NU Online News Service, June 21, 12:57 p.m. – John Hancock Financial Services Inc., Boston, today added the Performance SUL policy, a survivorship universal life policy with interest rate guarantees, to its collection of universal life insurance products.
Hancock designed the policy for conservative clients who want survivorship protection and who might want to accumulate cash in their policies, without exposure to stock market volatility, the company says.
With Performance SUL, policyholder premiums are invested in a portfolio of high-quality bonds.
Hancock will also continue to sell its Universal Life Estate Protection universal survivorship policy, the company says.
Hancock says the older policy is more appropriate for clients interested in having access to low-cost, guaranteed death benefits for life.
Survivorship insurance, also known as second-to-die insurance, covers two lives and pays a death benefit upon the death of the second insured. Buying one survivorship life policy typically costs less than two single life policies, Hancock says.