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Income Annuity Offers Help

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A new fixed immediate annuity is offering family resource benefits and an option to help customers cope with inflation.

Called JH Essential Income, the policy is issued by the fixed products unit of John Hancock Financial, Boston.

The policy’s family resource benefit provides clients with professional health and lifestyle information at no extra charge, says Hancock.

The family resource benefit includes discounts, referral services and programs to help with managing age-related care situations, says Hancock. For example, a national eldercare program provides personalized information and advice on such matters as nursing homes, assisted living, home health care, home repair services and legal services. Another helps with locating competitive rates at care facilities.

The policy’s inflation feature is an annual increase option. If elected, this will increase the initial income by 1% to 6% a year, depending on the percentage selected by the client, says Hancock.

The annuity guarantees an income stream for life, for a selected period or for a combination of both, the company says.

One income payout choice has a cash refund feature, says Hancock. This pays income for life (or for two lives). After death of the annuitant/s, it pays any remaining purchase amount in a lump sum to the beneficiary.

Hancock Financial is a U.S. insurance business of Manulife Financial Corp., Toronto.