John Hancock has announced the introduction of Accumulation VUL, a variable universal life policy that it says offers cash values and retirement income potential to preretirees, especially those who are maximizing contributions to their qualified retirement plans but still face a retirement income shortfall.
Policyholders can choose from a range of underlying investment accounts that represent nearly every major asset class and investment style, the company said Monday, or opt for the John Hancock Lifestyle Portfolios.
Accumulation VUL offers tax-deferred growth of policy values and tax-favored treatment of policy withdrawals. It also offers a 20-year, no-lapse guarantee, zero-net-cost loans, and an optional rider to protect customers who use their policy cash values for retirement income.
An optional LifeCare Benefit Rider is also available to let the policyowner accelerate the death benefit to pay for long-term-care expenses, should the need arise.
