NU Online News Service, Oct. 1, 12:25 p.m. – The U.S. insurance unit of Manulife Financial Corp., Toronto, is introducing two new variable life insurance products, the Venture Variable Universal Life Protector and Venture Survivorship Variable Universal Life policies.

Venture VUL Protector provides death benefit coverage on a single life.

Venture Survivorship VUL insures two people and pays a death benefit after the second insured dies.

Both policies offer a choice of 60 investment options and a 20-year “no lapse” guarantee, along with an option for extending the no-lapse guarantee to age 100.

Policy purchasers can increase their projected income by assuming some market risk and investing policy assets in stock and bond funds. The no-lapse guarantee reduces the effects of the extra market risk on the policy death benefit, by protecting the full value of the death benefit from the effects of market volatility during the first 20 years that the policy is in force.

Manulife is also offering a term insurance rider; an estate tax protection rider; and a “quit-smoking” incentive.

The quit smoking incentive gives smokers a temporary break on rates during the first three policy years, then makes the lower rates permanent if the policyholder stops smoking for at least one full year.