John Hancock LTC Product Changes
06-04-2010
John Hancock LTC has announced product changes for 2010, all aimed at addressing the economic environment while maintaining their position as a leader in the field. The extensive changes, effective June-August 2010, cover all aspects of business, from product lines to compensation.
John Hancock will be discontinuing the Leading Edge June 7, 2010, except for in Florida. Florida sales will continue while the state reviews the Custom Care II Enhanced product for approval.
Effective June 7, 2010, the Preferred discount will be lowered from 15 to 10%.
Beginning August 2, 2010, compensation on substandard cases will be calculated at Standard rate.
In order to maintain affordability and manage risk, on June 7, 2010 Hancock will terminate the lifetime benefit option.
The independent caregiver assessment will be eliminated effective July 1, 2010 on all new policies to ensure quality care at an affordable price.
There will be a rate adjustment on new Custom Care II Enhanced business June 7, 2010. CPI plans will see smaller increases than compound inflation plans.
While these changes are significant, they will enable Hancock to stay competitive now and to be a dependable carrier well into the future.
Contact
BUA Sales & Marketing
Phone: 330.576.1100
Toll Free: 1.800.792.6795
ltc@buaweb.com
