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John Hancock Launches Current Assumption Universal Life Policy

Posted on: Wednesday, 3 June 2009, 10:13 CDT

- Low-Cost Permanent Death Benefit Coverage

- Lower Premiums at Younger Ages

- 10-Year No-Lapse Guarantee

BOSTON, June 3 /PRNewswire-FirstCall/ -- John Hancock Life Insurance today announced the launch of its new Performance UL product--a current assumption universal life insurance product that offers low-cost permanent death benefit coverage with the security of a 10-Year Extended No-Lapse Guarantee.

The new product remains very competitive at older ages, but now also appeals to younger clients seeking affordable death benefit protection. It addresses a variety of personal and business insurance needs, including estate planning, income protection for families, and key employee or partner or owner protection for businesses.

"The new Performance UL demonstrates John Hancock's dedication to providing competitive, affordable permanent life insurance products to a broad range of clients, at a time when they need it most," said Steve Finch, President, John Hancock Life Insurance. "Performance UL also is an excellent alternative to a traditional guaranteed product since it offers some of the most competitive premiums in the industry."

In addition to competitive premiums, Performance UL offers an assortment of features and riders that further address clients' insurance needs. These include:

• A 10-Year No-Lapse Guarantee, protecting the policy from default should the cash surrender value fall to zero;
• LifeCare and LifeCare Max riders, providing clients death benefit acceleration or continuation to help pay for long term care expenses; and
• A Cash Value Enhancement rider, helping reduce the charge to business earnings of an employee benefit or business succession plan when the policy is owned by a corporation.

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$405.3 billion (US$321.7 billion) as at March 31, 2009.

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.

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

The No-Lapse Guarantee (NLG) is automatically included with Protection VUL & Protection SVUL. The Extended No-Lapse Guarantee (ENLG) requires an additional cost; it is optional on Protection VUL and is automatically included on Protection SVUL. Both riders guarantee that your policy will not default, even if the cash surrender value falls to zero or below, as long as either the NLG or ENLG cumulative premium test (performed at the point of lapse) is satisfied. In the absence of an ENLG 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 NLG or 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.

The LifeCare Benefit and LifeCare Benefit Max (LMAX) riders are accelerated death benefits and may not be available in all states. Maximum face amount: $5 million with LifeCare Benefit; $1 million with LMAX rider. The LifeCare Benefit riders are not considered long term care insurance in some states. When the policy death benefit is accelerated for long term care expenses, the death benefit is reduced dollar for dollar, and the cash value is reduced proportionately. There may be additional costs associated with this rider. The LMAX rider is not available in all states including New York. Please go to www.jhsalesnet.com for a complete list of up-to-date state approvals.

For prospective policyholders in New York, this product is a life insurance policy that accelerates the death benefit for qualified long term care services and is not a health insurance policy providing long term care insurance subject to the minimum requirements of New York Law, does not qualify for the New York State Long Term Care Partnership program and is not a Medicare supplement policy.

Products and features may not be available in all states. Some riders may have additional costs.

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.

SOURCE John Hancock Life Insurance

Source: PR Newswire

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