John Hancock Long Term Care Insurance
John Hancock, the U.S. division of Manulife Financial Corporation, offers insurance policies backed by excellent financial strength and more than 150 years of experience. The company provides insurance to more than 2.6 million people and pays out over $5.7 million in claims each year. Products and policies offered by John Hancock include insurance, annuities, retirement plans, and more. For more than two decades, John Hancock was also recognized as one of the leading long-term care insurance providers in the United States, with more than 1.2 million policies in effect.
Long-Term Care Insurance Policies
John Hancock offered individual and group long-term care insurance, and their policies were known for being flexible and easily customized to suit one’s needs. However, in December of 2016, John Hancock announced that they were officially exiting the long-term care insurance industry and would no longer be issuing new policies of either kind. This decision was made following years of unfortunate but necessary increases in premiums and waning customer interest in the product as a whole. Policies purchased through them prior to this announcement are still in effect and will pay out benefits as usual.
Reputation and Financial Strength
John Hancock is a financially sound company and has received good scores from the four leading independent ratings agencies: an A+ (superior) from A.M. Best, an AA- (very strong) from both Standard & Poor’s and Fitch Ratings, and an A1 (good) from Moody’s Investors Service. The other divisions of Manulife Financial have received similarly positive ratings. While a company should not be judged on financial strength alone, these scores are important because they help to predict the company’s ability to pay out claims in the future. According to the National Association of Insurance Commissioners, John Hancock also has significantly fewer complaints registered against it than is typical for a company of its size. However, many people have noted problems dealing with customer service representatives, and the increases in premiums discussed in the previous section have also not been popular.
Be sure to take a look at our other articles to learn more about the various insurance companies offering long-term care policies. Remember – these policies and the companies that issue them can differ greatly, so it really does pay to do your research and shop around.
More Useful Links:
MedAmerica Long Term Care Insurance