Customer Service Center R-02 John Hancock Life Insurance Company (U.S.A.) 1 John Hancock Way Suite 1350 Boston MA 02217-1350
Back in September of 2004 I was presented with a 419 plan provided by Manulife to secure my future, through your Manulife 419 life insurance plan. I relied on the reputation of the Manulife Company when I bought the insurance. I met with an agent of yours and bought the insurance with the recommended tax deductible money through an appointed third party administrator. I made my required contributions for 5 years at $60,000 per year and took the deductions like I was instructed to do by your agent. Finally your agent separated from me saying “I wasn't the right kind of client for him anymore.”
I am not an expert in these matters, and relied on the excellent reputation of Manulife. I felt that Manulife (Hartford) would only sell/manage legitimate programs. I thought that your company had reviewed the plan. I was told that after review by your company your companys insurance was allowed to be put in the 419 plan.
Unfortunately this Manulife 419 program was not a legitimately recognized life insurance plan deduction, thus triggering a multiyear IRS audit costing me tens of thousands of dollars to defend, and taxes to pay. Ultimately the plan failed and I have to pay penalties and interest and undergo a tremendous amount of stress and financial burden. This situation will continue to incur expenses through CPA and advisors fees moving forward.
I would have thought an insurance company with your reputation would not offer a program that would get someone audited.
I signed a lot of papers, and your agent filled out a lot of papers for me and showed me where to sign. I believed what he told me. I wanted a tax deduction, and the way he explained this it sounded great. When I did not understand things about the plan he told me not to worry. He said something like the insurance company has been around for years. It would not allow the sale of anything that was not above board. The insurance company studied the plan and would never sell anything that did not work. As I wrote above, I wanted a tax deduction and your agent explained that your plan provided it. Unlike other Manulife insurances, this plan gave me tax deductions.
I'm seeking to have the financial responsibilities in this matter rectified. I expect that you will make me whole. If you agree I will send you all the details of my costs. I expect that Manulife or Hartford will do the right thing and take care of these, without me having to sue. I look forward to your reply.
John Hancock:
ReplyDeleteCustomer Service Center R-02
John Hancock Life Insurance Company (U.S.A.)
1 John Hancock Way Suite 1350
Boston MA 02217-1350
Back in September of 2004 I was presented with a 419 plan provided by Manulife to secure my future, through your Manulife 419 life insurance plan. I relied on the reputation of the Manulife Company when I bought the insurance. I met with an agent of yours and bought the insurance with the recommended tax deductible money through an appointed third party administrator. I made my required contributions for 5 years at $60,000 per year and took the deductions like I was instructed to do by your agent. Finally your agent separated from me saying “I wasn't the right kind of client for him anymore.”
I am not an expert in these matters, and relied on the excellent reputation of Manulife. I felt that Manulife (Hartford) would only sell/manage legitimate programs. I thought that your company had reviewed the plan. I was told that after review by your company your companys insurance was allowed to be put in the 419 plan.
Unfortunately this Manulife 419 program was not a legitimately recognized life insurance plan deduction, thus triggering a multiyear IRS audit costing me tens of thousands of dollars to defend, and taxes to pay. Ultimately the plan failed and I have to pay penalties and interest and undergo a tremendous amount of stress and financial burden. This situation will continue to incur expenses through CPA and advisors fees moving forward.
I would have thought an insurance company with your reputation would not offer a program that would get someone audited.
I signed a lot of papers, and your agent filled out a lot of papers for me and showed me where to sign. I believed what he told me. I wanted a tax deduction, and the way he explained this it sounded great. When I did not understand things about the plan he told me not to worry. He said something like the insurance company has been around for years. It would not allow the sale of anything that was not above board. The insurance company studied the plan and would never sell anything that did not work. As I wrote above, I wanted a tax deduction and your agent explained that your plan provided it. Unlike other Manulife insurances, this plan gave me tax deductions.
I'm seeking to have the financial responsibilities in this matter rectified. I expect that you will make me whole. If you agree I will send you all the details of my costs. I expect that Manulife or Hartford will do the right thing and take care of these, without me having to sue. I look forward to your reply.
Regards,