John Hancock Life Insurance Unveils New Universal Life Product

John Hancock Life Insurance announced the launch of a new current assumption life insurance product: Protection UL.

In a release, the company said Protection UL offers a premium often lower than leading lifetime guaranteed universal life policies while also providing the opportunity for cash value growth potential.

"With interest rates staying near historic all time lows, we have seen the industry product cycle shifting away from lifetime guaranteed universal life products. At John Hancock, we see this as an opportunity to provide a new product that can deliver more value to the consumer," said Steve Finch, President, John Hancock Life Insurance. "Our low-cost Protection UL product offers important flexibility through cash values as well as the opportunity for policy performance to improve if crediting rates later increase. At the same time, the policy offers consumers the certainty of a minimum period of coverage. In total, we think this is a compelling package in the marketplace."

John Hancock's said the new Protection UL demonstrates its commitment to offering products that provide real value and respond to the needs of today's consumers.

John Hancock Financial is a unit of Manulife Financial Corp., a Canadian-based financial services group operating in 22 countries and territories worldwide. Funds under management by Manulife Financial and its subsidiaries were C$474 billion (US$460 billion) as at Sept. 30. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.