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Long Term Care Insurance John Hancock

December 31, 2018 - voltus - Insurance - 156 views



Long Term Care Insurance John Hancock

When it comes to LTC insurance providers, the John Hancock Life Insurance Company has long been considered to be a solid company. They were one of the first companies to begin selling this ever-more-important insurance product and are well known for their claims-paying capability, too. Is it also include John Hancock Long Term Care Insurance?

Very recently as of the time of this writing, John Hancock qualified to become listed in the Insurance Marketplace Standards Association (IMSA), which is the independent standards-setting and compliance solutions organization for the life insurance, annuity, and long-term care insurance marketplace. John Hancock has to undergo review every three years to re-qualify for membership listing. Companies achieve membership based on their having ethical standards (such as being truthful in their marketing and advertising) as well as delivering product and service quality.

However, John Hancock did recently need to raise its premiums on over 275,000 of its LTC policy holders.

When the long-term care insurance market opened up in the early 1990s, John Hancock sold many policies based on the idea that the policy holders would only keep them for a limited time and then drop them–such as if they had bought a term life insurance product to insure them against the unexpected for a temporary period of time. Some financial professionals recommend that anyone who has a net worth of at least $2 million does not need to maintain a long-term care insurance policy, the premiums on which are high compared to other insurance products (except for health insurance, which many will tell you is not “real” insurance anyway but is actually subsidized medicine) because of the fact that people under 40 cannot qualify for these products (that is, they are by their nature relatively high-risk insurance policies). So, many John Hancock LTC policies were sold with the idea that as their holders continued to work and gather assets, if nothing unexpected or unforeseen happened they would one day be worth at least $2 million and no longer need their policies–meaning, John Hancock would never have to pay any claims on them.

Instead, the vast majority of these clients have chosen to continue with their policies because they don’t desire to have to pay out a great deal of money from their own personal fortunes just because they would have the capability of doing so in the even that they needed long-term care. Furthermore, these policy holders decided that they weren’t satisfied with paying in all of those premium dollars and then getting nothing in return in the long run. (The analogy with term life insurance isn’t strong here because term life is far, far less expensive than LTC.)

On average, these affected policy holders now have to pay an additional $262 per year–or $21 per month–to maintain their LTC policies. While John Hancock was certainly not trying to deceive anyone, this recent development demonstrates that long-term care insurance is much more valuable to people than those without it and many financial professionals believe it is. A provider like John Hancock is a great place to turn to when you are considering buying LTC. So,can you find what is John Hancock Long Term Care Insurance.

Long Term Care Insurance John Hancock

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