NU Online News Service, Oct. 16, 2003, 3:00 p.m. EDT – John Hancock Life Insurance Company, Boston, has introduced a new survivorship universal life policy that offers lifetime death benefit guarantees.
The product, Protection SUL, covers two lives and pays off upon the death of the second insured.
Hancock says the product’s main feature is that it allows the insured to choose to guarantee their death benefit anywhere from 15 years to a lifetime. Premiums will reflect the cost of coverage for the number of years specified.
Hancock says the product’s design is ideal for personal estate or business planning.
The product also features built-in lifetime guaranteed coverage, subject to required funding; and the ability for clients to prepay future premium at a reduced rate.
A disability rider is also available, which would pay the premiums if the insured becomes disabled, Hancock says.