A U.S. unit of Manulife Financial Corp. is introducing a variable universal life insurance policy.

John Hancock Life Insurance Company, Boston, says the new Accumulation VUL policy is designed for customers who want to maximize cash value and retirement income.

Purchasers can choose their own mutual funds or put assets in the hands of the managers of Hancock’s John Hancock Lifestyle Portfolios.

The policy also offers a 20-year no lapse guarantee through issue age 55 and “zero net cost” loans, according to Hancock, a unit of Manulife, Toronto.

The policy also offers an optional rider that protects clients who accidentally end up with policy debt greater than the policy’s total face amount.

Another rider, an optional LifeCare Benefit Rider, can accelerate payment of the death benefit for insureds who need help with paying for long term care.