Manulife Financial has announced the May 26, 2014 launch of Manulife UL, a new universal life product for Canadians looking for simpler choices, cost-effective insurance protection and the opportunity for tax-advantaged investing, all in one solution.
"Manulife UL is an innovative approach to universal life insurance for Canadians," said Paul Lorentz , Executive Vice President and General Manager, Retail Markets. "Our customers told us they didn’t need many of the complicated features and options available in many universal life insurance solutions, so we listened.
"The result is a simpler and more cost effective solution that includes two unique features not normally available in universal life products – the option to choose a plan that lessens the impact of market volatility and to choose a plan that is geared to their investment preferences."
Manulife UL is designed as a straightforward financial planning vehicle, combining both long-term insurance protection and tax-advantaged investing in one simple package. Specifically, Manulife UL offers:
a unique balanced investment account that reduces volatility of market returns;
a suite of four cost-effective plans with a range of payment options and investment choices;
the potential to build tax-deferred equity and accessible cash value over time;
a value-added investment portfolio with the lowest average investment fees in the industry;
a selection of investment options geared to customer investment preferences – for those seeking a hands-on experience, or a simpler hands-off approach to reduce ongoing investment decisions.
"We know value and ease-of-use are huge priorities for Canadians and their advisors," said David Baker , Assistant Vice President, Insurance Products, Retail Markets. "That’s why Manulife UL offers customers low-fee options and the choice of managing their own investments or utilizing our innovative hands-off approach, making it easy to find a plan that’s right for them."