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.