John Hancock Life Insurance has brought out a single-premium whole life insurance product that offers a long term care insurance feature.
Hancock, Boston, a unit of Manulife Financial Corp., Toronto, (TSX:MFC) says ithe new LifeCare product allows clients to move some assets into a policy that helps protect their family with life insurance while also guarding clients' assets from high long term care costs should they eventually need such care.
LifeCare also offers a streamlined underwriting process for that enables a policy to be issued in as little as 8 days with no exams, lab tests or doctors' statements, according to Hancock.
