Planning with Flexible Irrevocable Life Insurance Trusts
Join Provada and John Hancock on Thursday, July 7 at 10:30am PST as we discuss how you can help your client plan for the future with spousal access trusts.. This week's webinar will highlight:
- The Ins and outs of standard and spousal Irrevocable Life Insurance Trusts.
- The array of benefits offered by spousal ILITs.
- Case studies employing both survivorship insurance policies and spousal access trusts.
Thursday July 7, 2011 - 10:30am PT
John Hancock LifeCare 6 & 7 Discontinued
John Hancock has discontinued the 6 and 7 year benefit periods for thier LifeCare product. However, they will still continue to offer the 2, 3, 4 and 5 year benefit periods as well as all other feature and benefits.
Important Dates (applies to LifeCare 6 & &)
John Hancock Launches New Protection UL Product.
Is permanent insurance financially out of the reach for your client?
Which Life Carriers are Quickest? Best underwriting? Easiest to work with?
With more than 40 different carriers available at Provada, it can often be time consuming to find the best one for a particular situation. Many factors are involved in carrier selection including pricing, the financial strength of the carrier, underwriting offers, capacity, etc.
John Hancock is Repricing Their Protection UL-G and SUL-G Products
Effective December 3, 2010, John Hancock's Protection UL-G and Protection SUL-G products are being repriced. According to the carrier, the new pricing will generally result in increased premiums as follows:
John Hancock Announces Important LTC Product Change
Effective June 7, 2010, John Hancock is streamlining their product portfolio by discontinuing Leading Edge sales (except in FL) and focusing our resources entirely on Custom Care II Enhanced, which now includes many of the same features as Leading Edge, including the popular CPI-linked inflation option. Corporate Solutions will continue to be available on the Leading Edge product platform, with new business rates being introduced on June 7, 2010, in approved states. (See ‘Corporate Solutions’)
John Hancock Announces Important LTC Changes to Product and Pricing
Throughout the spring and summer, John Hancock will be implementing a number of changes to our individual LTC insurance product portfolio in response to the challenging economic environment and trends. 
Adjusting to the new reality - What does all this mean for the LTC insurance industry? John Hancock will be having a series of product changes in spring/summer of 2010:
Product changes
Streamlining our product portfolio — Effective June 7, 2010, we will simplify our product portfolio by withdrawing Leading Edge (except in FL) and focusing our resources entirely on Custom Care II Enhanced, which carries many of the same features as Leading Edge, including CPI-linked inflation, which is the preferred inflation choice of 70% of our buyers. Corporate Solutions will continue to be available on the Leading Edge platform, with new business rates being introduced on June 7, 2010, in approved states. As part of our overall product plans we will also implement the following:
Throughout the spring and summer, John Hancock will be implementing a number of changes to our individual LTC insurance product portfolio in response to the challenging economic environment and trends. 
Adjusting to the new reality - What does all this mean for the LTC insurance industry? John Hancock will be having a series of product changes in spring/summer of 2010:
Product changes
Streamlining our product portfolio — Effective June 7, 2010, we will simplify our product portfolio by withdrawing Leading Edge (except in FL) and focusing our resources entirely on Custom Care II Enhanced, which carries many of the same features as Leading Edge, including CPI-linked inflation, which is the preferred inflation choice of 70% of our buyers. Corporate Solutions will continue to be available on the Leading Edge platform, with new business rates being introduced on June 7, 2010, in approved states. As part of our overall product plans we will also implement the following:
John Hancock Crediting Rate Changes
Effective June 1, 2010, John Hancock will be decreasing the interest crediting rate on certain in-force and new issue Universal Life insurance products. Also, on June 1, 2010, the fixed account rates on certain Variable Life insurance products will also be decreasing.
John Hancock on Health Care Reform & LTC: CLASS Provisions
Yesterday, President Obama signed into law the health care reform bill (now known as the Patient Protection and Affordable Care Act), which includes the Community Living Assistance Services and Supports (CLASS) provisions. Many of the details of the CLASS provisions are not yet defined and will be developed through regulation, but we are pleased to provide you with the available information below.
What are the CLASS provisions (formerly known as the CLASS Act)?
The CLASS provisions create a voluntary government program under which participants will pay a monthly premium, will be covered on a guaranteed-issue basis, and will be eligible for 
modest benefits for their long-term care needs after five years of paying premiums. While it has been characterized as a long-term care program, it is primarily designed as a program to provide assistance to the working disabled. It’s important to note that benefits will be paid by premiums collected from voluntary participants and not by the taxpayers.
What are the details of the coverage that would be provided?
Most of the terms of the new CLASS program that passed as part of the Patient Protection and Affordable Care Act will be developed by the Department of Health and Human Services over the next few years. Certain terms are set in statute, including the following:
Enrollees will:
* pay a monthly premium, through payroll deduction, that has yet to be determined, but most recent estimates indicate that the average premium will be $180-$240/month; that premium could be increased yearly to ensure that the CLASS fund is actuarially sound.
be covered on a guaranteed-issue basis;
* be eligible for benefits for their long-term care needs after paying premiums for the first 60 months of coverage (i.e., a 5-year waiting period) and have worked at least three of those five years;
* receive a lifetime cash benefit after meeting benefit eligibility criteria, based on the degree of impairment, which is expected to average about $75/day or more than $27,000 per year and is payable as long as the claimant remains disabled.
Yesterday, President Obama signed into law the health care reform bill (now known as the Patient Protection and Affordable Care Act), which includes the Community Living Assistance Services and Supports (CLASS) provisions. Many of the details of the CLASS provisions are not yet defined and will be developed through regulation, but we are pleased to provide you with the available information below.
What are the CLASS provisions (formerly known as the CLASS Act)?
The CLASS provisions create a voluntary government program under which participants will pay a monthly premium, will be covered on a guaranteed-issue basis, and will be eligible for modest benefits for their long-term care needs after five years of paying premiums. While it has been characterized as a long-term care program, it is primarily designed as a program to provide assistance to the working disabled. It’s important to note that benefits will be paid by premiums collected from voluntary participants and not by the taxpayers.
What are the details of the coverage that would be provided?
Most of the terms of the new CLASS program that passed as part of the Patient Protection and Affordable Care Act will be developed by the Department of Health and Human Services over the next few years. Certain terms are set in statute, including the following:
Enrollees will:
* pay a monthly premium, through payroll deduction, that has yet to be determined, but most recent estimates indicate that the average premium will be $180-$240/month; that premium could be increased yearly to ensure that the CLASS fund is actuarially sound.
be covered on a guaranteed-issue basis;
* be eligible for benefits for their long-term care needs after paying premiums for the first 60 months of coverage (i.e., a 5-year waiting period) and have worked at least three of those five years;
* receive a lifetime cash benefit after meeting benefit eligibility criteria, based on the degree of impairment, which is expected to average about $75/day or more than $27,000 per year and is payable as long as the claimant remains disabled.
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