John Hancock Life Insurance Company
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In May 2005, I signed up for a Long Term Care Policy with John Hancock at the rate of $1,111.80 per year. I was told that the rate would be relatively stable, with occasional adjustment for inflation. Until now, I have been pleased with the policy as there has been no increase in eight years. However, on March 12, I received a letter stating that my policy rate would increase by 44% to over $1,600.00 per year. This is an unreasonable increase and not sustainable for a long-term commitment. The letter further stated that the adjustment was necessary to cover future commitments of the company. It's pretty easy to understand that John Hancock underestimated their needs for future coverage of clients. Because of their mistake, I am being penalized. Therefore, I would like to cancel the policy and request a refund of all monies invested plus interest for the eight years I have been mislead. When I presented this to the John Hancock agent by phone, I was told this would not be possible. Do I have a legal remedy?