John Hancock Banks on LTC Rider.

Bank Investment Consultant, February, 2004 by Banker, David Reich-Hale Special From American

John Hancock Financial Services has introduced a universal life insurance policy with a long-term-care rider that it says could be a hit at banks. Performance UL Core, launched in December, fits the needs of many bank customers, said Paul Strong, vice president of life products management at Hancock, soon to become a unit of Toronto's Manulife Financial.

"This product is designed for the low- to medium-premium type of sale," Strong said. "Since it is moderately priced, I think it lends itself to banks. Of course, the premium is more than [for] a term policy, but it also gives substantially more cash value." Key to the product is its long-term-care rider, which can be bought as part of the policy for an extra fee. On average, the rider adds 5% to...

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