BOSTON-- John Hancock has launched a new long-term care insurance (LTCI) program called Corporate Solutions for the small business market to help provide individual LTCI at the worksite in the way that best suits employers' and employees' needs.
Corporate Solutions features two main options; both have many of the same benefits but each option has differences tailored to address the kind of plan a business specifically wants to offer. One option, designed to attract and retain the top executive, is an employer-paid program featuring LTCI with robust benefits and a highly streamlined application process. The other, designed for businesses wanting to offer LTCI as an employee-paid benefit, highlights features such as portability, dependent coverage, and easy billing via payroll deduction.
The two Corporate Solutions options may be offered independently or can be combined depending on an employer's priorities. The new program compliments Hancock's existing Sponsored Group Program, which is best suited for associations and other employer voluntary-pay scenarios in which ongoing enrollment is preferred.
"Corporate Solutions, coupled with our already popular Sponsored Group program, now gives our business market-oriented producers several flexible designs that can be customized to meet the unique needs of their clients," said Michele Van Leer, executive vice president of Long-Term Care Insurance at John Hancock Life Insurance Company. "Hancock has been a leader in providing
Long Term Care insurance to individuals and large employers. Corporate Solutions increases our capacity to serve all parts of the market and provides sales opportunities for our producers."
The small business market has been active with life insurance and retirement planning for years, but only three percent of businesses with fewer than 100 employees offer LTC insurance to their employees.
"Many of our producers who work with business owners wanted to offer LTC insurance, but were unsure about what was the best solution for their clients," said Van Leer. "We've developed a comprehensive support system for these producers including in-depth training tools and marketing materials as well as a dedicated toll-free number to help them learn about Corporate Solutions.
Having entered the retail LTCI business in 1987 and group LTCI business in 1988, John Hancock is an industry pioneer. Today, John Hancock is one of the largest providers of long-term care insurance overall with more than 800,000 clients and $1.1 billion of in-force premium.
