John Hancock Life Insurance Company has reduced the participation requirements for small and midsize employer-sponsored long term care insurance plans.
Hancock, Boston, a unit of Manulife Financial Corp., Toronto, has cut the minimum participation level for its Corporate Solutions multi-life LTC insurance program to 7 eligible employees, from a previous minimum of 10 lives..
The Corporate Solutions program is aimed at employers with 3,000 or fewer lives. Hancock provides a 5% discount and simplified underwriting for eligible employees and employer-paid spouses or partners. Some employers are available at may qualify for an additional 15% preferred discount, Hancock says.