HSBC Bank Launches Simplified LTC Product From Hancock
John Hancock Life Insurance Company has teamed with HSBC Bank USA to offer a simplified long-term care insurance product to the banks customers.
Headquartered in Buffalo, N.Y., with 430 branches statewide, HSBC introduced the plan, “SimpleCare,” late last month.
David Fried, president of HSBC Insurance Agency (USA) Inc., says the bank introduced the product to serve a growing need for a simplified LTC product to provide nursing, home care and assisted living for older customers.
“Only about 1% of those who need it purchase long-term care insurance,” Fried says. “We felt the LTC products on the market offer too many options as to dollar amounts for daily nursing home care and for benefits provided, and this left the consumer confused. Its important to come to the consumer with a product thats easily understood and digested.”
SimpleCare is also easy for HSBCs 1,700 licensed representatives to sell, he adds.
“Its ideally suited for a bank, where youre providing point-of-sale convenience,” Fried says. “It also fits in well with the needs-based selling approaches that our retail system takes.”
HSBCs licensed reps can refer customers to the banks investment advisors and wealth-management consultants if they identify customer needs beyond a simple LTC product, Fried observes.
Benefits offered through SimpleCare include: