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AIMS To Help Manulife Insurance Enter LTC Market

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NU Online News Service, March 11, 2005, 4:10 p.m. EST

A Montgomery, Ala., distribution firm has a new source of long term care insurance coverage.[@@]

The distribution firm, American Insurance Marketing Services Inc., has agreed to help sell LTC insurance from Manulife Insurance Company, Boston, through affinity groups.

Manulife Insurance is a new LTC unit of John Hancock Life Insurance Company, Boston, which is now a subsidiary of Manulife Financial Corp. Manulife Insurance is getting ready to introduce an LTC product aimed for associations and affinity groups later this year, Manulife says.

AIMS had been distributing LTC insurance for a unit of AEGON N.V., The Hague, Netherlands. AEGON announced in July 2004 that it will keep the LTC business now on its books but will stop selling new LTC business during the first half of 2005.

Manulife Insurance will work with a sister company, Avon Long Term Care Leaders, to handle handle product development, underwriting and claims management for the new product, Manulife says.

Manulife will put the Manulife Insurance name on the product to set it apart from John Hancock’s other LTC insurance products, the company says.