John Hancock to Discontinue Sales of its New York Partnership Long-Term Care Insurance Product
John Hancock regularly monitors our long-term care insurance product portfolio to ensure that it continues to meet the needs of our customers and distributors. After a thorough analysis of our
New York long-term care insurance business, we have made the difficult decision to discontinue sales of our New York Partnership individual long-term care insurance policies (Policy Forms: LTC-11 NYP and LTC-11 SGNYP) effective April 27th, 2015. Our LTC product portfolio is moving in a different direction than New York Partnership product requirements allow.
We will continue to market our non-Partnership product, Custom Care III featuring Benefit Builder (Policy Forms LTC-11 NY and SG-11 NY), in New York. We commend and appreciate the dedication, work and advocacy of the New York Partnership staff as it relates to New York Partnership policyholders. We also remain committed to working with the New York Partnership and industry on matters that are important to our policyholders.
Existing Policyholders
Our decision to discontinue New York Partnership sales will not impact existing New York Partnership policyholders’ coverage. As a reminder, John Hancock’s New York Partnership polices are guaranteed renewable. This means that as long as premiums are paid on time and benefits have not been exhausted, coverage cannot be cancelled. However, premiums for coverage can be raised on a class basis subject to appropriate regulatory approval. Most importantly, John Hancock remains committed to our existing New York Partnership policyholders and will continue to provide the same dedication, service and care as we always do, especially at time of claim.
Timing
All individual long-term care insurance applications for New York Partnership policies must be signed by April 27th, 2015 and received in the Home Office by May 4th, 2015. Any New York Partnership applications received after May 4th, 2015 will not be processed.
Questions
Please contact your John Hancock representative if you have any questions.