John Hancock Insurance has introduced a Protection Indexed UL (IUL) to offer affordable indexed universal life premiums to the customers.

The newly launched product, similar to its companion product Accumulation IUL, provides highly competitive allocation options throughout the risk-reward spectrum.

According to the company, the launch represents its commitment to provide distinctive products that offer real value to the customer.

John Hancock Insurance president and general manager Michael Doughty said the new Protection IUL takes a different approach while majority of Indexed UL products focus on cash value accumulation.

"It combines the upside potential of Indexed UL with the benefit of some of the lowest premiums in the industry,” Doughty added.

”The addition of Protection IUL provides more sales opportunities for advisors and more IUL choices for consumers."

John Hancock is a provider of financial products and services, including life insurance, fixed and variable annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance.