529 College Savings Plans For Individuals & Families

By: John Hancock Life Insurance Company Of New York  09-12-2011
Keywords: income tax

What is a 529 college savings plan?

Created by section 529 of the Internal Revenue code in 1996, a 529 savings plan is a qualified tuition program designed specifically to save for college. Tax-deferred growth on earnings and federal income tax-free distributions1 set 529 savings plans apart from other investment vehicles used to save for college.

Inside College Savings

Saving for college is challenging, and with so many options, finding the right savings vehicle is crucial for your loved one.

In addition to 529 plans, college savings alternatives include Coverdell education savings accounts, UGMA/UTMA accounts, Series EE and Series I Savings Bonds, and taxable investment accounts.

While each of these savings strategies has its own distinctive features, there are benefits offered by 529 plans that exceed these alternatives.

Why John Hancock Freedom 529?

  • A multi-managed platform, supported by the investment professionals at John Hancock and T. Rowe Price
  • Choose from four investment strategies and 22 investment options
  • Diversification by asset class and investment style

1State tax laws and treatment may vary. Earnings on non-qualified distributions will be subject to income tax and a 10% federal penalty tax. Please consult your tax adviser for more information.

529 plans are not FDIC insured, may lose value and are not bank or state guaranteed.

Keywords: income tax

Contact John Hancock Life Insurance Company Of New York


Print this page

Other products and services from John Hancock Life Insurance Company Of New York


Fixed Products - John Hancock

Annuities other than Structured Settlements are a long term contract designed for retirement purposes such as asset accumulation, distribution and transference, and may not be suitable for meeting short-term objectives. John Hancock Assignment Company is the assignee obligated to make the payments to you backed by an insurance policy issued by John Hancock Life Insurance Company and John Hancock Life Insurance Company of New York.


Fixed Annuities, Variable Annuities, and Annuity Products

Neither John Hancock Life Insurance Company, John Hancock Life Insurance Company of New York, John Hancock Distributors LLC, nor any of their representatives provide tax, accounting, or legal advice. Please consult your own independent adviser as to any tax, accounting, or legal statements made herein. Venture Combination Fixed and Variable Annuities are distributed by John Hancock Distributors LLC.


401(K) Plans, 401(K) Benefits - John Hancock

CFO Magazine 2008 Recordkeeper Survey data ***As of September 30, 2008****2006 LIMRA International 401Scorecard, John Hancock sold more plans in every segment <500 than any other provider in the survey. Guarantees of withdrawals provided under the “Guaranteed Income for Life Select” are supported by John Hancock USA’s general account and are contingent on the claims paying ability of John Hancock USA.


Term, Universal, and Variable Life Insurance Products

Variable universal life insurance has annual fees and expenses associated with it in addition to life insurance related charges, including surrender charges and investment management fees. Guaranteed product features are dependent upon minimum premium requirements and the claims-paying ability of the life insurance company issuing the life insurance contract.