John Hancock Assumes Time Insurance’s LTCI Business
What You Need to Know
- Time Insurance was founded in 1892 and has had several owners over the years.
- Wisconsin regulators put Time in rehabilitation in July 2020.
- Other reinsurers have already assumed the Time blocks of disability, term life, Medicare supplement and non-Medicare supplemental health insurance business.
John Hancock Life Insurance Co. (U.S.A.) is assuming responsibility for a block of about 25,000 long-term care insurance policies originally issued by Time Insurance Co.
A Wisconsin state court declared Time insolvent and put it in rehabilitation in July 2020. John Hancock — a Boston-based arm of Manulife — has been reinsuring and administering the LTCI policies for more than 20 years.
What It Means
Because John Hancock has been administering the LTCI policies for so long, many of your clients who have these policies may already think of their policies as John Hancock policies.
Nathan Houdek, Wisconsin’s…
