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Whole Life Policy Includes LTC Feature

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John Hancock has introduced the Protection Whole Life policy.

Hancock, Boston, a unit of Manulife Financial Corp., Toronto, will price coverage using 4 non-smoker risk classes and a standard plus non-smoker class.

Premium payment options range from single-pay and 10-pay up to full-pay.

Another feature is a LifeCare Benefit rider.

Policyholders who need long term care can withdraw up to $5 million in policy value to pay for the care.

Hancock, which will issue the whole life policy through John Hancock Life Insurance Company, Boston, in most of the country and through John Hancock Life Insurance Company of New York, Valhalla, N.Y., notes that New York will treat the product as a life insurance policy with an accelerated death benefit and not as long term care insurance.

John Hancock Life and the New York sister company are responsible for backing the product guarantees.