BOSTON, Feb. 24, 2014 /PRNewswire/ -- John Hancock Insurance today announced that it has launched a redesigned indexed universal life insurance product—Accumulation IUL. The redesigned product provides strong death benefit protection and significant cash value accumulation potential that can help consumers supplement their retirement income and meet other financial goals. "Nearly 80 million baby boomers are preparing to exit the workforce over the next 20 years," said Mike Doughty, President, John Hancock Insurance. "They want to protect their family's financial well-being today, but are also increasingly concerned about maintaining their current lifestyles or running the risk of outliving their savings in retirement." He added that innovative and attractive product solutions like Accumulation IUL are designed to maximize cash value accumulation and help consumers be better prepared to meet future goals. Accumulation IUL offers downside protection but with the potential for growth through returns linked to the index. The product features a simple and straightforward design with the flexibility of three indexed allocation options. "John Hancock is dedicated to delivering products that are among the best and most competitive in the industry— offering flexibility, value and protection to consumers, as well as more competitive offerings for our distribution partners," Mr. Doughty said. 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 at 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, comprises 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.