The John Hancock Long Term Care Insurance business unit will offer a Manulife-branded LTC insurance product for sale by agents in the group market later this year.[@@]
The unit also has entered a marketing agreement with Individual Commercial Brokerage, Parsippany, N.J., a marketing organization focused on selling individual LTC insurance through the worksite. As part of the agreement, ICB helped develop the product with Avon Long Term Care Leaders, a unit of Manulife Financial Corp., Toronto. Avon became part of John Hancock Long Term Care Insurance following the merger of John Hancock Financial Services Inc. with Manulife in 2004.
Avon will handle product development, underwriting and claims management for the new product, Hancock LTC Insurance says.
ICB has an LTC insurance distribution agreement with HealthConnect Systems, which provides sales automation systems for group benefits brokers. HCS’ 6,700 broker clients will be able to quote and enroll the new LTC insurance product while enrolling workers in health plans, says Barry Eldridge, president of ICB