John Hancock improves LTC rider on single life products
March 5, 2014 by IFAwebnews Staff
John Hancock Insurance announced that it has launched what it says is an improved long-term care (LTC) rider that is available on many of its life insurance products. The rider now provides greater design flexibility when insuring against rising costs of long-term care.
“The need for long-term care represents one of the most significant financial risks an individual can face,” said Mike Doughty, president, John Hancock Insurance. “An unexpected long-term care event can quickly deplete savings and impact financial security in retirement. Adding the enhanced LTC rider to any of John Hancock’s permanent single life products [provides] both death benefit protection and long-term care coverage.”
The new LTC rider provides consumers with more coverage for retirement planning with an increasing death benefit option, as well as the ability to specify the LTC coverage needed, helping balance LTC and estate planning needs.