John Hancock Life Insurance has introduced the Accumulation UL universal life insurance policy.

The product is designed to appeal to high-net worth individuals and business owners who need reduced collateral requirements for premium-financing arrangements or a lower charge-to-earnings ratio for business owned policies, according to John Hancock, Boston, a unit of Manulife Financial Corp., Toronto.

The policy should perform well in short-pay, highly funded cash-value accumulation scenarios, John Hancock says.

Purchasers who want extra liquidity can buy a cash value enhancement rider, John Hancock says.

Other features available with the policy include a 5-year no-lapse guarantee, a return-of-premium rider and an overloan-protection rider.