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New Survivorship Universal Life Insurance Product

  • Synopsis: Published: 2011-06-09 - John Hancock Life Insurance announces launch of new survivorship current assumption life insurance product Protection SUL - John Hancock Life Insurance.

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John Hancock Life Insurance Launches New Survivorship Universal Life Product.

Provides Low-Cost Survivorship Death Benefit Protection, Cash Value Growth Potential and Lengthy Guarantees - Offers Affordable Alternative to Lifetime Guaranteed SUL.

John Hancock Life Insurance announced the launch of a new survivorship current assumption life insurance product - Protection SUL.

A complement to its single life offering, Protection UL, Protection SUL offers clients a premium often lower than leading lifetime guaranteed survivorship universal life policies, but also provides the opportunity for cash value growth potential and the security of lengthy guarantees.

"The introduction of Protection SUL reaffirms John Hancock's commitment to maintaining our leadership position in the survivorship universal life marketplace by offering innovative solutions that provide a new level of value to clients," said Steve Finch, President, John Hancock Life Insurance. "Protection SUL also provides a significant estate planning opportunity with the recently passed tax act offering a two-year window to leverage increased exemption amounts with gifts."

In addition to its competitive premiums, cash value accumulation potential and design flexibility, Protection SUL offers a variety of riders and features that further address business and personal insurance needs:

Estate Preservation rider - Provides additional coverage during the first four policy years to protect the policy from inclusion in the estate if death occurs within three years of a transfer to a trust.

Policy Split Option rider - Allows the policy to be split into two equal, permanent single life policies if the couple divorces or if tax laws change.

Return of Premium rider - Helps ensure that there is sufficient death benefit coverage to repay premium finance loans as well as provide for the insureds' heirs.

About John Hancock Financial and Manulife Financial Corporation - John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, Manulife Financial Corporation 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 $478 billion (US$492 billion) as at March 31, 2011. 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 www.manulife.com.

The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at www.johnhancock.com.

Protection SUL policies automatically include a no-lapse guarantee called Death Benefit Protection. This feature guarantees that the policy will not default, even if the cash surrender value falls to zero or below, provided that the Death Benefit Protection Value remains greater than zero and policy debt never exceeds the Policy Value. Policyholders who pay only the minimum premium required to keep the Death Benefit Protection in effect may forego the advantage of building significant cash value in this policy. The no-lapse guarantee under the Death Benefit Protection has a maximum duration to age 121, of the younger insured. The duration of the no-lapse guarantee coverage may be less, depending upon the funding level chosen by the policyholder. The NLG duration is stated in the contract and reflected in the illustration's guaranteed net death benefit column. At the end of the NLG duration, premiums greater than those originally illustrated may be required to maintain coverage. Factors such as, but not limited to, the amount and timing of premium payments, loans, withdrawals, or any other change allowed under the contract could potentially terminate the no-lapse guarantee. Once terminated, the Death Benefit Protection feature cannot be reinstated.

Guaranteed product features are dependent upon the claims-paying ability of the issuer.

Insurance policies and/or associated riders and features may not be available in all states. Some riders may have additional fees and expenses associated with them.

Insurance products are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.

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