John Hancock Insurance has enhanced its flagship current assumption universal life product - Protection UL.
According to the insurer, more competitive premiums will now be available on all lump sum and single-pay scenarios.
The company said that the enhancements made will apply to all new business and in force Protection UL ’13 policies.
Protection UL offers consumers the opportunity for cash value growth potential and the security of lengthy guarantees while also featuring a premium that is often more affordable than leading lifetime guaranteed universal life policies.
Additionally, the consumers will have the option of adding John Hancock’s recently improved Long-Term Care rider to the policy for more comprehensive coverage.
The enhanced rider will provide design flexibility when insuring against rising costs of long-term care.
John Hancock Insurance president, Mike Doughty, said: "In addition to death benefit protection, our innovative Protection UL product offers important flexibility through cash values that can help address consumers’ needs throughout their lives."