John Hancock updates LifeCare hybrid life and LTC product

John Hancock  has introduced enhancements to LifeCare, its hybrid indexed universal life policy with long-term care (LTC) benefits, following research indicating that many Americans are unprepared for the financial and caregiving challenges associated with aging.

The updates come after the company released its Longevity Preparedness Index, developed with MIT AgeLab, which found gaps across multiple areas of aging readiness. Respondents scored 64 out of 100 in financial preparedness and just 42 in care, the lowest among the eight measured domains. The study also found that few adults know who will care for them as they age or how that care will be funded, and only 16% have discussed care preferences with family.

LifeCare is designed to provide both a death benefit and guaranteed monthly LTC benefits that may increase over time based on growth in the policy’s account value. At the time of claim, policyholders can choose how benefits are paid, including indemnity payments up to the IRS per diem limit and reimbursement for additional qualified expenses up to policy limits.

The product features a fully digital application process and streamlined underwriting, with many applicants eligible for instant decisions and policy issuance in fewer than seven days. The offering does not require paramedical exams or lab work and includes multiple risk classes, including Preferred.

Policyholders also have access to the John Hancock Vitality program, which offers health education, incentives, and rewards tied to wellness activities. Eligible members may receive access to additional screening and diagnostic tools, including GRAIL’s Galleri multi-cancer early detection test and Prenuvo whole-body MRI scans.

The long-term care riders accelerate the death benefit to cover approved care expenses and may provide an extension of benefits after the base death benefit is exhausted, depending on the selected benefit period. Product availability and features vary by state.