John Hancock Insurance has added extended guarantees that could reach to life expectancy and beyond and new optional benefits to its Protection Universal Life insurance product.
"Seven years ago, with interest rates at near all-time lows, we designed a breakthrough product with real value that could respond to the changing needs of consumers," said Brooks Tingle, president and chief executive officer of John Hancock Insurance. "As of today, customers have entrusted us with $5 billion in premiums, making Protection UL our number one selling permanent life insurance product. The most recent enhancements demonstrate our ongoing commitment to offering meaningful and leading-edge solutions to financial advisors and their clients."
The company said in a statement that Protection UL policyholders have the opportunity to save on their annual premium and earn rewards for the things they do to stay healthy such as walking, eating well, and getting regular check-ups. Potential rewards include $600 in annual savings on healthy food purchases, as well as the opportunity to earn an Apple Watch Series 3 by exercising regularly.
The new Protection UL also offers several optional living benefit riders. The new critical illness benefit provides consumers with additional financial protection when faced with a serious medical diagnosis, such as a heart attack, cancer, or stroke. Another optional rider allows policyholders to accelerate their death benefit to help pay for long-term care expenses.
Learn more: johnhancock.com.