John Hancock Long-Term Care Insurance says it will temporarily suspend selling new long-term care insurance (LTCI) products in California while it updates product prices in that state.
John Hancock, a unit of Manulife Financial Corp. (TSX:MFC), will have a revised product available in California in the next few months, the company said in a bulletin.
The suspension of sales is set to start May 19.
In some other states, the company has been changing some product names, increasing the cost of a rider that waives the home health care elimination period, increasing some product base rates, and increasing the couples/partner discount percentage.
In many states, the company is lowering the maximum amount of LTCI benefits available. For Custom Care III policy buyers, for example, the maximum daily benefit will change to $400, from $500.
The company said it is trying to streamline the application process by having a health professional collect all personal health information, rather than having agents collect some of the health information.