#USA #Boston #John Hancock #Longevity Index #LifeCare

John Hancock Enhances LifeCare Insurance Product

John Hancock has announced significant improvements to its hybrid indexed universal life insurance product, LifeCare, which now incorporates long-term care (LTC) benefits. This strategic enhancement arrives in the wake of their recent Longevity Preparedness Index (LPI), an initiative conducted in collaboration with MIT AgeLab. The LPI examines the preparedness of Americans to manage aging and revealed alarming statistics: the average score among respondents was just 64 in financial readiness and a mere 42 in care management, the lowest among eight assessed categories.

The Importance of Aging Preparedness

As life expectancy rises, the urgency for effective aging solutions intensifies. Most adults don't have a clear plan for their care as they age, with only 16% having discussed their care preferences with family. Hector Martinez, Head of Insurance at John Hancock, stated, "The inaugural Longevity Preparedness Index showed us that Americans are increasingly aware of the challenges of aging, but many still lack the education, resources and tools to prepare effectively and holistically." These insights prompted John Hancock to enhance LifeCare, aiming to bridge existing gaps and empower individuals to take control of their longevity.

Features of the Enhanced LifeCare

LifeCare now offers increased flexibility and benefits that can grow over time. It includes a meaningful death benefit and guaranteed monthly long-term care benefits, which are designed to adapt based on changes to the policy’s value. In addition, John Hancock Vitality® is available to LifeCare customers, providing them with access to health resources, incentives, and innovative tools like GRAIL's multi-cancer early detection test and Prenuvo's whole-body MRI scans.

The application process for LifeCare is fully digital, streamlining underwriting and enabling customers to receive instant decisions on their policies, often within a week. Moreover, during long-term care claims, policyholders can select their preferred payment structures, allowing for a personalized approach to managing their long-term care expenses.

A Commitment to Inclusivity

John Hancock's commitment to making LifeCare accessible goes beyond just product features. They aim to offer a range of risk classes available, including Preferred, without needing paramedical exams or labs, making it easier for various clients to obtain coverage. Hector Martinez emphasizes, "LifeCare is a great example of this, where we have a range of risk classes available, even Preferred, and no paramedical exam or labs are required."

Conclusion

Through these enhancements, John Hancock's LifeCare product stands out in the linked-benefit insurance market. It not only addresses current deficiencies in aging preparedness but also aligns with the company’s broader mission to support individuals in living longer, healthier lives. This initiative reflects John Hancock's dedication to providing value and security for its customers as they navigate the complexities of aging.

To learn more about the LifeCare product and its features, visit www.johnhancock.com.