John Hancock Life Insurance has launched a single-premium whole life insurance product LifeCare, which provides protection for both life and long-term care insurance needs in a single policy.
With LifeCare, clients can reposition some of their assets into a policy that will help further protect their family with life insurance while also protecting their assets from the high costs of long-term care should they eventually need it, John Hancock said.
In addition, the new product also offers a tele-underwriting process. The policy can often be issued in as little as eight days with no exams, labs or doctors’ statements, the company said.
Steve Finch, president of John Hancock Life Insurance, said: John Hancock’s LifeCare provides that a benefit will be paid regardless. It may be a life insurance death benefit, it may be a long-term care insurance benefit or some combination of the two, but the client will be paid a benefit.
“In addition, if a client needs long-term care, the total benefit amount is typically several times greater than the premium paid. If they don’t need it, or only need some care, the remaining death benefit goes to the beneficiaries. John Hancock’s LifeCare product is the industry’s best reason yet to consider a life insurance policy with long-term care benefits.”