John Hancock Life Insurance Co. has recently announced that it will be discontinuing the sales of Individual Long-Term Care (LTC) Insurance. John Hancock was the third largest provider of traditional LTC insurance and is the latest in a long list of insurance companies dropping individual LTC policies from their offerings.
In a memo to its partners and producers, John Hancock states that “the distribution landscape for LTC insurance has shrunk significantly since the peak of the industry in 2002. Today, there are far fewer outlets through which individual LTC insurance is sold, impacting the growth potential of the product.” This and stagnant consumer demand, is ultimately what led to their decision.
There is merely just a handful of companies left who offer LTC insurance. Fortunately there are some asset-based hybrid policies coming available to help fund long-term care. If you would like more information about these types of policies, please contact our office at 408-402-6440 to make an appointment.
Have you heard about California’s new End-of-Life Option Act? Do you know what it entails? If not, this is a seminar you don’t want to miss..
Get ready to learn everything you need to know about this new Act, and the affect it could have on your Estate and Long-term Care Planning. A new, free informational workshop hosted by local Certified Elder Law Attorney, Janis A. Carney, will be held on May 24, 2016, at 2:30pm at the Saratoga Senior Center.
Titled “Understanding California’s New Right-to-Die Act and its Impact on Estate and Long-term Care Planning,” this program will include an explanation of California’s new Right-to Die Act, clearing up several misconceptions about its use by seniors, when it will become law in California, and what is being done by hospitals and hospice companies to implement it. We will also discuss what can and cannot be included in the senior’s estate and long-term care planning documents about the Act. Finally, we will discuss the financial impact of the Act and options for paying for services under it and other long-term care expenses.
For more info, or to sign-up, CLICK HERE.