NU Online News Service, Nov. 6, 2003, 12:47 p.m. EST – John Hancock Financial Services Inc., Boston, has introduced the Performance Executive UL universal life policy.
Hancock says the policy is appropriate for individuals as well as corporate customers, but it is emphasizing features that will appeal to small and midsize corporate customers.
Hancock will let purchasers choose between fully underwritten, guaranteed issue or simplified issue underwriting classes for multi-life cases.
The new UL policy also offers high early cash values with no surrender charges. That design can minimize charges to earnings for corporate customers and increase corporate customers’ asset totals, Hancock says.
The high early policy values also can provide collateral for individuals using the policy for estate planning purposes, Hancock says.
Customers who want even higher early surrender values can buy an enhanced cash value rider, Hancock says.
Hancock is administering the UL policy on a system that can handle group billing as well as individual billing.
The minimum face amount for the policy is $100,000.