John Hancock Launches Current Assumption Universal Life Insurance Policy

Jul 31,2006 00:00 by PR-Newswire

* New Product Completes John Hancock's Universal Life Portfolio
* Product Has Industry-Leading Premiums, Cash Value Potential

BOSTON, July 31 /PRNewswire-FirstCall/ -- John Hancock today launched its latest universal life insurance product, a current assumption policy called Performance UL.(1) With the introduction of Performance UL, John Hancock now has a full range of universal life insurance products to meet the needs of any client.

The new product is designed for clients seeking low cost death benefit coverage as well as the potential to accumulate cash value. The policy is priced and designed using the 2001 CSO mortality table, which allows for an extension of the premium paying period to age 121. Policies priced and designed with this table have greater flexibility that often results in a more affordable annual premium.

"The addition of Performance UL rounds out our universal single life insurance portfolio, ensuring that we have a competitive universal life product for every client need," said Steve Finch, Senior Vice President, John Hancock Life Insurance. "No matter what clients are looking for -- guaranteed death benefit protection, low cost coverage or consistently strong cash value accumulation potential -- John Hancock has the answer."

Performance UL can address a variety of personal and business insurance needs, including estate planning; income protection for families; or key employee, partner or owner protection for businesses.

In addition to competitive premiums, Performance UL offers an assortment of features and riders(2) that further address clients' insurance needs. These include:

    * A Nine Year No-Lapse Guarantee;
    * A Return of Premium rider, which provides additional death benefit
      coverage equal to a percentage of premiums paid, up to 100 percent; and
    * A Cash Value Enhancement rider, which helps reduce the charge to
      business earnings of an employee benefit or business succession plan
      when the policy is owned by a corporation.

Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), 197 Clarendon Street Boston, MA 02116.

About John Hancock and Manulife Financial

John Hancock is a wholly-owned subsidiary of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock 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$386 billion (US$330 billion) as at March 31, 2006.

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 http://www.manulife.com.

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

(1) Products and features may not be available in all states.
(2) Some riders may have additional costs.

    Contact: Brian Carmichael
    Phone: 617-663-4748
    E-mail: bcarmichael@jhancock.com

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Source: John Hancock