John Hancock Life Insurance Co. in Boston announced Thursday that it has begun offering a variable universal life insurance product aimed at clients seeking survivorship insurance with growth potential to meet their wealth transfer or business planning needs.
The product allows flexibility for a short-pay scenario, in which clients pay premiums for a limited period, and a high-funding option to maximize cash accumulation, the company said. It also offers a selection of investment options managed by internationally recognized fund managers.
Hancock is a unit of Manulife Financial Corp., a Toronto financial services group. It offers customers a range of financial protection products and wealth management services.
The U.S. subsidiary, through its units, is one of the largest life insurers in this country. Hancock offers whole life, term life, variable life, and universal life policies, as well as college savings products, fixed and variable annuities, long-term-care insurance, mutual funds, and various forms of business insurance.
