Search
 

John Hancock offers new long-term care insurance option

The Benefit Builder option is an alternative to a traditional inflation option with automatic increases in benefits occurring gradually over time.

By Noah Guillaume | Updated on August 17, 2012

John Hancock Long-Term Care Insurance has launched Benefit Builder, a new option on its Custom Care III LTC insurance policy. Benefit Builder is an alternative to a traditional inflation option and provides automatic increases in benefits that occur gradually over time, as well as voluntary buy-up options.

Policyholder’s benefits grow through an automatic crediting formula tied to the investment earnings of a segment of John Hancock’s general account, without a corresponding increase in premiums. Every three years through age 75, policyholders will have the opportunity to increase benefits by 10 percent without having to answer questions about health or undergo a medical exam, subject to restrictions. Premiums for the additional buy-up coverage will be based on the policyholder’s age on the option date.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.