John Hancock Financial Services of Boston will begin offering Unison, its combined variable life insurance policy with long-term care protection, through multistate regional banks in the fall, a company official said.

“We think this will be a great seller through banks, because it’s like selling three products in one,” said Fran Fenner-Hurley, general director of the financial institutions group at John Hancock. By combining long-term care and life insurance with a variable annuity “we simplify the process for salespeople who don’t come from an insurance background.”

Also, “the product is an investment, which makes it a perfect fit for banks,” Ms. Fenner-Hurley said.

Brokers with offices in banks gravitate toward mutual funds, securities, and variable annuities, she said. Unison will give them the opportunity to sell more life insurance.

Carmen Effron, president of the consulting firm C.F. Effron Co. in Westport, Conn., said that for Unison to successfully sell through banks, the underwriting process would have to be kept simple.

“I like the idea very much. It’s a sensible approach,” Ms. Effron said. But underwriting of long-term care “is usually slow and complicated.” She noted. “If the underwriting process slows down the sale of the product, that could be a problem.”

Unison is designed for baby boomers and is available with benefit amounts from $100,000 to $5 million.

The policy is currently available in 28 states. Hancock is waiting for regulatory approval in 21 others.

Because of regulatory issues, Unison will not be made available in New York.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.