John Hancock Life Insurance Launches New Universal Life Product
Provides Low Cost Death Benefit Protection, Cash Value Growth Potential
Offers Affordable Alternative to Indexed UL and Lifetime Guaranteed UL
BOSTON, Jan. 4, 2011 /PRNewswire/ -- John Hancock Life Insurance today announced the launch of a new current assumption life insurance product—Protection UL.
Protection UL offers a premium often lower than leading lifetime guaranteed universal life policies while also providing the opportunity for cash value growth potential.
"With interest rates staying near historic all time lows, we have seen the industry product cycle shifting away from lifetime guaranteed universal life products. At John Hancock, we see this as an opportunity to provide a new product that can deliver more value to the consumer," said Steve Finch, President, John Hancock Life Insurance. "Our low-cost Protection UL product offers important flexibility through cash values as well as the opportunity for policy performance to improve if crediting rates later increase. At the same time, the policy offers consumers the certainty of a minimum period of coverage. In total, we think this is a compelling package in the marketplace."
The new Protection UL demonstrates John Hancock's commitment to offering products that provide real value and respond to the needs of today's consumers. Protection UL is backed by a financially strong company that has been providing economic security for families and businesses for more than 140 years.
About John Hancock Financial and Manulife Financial Corporation
John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group operating in 22 countries and territories worldwide. For more than 120 years, clients worldwide have looked to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients around the world. We provide asset management services to institutional customers worldwide as well as reinsurance solutions, specializing in life and property and casualty retrocession. Funds under management by Manulife Financial and its subsidiaries were C$474 billion (US$460 billion) as at September 30, 2010. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
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 www.manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable 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 www.johnhancock.com.
Protection UL 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. 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.
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.
SOURCE John Hancock Life Insurance
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