Hancock Adds LTC Inflation Protection Feature

An insurer has given consumers a new tool for coping with increases in the cost of long term care.

John Hancock Life Insurance Company, Boston, a unit of Manulife Financial Corp., Toronto, is introducing a “guaranteed increase option” for purchasers of its Leading Edge long term care insurance policy.

The option, which will be available to existing and future Leading Edge policyholders at no extra charge, will give customers the ability to increase their current policy benefit amount by 10% every 3 years without underwriting.