Products November 6, 2003

John Hancock Rolls Out Universal Life Product

November 6, 2003 (PLANSPONSOR.com) - Benefits managers at small- to mid-sized companies now have another alternative to consider for a universal life insurance policy.
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According to a news release, John Hancock’s Performance Executive UL focuses on high early cash values and offers strong cash value accumulation.

Performance Executive UL is designed for both multi-life and individual cases. It provides immediate death benefit protection along with a means for funding non-qualified deferred compensation and bonus plans for key employees. The company said the product would be attractive to individuals looking to generate supplemental retirement income and to provide income for estate liquidity or to a surviving heir.

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The product also offers features to meet business’ requirements, including, according to the announcement:

  • high early cash values and no surrender charges, which minimize charges to earnings and are attractive to a business’ balance sheet
  • the option to use an enhanced cash-value rider to attain even higher early surrender values
  • guaranteed and simplified issue classes for multi-life cases to expedite the underwriting process
  • disability payment of a specified premium rider, which provides payment of the policy’s planned premium if the insured becomes disabled
  • high early policy values to provide the collateral needed in the large estate planning single-life market.

Performance Executive UL has a minimum face amount requirement of $100,000.

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