Boston– John Hancock Life Insurance Company (John Hancock) has made it easier for group benefits producers to enter the small or mid-sized group long term care insurance market by adding an optional enroller service to its CorporateChoice product. This service, provided by a team of enrollment specialists, allows individual group benefits producers to reach multiple employer sites they might not otherwise have the capacity to serve. The enrollers are available to conduct employee meetings or one-on-one consultative sessions that cover the many issues surrounding long term care insurance, as well as plan design details.
CorporateChoice, introduced in late 2005 as a “true group” alternative to multi-life products, has enjoyed strong sales results with this year’s sales already tripling those achieved in 2006. The product, which is available to groups with up to 1,000 employees, has appealed to many types of businesses, but has been particularly popular among colleges and law firms seeking to enhance their benefit packages.
With CorporateChoice, guaranteed-issue is available in many instances, depending on the size of the group, its demographics, and whether there is an employer contribution to the premiums. Employers can tailor the plan to best suit their employees’ needs by choosing from an array of benefit levels and plan design features. In addition, John Hancock provides a comprehensive, customized marketing campaign, including an employer website to support on-line enrollment, as well as toll-free access to a customer service center and full payroll deduction.
“John Hancock is committed to providing the right long term care insurance coverage for every market segment,” said Dennis Healy, vice president, Group Long Term Care Insurance. “In the case of CorporateChoice, we wanted to leverage the experience and reputation we earned in the large employer market. We accomplished this by creating a comprehensive, flexible product for small to mid-sized employers, with a strong sales support model to assist producers. The ability to enhance the benefit’s enrollment campaign, with the addition of meeting support, can help producers achieve early success by driving participation among employees
About John Hancock Long Term Care Insurance
Today, John Hancock, a unit of Manulife Financial Corporation, is one of the largest providers of LTC insurance overall with more than 1,000,000 LTC insurance clients and $1.4 billion of in-force LTCI premium and more than $1 billion in LTC claims paid.
Having entered the retail LTC insurance market in 1987, John Hancock is one of the largest carriers of individual coverage in the country. John Hancock began selling group LTC insurance in 1988 and today is the largest provider of employer-sponsored LTC insurance in the U.S.
About John Hancock and Manulife Financial
John Hancock is a unit of Manulife Financial Corporation (the Company), a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$399 billion (US$398 billion) as at September 30, 2007.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, mutual funds, 401(k) plans, long term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at www.johnhancock.com.
Long Term Care Insurance is underwritten by John Hancock Life Insurance Company, Boston, MA 02117
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Melissa Simon Berczuk