John Hancock Life & Health Insurance Co. will pay $26. NEW YORK, AUGUST 18 (Reuters) To settle a New York investigation that found it terminated long-term care policies before policyholders, many of whom are now deceased, had used up their benefits, the company paid $3 million.
Hancock, a division of Canada’s Manulife Financial Corp (MFC), was announced by the New York Department of Financial Services on Thursday. Between 2001 and 2019, TO), improperly terminated 156 insurance policies early.
It claimed that as a result, benefits went unpaid for 27,161 days, forcing insureds to pay costs out of pocket or turn to Medicaid for coverage.
When insureds used less than the maximum daily benefits allowed by their policies, Hancock was also charged with improperly calculating maximum lifetime benefits.
The $26. 3 million payment includes a $2. 5 million civil fine, $21. Restitution to policyholders or their beneficiaries will total $6 million, and $2 2 million to New Yorks Medicaid program.
Due to the nature of the policies and the passage of time, benefits are due to approximately 21 living and 130 deceased policyholders.
Hancock put forth a strategy to compensate policyholders six months after receiving a consumer complaint about a premature termination, according to the financial services agency.
Hancock said in a statement that it was dedicated to putting customers’ needs “at the forefront” and that it worked hard with New York authorities to make sure people impacted by its “administrative error” received the benefits they were due.
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FAQ
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You can pay for your life insurance policy electronically with John Hancock ePay using a checking or savings account in a safe and convenient way.
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Regular mail:Regular mail:Life Post Issue. John Hancock. PO Box 55979. Boston, MA 02205. Overnight mail: Life Post Issue. John Hancock. 410 University Avenue. Suite 55979. Westwood, MA 02090.
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John Hancock Life Insurance Company, U. S. A. Manulife Financial, a multinational Canadian life insurance company, purchased John Hancock in 2004. It operates as an independent subsidiary. The company and the majority of Manulife’s U. S. assets continue to operate under the John Hancock name.
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