Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Life Insurance

Broker Network, Hancock Seal LTC Deal With NEA

By Trevor Thomas

X
Your article was successfully shared with the contacts you provided.

LTC Financial Partners LLC announced that it has been chosen by the National Education Association of the United States to offer long term care insurance from John Hancock Life Insurance Company to NEA members.

The new program opens up a ripe LTC insurance sales potential for the two companies. With 3.2 million members, mostly teachers and educational support staff, NEA is the nation’s largest professional employee organization.

LTCFP, a nationwide network of about 500 LTC insurance agencies and brokerages headquartered in Kirkland, Wash., will sell the policies and provide LTC education and assistance to active and retired NEA members and their families. Hancock and LTCFP representatives will work directly with NEA’s Member Benefits Corporation, a subsidiary of the association that markets a variety of financial and professional programs to members of NEA, Washington.

The program aims to help educators and associated employees to buy affordable LTC policies, NEA said in a statement.

“This partnership will enable us to offer members a customized long term care insurance program with a focus on consumer education,” said Gary Phoebus, president and chief executive of NEA Member Benefits.

NEA had previously offered LTC insurance to members through a TPA, National Health Administrators, Dallas, underwritten by Life Investors Insurance Company of America and Mutual of Omaha Insurance Company. The teacher’s group switched to LTCFP and Hancock after deciding to put the benefit out to bid to LTC marketing organizations, says Scott Williams, vice president of sales for Hancock, Boston, part of Manulife Financial Corp., Toronto.

“They asked each marketing organization they contacted for their best carrier, and LTCFP chose to bring us. Then we jointly worked on gaining their endorsement,” Williams says.

NEA member benefits vice president Barry Hudson says his group looked at proposals from a number of vendors after its agreement with NHA expired in August 2007.

“We wanted to make sure the distribution company was well grounded in educating consumers, because long term care insurance requires consumers to know what they are doing,” he says. “We wanted a partner that would emphasize that much more than sales, so LTC Financial Partners was selected.”

The fact that Hancock offered LTC products that were widely available and had a record of financial stability were also important considerations, he said.

Jenny Fassett, a spokeswoman for LTCFP, says her company will use booklets, direct mail, seminars, telephone counseling and the Internet to teach NEA members about their LTC options and the need for LTC insurance.

Brokers will follow up on inquiries generated by marketing and provide personal consultation at the individual’s home or business when requested, she says. LTCFP will sell the policies and provide LTC education and assistance.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.