New Products and Services. (Life/Health).

Hancock Adds Long-Term: Care Policies in California: John Hancock Life Insurance Co., Boston, has introduced two long-term-care insurance policies suitable for the California market.

Both policies, Gold Coast Advantage and Gold Coast Advantage Partnership, are tax-qualified and provide coverage for care rendered at home, at an adult day-care center, in a residential-care facility or in a nursing home.

The partnership policy protects insureds from having to "spend down" assets to state-required levels before qualifying for California's MediCal program. It allows insureds to keep a dollar of assets for every dollar their policy pays out in benefits. If long-term care is needed after the policy benefits are exhausted, MediCal will allow policyholders to keep assets equal to the amount the partnership policy paid out for care.