Many federal employees like their voluntary long-term care insurance (LTCI) coverage enough to buy more of it.
John Hancock Long-Term Care increased sales of LTCI to $23 million in the first quarter, up from $12 million in the first quarter of 2013.
Sales grew sharply even though executives at the parent of John Hancock, Manulife Financial Corp. (TSX:MFC), have declared that LTCI sales “are not targeted for growth.”
But many of the federal workers who participate in a voluntary LTCI plan insured by John Hancock buy products with options that give them a chance to protect themselves against inflation by buying additional coverage of every two years.
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Inflation buy-up activity helped buoy LTCI sales in the first quarter, Manulife says.