John Hancock to Sell Life-Long-Term Care Product Through Worksites
Part or all of the total amount of benefits can be tied to the performance of the S&P 500 index. If the index does well, the total amount of benefits available can be higher than the minimum.
An employee who buys an IUL policy will own the policy, meaning that they can keep the coverage in place if they leave their employer.
John Hancock will underwrite the coverage, rather than offering the coverage on a guaranteed-issue basis, but it will speed up the underwriting process by using a fast digital underwriting system.
“In this age where you can get anything from groceries to a mortgage electronically, it’s important we offer that level of ease and convenience,” Neal Kerins, John Hancock’s vice president of product development, said in a comment on the underwriting strategy.
Employees can get the long-term care protection as an optional IUL policy benefit.
The option will accelerate the payment of the policy death benefit to the insured if the insured individual needs long-term care, according to John Hancock.
Employees can also choose to accept a free, built-in Vitality wellness incentive program or pay $2 per month extra to sign up for a more extensive Vitality Plus wellness incentive program.
Marketing support: John Hancock is supporting sales of its products by appealing to distribution executives’ love of golf.
John Hancock is sponsoring the NAILBA42 conference, which is set to start Oct. 31 in Hollywood, Florida, and will feature Jack Nicklaus on its main speaker stage. The main stage is sponsored by John Hancock.
The organization holding the event, the National Association of Independent Life Brokerage Agencies, was acquired by Finseca in 2022 and is now known as NAILBA, a Finseca Community. The organization represents many major distributors of life insurance and other insurance and annuity products.
Correction: An earlier version of this article described the nature of the new product incorrectly. The product is multi-life insurance with a long-term care rider.
The John Hancock Building in Boston. Credit: John Hancock
