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UL Policy Offers LTC Rider

By Staff Writer

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John Hancock Life Insurance Company has brought out a universal life insurance policy that provides low-cost death coverage at current interest rate assumptions along with a long term care option.

The company’s new Performance UL policy carries a 10-year extended no-lapse guarantee.

The product would appeal to younger clients seeking affordable death benefit protection, according to Hancock, Boston, a division of Manulife Financial Inc., Toronto. The product also has applications in estate planning, family income protection and key employee or owner protection, the company says.

In addition to the no-lapse guarantee, which protects the policy from default if the cash surrender value should fall to zero, Performance UL offers an acceleration of death benefits rider to help pay for long term care expenses.

The policy also offers a cash value enhancement rider for corporations, which would reduce the charge to business earnings of an employee benefit or business succession plan.