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John Hancock Makes Adjustments to State Partnership Long Term Care Insurance Products

By |August 21, 2013|Categories: Benefits, Breaking News, Buying Tips, Companies, Insurance Industry, Retirement Planning|Tags: , , |

John Hancock has announced the discontinuation of the sale of its California Partnership Long Term Care Insurance product, effective Monday, September 16.

Strict Regulations and Low Sales in California

The company described the move as a “difficult decision” based on “continued low sales volume” and their findings “that the strategic direction of our LTC products and markets no longer synchronizes with California Partnership regulatory requirements”.

Current policyholders of California Partnership plans will not be affected by the changes, and already existing plans remain guaranteed renewable. However, the company did note that premium rates can be raised based on regulatory approval. All applications for[…]