Wells Fargo Faces John Hancock Suit Over Life Insurance Issue

August 31, 2023 by Allison Bell

Anew federal court case could affect what happens when the owner of a life insurance policy uses the policy as loan collateral and then sells the policy through a life settlement.

John Hancock Life Insurance Co. (U.S.A.) filed the suit in the U.S. District Court of Massachusetts against two parties — Wells Fargo and Monterey County Bank — that may have the right to receive some or all of the death benefits from two life insurance policies that John Hancock sold to Basil Mills in 2007.

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Originally Posted at ThinkAdvisor on August 24, 2023 by Allison Bell.