John Hancock Life Insurance Co. launched a new version of its term life insurance product.

The Boston company has revamped its entire level-premium term life insurance portfolio, reducing premiums at many non-smoker issue ages and face amounts. The company also reduced premiums in its niche market of $3 million-plus face amounts.

The company has added a new standard plus non-smoker risk class, which allows it to separate the better risks from the standard risk class and offer more competitive rates to healthier clients.

Hancock offers a guaranteed conversion option which makes permanent protection available without additional underwriting. Individuals can choose from a suite of permanent insurance products, including traditional whole life, universal life and variable life insurance policies.

Hancock, which announced the new product on Thursday, is a unit of Toronto's Manulife Financial Corp., which had $370 billion of assets under management as of March 31.

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