John Hancock has introduced the Protection SUL-G survivorship universal life insurance policy.
The policy can insure 2 lives.
Because Hancock, Boston, based the policy on the new 2001 Commissioners’ Standard Ordinary mortality table, the company can extend the maximum premium-paying period and death-benefit guarantee duration to age 121 for the younger insured, Hancock says.
Options include a return-of-premium rider; a rider that can provide extra protection against estate taxes during the first 4 policy years; and a rider that can split the policy in case couples divorce or tax laws change.
CORRECTION: The number of insureds who can be covered by this policy was described incorrectly in an earlier version of this article. The correct number is 2.