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Hancock Rolls Out Survivorship VUL Policy

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NU Online News Service, April 12, 2005, 3:13 p.m. EDT

John Hancock Life Insurance Company, Boston, has introduced a product aimed at customers who want to insure the lives of 2 or more people.[@@]

The company’s new Performance Survivorship Variable Universal Life policy offers a number of underwriting classes, including a “super preferred non smoker” class and a “preferred smoker” class.

Hancock, a unit of Manulife Financial Corp., Toronto, is appealing to businesses with an enhanced cash value rider, which can reduce the effects of a policy on earnings.

Hancock is appealing to couples with a “policy split option” rider, which allows couples to split a policy into 2 equal, single-life policies without evidence of the spouses’ insurability in the event of divorce or major changes in tax laws.