Empowering Employees with Comprehensive Life Insurance and Optional Long-Term Care Coverage
In a significant announcement, John Hancock, a subsidiary of Toronto-based Manulife, is unveiling its latest offering in the realm of life insurance as employee benefits – the Premier Benefit Indexed Universal Life (IUL) individual product. This innovative life insurance product, tailored for the voluntary benefit employer sector, is set to redefine how employees secure their financial futures. Notably, it comes with an easy-to-use digital application process that allows employees to receive instant offers for personally owned coverage.*
What’s more, for those fortunate enough to have it offered through their employer, there’s an enticing option to bolster protection with optional rider coverage for long-term care needs. To sweeten the deal further, all policies will include John Hancock’s renowned Vitality PLUS** rider, a groundbreaking program that rewards and incentivizes individuals to pursue healthier, longer, and more fulfilling lives.
Neal Kerins, Vice President of Product Development at John Hancock, expressed the company’s commitment to enhancing financial security and the life-changing advantages of the John Hancock Vitality Program. “In today’s fiercely competitive job market, we recognized an opportunity to provide employees with an appealing personal protection solution,” said Kerins.
This innovative insurance product aims to address a wide spectrum of employer and employee needs while delivering enduring value throughout the policyholder’s life. Its key features include:
1. Seamless Digital Application Process: Embracing the Digital Age
John Hancock’s Premier Benefit IUL offers a fully digital application process, making it as convenient as ordering groceries online or securing a mortgage digitally. From the initial application to the final steps, the entire process can be completed online, providing a hassle-free experience for employees.
2. Absolute Portability: Own Your Coverage
Employees who opt for this coverage fully own their policies, ensuring that their life insurance protection remains with them, regardless of their employment status. This portability adds an extra layer of security, allowing individuals to maintain their coverage even if they change jobs.
3. Tax-Efficient Growth Potential: Maximizing Financial Benefits
The policy offers the potential for tax-free growth, linked to the performance of an S&P–linked indexed account and a Fixed Account. This unique feature enables policyholders to reap the financial rewards of their investments while safeguarding their loved ones’ future.
4. Long-Term Care Protection: Peace of Mind for the Future
Recognizing the importance of long-term care coverage, this offering provides an optional rider that empowers employees to accelerate their policy’s death benefit in the event of a long-term care need. It’s a crucial safety net that offers peace of mind, knowing that the policy can provide financial support during challenging times.
5. Embrace Vitality PLUS: Investing in Health and Wellness
Every policy issued under this product includes the Vitality PLUS** rider. This transformative program fuses life insurance with cutting-edge technology, offering policyholders access to education, support, incentives, and rewards that encourage and facilitate healthier living. It’s not just life insurance; it’s a holistic approach to overall well-being.
Neal Kerins reiterated John Hancock’s commitment to making life insurance easily accessible. “In this era, where you can accomplish everything from purchasing groceries to securing a mortgage electronically, it’s crucial that we provide the same level of ease and convenience to our customers through a fully digital application process,” said Kerins. “Our mission is to simplify obtaining high-quality life insurance, helping individuals protect their families and achieve their long-term financial objectives.”
As John Hancock steps into the future with this groundbreaking product, it underscores the company’s dedication to providing comprehensive and flexible solutions that empower individuals to take control of their financial futures. With this new offering, employees can secure not only their own peace of mind but also the financial well-being of their loved ones, all while enjoying the numerous benefits of the John Hancock Vitality Program. It’s a testament to John Hancock’s commitment to customer-centric innovation and its drive to make life insurance a seamless and rewarding experience.
