John Hancock Life Insurance Co. in Boston said Monday that it has started a Protection UL-G product that combines competitively priced guaranteed death benefit protection with flexible design options.
Protection UL-G is among the first lapse-protection universal life polices allowing for an extension of the premium-paying period to age 121. Extending the payment period can make premiums more affordable.
The product also offers the flexibility to specify the duration of the death benefit guarantee (from 15 years to a lifetime, up to 121). It suits estate planning, grandparent gifting, and business continuation planning, the insurer said.
Hancock is a unit of Manulife Financial Corp., a Toronto financial services group that offers financial protection products and wealth management services.
