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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
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
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John Hancock Financial is a division of
The John Hancock unit, through its insurance companies, is one of the largest life insurers in
Insurance policies and/or associated riders and features may not be available in all states.
Protection UL 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. 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.
This rider has exclusions and limitations, reductions of benefits, and terms under which it may be continued in force or discontinued. Please contact the licensed agent or John Hancock for more information, cost, and complete details on coverage.
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SOURCE John Hancock Financial