John Hancock Insurance Trust Information⚓︎

Insurance Trust Information⚓︎

Irrevocable trust for the 2007 Barbara and Harold Insurance Trust (Second to die)⚓︎

• Trust is through John Hancock
• John Hancock pays out $1,000,000 life insurance policy upon death.
• Policy payout is split 50/50 between Joanna Zappa & Dave Levine.

Payout Procedure⚓︎

• Call John Hancock once parents have passed away to obtain form(s) for Joanna Zappa & Dave Levine.
• John Hancock Phone#: 1-888-267-7781

• Additional instructions will be provided by John Hancock regarding payout.

Specifics⚓︎

• Death certificates will be required.
• Money is paid out tax free.
• Trust is funded through at least 10/20/2030 or longer until Barbara & Harold Levine pass away.
• If Barbara & Harold are alive after 10/20/2030, there will be no money to pay out, but policy will continue to be funded.

Funding Procedure⚓︎

The funding for the John Hancock Life insurance policy is paid by NY Life Insurance by way of Janney Montgomery Scott.

Procedure is as follows:

• Every year, $11,216.16 needs to be paid by NY Life Insurance.
• NY Life Insurance pays $11,216.16 to Janney.
• Janney holds onto $11,216.16 for 30 days by law.
• After 30 days, Janney automatically pays $11,216.16 to John Hancock.
• Janney will provide a confirmation by mail once this has been completed.

Account & Policy Information⚓︎

Related Information⚓︎

1. Instructions to open the safe can be found here.

Hang onto signed copies of forms in case IRS ever asks information regarding any inheritance.