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Manulife to enter long term care insurance market

Manulife Insurance Company is set to offer a long term care insurance product specially designed for affinity and association markets after reaching a distribution agreement with American Insurance Marketing Services.

American Insurance Marketing Services (AIMS), a large marketing and distribution organization specializing in long term care insurance (LTCI) sold in the affinity segment, has already developed and sold such products for Monumental, a unit of Aegon, which recently announced its exit from the long-term care insurance marketplace.

Manulife said that its insurance division would work with sister company, Avon Long Term Care Leaders to handle product development, underwriting and claims management for the new product. In addition, Manulife stated that the product would carry the Manulife name to highlight its niche affinity position and differentiate itself from John Hancock’s other long term care insurance products.

We’ve been able to expand into these new markets by forging an alliance with a proven affinity marketing leader, and getting a customized product to market quickly, said Michele Van Leer, executive vice president of John Hancock Long Term Care.