John Hancock Introduces LifeCare Benefit Max (LMAX) Rider on Protection UL

Strategic Insights -

Protection UL with the newly introduced LifeCare Benefit Max (LMAX) rider has become a comprehensive solution for long-term care expenses by doubling the pool of money available for such expenses. This innovation allows for a guaranteed death benefit, and total benefit pool for long-term care assistance in a single product. The LMAX rider enhances Protection UL's position in the market by offering a unique combination of guaranteed protection, pricing, and features that lead the industry. Furthermore, this product allows clients to guarantee their death benefit for 15 years to a lifetime, based on their needs, and offers a rider that provides payment of the policy's planned premium if the insured becomes disabled.

Key Takeaways:

  • The LifeCare Benefit Max (LMAX) rider doubles the pool of money available for potential long-term care expenses.
  • LMAX extends benefits for long-term care after the policy's full death benefit has been accelerated.
  • Protection UL allows clients to guarantee their death benefit for 15 years to a lifetime, based on their needs.
  • The product offers a rider that provides payment of the policy's planned premium if the insured becomes disabled.
  • Clients can purchase coverage for only as long as needed, and pay premiums that reflect the cost for the time period selected.
  • John Hancock Financial Services, Inc., is one of the largest insurance companies in the United States.
  • Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide.

Statistics:

  • Funds under management by Manulife Financial and its subsidiaries were Cdn$360 billion (US$269 billion) as at June 30, 2004.
  • Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK.
  • 1862 is the founding year of John Hancock Financial Services, Inc.
  • "Products and features may not be available in all states."
  • Guarantees are based on the claims paying ability of the issuing company.

Sources:

  • John Hancock
  • John Hancock Life Insurance
  • Protection UL product brochure
  • Manulife Financial Corporation
  • Manulife Financial website (http://www.manulife.com/)