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December 05, 2005 at 07:00 PM
A long term care insurance giant says it has been too careful.[@@]
The insurer, John Hancock Life Insurance Company, Boston, a unit of Manulife Financial Corp., Toronto, says it believes it has been too careful since 1999, when it began using a special cognitive test to evaluate applicants for susceptibility to Alzheimer’s disease and other causes of severe cognitive impairment
Only 0.008% of the applicants who passed the test went on to file LTC claims during the period studied, and Hancock has decided that it now can afford to approve applications from otherwise-qualified applicants who score in the lowest positive range but are not cognitively impaired, the company says.
