A U.S. unit of Manulife Financial Corp. has updated a basic insurance product.

John Hancock Life Insurance, Boston, a subsidiary of Manulife, Toronto, has introduced the Protection Whole Life policy.

The policy is a fully guaranteed whole life insurance contract that uses the 2001 Commissioners Standard Ordinary mortality table, Hancock says.

Use of the new mortality table reduces premiums and allows for an extension of the premium-paying period to age 121, Hancock says.