to sell unsuitable variable life insurance policies, variable annuities and other insurance and financial products.
The settlement with Massachusetts Attorney General Martha Coakley also requires Hancock to make 145 additional refund and penalty waiver offers to consumers, primarily seniors, who purchased certain variable annuities and variable life insurance policies from its representative.
John Hancock also will make a payment of $165,000 to Massachusetts. Click here to read…