NU Online News Service, Oct. 18, 2002, 10:25 a.m. – John Hancock Life Insurance Company, Boston, announced it has repriced and improved its portfolio of level-premium term life insurance products.
The company’s new Signature Level Premium term series offers lower rates regardless of the insured’s underwriting class or the guarantee period selected, ranging from 10 to 30 years.
Hancock is also making the products available to a wider range of age groups than previously, the company says. The ages at which individuals can obtain coverage varies with the duration of the policy, it explains.
Hancock’s guaranteed term portfolio includes an optional rider that allows clients to convert to a permanent policy during a period of disability. Other product features include a comprehensive waiver-of-premium benefit in the event of disability, conversion to permanent protection in the event of serious illness, a first-year premium discount and a living care provision, offering access to the death benefit if the policyholder becomes terminally ill.