John Hancock Introduces Credit Card Payment Option for Long-Term Care Insurance

Strategic Insights -

John Hancock Financial Services has introduced a new credit card payment option for its long-term care insurance customers, making it the first top-five carrier to offer this convenience. The payment option allows customers to charge their monthly or quarterly premiums to a MasterCard or Visa credit card, providing an alternative to writing checks and the opportunity to earn bonus points or miles. This enhancement is part of John Hancock's ongoing efforts to improve its long-term care insurance offering.

Key Takeaways:

  • John Hancock is the first top-five carrier to offer a credit card payment option for long-term care insurance premiums.
  • The credit card payment option is available for John Hancock's long-term care insurance products, Custom Care II and Essential Care II.
  • Custom Care II offers benefit options that allow customers to tailor comprehensive coverage, including the FamilyCare Benefit, which covers up to four family members under one policy.
  • Essential Care provides solid long-term care protection without added costs associated with specialized features.
  • John Hancock has over 800,000 clients and $1.1 billion of in-force premium in its long-term care insurance business.
  • John Hancock has been a leader in the retail LTCI business since 1987 and group LTCI business since 1988.

Statistics:

  • Over 800,000 clients have chosen John Hancock for their long-term care insurance needs.
  • $1.1 billion of in-force premium has been earned in John Hancock's long-term care insurance business.
  • John Hancock has been a pioneer in the long-term care insurance industry since 1987, with over 30 years of experience in the retail LTCI business.

Sources:

  • John Hancock Financial Services, Inc. press release, no date provided.
  • About John Hancock, John Hancock Financial Services, Inc., no date provided.
  • About Manulife Financial, Manulife Financial Corporation web site, no date provided.
  • Manulife Financial Corporation annual financial report, June 30, 2004.