John Hancock Personal Worksheet

[ltcadviser]

So, it has been a LONG time since I looked at a John Hancock application too closely as its rates have not been competitive for my clients in 13 years.

Today I looked on the JH Personal Worksheet and saw this statement.

Have you considered whether you could afford to keep this policy if the premiums went up, for example, by 50% or more?

Now, every other Personal Worksheet I have seen with every other insurance company says 20%, not 50%.

Will this be the new required language on all Personal Worksheet forms, or did John Hancock elect to do this on its own recognizing that it has requested some rate increases significantly greater than 20% in the past and is electing to be proactive to minimize possible future class action liability?

 

[billberry12]

I don't know the answer to your question, but with what has been happening in the last 5-6 years, 50% might be more realistic than 20% don't you think?

 

[Tahoe Ray]

I don't know the answer to your question, but with what has been happening in the last 5-6 years, 50% might be more realistic than 20% don't you think?

Maybe over the life of the policy but that % is not relevant on a policy written today (as a % of total out of pocket...e.g. 50% in 15 years may equate to 20% over the life of the policy) and we would certainly look towards pricing today vs. previously issued policies (with earlier policies likely to have greater rate increases)

I wonder though if the worksheet has some type of state appoved language based on previous rate increases...

Interesting.

 

[ltcadviser]

The JH Personal Worksheet is like 8 pages long with all of its rate increase disclosures.

Mass Mutual simply says ... We have never raised rates…..

I like brevity.

 

[Arthur Rudnick]

originally posted by ltcadviser

Today I looked on the JH Personal Worksheet and saw this statement.

Have you considered whether you could afford to keep this policy if the premiums went up, for example, by 50% or more?

Jack,
What policy series are you talking about?

CC3 in NY still shows 20%.

 

[ltcadviser]

originally posted by ltcadviser



Jack,
What policy series are you talking about?

CC3 in NY still shows 20%.

California application

 

[Mr_Ed]

California application

which is really dumb since cali has the toughest rate stabilty regs in the country.

 

[ltcadviser]

which is really dumb since cali has the toughest rate stabilty regs in the country.

I believe I saw the same language on another state's personal worksheet too. 2014 form. My guess is Hancock filed for new forms to reflect the rate increase percentage that it usually requests.

 

[Arthur Rudnick]

originally posted by ltcadviser

I believe I saw the same language on another state's personal worksheet too. 2014 form. My guess is Hancock filed for new forms to reflect the rate increase percentage that it usually requests.

The personal worksheet is dated 11/14.

 

[ltcadviser]

originally posted by ltcadviser



The personal worksheet is dated 11/14.

It says 50% on the form in every other state.
ICC14-PWK 2/14

The NY Personal Worksheet that I am looking at right now was filed 02/2011 and revised 10/2013.

So NY is not as current.

(Not sure what form you are looking at Arthur)