John Hancock's Protection Universal Life Product Now Features Extended Guarantees to Help Consumers Secure Greater and Longer Financial Protection

Innovative design delivers more value with optional features including the Critical Illness Benefit and John Hancock Vitality Program

News provided by

John Hancock

Mar 26, 2018, 10:00 ET

BOSTON, March 26, 2018 /PRNewswire/ -- John Hancock Insurance introduced an improved Protection Universal Life insurance product with extended guarantees and new optional benefits, providing consumers with coverage that offers lifetime protection tailored to meet their individual needs.

Protection UL's guarantees, often to life expectancy and beyond, along with affordable premiums and cash value growth potential can help consumers replace lost family income and fund future expenses such as helping to pay for college or supplementing retirement savings.

"Seven years ago, with interest rates at near all-time lows, we designed a breakthrough product with real value that could respond to the changing needs of consumers," said Brooks Tingle, president and CEO, John Hancock Insurance. "As of today, customers have entrusted us with $5 billion in premiums, making Protection UL our number one selling permanent life insurance product. The most recent enhancements demonstrate our ongoing commitment to offering meaningful and leading-edge solutions to financial advisors and their clients."

With the John Hancock Vitality Program, Protection UL policyholders have the opportunity to significantly save on their annual premium and earn valuable rewards for the everyday things they do to stay healthy like walking, eating well and getting regular check-ups. In fact, the healthier their lifestyle, the greater their rewards, including $600 in annual savings on healthy food purchases, as well as the opportunity to earn an Apple Watch Series 3 by exercising regularly.

The new Protection UL also offers several attractive and innovative optional living benefit riders. The new Critical Illness Benefit provides consumers with additional financial protection when faced with a serious medical diagnosis, such as a heart attack, cancer or stroke. Another optional rider allows policyholders to accelerate their death benefit to help pay for long-term care expenses.

About John Hancock and Manulife
John Hancock is a division of Manulife Financial Corporation, a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. We operate primarily as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were over $1.04 trillion (US$829.4 billion) as of December 31, 2017. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com.

One of the largest life insurers in the United States, John Hancock supports approximately 10.7 million Americans with a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, and college savings plans. We also offer advice through Signator, a network of independent financial advisors. Additional information about John Hancock may be found at 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. Once terminated, the Death Benefit Protection feature cannot be reinstated.

HealthyFood savings are based on qualifying purchases and may vary based on the terms of the John Hancock Vitality program.

Vitality is the provider of the John Hancock Vitality Program in connection with policies issued by John Hancock. Rewards and discounts are subject to change and are not guaranteed to remain the same for the life of the policy.

Apple Watch Series 3 can be ordered for an initial payment of $25 plus tax and over the next two years, monthly payments are based on the number of workouts completed. The Retail Installment Agreement with the Vitality Group will need to be signed electronically at checkout. Upgrade fees apply if you choose Apple Watch Series 3 (GPS + Cellular), certain bands and case materials. Apple Watch Series 3 (GPS) requires an iPhone 5s or later with iOS 11 or later. Apple Watch Series 3 (GPS + Cellular) requires an iPhone 6 or later with iOS 11 or later.

Apple Watch Series 3 (GPS + Cellular) and iPhone service provider must be the same. Cellular is not available with all service providers. Roaming is not available outside your carrier network coverage area. Wireless service plan required for cellular service. Contact your service provider for more details. Check www.apple.com/watch/cellular for participating wireless carriers and eligibility.

Please note: Apple Watch program is not available in New York. Apple Watch Series 3 is only available to John Hancock Vitality members who have not previously ordered an Apple Watch through the program.

The Critical Illness Benefit Rider provides a one-time lump sum benefit if the insured experiences a covered critical illness and meets the benefit eligibility requirements. There is a 30-day waiting period that begins on the rider effective date. The benefit will not be paid for critical illnesses initially diagnosed before the rider effective date or during the waiting period. The policyholder may elect 10% or 25% of the total face amount as the critical illness benefit amount with a maximum benefit amount of $250,000. The rider will terminate at attained age 65 or 5 years after the issue date, whichever is later. There is an additional cost for this rider.

Insurance policies and/or associated riders and features may not be available in all states.

Guaranteed product features are dependent upon minimum premium requirements and the claims-paying ability of the issuer.

Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02210 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595. MLINY032018143

PR-2018-18

SOURCE John Hancock