John Hancock Financial Services Inc., a Boston unit of Manulife Financial Corp., has launched JH Spectrum, a fixed deferred annuity with three withdrawal options: after five, six, and seven years.

The annuity allows advisers to match a client's investment needs with the right product and select the highest possible rate, the company said Wednesday. Within the withdrawal charge schedules, there are different guarantee periods.

In addition, Hancock will offer a nursing home waiver, which will give clients and their spouses access to 100% of their money without withdrawal charges if they are confined to a nursing home or diagnosed with a critical illness.

The annuity will offer additional services such as access to two referral services: Seniorlink and Advantage List. Seniorlink is a national elder care program that provides advice on issues such as nursing homes, assisted living, home health care, home repair services, and legal services. Advantage List provides members with access to discounts and competitive rates at more than 10,000 nursing homes and care agencies across the country.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.