Manulife Financial Corp. said Friday that it plans to introduce its first long-term-care insurance product this year.
The Toronto insurer said it has entered a marketing and distribution agreement with American Insurance Marketing Services, a large marketing and distribution organization that specializes in long-term-care products sold in the affinity segment.
The product is still being developed, Manulife said, but many features of the Monumental policy that AIMS distributed will be incorporated, and a similar design will be used. It will also be enhanced with input from Avon Long Term Care Leaders, a Manulife company that became part of John Hancock Long Term Care after the two companies merged. Avon is to handle development, underwriting, and claims management for the product.
AIMS is a Montgomery, Ala., independent marketing firm that Avon has used exclusively for more than 15 years. During this time, AIMS was the national distributor of long-term-care products from Aegon USA carriers, including Monumental Life. Agents associated with AIMS have developed more than $200 million of long-term-care premiums.
John Hancock is among the largest providers of long-term-care insurance overall, with more than 800,000 clients and $1.1 billion of premium in force.
