John Hancock Life Insurance Company is marketing a new rider along with the Protection UL-G product.

The new Protection UL-G policy, a universal life policy, also comes with a new fixed loan rate and lower limited-period guarantee premiums, according to Hancock, Boston, part of Manulife Financial Corp., Toronto.

The new rider, the Cash Value Advantage rider, offers a guaranteed death benefit along with potential access to the policy cash value.

Rider purchasers can get the cash value out if they decide they no longer want the underlying policy, Hancock says.

Hancock estimates a policy with the rider costs about 5% to 8% more than the lifetime level-pay premium for the base policy.

Policy purchasers who may want to use the policy to pay for long term care can combine the Cash Value Advantage rider with a LifeCare Benefit rider.

The Hancock units that issue the policy and the riders are responsible for backing the product guarantees.