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Policy Benefits and Features Custom Care III featuring Benefit Builder

Policy Benefits and Features Custom Care III featuring Benefit Builder. :. Long-term care insurance is underwritten by John Hancock Life Insurance Company (U.S.A.), Boston, MA 02117 (not licensed in New York) and in New York by John Hancock Life & Health Insurance, Boston, MA 02117.

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Policy Benefits and Features Custom Care III featuring Benefit Builder

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  1. Policy Benefits and FeaturesCustom Care III featuringBenefit Builder : Long-term care insurance is underwritten by John Hancock Life Insurance Company (U.S.A.), Boston, MA 02117 (not licensed in New York) and in New York by John Hancock Life & Health Insurance, Boston, MA 02117. LTC-8545 11/12 For financial professional use only. Not for use with the public.

  2. Agenda • Industry overview • Consumer trends • Introduction to Custom Care III featuringBenefit Builder • Why John Hancock • Conclusion

  3. Industry overview • Low interest rates impact insurance pricing • All time historic lows for a prolonged period of time • In our current environment, 1% interest rate decrease equates to a 10%-15% premium increase¹ 1. Quote from Jessie Slome, Executive Director , American Association of Long Term Care Insurance, 2009.

  4. Industry overview • Higher premiums on long-term care (LTC) insurance reflect the new environment paradigm • Fixed inflation options, such as 3% and 5% Compound, are offered at significantly higher premiums that have been rising rapidly with the continued low interest rate environment • Carriers are forced to adapt by • Updating pricing • Exiting the market • Developing innovative new inflation choices

  5. LTC buyer trendsConsumer needs • Younger Baby Boomer purchasers – average age 58 • 7.6 million Americans age 55 and older had private LTC insurance coverage, accounting for 10.7% of adults in this age group2 • AHIP 2010 LTC Buyer/Non-Buyer Study Conclusions: • Most non-buyers indicated that cost was the most significant barrier to purchase (Consistent 20-year trend) 2. Http://www.urban.org/, “Who Purchases Long-Term Care Insurance,” March 2011, estimates are from 2008 Health and Retirement Study (HRS), page 2.

  6. Product Features

  7. Policy Building BlocksEligibility for benefits • Chronically Ill: • Need Substantial Assistance to perform at least two of the six Activities of Daily Living • Bathing, continence, dressing, eating, toileting, or transferring • Substantial Assistance means “Hands-on or Stand-by” assistance (or) • Requires substantial supervision to protect himself or herself due to presence of “Severe Cognitive Impairment” • Clinical evidence and standardized tests (and) • A Licensed Health Care Practitioner certifies the ADL dependency is expected to continue for at least 90 days • Subject to the Elimination Period • Receiving covered services under an acceptable Plan of Care POLICY BENEFITS MAY VARY BY STATE

  8. Policy Building BlocksCoverage • Pay actual charges up to the Benefit Amount • At home (Adult Day Care, Professional Care, Hospice Care, and Incidental Homemaker Services)3 • Independent home health care provider (ICP) definitions • If an approved home health agency is not available within a 40 mile radius of the insured’s home, we will pay actual charges for an authorized ICP up to 75% of the benefit amount • Immediate family members can be compensated if working through an approved provider • In a Nursing Home or Assisted Living Facility • Unused benefits extend the benefit period 3. In OR includes Adult Foster Care, residential care facilities and residential facilities with Alzheimer’s Endorsement. POLICY BENEFITS MAY VARY BY STATE

  9. Policy Building BlocksApplicant Age and Benefit Amounts • Applicant Age • Ages 18-79 • Benefit Amount • Choose from a Monthly or Daily Benefit4 • Monthly $1,500 to $15,000 limit • in $100 increments • Daily $50 to $500 • in $10 increments 4. In VT, the minimum benefit is $75 daily and $2250 monthly. In WI, the minimum Daily Benefit is $60 and the minimum Monthly Benefit is $1800. POLICY BENEFITS MAY VARY BY STATE

  10. Policy Building BlocksBenefit Periods • Multiplier for the Benefit Amount • 2 years (730 days) • 3 years (1,095 days) • 4 years (1,460 days) • 5 years (1,825 days) • 6 years (2,190 days) • 10 years (3,650 days) POLICY BENEFITS MAY VARY BY STATE

  11. Policy Building BlocksTotal Pool of Money $200/Day Benefit 5 Years(1,825 Days) $365,000 Total Benefit Daily Example Monthly Example $6,000/Month Benefit 5 Years(60 Months) $365,000 Total Benefit POLICY BENEFITS MAY VARY BY STATE

  12. Policy Building BlocksElimination Periods (EP) • Deductible where client pays for services before the policy pays • 30 days of service • 60 days of service • 90 days of service • 180 days of service5 • 365 days of service5 • “True cumulative” EP: days of service do not need to be consecutive or within the same claim • For home care, at least 2 hours of covered care is required to count as one day toward the EP. • 1 = 1 5. Not available in VT. POLICY BENEFITS MAY VARY BY STATE

  13. Inflation Options • Benefit Builder • CPI Compound Inflation • CPI Compound Inflation to Age 75 • 5% Compound Inflation POLICY BENEFITS MAY VARY BY STATE

  14. Why we developed Benefit Builder • The next step to our product portfolio approach in the market • In response to the prolonged low interest rate environment • Interest rates have required carriers to re-price product multiple times over the past few years • To help grow the industry Industry sales decreased by 45% − average premium increase 36% 2002 industry sales of approximately $1 Billion, average premium $1,7606 2011 industry sales of approximately $545 Million, average premium $2,4006 6. LIMRA Individual Long-Term Care Insurance Sales 2002 and 2011. POLICY BENEFITS MAY VARY BY STATE

  15. What is Benefit Builder? Allows a policyholder to potentially grow their benefits at a price about half of what traditional policies cost today It is positioned as a default feature on our new Custom Care III policy A truly innovative approach to providing LTC insurance for price sensitive consumers Comprehensive Coverage Low Price Point Potential for Automatic Benefit Growth Access to New Markets POLICY BENEFITS MAY VARY BY STATE

  16. Benefit Builder Voluntary feature • Voluntary – Additional Premium • Buy-ups similar to GPO are offered every three years to age 75 • Option to increase benefits by 10% • Increases are at attained age rates without evidence of insurability • Issue age 64 and under may decline one offer and receive future offers. Issue age 65+ must accept all offers or the offers cease • Offers can be resumed with evidence of insurability six months before the policyholder's originally scheduled next "buy-up" offer date. • Offers will no longer be available if: • benefits have ever been paid; • policyholder was Chronically Ill during the two year period prior to the option date; or • policy has Survivorship and Waiver of Premium Benefit POLICY BENEFITS MAY VARY BY STATE

  17. Benefit Builder Automatic feature • Automatically – Premium does not change • Concept is similar to participating whole life insurance policies • Allows the policy benefits to grow gradually over time with no corresponding increase in premium • When the cumulative Portfolio Rate of Return on the Benefit Builder Portfolio exceeds 3%, the unique crediting feature automatically increases the daily/monthly benefit. • Automatic crediting will continue if on claim POLICY BENEFITS MAY VARY BY STATE

  18. Benefit Builder Unique crediting feature ( ) ANNUAL BENEFIT INCREASE AMOUNT Portfolio Rate of Return 3% Allocated Reserve Value Any adjustments for negative excess earnings credits occurring in prior years ExcessEarnings Credits Single Premium Rate (Per $1 of coverage) POLICY BENEFITS MAY VARY BY STATE

  19. Benefit Builder Automatic benefit increase example Issue Age 50, Married, Preferred, $200 Daily Benefit, 90-Day Elimination Period, 3-Year Benefit Period, $219,000 Starting Policy Limit Assumes consistent hypothetical 6% Portfolio Rate of Return = New Daily Benefit Age Allocated Reserve Value X ( Portfolio Return - 3.0% ) + Prior Negative Credits = Excess Earnings Credit / Single Premium (per $1) = Automatic Benefit Increase + Buy-Up + Prior Daily Benefit = $292.77 80 $36,800 X ( 6.0% - 3.0% ) + $0 = $1,104 / $167 = $6.62 + $0 + $286.15 = $299.65 81 $39,123 X ( 6.0% - 3.0% ) + $0 = $1,174 / $171 = $6.88 + $0 + $292.77 POLICY BENEFITS MAY VARY BY STATE

  20. Benefit Builder Sample illustration Issue Age 50, Married, Preferred, $200 Daily Benefit, 90-Day Elimination Period, 3-Year Benefit Period 3.0% 5.0% 6.0% 7.0% AGE PREMIUM LTC BENEFIT POLICY LIMIT LTC BENEFIT POLICY LIMIT LTC BENEFIT POLICY LIMIT LTC BENEFIT POLICY LIMIT 50 $845.00 $200.00 $219,000 $200.00 $219,000 $200.00 $219,000 $200.00 $219,000 51 $845.00 $200.00 $219,000 $200.00 $219,000 $200.00 $219,000 $200.00 $219,000 52 $845.00 $200.00 $219,000 $200.00 $219,000 $200.00 $219,000 $200.00 $219,000 53 $845.00 $200.00 $219,000 $200.05 $219,055 $200.07 $219,077 $200.09 $219,099 54 $845.00 $200.00 $219,000 $200.26 $219,285 $200.38 $219,416 $200.50 $219,548 55 $845.00 $200.00 $219,000 $200.63 $219,690 $200.94 $220,029 $201.25 $220,369 56 $845.00 $200.00 $219,000 $201.16 $220,270 $201.74 $220,905 $202.33 $221,551 57 $845.00 $200.00 $219,000 $201.85 $221,026 $202.79 $222,055 $203.75 $223,106 58 $845.00 $200.00 $219,000 $202.69 $221,946 $204.08 $223,468 $205.50 $225,023 59 $845.00 $200.00 $219,000 $203.68 $223,030 $205.60 $225,132 $207.58 $227,300 60 $845.00 $200.00 $219,000 $204.82 $224,278 $207.36 $227,059 $209.99 $229,939 61 $845.00 $200.00 $219,000 $206.11 $225,690 $209.36 $229,249 $212.74 $232,950 62 $845.00 $200.00 $219,000 $207.55 $227,267 $211.60 $231,702 $215.84 $236,345 63 $845.00 $200.00 $219,000 $209.13 $228,997 $214.07 $234,407 $219.28 $240,112 64 $845.00 $200.00 $219,000 $210.84 $230,870 $216.77 $237,363 $223.05 $244,240 65 $845.00 $200.00 $219,000 $212.68 $232,885 $219.68 $240,550 $227.15 $248,729 66 $845.00 $200.00 $219,000 $214.66 $235,053 $222.83 $243,999 $231.61 $253,613 67 $845.00 $200.00 $219,000 $216.78 $237,374 $226.23 $247,722 $236.44 $258,902 68 $845.00 $200.00 $219,000 $219.04 $239,849 $229.87 $251,708 $241.64 $264,596 69 $845.00 $200.00 $219,000 $221.44 $242,477 $233.75 $255,956 $247.22 $270,706 70 $845.00 $200.00 $219,000 $223.98 $245,258 $237.88 $260,479 $253.19 $277,243 POLICY BENEFITS MAY VARY BY STATE

  21. Benefit Builder Historical perspectives • The 5%, 6% & 7% Portfolio Rates of Return are hypothetical for illustration purposes only • The investment mix of the Portfolio may change over the life of the policy • We currently expect to invest approximately 80 percent of the Portfolio in fixed income investments, with a smaller portion in equities PERIOD Fixed Income* S&P 500 EQUITIES*** 1 year 4.5% 2.1% 3 years 5.2% 13.6% 5 years 5.7% 0.1% 10 years 5.7% 3.0% 20 years 6.5% 7.7% 30 years 7.9% 10.6% NOTESHistorical annualized returns on investments for similar asset classes may be shown by reference to the above benchmark indices for various periods ending on December 30, 2011. *Based on weighted average yields on Barclays Intermediate Corporate, A Corporate, US Corporate 7-10 years and Long US Corporate indices. Weights reflect current fixed income investment strategy and data availability. **Based on S&P 500 index and S&P 500 dividend yields. POLICY BENEFITS MAY VARY BY STATE

  22. Other Inflation ProtectionCPI Compound Inflation • Provides meaningful and appropriate inflation protection • Annual Compound increases based on the Consumer Price Index (CPI)7 • CPI is the most widely used measure of inflation • Highly weighted towards housing & labor costs • No limit to the CPI increase8 • If CPI is negative, benefits remain level9 7. CPI refers to the Consumer Price Index–All Urban Consumers, published by the Bureau of Labor Statistics for the United States Department of Labor. 8. The rate used to determine the increase in benefits will be calculated based on the percentage change in the CPI three months prior to the policy anniversary date compared to the monthly CPI for the same time period one year prior. 9. Future CPI increases to the benefit amount will be offset by prior decreases in the CPI. POLICY BENEFITS MAY VARY BY STATE

  23. Other Inflation ProtectionCPI Compound Inflation to age 75 • Same as CPI Compound Inflation • CPI Compound increases each policy anniversary up to your client’s 75th birthday • Not available to applicants older than age 70 POLICY BENEFITS MAY VARY BY STATE

  24. Guaranteed Increase Option (GIO)Included with CPI Compound Inflation • Option to increase Benefit Amount by 5% every 3 years • The GIO increase is in addition to the annual CPI increase • No underwriting • Premiums based on attained age and rates in effect on option date • Not available if client has been Chronically Ill during the 2 year period prior to the Option Date, after 2 declined offers, or if the Option Date occurs on or after age 75 POLICY BENEFITS MAY VARY BY STATE

  25. Other Inflation Protection5%Compound Inflation Option • LTC Benefit Amount & Total Pool of Money increased by 5% compound, each year • Increases applied to the remaining Pool of Money, even if Chronically Ill POLICY BENEFITS MAY VARY BY STATE

  26. Built-in Benefits • Double Coverage for Accident Benefit10 • 100% Reimbursement up to two times the maximum daily or monthly benefit if care is the result of an accident prior to age 65 • Benefits paid in excess of the Benefit Amount will not be deducted from the Total Pool of Money • For the entire duration of the claim • Lifestyle underwriting and ability to issue without benefit to preserve case • Return of Premium10 • Total premiums paid less policy benefits paid when death occurs prior to age 65 10. Not available to applicants and policyholders over the age of 65. POLICY BENEFITS MAY VARY BY STATE

  27. Built-in Benefits • Caregiver Support Services (Support for clients and their families) • Personalized telephone & website support • Access to quality reports and ratings on a range of home care providers, Nursing Homes and Assisted Living Facilities nationwide • Access to exclusive provider discounts (up to 35%) • Care advocacy services • Family members include spouse or partner, grandparents, parents, siblings, children, and all in-law and step equivalents of the policyholder POLICY BENEFITS MAY VARY BY STATE

  28. Built-in Benefits • Care Advisory Services (CAS) • The benefit eligible policyholder may choose an independent professional to assist in determining the care and treatment plan • 1/3 the Monthly or 10X the Daily Benefit Amount, annually • May be paid before the EP is satisfied • Does not reduce the Total Pool of Money • Does not count towards the EP POLICY BENEFITS MAY VARY BY STATE

  29. Built-in Benefits • Additional Stay at Home Benefit • Home modifications, durable medical equipment, caregiver training, home safety checks, provider care checks, and medical alert systems • 1X the Monthly or 30X the Daily Benefit Amount • May be paid before the EP is satisfied • Must be benefit eligible • Does not reduce the Total Pool of Money • Does not count towards the EP POLICY BENEFITS MAY VARY BY STATE

  30. Built-in Benefits • Waiver of Premium • Begins once the Elimination Period is satisfied • Ends once benefits are no longer payable • Bed Hold Benefit • Actual covered charges will be paid to ensure your room will be available at a facility when a stay is interrupted for any reason • Up to 60 days per calendar year • Subject to the elimination period and does reduce the Total Pool of Money POLICY BENEFITS MAY VARY BY STATE

  31. Built-in Benefits • International Coverage • Receive coverage for care anywhere in the world11 • Reimbursement basis for actual expenses • Up to 100% of the Benefit Amount for 1 year • Payment in U.S. currency • All benefits except Double Coverage for Accident Benefit, Additional Stay at Home Benefit, Independent Home Health Care Providers, Waiver of Home Health Care Elimination Period, Additional Cash Benefit, and Care Advisory Services • Hospice Benefit • Accessible during the Elimination Period • Covers end-of-life care • Support for family included • Not reimbursable under Medicare 11. We will not pay for care or treatment in any sanctioned countries or territories. POLICY BENEFITS MAY VARY BY STATE POLICY BENEFITS MAY VARY BY STATE

  32. Consumer Protection Features • Alternate Services Benefit • Benefit helps to ensure that policyholder has access to emerging services that may develop over time, but are not currently identified in their policy • Example, in certain circumstances, benefits for services not specifically covered under the policy (like robotics) may be authorized at the time of the claim • Benefit paid must be a lower cost alternative to covered services POLICY BENEFITS MAY VARY BY STATE

  33. Consumer Protection Features • Contingent Nonforfeiture • In effect if the optional Nonforfeiture rider is not chosen • In the event of a rate increase exceeding a threshold % based on issue age • Two options • Reduce benefits • Reduced Total Pool of Money equal to the sum of the premiums paid but no less than 30X daily benefit • Convert to paid-up POLICY BENEFITS MAY VARY BY STATE

  34. Consumer Protection Features • Third Party Billing Notification • The policyholder may designate a person to receive notice if a premium is overdue • Thirty Day Free Look • If the policyholder is not satisfied, they may return the policy within 30 days for a refund • Guaranteed Renewable • John Hancock cannot cancel a policy if the client pays their premiums on time • Company reserves the right to increase the premiums by class, subject to state approval POLICY BENEFITS MAY VARY BY STATE

  35. Consumer Protection Features • Grace Period • The policy has a 65-day grace period • If renewal is not paid within 30 days of due date: • We will notify designated person(s) and give 35 additional days to pay the premium with the policy in effect POLICY BENEFITS MAY VARY BY STATE

  36. Five Optional Riders • SharedCare • Survivorship and Waiver of Premium Benefit • Waiver of Home Health Care Elimination Period12 • Additional Cash Benefit13 • Nonforfeiture 12. Waiver of Non-Facility Elimination Period in OR. 13. Not available in OR. POLICY BENEFITS MAY VARY BY STATE

  37. Optional Riders • SharedCare • Allows partners to access the benefits under the other’s policy once their benefits are exhausted • If either partner dies, survivor’s policy is automatically increased by the remainder of deceased’s Total Pool of Money • Both partners must have rider and identical benefit options except elimination period14 • 60 Day offer of a 2-year benefit plan for policyholder whose benefits are exhausted by partner • Not subject to underwriting, at attained age • Prior to age 91, no claims in prior two years, not Chronically Ill in the prior 2 years • Rider Cost 26%, 16%, 11%, 10%, 8% & 5% for 2/3/4/5/6 & 10 yr BP 14. Partners must select the same benefit options, except Elimination Period. For policies issued Substandard class, SharedCare is only available with a 2 or 3-year Benefit Period. POLICY BENEFITS MAY VARY BY STATE

  38. Optional Riders • Survivorship and Waiver of Premium Benefit • If partner is Chronically Ill, the premium for the healthy partner is waived (both premiums are waived) • If partner dies, surviving partner’s policy becomes paid up • Both policies must have been in-force for 10 years with no claims in first 10 years • Not available with Benefit Builder Voluntary Buy-Ups or GIO • Rider Cost 9% POLICY BENEFITS MAY VARY BY STATE

  39. Optional Riders • Waiver of Home Health Care Elimination Period • Waives Elimination Period for Home Health Care • Creates a zero-day HHC EP • Days of HHC count towards the Facility EP • Waiver of Premium begins once the Facility Elimination Period is met • Not available 180/365 day EP • Rider Price 15% POLICY BENEFITS MAY VARY BY STATE

  40. Optional Riders • Additional Cash Benefit • Separate monthly pool of funds to help the prospect stay at home • Cash benefit equal to 15% of the Monthly Benefit or 4.5 times the Daily Benefit if insured is receiving HHC and not receiving facility care • Separate additional Pool of Money for use at the discretion of the insured • Subject to the EP • At certain levels this benefit may create a taxable event15 • Rider cost 10% 15. Please consult your professional tax advisor. POLICY BENEFITS MAY VARY BY STATE

  41. Optional Riders • Nonforfeiture • Insured receives policy with reduced Total Pool of Money if the policy lapses after it has been in force for at least 3 years (one year with Limited Pay policies) • Reduced Total Pool of Money is the sum of all premiums paid • Rider Cost 6% POLICY BENEFITS MAY VARY BY STATE

  42. Ratings and Discounts • Underwriting Classes • Preferred (Discounted 10% of Select) • Standard (Select) • Class I (125% of Select Premium) • Class II (150% of Select Premium) POLICY BENEFITS MAY VARY BY STATE

  43. Ratings and Discounts • Couples/Partner Discounts • Defined as: • Spouse of a married couple (or)16 • Same sex or opposite sex partners that have lived together 3 years (or) • Family members of the same generation that have lived together 3 years • 30% if both applying, approved and both accept coverage • 35% Cap Discount for Preferred, Both Apply & Approved • Discounts are based on Select Rates 16. In OR, no 3 year living together requirement for same sex or opposite sex couples. POLICY BENEFITS MAY VARY BY STATE

  44. Additional 5% Discount Programs17 • Sponsored Group Discount • For employers with 5 or more employees participating or associations with 10 or more members participating • Family Discount • Available when 3 or more immediate family members purchase individual JH long-term care insurance • Valued Client Discount • Existing JH and Manulife annuity and life clients are eligible for this discount 17. Sponsored Group, Family and Valued Client discounts can’t be used in conjunction with one another. There is a commission reduction with the Sponsored Group, Family and Valued Client Discounts. Please refer to the LTC producer guide LTC-8522 for discount parameters and combination details. POLICY BENEFITS MAY VARY BY STATE

  45. Payment Options • Modal options • Annual • Semi-annual • Quarterly • Monthly Bank Draft • Bank Draft available for all modes • Paid Up At Age 95 • After 95, no additional premium required to keep policy in-force POLICY BENEFITS MAY VARY BY STATE

  46. Illustrations • eHansel • Custom Care III featuring Benefit Builder can be illustrated, in approved states using eHansel, ltc.ehansel.com • Hansel • Hansel is also available for download from the producer website, www.jhltc.com POLICY BENEFITS MAY VARY BY STATE

  47. Why John Hancock • Manulife Financial at 125, founded in 1887 • Led by Canada’s first Prime Minister • John Hancock at 150, founded in 1862 • Named for one of our Founding Fathers • John Hancock Long-Term Care at 25, entered market in 1987 • Industry pioneer and leader now serving 1.3 Million policyholders

  48. Why John Hancock • John Hancock leading brand with 94% overall consumer awareness18 • And 98% among the affluent • LTC insurance experience19 • 25 years of LTC industry experience • Over 1.3 million LTC insurance policyholders • Over $2 billion of in-force LTC insurance premium • Over $27.6 billion of total funds under management • Over $4 billion in LTC claims paid • Over $2 million paid out every day • Over 700 employees dedicated to LTC 18. Chadwick Martin Bailey 2007. 19. John Hancock Internal Claims Data 12/31/11

  49. Strength & stabilityFinancial ratings among the highest in the insurance industry20 John Hancock Life Insurance Company (U.S.A.) A.M. Best A+ (2nd of 15 ratings) Superior ability to meet ongoing obligations. Fitch Ratings AA- (4th of 21 ratings) Very strong capacity to meet policyholder and contract obligations. Standard & Poor’s AA- (4th of 21 ratings) Very strong financial security characteristics. Moody’s A1 (5th of 21 ratings) Good financial security. 93 Comdex Rating 20. Financial strength ratings, which are current as of April 30, 2012, and are subject to change, measure the Company’s ability to honor its financial commitments. The ratings are not an assessment or recommendation of specific policy provisions, premium rates, or practices of the insurance company. The Comdex, which is current as of August 31, 2011, is a composite of financial strength ratings as judged by Standard and Poor’s, Moody’s, A.M. Best and Fitch Ratings. It gives the average percentile ranking in relation to all other companies that have been rated by the rating services. For more information go to www.vitalsalessuite.com (VitalSigns). POLICY BENEFITS MAY VARY BY STATE

  50. Conclusion • John Hancock remains a committed LTC insurance leader • In a price sensitive market, John Hancock offers two solutions that respond to the economic environment • Benefit Builder and CPI Inflation • Custom Care III featuring Benefit Builder is a benefit rich policy • Competitively priced • Incorporating the most recent claimant data • Reflects the most current interest rates and economic assumptions • There has never been a better time to leverage current market conditions and purchase LTC insurance

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