NU Online News Service, Sept. 24, 10:48 a.m. – John Hancock Financial Services Inc., Boston, has introduced a new survivorship life insurance product for the estate-planning market, the Variable Estate Protection Edge.
A survivorship policy covers two or more people and pays off after the death of the last insured.
The Protection Edge policy is aimed at wealthy individuals who want to pay large premiums and maximize cash accumulation, the company says.
Earlier this year, the company introduced the Protection Plus policy, a policy in the same survivorship life family. The Protection Plus policy is aimed at companies that use survivorship life policies for corporate planning purposes. For accounting reasons, those clients often want high cash values in the first few years that a survivorship life policy is in force, Hancock says.