John Hancock Life Insurance Company has unveiled a survivorship universal life insurance product.

Its new Performance SUL product is a current-assumption policy aimed at clients seeking death benefit protection at relatively low costs along with the potential for cash-value accumulation, the company says. The policy also offers lifetime level-pay, 10-pay and single-pay premiums.

The product uses the 2001 CSO mortality table, which allows a policyholder to extend the premium paying period to age 121, reducing premiums considerably, notes the company, a division of Manulife Financial Inc., Toronto.