John Hancock Exits California Partnership

John Hancock Life Insurance Company said it will be getting out of the California Partnership for Long-Term Care program market Sept. 16.

The company, a unit of Manulife Financial Corp., said it will continue to sell the Custom Care III policy, a non-partnership product, in the state.

John Hancock suspended the sales of individual long-term care insurance (LTCI) in California in June 2010, then returned to the market with the Custom Care III product in February 2012.

Sales of the California partnership program policy have been modest, and “we have found that the strategic direction of our LTC products and markets no longer synchronizes with California partnership regulatory requirements,” the company said in a memo to producers.

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About Partnership for Long Term Care

Promoting the idea of preventing long term care from financially devastating families by insuring for long term care with state Partnership qualified policies.
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