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John Hancock Long Term Care Insurance has beefed up two group LTC insurance plans and eased discount qualification requirements.
Hancock, Boston, a unit of Manulife Financial Corp., Toronto, says the moves are aimed at making it easier for producers to sell in the employer and association markets.
To update the Corporate Choice product, which is designed for employers with 25 to 1,000 employees, and the CareChoice product, which is designed for employers with more than 1,000 employees, Hancock has added features such as a monthly cash benefit, a respite-care supplement to its stay-at-home benefit and an automated inflation option pegged to the Consumer Price Index.
Hancock also has extended its sponsored group discount program, which offers a 5% premium reduction on the cost of individual LTC policies purchased through groups, to groups with as few as 3 participating employees.
To improve the sales process, Hancock has developed a new collection of LTC marketing materials. The company will imprint the materials with the logo of the sponsoring employer.