My long-term-care insurance company, John Hancock, is no longer selling new policies. What will happen to my coverage? --B.C., Arlington, Va.
John Hancock will continue to service existing policies and pay claims, even though it recently stopped selling new policies (except for the federal employees’ plan). Several other long-term-care insurers have also stopped selling new policies over the past few years because of larger-than-expected claims and the effect of low interest rates. As with John Hancock, some of them continue to service existing policies; others have sold their business to other insurers that service the policies.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
Stock Market Today: Stocks Stabilize After Powell's Rate-Cut WarningThe main indexes temporarily tumbled after Fed Chair Powell said interest rates could stay higher for longer.
-
How Did O.J. Simpson Avoid Paying the Brown and Goldman Families?And now that he’s died, will the families of Nicole Brown Simpson and Ron Goldman be able to collect on the 1997 civil judgment?
-
Short-Term Insurance Plans' Good, Bad and Uglyretirement You'll need a clear-eyed analysis to gauge the value of short-term care insurance plans and if they're right for you.
-
Retirees, This Is What It Takes to Be Your Own InsurerLong-Term Care Insurance The costs of long-term care are already exorbitant and will only get worse. Follow this guidance to get in front of the issue.
-
You Can Keep Some Assets While Qualifying for Medicaid. Here's HowLong-Term Care Insurance There are some tools you can use to avoid spending down all of your assets, and potentially impoverishing a spouse, while still meeting the qualifications for Medicaid.
-
Insurance for Long-Term Care at Homeretirement In the wake of COVID-wracked nursing homes, increasingly more people are looking at options to age in place with long-term care insurance.
-
Time for an Insurance ReviewCoronavirus and Your Money You may need to update your policies in light of COVID-19.
-
The Real Reasons People Decide to Buy Long-Term Care InsuranceLong-Term Care Insurance Before you dig into costs, benefits and contingency plans, step back and look at the big picture. This decision is bigger than budgets and life-expectancy tables. It's about your family and your wishes for them as well as yourself.
-
Avoid the Obstacles of Long-Term-Care ClaimsLong-Term Care Insurance Filing a claim can be an ordeal, but these preventive measures will streamline the process.
-
What to Know Before Purchasing a Long-Term Care RiderLong-Term Care Insurance Do you know the difference between a long-term care rider and chronic illness rider? Section 7702B and Section 101(g)? If you're contemplating a life insurance policy or annuity with a long-term care rider, make sure to understand the key terms.
