John Hancock Life Insurance has a new the product that offers death benefit guarantees for as long as the customer lives.

The product, Protection UL-G, also offers a cash value advantage rider that gives clients the opportunity to accumulate intermediate cash values in their policies; and a LifeCare Benefit rider that allows clients to accelerate their death benefit to pay for long-term-care expenses. It was announced Wednesday.

John Hancock is a Boston unit of Manulife Financial Corp. of Toronto. Manulife had $364 billion of assets under management as of Sept. 30.

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