John Hancock Changes

[Arthur Rudnick]

As reported by John Hancock on 5/05/14

Effective 5/19 with new policies in Compact states:

- increase on rates 15-27% depending on gender / marital status
- paramed exams on all applicants
- part 1 app (similar to Genworth's app) - part 2 completed by examiner
- reduction in max benefits allowed
- preferred class is getting tighter (note family history will play a role in whether one can get preferred now)
- apps are all being changed on 5/19 in all compact states
- temporary suspension of product in CA

 

[ltcadviser]

As reported by John Hancock on 5/05/14

Effective 5/19 with new policies in Compact states:

- increase on rates 15-27% depending on gender / marital status
- paramed exams on all applicants
- part 1 app (similar to Genworth's app) - part 2 completed by examiner
- reduction in max benefits allowed
- preferred class is getting tighter (note family history will play a role in whether one can get preferred now)
- apps are all being changed on 5/19 in all compact states
- temporary suspension of product in CA

Won't affect my business at all.

 

[Arthur Rudnick]

previously posted by ltcadviser

Won't affect my business at all

happy to hear that Jack.............

 

[ltcadviser]

As reported by John Hancock on 5/05/14

Effective 5/19 with new policies in Compact states:


- temporary suspension of product in CA

Well, I guess this frees up 15 apps for LTCFP to allow its agents to write

 

[Arthur Rudnick]

LTCI carrier to pause California sales

BY ALLISON BELL
MAY 13, 2014

John Hancock Long-Term Care Insurance says it will temporarily suspend selling new long-term care insurance (LTCI) products in California while it updates product prices in that state.

John Hancock, a unit of Manulife Financial Corp. (TSX:MFC), will have a revised product available in California in the next few months, the company said in a bulletin.

The suspension of sales is set to start May 19.

In some other states, the company has been changing some product names, increasing the cost of a rider that waives the home health care elimination period, increasing some product base rates, and increasing the couples/partner discount percentage.

In many states, the company is lowering the maximum amount of LTCI benefits available. For Custom Care III policy buyers, for example, the maximum daily benefit will change to $400, from $500.

The company said it is trying to streamline the application process by having a health professional collect all personal health information, rather than having agents collect some of the health information.