John Hancock Long-Term Care Insurance

It is never too late to start planning for the future. Looking into buying long-term care insurance is a good place to start, especially if you are in your early to mid-50’s! Long-term care insurance will help cover long-term health care needs that may not be covered by regular health insurance. It will also preserve one’s lifestyle and ensure that savings and assets are set aside for family and/or close friends. By purchasing long-term care insurance, you also relieve your loved ones of caregiving tasks, because professional care becomes more affordable.

John Hancock had been applauded for being a top provider of long-term care insurance for more than two decades. The company was known for its exemplary customer service and innovative products. Both individual and group long-term care insurance policies were available through John Hancock, encouraging a flexible and effective solution that would suit a variety of needs. However, as of December 2016, the company no longer offers long-term care insurance policies. The current policies are still in effect. This means that clients who already have long-term care insurance with John Hancock will be able to continue taking advantage of the services offered, but no new policies are being sold.

Coverage

As far as coverage goes, John Hancock offers all standard benefits, including hybrid policies that incorporate long-term care insurance and life insurance. The policy types offered by the company include individual/standard, state partnership, hybrid life & long-term care, and group insurance. Types of covered care include assisted living, adult daycare, nursing home, and in-home care. Policyholders can get assistance at any facility, which comes in especially handy in emergency situations! Last but not least, John Hancock also provides riders like shared care and inflation protection. Shared care allows couples to share maximum lifetime benefits with each other, and inflation protection protects your benefit amount from being changed due to inflation. The inflation protection rider is highly recommended for most people unless the person is 75 or older.

This company’s daily benefit limits range between $50 and $400, and there are long or short elimination periods to suit individual needs. Benefit periods range from two to six years. There is no unlimited lifetime benefit period available. To be eligible for John Hancock’s long-term care insurance, interested parties would need to provide proof of either of the following: Alzheimer’s or cognitive impairment, activities of daily living limitations, or simply a physician certification or letter warranting the need for a long-term care insurance policy.

Pricing

Since John Hancock long-term care insurance is no longer available to the public (unless you are already a policyholder with them), pricing information is not readily available. However, customers share that John Hancock is competitive in the market. Currently insured members who have questions or concerns about their long-term care insurance can get in touch with John Hancock’s customer service department by calling the toll-free number 800-399-7271.

What Customers Think

John Hancock has a stellar reputation amongst its long-term care insurance policyholders. Customers give this company a rating of 5/5 for customer service. John Hancock is competitively ranked in the market for those who have locked a policy in place. With 150 years of experience, John Hancock has a solid financial strength standing and boasts top ratings from the main credit rating agencies in the United States.

Conclusion

While it is not possible to predict the state of health someone will be in years from now, having a long-term care insurance policy in place can help people plan for the future, provide peace of mind, and protect valuable assets. The best part is, there are many different options out there so that you can truly tailor your policy to something that will suit your needs and budget.

If you are new to long-term care insurance and are currently shopping around, John Hancock will unfortunately not be an option, as they have stopped selling new policies. However, it’s good to know what they offer to existing policyholders so you can compare the offerings with those of other insurance companies and get a feel for what you can expect when purchasing long-term care insurance.