John Hancock Life Insurance said Tuesday that it had introduced a universal life insurance product that includes a cash-value-advantage rider, fixed loan rate, and reductions in limited-period-guarantee premiums.
Protection UL-G's cash-value-advantage rider provides a guaranteed death benefit to clients who do not want to forfeit the premiums they have paid if they later no longer require life insurance coverage. Available at a 5% to 8% increase over the lifetime level-pay premium, the rider gives clients the opportunity to accumulate intermediate cash values.
Customers who are concerned about long-term-care protection can combine the rider with the LifeCare Benefit rider. In a single-pay scenario, the combination generates an immediate LifeCare Benefit pool as well as the potential to accumulate cash value.
Hancock is the Boston unit of Manulife Financial Corp., a Toronto insurance company that had $389 billion of assets under management at March 31.
