Hancock LTC Sales Continue To Climb

But growth in Hancock's LTC insurance revenue was offset by higher expenses, a decline in the portfolio rate and a continued low rate of policy lapse, the company says.

In response to a question about what has made Hancock's Custom Care LTC product family successful at a time when other companies have had to raise prices or pull back from the LTC market, Michelle Van Leer, a Hancock senior vice president, said the Custom Care portfolio "was designed to be the best of products we were offering."

"When we first introduced the product?it was a little bit above middle of the pack in terms of pricing, but with some very unique differentiating features," Van Leer said.

A number of competitors re-priced to reflect lower interest rates, but Hancock was able to sidestep that because the interest rate is built into its product, Van Leer said.

To keep sales momentum, Hancock soon will phase in a new product designed to appeal to younger LTC consumers, Van Leer said.