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Manulife N.Y. Updates VUL No-Lapse Guarantees

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NU Online News Service, July 22, 2004, 1:32 p.m. EDT

A unit of Manulife Financial Corp., Toronto, that sells life insurance in New York state has updated the no-lapse guarantees on its Venture variable universal life products.[@@]

The Manufacturers Life Insurance Company of New York, Valhalla, N.Y., has increased the number of ages eligible for a full 20 years of no-lapse guarantees on the Venture VUL Accumulator and Venture VUL Protector policies, according to Manulife New York.

Customers who buy VUL policies can invest accumulated assets in investment options that resemble mutual funds. A no-lapse guarantee can keep a policyholder’s VUL contract from lapsing as a result of poor investment performance as long as the holder keeps up premium payments.

Manulife New York also has introduced an optional Extended No-Lapse Guarantee feature for holders of its Venture VUL Protector and Venture Survivorship VUL policies. Customers who pay for that option can extend the no-lapse guarantee up to age 100. Another, existing policy feature lets holders continue their policy after age 100, Manulife New York says.

Manulife New York is responsible for backing the product guarantees.