Three Southern banking companies First Union Corp., Wachovia Corp., and Regions Financial Corp. have just expanded their insurance product offerings into long-term care through alliances with insurer John Hancock Financial Services of Boston, which has been seeking to beef up its bank distribution.
Wachovia, a $70.8 billion-asset company in Winston-Salem, N.C., that has long sold insurance as well as investment products through its Wachovia Insurance Services subsidiary, is adding only Hancocks SimpleCare long-term-care product, a simplified policy with easier underwriting. Some long-term-care applications are intimidating to investment representatives, said Fran Senner-Hurley, general director of John Hancocks financial institutions group, the insurers bank marketing arm. SimpleCare is a much shorter application, with six medical underwriting questions. A healthy person can be approved on the spot, depending on age.