John Hancock Insurance has released an enhanced version of its Protection Universal Life (Protection UL) insurance product that offers extended guarantees and new optional benefits.
The plan will now offer consumers with coverage that offers lifetime protection designed to meet their individual needs.
The product is designed to help consumers replace lost family income and fund future expenses such as college fees or supplement retirement savings, the company said.
John Hancock Insurance president and CEO Brooks Tingle said: “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.
“As of today, customers have entrusted us with $5bn 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 new insurance policy also offers a number of optional living benefit riders such as the Critical Illness Benefit rider that provides consumers with added financial protection in case of a serious medical diagnosis, such as a heart attack, cancer or stroke.
Another optional rider added to the product enables policyholders to speed up their death benefit to help pay for long-term care expenses.