John Hancock Launches Single-Premium Whole Life Policy With Long-Term Care Benefits
February 01 2010 - 10:43AM
PR Newswire (US)
- Maximum Long-Term Care Dollars - Streamlined Application Process
BOSTON, Feb. 1 /PRNewswire-FirstCall/ -- John Hancock Life
Insurance today announced the launch of LifeCare, a single-premium
whole life insurance product that provides protection for both life
and long-term care (LTC) insurance needs -- in a single policy.
With LifeCare, John Hancock clients can reposition some of their
assets into a policy that will help further protect their family
with life insurance while also protecting their assets from the
high costs of long-term care should they eventually need it. "John
Hancock's LifeCare provides that a benefit will be paid
regardless," said Steve Finch, President, John Hancock Life
Insurance. "It may be a life insurance death benefit, it may be a
long-term care insurance benefit or some combination of the two,
but the client will be paid a benefit. In addition, if a client
needs long-term care, the total benefit amount is typically several
times greater than the premium paid. If they don't need it, or only
need some care, the remaining death benefit goes to the
beneficiaries." He added that LifeCare's strong cash values provide
clients a liquidity option should they need it. "With more than 78
million baby boomers expected to retire in the next two decades, we
believe John Hancock's LifeCare will offer many of them a very
attractive, cost-effective solution to long-term care and asset
protection needs," Mr. Finch said. LifeCare also offers a
streamlined tele-underwriting process. The policy can often be
issued in as little as eight days with no exams, labs or doctors'
statements, convenient for the client and the producer. John
Hancock, which has a long, successful history of providing
long-term care riders on its fully underwritten products, is an
industry leader in both the life insurance and long-term care
insurance markets. The policy is backed by one of the industry's
most highly rated companies. "The addition of LifeCare further
strengthens John Hancock's portfolio of universal, variable and
whole life insurance products designed to meet every client's
need," Mr. Finch said. "John Hancock's LifeCare product is the
industry's best reason yet to consider a life insurance policy with
long-term care benefits.' About John Hancock Financial and Manulife
Financial Corporation John Hancock Financial is a unit of Manulife
Financial Corporation, a leading Canadian-based financial services
group serving millions of customers in 22 countries and territories
worldwide. Operating as Manulife Financial in Canada and in most of
Asia, and primarily as John Hancock in the United States, Manulife
Financial Corporation offers clients a diverse range of financial
protection products and wealth management services through its
extensive network of employees, agents and distribution partners.
Funds under management by Manulife Financial and its subsidiaries
were $437 billion (US$407 billion) as at September 30, 2009.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and
PSE, and under '945' on the SEHK. Manulife Financial can be found
on the Internet at http://www.manulife.com/. The John Hancock unit,
through its insurance companies, comprises one of the largest life
insurers in the United States. John Hancock offers a broad range of
financial products and services, including life insurance, fixed
and variable annuities, fixed products, mutual funds, 401(k) plans,
long-term care insurance, college savings, and other forms of
business insurance. Additional information about John Hancock may
be found at http://www.johnhancock.com/. Guaranteed product
features are dependent upon minimum premium requirements and the
claims-paying ability of the issuer. LifeCare cannot be exchanged
for any other John Hancock insurance product and replacement of
LifeCare for a different John Hancock insurance product will
require full underwriting. LifeCare, the Acceleration rider, and
the Continuation rider may not all be available in some states. The
Acceleration rider is automatically included with every LifeCare
policy, and the Continuation rider is optional. There are
additional costs associated with these riders that are included in
the single premium. LifeCare with the Acceleration and/or
Continuation rider is not considered long-term care insurance in
some states. When the death benefit is accelerated for long-term
care expenses, the death benefit is reduced dollar for dollar, and
the policy cash value is reduced proportionally. Please go to
http://www.jhsalesnet.com/ for the most current state approvals.
For prospective policyholders in New York, this product is a life
insurance policy that accelerates the death benefit for qualified
long-term care services and is not a health insurance policy
providing long-term care insurance subject to the minimum
requirements of New York Law, does not qualify for the New York
State Long-Term Care Partnership program and is not a Medicare
supplement policy. The Acceleration rider has exclusions and
limitations, reductions of benefits, and terms under which it may
be continued in force or discontinued. Consult the state specific
Outline of Coverage for additional details. Insurance products are
issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA
02116 (not licensed in New York) and John Hancock Life Insurance
Company of New York, Valhalla, NY 10595. DATASOURCE: John Hancock
Life Insurance CONTACT: Brian Carmichael of John Hancock,
+1-617-663-4748, Web Site: http://www.johnhancock.com/
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