John Hancock Withdrawal Contract Termination Form

If you`re looking to terminate your John Hancock contract, you`ll want to complete a withdrawal contract termination form. This process can be confusing, but with the right information, you`ll be able to navigate it with ease.

First, it`s important to understand what exactly a withdrawal contract termination form is. This form is used to terminate a contract with John Hancock, specifically a contract relating to a variable annuity or variable life insurance policy. The form is necessary if you no longer want to maintain the contract and wish to withdraw your funds.

To complete the form, you`ll need to provide your personal information, such as your name, address, and contact information. You`ll also need to include the contract number and the type of contract you`re terminating. Additionally, you`ll need to indicate how you want your funds to be distributed – for example, if you want them transferred to another account or if you want a check mailed to you.

It`s important to note that withdrawing funds from a variable annuity or variable life insurance policy can come with tax consequences. You may owe taxes on any gains you`ve made from the investment, and you may also face penalties for early withdrawal if you`re under the age of 59 1/2. It`s important to consult with a financial advisor or tax professional before making any decisions regarding your contract termination.

Submitting the withdrawal contract termination form to John Hancock can take several weeks to process. It`s important to follow up with the company to ensure that your request has been received and that your funds are being distributed accordingly.

In conclusion, terminating a John Hancock contract can be a daunting process, but with the right information and guidance, it can be done smoothly. By completing a withdrawal contract termination form and consulting with financial professionals, you can ensure that you`re making the best decision for your financial future.

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