NU Online News Service, Nov. 15, 2004, 6:51 p.m. EST
A U.S. unit of Manulife Financial Corp., Toronto, is adding a fixed annuity that could be of special interest to healthy people who have a hard time qualifying for long term care insurance.[@@]
John Hancock Life Insurance Company, Boston, is expanding its Guaranteed Principal Annuity family of fixed annuities with the Guaranteed Principal Annuity Plus contract.
The new annuity offers a choice of 1-year, 3-year or 6-year rate guarantee periods along with “breakpoints” that can increase the guaranteed rate if a customer deposits more cash into a contract.
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GPA Plus buyers can pay extra for the CARESolutions Plus Rider 2 option.
The optional rider can provide as much as $5,000 per month in long term care benefits for up to 36 months. The rider now includes a feature that will provide up to 3% in compound annual LTC inflation protection.