If you think employer sponsored long-term care insurance is no longer attractive because of the economy, think again. In 2009 more than half of the production processed through BJFIM was multi-life LTCi. This means that despite a difficult business environment owners of small companies want to protect their personal assets with pre-tax dollars and are willing to spend a few cents a day (literally) to help their key employees do the same.
And now, John Hancock has a simplified issue/multi-life long-term care insurance program approved in Californiathat can provide you more opportunities to make LTCi an even bigger part of your 2010 profit picture. You can get all the specifics regarding Corporate Solutions at our new BJFIM website. That being said let me provide you with three highlights that make John Hancock’s Corporate Solutions distinctive:
- John Hancock’s Corporate Solutions requires seven (7) employer paid lives for simplified issue. However, the minimum daily benefit allowed under the program is $50 per day (most other simplified issue multi-life plans require $100/day). This means that an employer can make a very small premium contribution for employees in order to get the requisite seven lives for simplified issue. For example, a $50/day 2-year benefit plan for a 50-year old costs less than $11 per month (37 cents per day).
- Once you get seven employer paid employees into the program, spouses become eligible for simplified issue as well. The employer must pay for a portion of the spouse’s premium but the spouse need not be actively at work.
- Until now all simplified issue multi-life programs issued policies at the standard (as opposed to preferred) rate class. However, John Hancock offers a “preferred industry discount” of 15% for a specified list of employer groups including legal, accounting and medical offices. Click Here and go to slide 23 of the presentation for a complete listing of preferred industries.
There are other great reasons why you should be considering John Hancock Corporate Solutions for simplified issue/multi-life long-term care insurance. Contact your BJFIM/Paradigm marketing representative today for quotes and more information.