NU Online News Service, Oct. 10, 11:45 a.m. – John Hancock Life Insurance Company, a unit of John Hancock Financial Services Inc., Boston, has introduced the Sound Solution fixed annuity.

The annuity is a single-premium fixed deferred annuity. Hancock will be selling the annuity through its Signator Financial Network distribution arm.

The annuity comes with a three-year interest rate guarantee period. After three years, the contract will renew automatically and provide one-year interest rate guarantees.

Hancock is increasing early annuity earnings by adding a 1 percentage point “bonus” to the rate the annuity will earn during the first contract year.

The annuity comes with a free long-term care assistance package that includes a waiver of asset-withdrawal charges if the annuity owner or spouse suffers from a critical illness or enters a nursing home.

The package also provides toll-free access to an advice hotline for seniors and discounts on nursing home and home health care.

Customers who pay extra can buy the CARESolutions Plus option.

The option, which costs 0.45% percentage points each year, can increase the monthly benefits payments made to annuity holders who end up using long-term care services.

Annuity holders can collect the benefit for up to 36 months starting six years after the annuity is purchased.

The benefits paid vary with the initial age of the purchaser. For customers between the ages of 40 and 59, the maximum benefit is 3% of the account value per month. The benefit is 2% for issue ages 60 to 69 and 1% for issue ages 70 to 79.

The benefit is not available for customers over age 79.