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John Hancock Enhances LTC Insurance Products, Discount Program

CareChoice is designed for employers with more than 1,000 employees, and CorporateChoice is designed for employers with 25-1,000 employees.

John Hancock, a provider of employer-sponsored long-term care insurance (LTC), has enhanced CareChoice and CorporateChoice of LTC insurance plans and updated Sponsored Group Discount Program (SGDP). It is intended for individual and group representatives to meet the LTC insurance needs of the employer and association markets.

CareChoice is designed for employers with more than 1,000 employees, and CorporateChoice is designed for employers with 25-1,000 employees. It includes features like: a monthly cash benefit, enhanced stay-at-home benefit, new automatic consumer price index inflation option, and enhanced home benefit provision, as well as more limited pay premium options and care advisory services fro non-insured family members.

According to John Hancock, SGDP helped financial advisors make inroads into association and small-employer group markets with the offer of a 5% discount on premiums and an expansive turnkey marketing program. Enhanced SGDP is providing a new lower participation requirement that calls for a three-life minimum within 90 days to support expanded sales in the present market.

Company has also developed a new suite of program marketing collateral that educates employees/members on the value of LTC insurance.