Both California Partnership and Traditional Policies Will Be Available
BOSTON, Feb. 1, 2012 /PRNewswire/ -- John Hancock today announced that its individual long-term care insurance would be available in California, beginning February 27, including both its new California Partnership policy and Custom Care III (non-Partnership).
Both policies provide comprehensive coverage for long-term care provided in all settings – such as the home, an assisted living facility, an adult day-care center or a nursing home – as well as care giving and care planning support.
"We are excited for our long-term care insurance to be available again in California," said Marianne Harrison, president, John Hancock Long-Term Care Insurance. "Having these policies available will give advisors and consumers strong options to consider when thinking about this coverage. Both policies provide robust coverage but each has different features that might fit better with consumers' varied situations."
For example, John Hancock's California Partnership policy carries the special benefit of Partnership policies which allow individuals who have them and have exhausted the benefits to protect some of their assets from the Medi-Cal spend-down requirements.
Or, a feature of Custom Care III (non-Partnership only), which will be unique in California, is its CPI compound inflation option. This type of inflation, which lessens the cost of the premium compared to that associated with a traditional compound inflation option, links annual benefit increases to the changes in the Consumer Price Index.
About John Hancock Financial and Manulife Financial Corporation
John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canada-based financial services group serving millions of customers in 21 countries and territories worldwide. In 2012, John Hancock celebrates 150 years of serving clients across the United States, while Manulife celebrates its 125th anniversary. 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 C$492 billion (US$473 billion) as at September 30, 2011. 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 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, 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 johnhancock.com.
Long-term care insurance is underwritten by John Hancock Life Insurance Company (U.S.A.), Boston, MA 02117 (not licensed in New York) and in New York by John Hancock Life & Health Insurance Company, Boston, MA 02117.
SOURCE John Hancock Long-Term Care