John Hancock: Important Notice: Discontinuance of Individual LTC Insurance Sales

To our LTC Distribution Partners and Producers:

News Image 11-11-2016

After a recent analysis of the macro-economic trends facing the long-term care (LTC) insurance industry, John Hancock has made the difficult decision to discontinue sales of their individual LTC insurance policies in all states. As many of you well know, the distribution landscape for LTC insurance has shrunk significantly since the peak of the industry in 2002. Today, there are far fewer outlets through which individual LTC insurance is sold, impacting the growth potential of the product. In addition, consumer demand for individual LTC insurance has fallen and remains stagnant. These trends, combined with the significant capital requirements of the LTC insurance business, are the primary reasons for this decision, which was not taken lightly.

Please refer to the following schedule of important dates relating to the wind-down of current cases.

IMPORTANT DATES:

•December 2nd, 2016
– last day to submit 'in good order' applications.
(11:59 ET for applications submitted electronically and/or must be received by December 2nd if mailed).

Please note LTC Quick Quotes will be discontinued effective immediately.

•December 16th, 2016 – last day to complete paramedical exams.
•February 10th, 2017 – all policies must be issued and paid for.

Please note that the decision to discontinue new sales does not impact their inforce LTC insurance business. John Hancock will continue to honor their commitments and provide high quality service and support to their existing LTC insurance policyholders and their families for many years to come.

John Hancock continues to believe in the importance and value of providing LTC protection for Americans, so as they look ahead, they will focus on offering LTC coverage as an accelerated benefit rider on their wide range of life insurance products, which has become an increasingly popular option for customers in recent years.

John Hancock appreciates your long-standing support and partnership in providing their individual LTC insurance to Americans over the years, and thanks you for your business.

Please do not hesitate to contact us if you have any questions.

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Contact

BUA LTC Sales
Phone: 800-792-6795