BOSTON, June 25, 2015 /PRNewswire/ -- John Hancock Insurance today announced it has launched an industry-first policy management solution, called LifeTrack. For the first time, the life insurance industry has a quick, easy and dynamic solution to help clients and advisors ensure life insurance policies stay on track to meet their intended insurance goals. LifeTrack is free for customers who elect it, and is available on John Hancock's Protection UL '15 and Protection UL with Vitality policies. It will be rolled out to additional life insurance products throughout the year.
Insurance policies are often held for decades and factors that affect policy performance, such as interest rates, can change over the period of a policy. With LifeTrack's personalized communications, clients will always understand the amount to pay to keep pace with their insurance objective as actual policy experience unfolds.
"LifeTrack allows us to take a much more personalized approach to policy management, giving policyholders the confidence that they will meet their unique goals and objectives," said Michael Doughty, President, John Hancock Insurance. "And for added peace of mind, policyholders receive an easy to understand LifeTrack Annual Report that summarizes how their policy is tracking relative to their goals."
LifeTrack also integrates with the recently introduced John Hancock Vitality solution – a new approach to life insurance that gives policyholders the opportunity to lower their premiums and earn rewards and discounts for living healthy. With life insurance and the John Hancock Vitality program, policyholders accumulate "Vitality Points" when they complete health-related activities like getting an annual health screening, walking or running an extra mile. The number of Vitality Points a policyholder earns over the course of a year determines their program status level and their premium savings.
Members of the John Hancock Vitality Program who enroll in LifeTrack are sent communications in advance of their policy anniversary indicating how many Vitality Points they would need to reach the next Vitality Status and increase their premium savings. They will also receive a LifeTrack Annual Report that shows them why their premium changed and how much they may have saved with the John Hancock Vitality Program.
"Coupled with the John Hancock Vitality Program, LifeTrack can act as a powerful motivator by reminding clients that by taking a few more steps or engaging in other healthy behaviors they will save money on their premiums and live a longer, healthier life," added Mr. Doughty.
About John Hancock Financial and Manulife
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Assets under management by Manulife and its subsidiaries were C$821 billion (US$648 billion) as at March 31, 2015. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSA, and under '945' on the SEHK. Manulife can be found on the Internet at Manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.
Insurance products are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA 02117 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.
Vitality is the provider of the John Hancock Vitality Program in connection with policies issued by John Hancock.
Insurance policies and/or associated riders and features may not be available in all states. The John Hancock Vitality Program is available with select John Hancock policies. Please consult your financial representative as to product availability.
Premium Savings will apply based on the Status attained by the life insured. Please consult your financial representative as to how premium savings may affect the policy you purchase.
John Hancock Vitality Program rewards and discounts are only available to the person insured under the eligible life insurance policy.
Rewards may vary based on the type of insurance policy purchased for the insured (Vitality Program Member), the ownership and inforce status of the insurance policy, and the state where the insurance policy was issued.
SOURCE John Hancock Financial