John Hancock Financial is rolling out 2 new universal life policies that have lifetime death benefit guarantees.
Protection UL-G is a single-life policy for issue ages 30 to 90, according to Hancock, Boston, a U.S. unit of Manulife Financial Corp, Toronto. Riders include cash value advantage, which offers the potential to accumulate strong intermediate cash values, and a life care benefit, which accelerates the death benefit to cover long term care expenses.
Protection SUL-G is a survivorship policy. It provides guaranteed lifetime protection to two people, generally spouses with wealth preservation needs, and offers optional riders, the company says.
The policies are being issued by John Hancock Life Insurance Company, Boston, and in New York by John Hancock Life Insurance Company of New York, Valhalla, N.Y.