John Hancock has introduced two variable universal life policies that can cover two or more people at the same time.
Hancock, Boston, a unit of Manulife Financial Corp., Toronto, is aiming the Accumulation Survivorship VUL to emphasize accumulation of cash value and the Protection Survivorship VUL policy at clients who want to guarantee life insurance premiums for a lifetime and also benefit from increases in the stock market.
The Protection Survivorship VUL policy comes with an early-funding discount for clients who decide early to pay for an extended no-lapse guarantee.
Both the Accumulation Survivorship and the Protection Survivorship VUL policies are survivorship versions of single-life policies, Hancock says.
One option rider, an estate preservation rider, can provide additional coverage during the first 4 policy years to protect the policy from inclusion in the estate if death occurs within 3 years of a transfer to a trust.
Another option, a cash value enhancement rider, can help corporate customers reduce charges to earnings, Hancock says.