NU Online News Service, April 11, 2005, 4:46 p.m. EDT

John Hancock Life Insurance Company has launched a universal life insurance product that lets policyholders cut premiums by extending payments.[@@]

The Boston insurer, a unit of Manulife Financial Corp., Toronto, says the new Protection UL-G policy carries a no-lapse guaranty and uses the 2001 Commissioners Standard Ordinary mortality table.

Using the 2001 CSO table has helped Hancock reduce the size of premium payments by extending the premium-paying period over periods ranging from 15 years to as late as age 121, Hancock says.