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.