John Hancock Introduces New Module on the Use of Life Insurance for Special Needs Planning

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Feb 23, 2011, 10:56 ET

BOSTON, Feb. 23, 2011 /PRNewswire/ -- The Advanced Markets unit of John Hancock Life Insurance Company has introduced a JH Solutions module to help families ensure a high level of ongoing support and funding for the support of a family member with special needs.

The new module uses Hancock's cutting-edge concept illustration software to enable producers to create a presentation on addressing the funding for special needs specifically tailored to their client's situation.

"Caring for a family member, often a child, with special needs typically is a major concern for families, but the task of planning for a high level of ongoing support and funding may be so daunting that planning never gets started. Moreover, if the client is the primary caregiver, the prospect of how the family member, often a child, will be cared for in the caregiver's unexpected absence can be overwhelming," said Randy Zipse, vice president, John Hancock Advanced Markets Unit. "Fortunately, there are solutions. Government programs, Special Needs Trusts (SNT), and life insurance can help address and fund the ongoing care needs of a loved one with special needs. This can be a complex and emotionally sensitive process so we are pleased to be able to provide this new module to help producers and their clients."

John Hancock's new Needs Analysis module addresses the financial needs of persons with special needs. The presentation describes the concerns of a family with a special needs loved one and provides a brief discussion of types of special needs trusts and what to consider when planning in this area.

A life insurance policy can be an effective liquidity tool to fund an SNT. The policy can be purchased on the caregiver's life, typically the client, or on another member of the client's family, to replace the loss of services and support due to premature death. Alternatively, life insurance can be used to equalize an inheritance or to create liquidity for the future needs of a special needs child. It also provides cash to fund an SNT over lifetime to enhance and supplement the benefits provided under bare bones government programs.

The module is accompanied by a suite of educational tools on the topic available to insurance advisors interested in this planning area. John Hancock also offers advisors two JHAM Radio broadcasts hosted by Mr. Zipse, featuring Bernie Krooks and Charlie Begley, leading experts in the area of special needs planning. The broadcasts are available at www.jhsalesnet.com.

"John Hancock is committed to providing state of the art tools, products and services to help producers support their clients and build their businesses. This new JH solutions module is another indication of our commitment," Mr. Zipse said.

For more information on the concept, or to find out more about getting an illustration, contact your local John Hancock representative or call John Hancock Life Insurance at 888-266-7498, Option 3.

The John Hancock Advanced Markets Group is comprised of a highly experienced and knowledgeable team of attorneys, accountants and consultants. They support producers nationwide on the most complex business insurance and estate planning cases with customized case design support and consultation and advanced planning tools.

About John Hancock Financial and Manulife Financial Corporation

John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group operating in 22 countries and territories worldwide. For more than 120 years, clients worldwide have looked to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients around the world. We provide asset management services to institutional customers worldwide as well as reinsurance solutions, specializing in life and property and casualty retrocession. Funds under management by Manulife Financial and its subsidiaries were $475 billion (US$478 billion) as at December 31, 2010. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at www.johnhancock.com.

SOURCE John Hancock Advanced Markets