John Hancock Launches New Variable Universal Life Insurance Product

- Offers Enhanced Fixed Account Crediting Rate

- Unique Dollar Cost Averaging Opportunity

- Excellent Cash Accumulation Potential with Strong Death Benefit Protection Options

- Expanded List of Investment Options

BOSTON, May 5 /PRNewswire-FirstCall/ -- John Hancock Life Insurance today announced the launch of a new Protection VUL product, a variable universal life insurance policy that offers excellent cash value accumulation potential with strong death benefit protection options.

The policy has multiple uses, meeting the needs of both individual and business clients. Individuals may use the policy to plan for future needs, including wealth transfer or college funding. The potential for growth also makes this policy suitable for Spousal Irrevocable Life Insurance Trusts (ILITs)(1). The policy's attractive business applications include Key Person Insurance.

"Protection VUL is an attractive well designed policy that can meet a variety of client needs," said Steve Finch, President, John Hancock Life Insurance. "In addition, in the midst of the ongoing challenging market conditions, Protection VUL offers valuable risk mitigating features and still provides the opportunity for cash accumulation."

John Hancock is temporarily increasing the current Fixed Account(2),(3) crediting rate by 2 percent through December 31, 2010 and offering expanded Dollar Cost Averaging(4),(5) options to allow transfers out of the Fixed Account (through December 31, 2011) on the new Protection VUL.

In volatile markets, these new features allow clients to take advantage of the enhanced Fixed Account rate for the short-term, while Dollar Cost Averaging to one or more investment accounts, including the Lifestyle Portfolios, for long-term growth potential.

Policy owners have a number of options to help meet diversification needs. When the optional Extended No-Lapse Guarantee (ENLG) rider(6) is elected, they may invest among actively managed Lifestyle Portfolios(7), Pre-built Asset Allocation Options, Money Market or the Fixed Account. In any case, they benefit from tax-deferred growth of policy values and tax-favored treatment of policy withdrawals(8).

The policy also offers an Interest Free Catch-Up provision for its guarantees, providing the policy owner with the flexibility to alter their premium schedule in the future should they encounter any unexpected change in cash flow or financial hardship

About John Hancock Financial and Manulife Financial Corporation

John Hancock Financial is a unit of Manulife Financial Corporation (the Company), a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of 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 Cdn$405 billion (US$330 billion) as at December 31, 2008.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' 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.

Variable universal life insurance has annual fees and expenses associated with it in addition to life insurance related charges (which differ with the product chosen), including surrender charges and investment management fees. Variable universal life insurance products are long-term contracts and are sold by prospectus. They are subject to market risk due to the underlying sub-accounts, and are unsuitable as a short term savings vehicle. The primary purpose of variable universal life insurance is to provide lifetime protection against economic loss due to the death of the insured person. Cash values are not guaranteed if the client is invested in the investment accounts. There are risks associated with each investment option, and the policy may lose value.

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. Refer to the product prospectus for additional information.

1. Irrevocable Life Insurance Trusts should be drafted by an attorney familiar with such matters in order to take into account income and estate tax laws (including the generation-skipping transfer tax). Failure to do so could result in adverse tax treatments of trust proceeds.

2. Fixed Account rates are annualized and subject to change. The enhanced Fixed Account rate is available on Protection '09 (09PROVUL) cash values through December 31, 2009. After December 31, 2009, policy values allocated to the Fixed Account will receive the then current crediting rate.

3. Transfers of Fixed Account policy values that are not participating in Dollar Cost Averaging are limited to the greater of: the Fixed Account maximum transfer amount of $2,000 or 15% multiplied by the amount of the Fixed Account on the immediately preceding policy anniversary.

4. Dollar Cost Averaging (DCA) does not assure a profit or protect against loss in declining markets. Since the DCA involves continuous investments in securities regardless of fluctuating price levels of such securities, a purchaser must be willing to continue such purchases through periods of declining prices.

5. At issue, premiums are allocated to the Money Market B investment account for a 10-day period before being allocated to the specified investment options or the Fixed Account. After December 31, 2010 we will no longer allow transfers from the Fixed Account with DCA and any policy value remaining in the Fixed Account is subject to the standard Fixed Account transfer rules. An investment in the Money Market B portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the portfolio.

6. The No-Lapse Guarantee (NLG) is automatically included with Protection VUL. The Extended No-Lapse Guarantee (ENLG) requires an additional cost. Both guarantee that your policy will not default, even if the cash surrender value falls to zero or below, as long as the NLG and/or ENLG cumulative premium test (performed at the point of lapse) is met. In the absence of a guarantee to the insured's (or youngest insured if survivorship) attained age 121, at the end of the ENLG period the policy value may be insufficient to keep the policy in force. Thereafter, premiums significantly higher than the Extended No-Lapse Guarantee premium may be required to keep the policy in force. If you pay only the premium to satisfy the ENLG, you may be foregoing the advantage of building up policy value. In Illinois the ENLG is called "Death Benefit Protection." Loans, withdrawals, or the addition of Supplemental Coverage can result in the loss of the ENLG

7. The Lifestyle Portfolios in John Hancock Trust described above are not mutual funds available to the retail public and are only available under John Hancock's variable annuity contracts or variable life insurance policies or through participation in certain tax-qualified retirement plans. The investment advisor of the Lifestyle Portfolios also manages mutual funds available to the retail public with similar names and investment objectives. No representation is made, and no assurance is given, that any Lifestyle Portfolio's investment results will be comparable to the investment results of any other fund, including retail mutual funds with the same investment advisor. Past performance is no guarantee of future results.

8. Loans and withdrawals will reduce the death benefit and cash surrender value, and may cause the policy to lapse. Lapse or surrender of a policy with a loan may cause the recognition of taxable income. Policies classified as modified endowment contracts may be subject to tax when a loan or withdrawal is made. Cash value available for loans and withdrawals may be more or less than originally invested. Withdrawals are available after the first policy year.

Guaranteed product features are dependent upon minimum premium requirements and the claims-paying ability of the issuer.

Allocating net premiums to a Lifestyle portfolio is designed to help reduce the market volatility that one may experience through the allocation of premiums to only one or a small number of investment options. There are risks associated with any investment and it is possible to lose money by investing in the Lifestyle portfolios.

Please contact 1-800-827-4546 to obtain product and fund prospectuses (for New York, contact 1-877-391-3748, option 4). The prospectuses contain complete details on investment objectives, risks, fees, charges and expenses as well as other information about the investment company. Please read the prospectuses carefully containing this and other information on the product and the underlying portfolios and consider these factors carefully before investing.

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 and securities offered through John Hancock Distributors LLC through other broker/dealers that have a selling agreement with John Hancock Distributors LLC, 197 Clarendon Street, Boston, MA 02116.

     MLINY04230910975                                                       Policy Form: 09PROVUL                                                      Rider Form Series:                                                      09ENLGR 

SOURCE John Hancock Life Insurance