BOSTON, June 16 /PRNewswire-FirstCall/ -- John Hancock Annuities today announced a major enhancement to its top-selling optional withdrawal benefit rider available with Hancock's variable annuities. Income Plus For Life increased the frequency of its step up feature from annually to quarterly. Separately, several new investment options from leading independent investment managers were also added to their annuity roster.

"We are pleased to continue our tradition of bringing innovative income features that add real client value to the retirement marketplace. Upside potential exists even in the most volatile markets. With more frequent step-up opportunities, and an expanded roster of investment options, our clients now have more opportunity to increase their income during retirement," said Marc Costantini, President, John Hancock Variable Annuities.

Step ups provide investors who elect Income Plus For Life the potential to increase their guaranteed lifetime income amount when their account values rise. John Hancock annuities purchased on or after June 16, 2008, will have four quarterly reviews each contract year up to age 95 to capture potential market growth via an anniversary step up. The Income Plus For Life benefit itself is an optional rider that provides guaranteed lifetime income beginning at age 59 1/2, and is available for a 0.75% annual fee (0.70% in New York), which may increase upon step-up (up to a max of 1.20%).

The guarantees are backed by the claims-paying ability of the issuer. John Hancock Financial's primary insurance subsidiaries carry the highest-"AAA"-financial strength rating, extremely strong financial security characteristics (1st category of 21), from Standard & Poor's Ratings Services.

Recognizing that more frequent step ups are only as good as the underlying investments, John Hancock Annuities is also pleased to announce the addition of three new, broadly-diversified investment options. The three new portfolios continue John Hancock's longstanding tradition of offering investment managers who have disciplined investment strategies and proven track records.

Dimensional Fund Advisors (DFA) Disciplined Diversification. This portfolio seeks total return consisting of capital appreciation and current income by investing approximately 65%-70% of assets to equity securities and 30%-35% of assets to fixed income securities. The equity allocation invests in a diversified portfolio of global equity securities while fixed income assets are allocated to high-quality, short-term global bonds and Treasury Inflation Protected Securities (TIPS).

T. Rowe Price Capital Appreciation Value. The portfolio is managed in a similar style to the T. Rowe Price Capital Appreciation Fund, seeking long-term capital appreciation by investing in 50%-70% of assets to equity securities and 30%-50% of assets to fixed income securities. The strategy blends two distinct investment approaches: quantitative analysis and valuation analysis, allowing the managers to identify companies that appear to be out of favor or undervalued.

Wellington Management Core Allocation Plus. This diversified fund provides exposure to 'core' global equity and fixed income securities, and exposure to equities that 'explore' opportunistic, uncorrelated investment ideas. The target asset mix for the portfolio may range between 60%-75% in equities and 25%-40% in fixed income securities.

About John Hancock Financial and Manulife Financial

John Hancock Financial's primary insurance subsidiaries carry the highest-"AAA"-financial strength rating, extremely strong financial security characteristics (1st category of 21), from Standard & Poor's Ratings Services. These ratings, which are current as of the prospectus dated May 2008 and subject to change, are assigned to John Hancock Life Insurance Company (U.S.A.) and John Hancock Life Insurance Company of New York as a measure of the companies' ability to honor any guarantees provided by Venture Variable Annuities and any applicable optional riders, but not specifically to the products, the performance (return) of these products, the value of any investment in these products upon withdrawal, or to individual securities held in any portfolio.

John Hancock Financial is a unit of Manulife Financial Corporation (the Company), a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock Financial in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$400 billion (US$389 billion) as at March 31, 2008.

Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

The John Hancock Financial unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock Financial offers a broad range of financial products and services, including life insurance, fixed and variable annuities, mutual funds, 401(k) plans, long term care insurance, college savings, and other forms of business insurance.

Contact your financial advisor or visit www.jhannuities.com or www.jhannuitiesnewyork.com for more information, including product and fund prospectuses that contain complete details on investment objectives, risks, fees, charges, and expenses as well as other information about the investment company, which should be carefully considered. Please read the prospectuses carefully prior to investing. The prospectuses contain this and other information on the product and the underlying portfolios.

It is important to understand that GMWBs are optional benefits available with Venture Variable Annuity contracts and cannot be elected without purchasing the annuity contract. These benefits may not be appropriate for those individuals who do not foresee a need for liquidity and whose primary focus is tax deferral. Before considering either benefit, please make sure the annuity is suitable for your investment goals and personal circumstances. Income Plus For Life is irrevocable, and may not be available in conjunction with other riders, or in qualified plans. Features and availability may vary by state. Only one version can be elected per contract. Additional fees, restrictions, and limitations apply. See the prospectus for full details.

Charges may apply to amounts taken in excess of the withdrawal amount available without a withdrawal charge during the surrender charge period. All withdrawals reduce the death benefit and optional benefits. In addition, withdrawals of taxable amounts will be subject to ordinary income tax and, if made prior to age 59 1/2, a 10% IRS penalty tax may apply. Past performance is no guarantee of future results.

Allocating assets to only one or a small number of the portfolio options (other than the Lifestyle Trusts) should not be considered a balanced financial program. Allocating assets to a small number of portfolio options concentrated in particular business or market sectors will subject your contract to increased risk and volatility. Examples of business or market sectors where this risk historically has been and may continue to be particularly high include: a) technology-related businesses, including Internet-related businesses, b) small cap securities, and c) foreign securities. The Company does not provide advice regarding appropriate portfolio allocations. Contact your financial advisor for more details.

Venture Annuities and the optional riders, which are available for an additional fee, are not available in all states; product features may vary, subject to state regulation. Variable annuities are not FDIC insured, are long-term contracts designed for retirement purposes, and are subject to investment risk, including the possible loss of principal.

This information was prepared to support the promotion and marketing of Venture Annuities. Neither John Hancock Life Insurance Company (U.S.A.), John Hancock Life Insurance Company of New York, John Hancock Distributors LLC, nor any of their representatives provides tax, accounting, or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state, or local tax penalties. Please consult your own independent advisor as to any tax, accounting, or legal statements made herein.

Venture Annuities are issued and administered by John Hancock Life Insurance Company (U.S.A.), Bloomfield Hills, MI, which is not licensed in New York. In New York, Venture Annuities are issued and administered by John Hancock Life Insurance Company of New York, Valhalla, NY. Venture Combination Fixed and Variable Annuities are distributed by John Hancock Distributors LLC, member FINRA.

    -- Not FDIC Insured
    -- Not Bank Guaranteed
    -- May Lose Value
    -- Not a Deposit
    -- Not Insured by Any Government Agency