NU Online News Service, Jan. 14, 2004, 1:23 p.m. EST – John Hancock Life Insurance Company, Boston, has introduced the Custom Care II long term care insurance policy.[@@]
The new version of the Custom Care product adds a return-of-premium benefit and an accident benefit aimed at relatively young consumers, Hancock says.
The return-of-premium benefit can help the families of insureds who die before age 65. The beneficiary of an insured who dies young will get a payment equal to the amount of premiums not spent on claims.
The accident benefit can help insureds who live but end up needing long term care because they suffer catastrophic accidents. The benefit pays for LTC expenses up to 200% of the insured’s current daily or monthly benefit for the entire duration of the claim if the claim is the result of an accidental injury that occurs before age 65.
The new product also gives consumers a choice between buying an enhanced guaranteed purchase option and a 5%/3% compound inflation option.