John Hancock Life Insurance has launched LifeCare, a single-premium whole life insurance product that provides protection for both life and long-term care insurance needs, in a single policy.
Through 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, the company said.
The new policy also offers a streamlined tele-underwriting process and can often be issued in as little as eight days with no exams, labs or doctors’ statements, factors the insurer said are convenient for the client and producer.
“John Hancock’s LifeCare provides that a benefit will be paid regardless,” said Steve Finch, president of John Hancock Life Insurance, in a statement. “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.”
New John Hancock product covers both life, LTC insurance needs via IFAwebnews.com .
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