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John Hancock enhances LifeCare hybrid life insurance product with long-term care benefits

Updates follow new longevity research showing Americans are underprepared for aging

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Mark Huffman
Reporter

Mark Huffman has covered consumer issues since 2004, with a special focus on protecting and empowering older adults. A former news correspondent for the Associated Press Radio Network, Westwood One, and ConsumerAffairs, Mark brings decades of journalistic experience to RetirementLiving.com. He is passionate about giving consumers a voice and helping them make informed decisions. Mark has also created educational content, including Senior Scam Alert, a video resource designed to help seniors recognize and avoid fraud. He holds a B.A. from the University of Kentucky and lives with his family in Richmond, Virginia.
Man kissing woman on the beach: Photo by Esther Ann on Unsplash

Photo by Esther Ann on Unsplash

Key Insights

  • John Hancock is announcing meaningful enhancements to LifeCare, its hybrid indexed universal life product with long-term care (LTC) benefits.
  • The updates are designed to expand flexibility, growth potential, and access to care as Americans face growing longevity challenges.
  • The move follows new research showing many Americans are financially and emotionally underprepared for aging and long-term care needs.

John Hancock has rolled out enhancements to LifeCare, its hybrid indexed universal life insurance product with long-term care (LTC) benefits, positioning the offering as a response to growing concerns about Americans’ readiness for longer lifespans.

The updates come on the heels of the company’s newly released Longevity Preparedness Index (LPI), developed in collaboration with the MIT AgeLab. The index measures how prepared Americans are to thrive as they age across eight key domains. While lifespans are increasing, the research found preparedness is lagging — particularly in financial planning and long-term care.

Respondents scored just 64 out of 100 in the Finance domain and an even lower 42 in Care, the lowest score across all eight categories measured. The findings also revealed that few U.S. adults know who will care for them as they age or how they will pay for that care. Only 16% said they have discussed with family members how they want to be cared for later in life.

Longevity Preparedness Index

“The inaugural Longevity Preparedness Index showed us that Americans are increasingly aware of the challenges of aging, but many still lack the education, resources, and tools to prepare effectively and holistically,” said Hector Martinez, head of Insurance for John Hancock. 

“LifeCare is designed to help bridge the gaps that exist in longevity preparedness — providing growth potential and flexibility, while empowering people to gain more control with a life insurance product that protects what they’ve worked so hard to build and adapts to their care needs.”

LifeCare is structured to provide a death benefit and guaranteed monthly long-term care benefits that have the opportunity to increase over time, based on growth in the policy’s account value. Policyholders can access funds for qualifying long-term care expenses while still maintaining life insurance protection for beneficiaries.

Benefit flexibility

At the time of a long-term care claim, customers can choose how they receive benefits. For example, a policyholder may elect to receive indemnity payments up to the IRS per-diem limit and then switch to reimbursement for additional expenses up to the policy’s limits. The flexibility is designed to accommodate varying care needs and cost structures.

The product also integrates John Hancock Vitality, the company’s wellness program that offers education, incentives, and rewards aimed at improving health and longevity. Eligible members can access advanced screening tools and technologies, including GRAIL’s Galleri multi-cancer early detection test and Prenuvo’s whole-body MRI scan.

In addition to benefit flexibility, John Hancock has streamlined the purchasing process. LifeCare features a fully digital application and underwriting experience. Many applicants may receive instant decisions, with policies issued in fewer than seven days. The company also offers multiple risk classes — including Preferred — without requiring a paramedical exam or lab work.