2006 News Releases

Boston – John Hancock Life Insurance Company today introduced five new comprehensive long term care (LTC) insurance plans in New York. Developed in collaboration with the New York State Partnership for Long Term Care office, the policies help preserve clients’ assets if long term care services are needed and provide state Medicaid assistance if they qualify for and need extended care. John Hancock is offering the partnership plans in New York in addition to its newest non-Partnership policy called Leading Edge,which was introduced in early October.

Long term care is the help someone needs when he or she can no longer perform daily activities such as eating, bathing or dressing. This care can be received at home or in an assisted living facility, adult day care center or a nursing home.

The new partnership policies include coverage in a range of settings, including the home; flexible payment options; and a variety of discounts including partner, preferred health, marketing group and valued client.

All New York State Partnership plans were designed to meet very specific guidelines and standards by the New York State Partnership for Long Term Care office. As partnership plans, the policies offer additional protection of a client’s assets should the insured need long term care. Three of the new partnership plans offer total asset protection, which provides complete asset protection with no limit on the amount of assets that can be kept if the insured qualifies for Medicaid. The other two plan options offer dollar-for-dollar protection, which allows policyholders to select the amount of assets they protect on a dollar-for-dollar basis if the insured qualifies for Medicaid.

“Although New York State Partnership LTC insurance plans are nearly the same from carrier to carrier, John Hancock’s partnership plans are backed by the strength and stability of our company, and our experience and history in LTC insurance,” said Laura Moore, senior vice president, John Hancock Long Term Care Insurance. “These plans are very important, but they are not for everyone. For those clients who do not anticipate ever needing services under Medicaid, a non-partnership long term care insurance policy may be more appropriate.”Leading Edgeis John Hancock’s new LTC insurance policy with industry-first benefits geared to the needs and budgets of Baby Boomers. It offers new features that significantly reduce both the expense and complexity of buying LTC insurance and is available in New York and New Jersey as well as 35 other states.

Traditionally, inflation protection and longer benefit periods such as “lifetime” coverage were two of the biggest contributors toward higher costs. For the first time in the industry, Hancock has simplified and reduced the cost of inflation coverage – with built-in, compound inflation protection linked to the Consumer Price Index (CPI). Every year on the policy anniversary, a policy owner’s benefit and total pool of money will be automatically adjusted according to the CPI which has a strong association with housing and labor costs, two of the key drivers of long term care costs today and in the future. When the CPI increases – even during periods of the highest inflation – the insured’s benefits increase accordingly. In the unlikely event that the CPI decreases (which last happened in 1955) the benefit amount remains level until the CPI increases again.

As an alternative to lifetime coverage, John Hancock developed another industry-first benefit: a new benefit period called 5 Years Plus $1 Million.  This new, less expensive option is designed for consumers who anticipate needing long term care for a long time. If the pool of money from a policyholder’s 5-year benefit period runs out, an additional $1million is added to the pool, allaying concerns about outliving financial resources.

Another new feature geared specifically to Baby Boomers is the Caregiver Support Services Benefit. Because younger buyers will likely be called upon to provide care for parents and other older relatives before they need care themselves, this benefit provides valuable support during what can be a very stressful time. Benefits include personalized telephone and website assistance regarding care giving questions or concerns, access to quality reports and ratings on more than 90,000 nursing home and assisted living facilities nationwide, and exclusive provider discounts and care advisory services for family members that can help them to save between 7 and 35 percent on the cost of long term care provider services.

The policy also has expanded home health care services. The total homemaker services benefit includes household duties, such as laundry, meal preparation, paying bills, and having someone to watch over the policyholder when taking medications (does not include shopping). This benefit expands traditional home health care coverage to include non-medical support services, so the insured can remain at home for as long as possible.

Additional stay at home services makes it easier for consumers with LTC needs to stay home longer by paying for home modifications, durable medical equipment, caregiver training, home safety checks and medical alert systems. This benefit is helpful to many people who want to stay at home when they need care, but need to make some changes to their home in order to do so.

For more information about John Hancock’s new partnership policies in New York, and Leading Edge in New York and New Jersey, please go to the website: www.johnhancocklongtermcare.com.

About John Hancock Long Term Care Insurance
Today, John Hancock, a unit of Manulife Financial Corporation, is one of the largest providers of LTC insurance overall with more than 912,000 clients and $1.1 billion of in-force premium. John Hancock has paid more than $1 billion in LTC insurance claims.

Having entered the retail LTC insurance market in 1987, John Hancock is the second-largest provider of individual coverage in the country. John Hancock began selling group LTC insurance in 1988 and today is the largest provider of employer-sponsored LTC insurance in the U.S.

In 2002, John Hancock and MetLife were selected by the Federal Government to offer Long Term Care Insurance to federal employees, retirees and various family members across the country. The program is the largest single employer-sponsored LTC insurance program of its kind.

About John Hancock and Manulife Financial
John Hancock is a wholly-owned subsidiary of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$381 billion (US$341 billion) as at September 30, 2006.

Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock today offers a broad range of financial products and services, including whole life, term life, variable life, and universal life insurance, as well as college savings products, fixed and variable annuities, long term care insurance, mutual funds and various forms of business insurance.

Long Term Care Insurance is underwritten by John Hancock Life Insurance Company, Boston, MA 02117.

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Contact:
Melissa Berczuk
617-663-4750