BOSTON, March 19, 2014 /PRNewswire/ -- John Hancock Insurance today announced enhancements to its flagship current assumption universal life product, Protection UL.
The company said more competitive premiums are now available on all lump sum and single-pay scenarios, resulting in a more attractive product. These enhancements apply to all new business and inforce Protection UL '13 policies.
"In addition to death benefit protection, our innovative Protection UL product offers important flexibility through cash values that can help address consumers' needs throughout their lives," said Mike Doughty, President, John Hancock Insurance. "And it's now even more competitive with these recent changes."In a low-interest rate environment, Protection UL can deliver more value to the consumer than guaranteed universal life insurance products. It offers consumers the opportunity for cash value growth potential and the security of lengthy guarantees while also featuring a premium that is often more affordable than leading lifetime guaranteed universal life policies. Consumers also have the option of adding John Hancock's recently improved Long-Term Care rider to the policy for more comprehensive coverage. The enhanced rider provides greater design flexibility when insuring against rising costs of long-term care. About John Hancock Financial and Manulife Financial John Hancock Financial is a division of Manulife Financial, a leading Canada-based financial services group with principal operations in Asia, Canada, and the United States. Operating as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States, the company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents, and distribution partners. Funds under management by Manulife Financial and its subsidiaries were C$599 billion ( US$563 billion) as of December 31, 2013. Manulife Financial Corporation trades as MFC on the TSX, NYSE and PSE, and under 945 on the SEHK. Manulife Financial can be found on the Internet at manulife.com. The John Hancock unit, through its insurance companies, is one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com. Insurance policies and/or associated riders and features may not be available in all states.