New Long Term Care Insurance Plan Suite For California

John Hancock Life Insurance Company has introduced a new, competitively priced long term care insurance product suite for the individual market in California.

Called Custom Care II California and Custom Care II California Partnership, both policies offer comprehensive, more affordable long term care (LTC) insurance coverage, a broader range of home care options, and valuable caregiving and care planning support for policyowners. Under the California Partnership plan, California policyholders can protect their assets -- equal to the dollar value of the benefits paid out of the policy -- before qualifying for Medi-Cal.

"With caregiver support and enhanced home and community-based coverage, our new California LTC insurance product suite addresses the concerns that Baby Boomers have about providing and receiving care," said Laura Moore, president, Long Term Care Insurance. "Best of all, we priced our new policies so that they are more affordable for Baby Boomers and others interested in LTC insurance coverage."

Custom Care II California and California Partnership Highlights

-- Caregiver Support Services - These services include advice, resources and discounts to policyholders and their uncovered family members - addressing the fact that many Baby Boomers and even seniors will be called to care for someone else before they need care themselves.

-- New Enhanced Home & Community-Based Care Rider - This optional rider offers two benefits - a zero-day elimination period for home and community-based or hospice care, as well as an additional stay at home benefit that extends care coverage by paying for home modifications.

-- SharedCare Rider with the 10-year Benefit Period - This benefit allows clients to use their partner's benefits once theirs are exhausted.

-- Built-in Return of Premium - The beneficiary will receive a benefit equal to total premiums paid less any benefits paid, should the policyholder die before age 65

-- The ability to convert to inflation at age 65 with no underwriting(1) - Clients who opt for no inflation protection have a one-time option at age 65 to add 5% simple or 5% compound inflation with no underwriting.

-- Pay by credit card on all modes - This capability offers convenience for clients and allows them to earn extra miles and bonus points toward their MasterCard or VISA programs. It is also available to clients on Limited Pay plans.

-- Preferred underwriting with an additional benefit period - Expanded guidelines allow clients to receive preferred underwriting (if they qualify) on the lifetime benefit period.