John Hancock Insurance Launches Survivorship Indexed Universal Life Product

BOSTON, Sept. 9, 2013 /PRNewswire/ -- John Hancock Insurance has launched a survivorship indexed universal life insurance product—Protection SIUL.

This new product, a complement to its single life offering, Protection IUL, is designed to meet the needs of clients looking for survivorship protection with the potential for a higher return than a UL policy and less volatility than a VUL product.

John Hancock's Protection SIUL offers a straightforward, point-to-point crediting method that is linked to the performance of the S&P 500^1® , allowing clients to capture upside potential, while providing protection in down markets. The crediting rate will never be less than 0%.

In addition to its competitive premiums, cash value accumulation potential and lengthy no-lapse guarantee, Protection SIUL offers clients a dynamic solution to estate and legacy planning needs.

"The introduction of Protection SIUL reaffirms John Hancock's commitment to providing innovative solutions that offer alternatives to lifetime no-lapse guarantee products," said Michael Doughty, President, John Hancock Insurance. "With the addition of this new product, whether clients are concerned with low-cost death benefit protection, focused on accumulating cash values as a source of supplemental income or seeking competitive survivorship protection, John Hancock's IUL portfolio can meet their needs."

About John Hancock Financial and Manulife Financial

John Hancock Financial is a division of Manulife Financial, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife Financial in Canada and Asia, and primarily as John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were C$567billion (US$539 billion) as at June 30, 2013. 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 manulife.com.

The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, 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 johnhancock.com

1.  Excluding dividends. Standard & Poor's®, S&P®, S&P 500®, Standard & Poor's 500 and 500 are trademarks of Standard & Poor's Financial Services LLC , a subsidiary of The McGraw-Hill Companies, Inc. and have been licensed for use by John Hancock. The Product is not sponsored, sold, endorsed or promoted by Standard & Poor's, and Standard & Poor's makes no representation regarding the advisability of purchasing the Product. The S&P 500® Index is an index of 500 stocks that are generally representative of the performance of leading companies in leading industries within the U.S. You cannot invest directly in the S&P 500® Index.

Protection SIUL policies automatically include a no-lapse guarantee called Death Benefit Protection. This feature guarantees that the policy will not default, even if the cash surrender value falls to zero or below, provided that the Death Benefit Protection Value remains greater than zero and policy debt never exceeds the Policy Value. Policyholders who pay only the minimum premium required to keep the Death Benefit Protection in effect may forego the advantage of building significant cash value in this policy. The no-lapse guarantee under the Death Benefit Protection has a maximum duration to age 121, of the younger insured. The duration of the no-lapse guarantee coverage may be less, depending upon the funding level chosen by the policyholder. The NLG duration is stated in the contract and reflected in the illustration's guaranteed net death benefit column. At the end of the NLG duration, premiums greater than those originally illustrated may be required to maintain coverage. Factors such as, but not limited to, the amount and timing of premium payments, loans, withdrawals, or any other change allowed under the contract could potentially terminate the no-lapse guarantee. Once terminated, the Death Benefit Protection feature cannot be reinstated.

Loans and withdrawals will reduce the death benefit, cash surrender value, and may cause the policy to lapse. Lapse or surrender of a policy with a loan may cause the recognition of taxable income. Policies classified as modified endowment contracts may be subject to tax when a loan or withdrawal is made.  A federal tax penalty of 10% may also apply if the loan or withdrawal is taken prior to age 59^1/2. Cash value available for loans and withdrawals may be more or less than originally invested. Withdrawals are available in the [2nd] policy year.

The life insurance policy describes coverage under the policy, exclusions and limitations, what you must do to keep your policy inforce, and what would cause your policy to be discontinued.  Please contact your licensed agent or John Hancock for more information, costs, and complete details on coverage.  Availability of policies, features, and benefits may vary by state.

Guaranteed product features are dependent upon the claims-paying ability of the issuer.

Insurance policies and/or associated riders and features may not be available in all states. Some riders may have additional fees and expenses associated with them.

Insurance products are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.

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SOURCE John Hancock Financial